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Florida FHA Mortgage Qualifying

Past credit performance serves as the most useful guide in determining the attitude toward credit obligations that will govern the borrower’s future actions. A Florida mortgage applicant who has made payments on previous or current obligations in a timely manner represents reduced risk. In contrast if a Florida mortgage applicant despite adequate income to support obligations reflects continuous slow payments, judgments, and delinquent accounts, strong offsetting factors will be necessary to approve the Florida mortgage loan.

When analyzing the Florida mortgage applicant’s credit record, it is the overall pattern of credit behavior that must be examined rather than isolated occurrences of unsatisfactory or slow payments. A period of financial difficulty in the past does not necessarily make the risk unacceptable if a good payment record has been maintained since. When delinquent accounts are revealed, the Florida mortgage lender must determine whether the late payments were due to a disregard for credit, or an inability to manage, financial obligations, or to factors beyond the control the Florida mortgage applicant including delayed mail or disputes with creditors.

While minor derogatory information occurring two or more years in the past does not require explanation, major indications of derogatory credit, including judgments and collections, and any other recent credit problems, require sufficient written explanation from the Florida mortgage applicant. The borrower’s explanation must make sense and be consistent with other documentation provided by the Florida mortgage applicant.

FHA approved lenders also recognize that some prospective borrowers may not have as yet established a credit history. For those mortgage applicants who do not use traditional credit, the lender must develop a credit history from utility payment records, rental payments, automobile insurance payments, or other means of direct access from the credit provider or may elect to use a nontraditional mortgage credit report developed by a credit reporting agency as described in paragraph 2-4,, below. Neither the lack of credit history nor the borrower’s decision not to use credit may be used as a basis for rejection.

The basic hierarchy of credit evaluation is the manner of payments made on previous housing expenses such as Rental history, including utilities, followed by the payment history of installment debts, then revolving accounts. Generally, a Florida mortgage applicant with no late housing or installment debt payments should be considered as having an acceptable credit history unless there is major derogatory credit on his or her revolving accounts.

When reviewing the Florida mortgage applicants  credit and credit report, the Florida mortgage lender must pay particular attention to the following:

Previous rental or mortgage payment history. The payment history of the Florida applicants housing obligations is of significant importance in evaluating credit. The Florida mortgage lender must determine the borrower’s payment history of the housing obligations through either the credit report, directly from the landlord or mortgage servicer, or through canceled checks covering the most recent 12-month period. Recent and/or Undisclosed debts. The Florida mortgage lender must ascertain the purpose of any recent debts as the indebtedness may have been incurred to obtain part of the required cash investment on the property being purchased. Similarly, a satisfactory explanation must be provided by the borrower to account for the omission of any significant debt shown on the credit report but not listed on the loan application. The Florida mortgage applicant must explain all inquiries shown on the credit report. Collections and Judgments. We do not arbitrarily require that collection accounts be paid off as a condition for loan approval, but we do require that court-ordered judgments be paid-off before the mortgage loan is eligible for insurance endorsement. (An exception may be made if the borrower has been making regular and timely payments on the judgment and the creditor is willing to subordinate that judgment to the insured mortgage.) Both collections and judgments indicate the borrower’s regard for credit obligations and must be considered in the analysis of creditworthiness. Previous mortgage foreclosure. A Florida mortgage applicant whose previous residence or other real property was foreclosed on or has given a deed-in-lieu of foreclosure within the previous 3 years is generally not eligible for an insured mortgage. However, if the foreclosure of the borrower’s principal residence was the result of extenuating circumstances beyond the borrower’s control and the borrower has since established good credit, an exception may be granted. Extenuating circumstances do not include the inability to sell a house when transferring from one area to another. Bankruptcy. A bankruptcy (Chapter 7 liquidation) will not disqualify the borrower if at least 2 years have passed since the bankruptcy was discharged and the borrower has reestablished good credit (or has chosen not to incur new credit obligations), and has demonstrated an ability to manage financial affairs. An elapsed period of less than 2 years (but not less than twelve months) may be acceptable if the borrower can show that the bankruptcy was caused by extenuating circumstances beyond his or her control and has since exhibited an ability to manage financial affairs and the borrower’s current situation is such that the events leading to the bankruptcy are not likely to recur. A borrower paying off debts under Chapter 13 of the Bankruptcy Act may also qualify if one year of the pay-out period has elapsed and performance has been satisfactory, and the borrower also receives court approval to enter into the mortgage transaction.

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Yes it is very possible to buy a Florida home with No Credit Score or No FICO.

Developing a Credit History or Enough Credit

The lack of a credit history, or the borrower’s decision to not use credit, may not be used as the basis for rejecting the loan application.

 Some Florida No credit mortgage applicants may not have an established credit history. For these borrowers, including those who do not use traditional credit, the lender must obtain a non-traditional credit report from a credit reporting company or develop a credit history from one of the following examples

? 12 months canceled rent checks, Money orders, or direct deposit Receipts from the bank

? Other means of direct access from the credit provider.

o gas

o electricity

o water

o land-line home telephone service, and

o cable TV.

? Insurance coverage (for example, medical, auto, life, renter’s insurance (not payroll deducted) payment to child care providers – made to a business providing such services, school tuition, retail stores – department, furniture, appliance stores, specialty stores,  rent to own – (for example, furniture, appliances) payment of that part of medical bills not covered by insurance, Internet/cell phone services, a documented 12 month history of saving by regular deposits (at least quarterly/non-payroll, deducted/no NSF checks reflected), resulting in an increasing balance to the account, automobile leases, or a personal loan from an individual with repayment terms in writing and supported by cancelled checks to document the payments. The More ammunition we have to prove you pay your bills the better. letters from a direct service

providers must be on letter head and include the following:

? creditor’s name

? date of opening

? high credit

? current status of the account

? required payment

? unpaid balance, and

? a payment history in the delinquency categories (for example, 0×30, 0×60, and so on).

 Apply today for a Florida No Fico score home loan at

http://www.FHAmortgagePrograms.com

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Florida Manufactured Home Loan

FHA mortgage loans offer Florida manufactured home seekers several options for for manufactured home loan financing for a mobile home with land. The stark reality is, with annual double digit appreciation on housing and payroll lagging behind at 3% or less, traditional stick built homes are more and more becoming far out of reach of the Florida Home Buyer. FHA home loans provide an opportunity for Florida homebuyers to get into a great manufactured home and land package with as little as 3.5% down payment. FHA Recognizing the trends and knowing that manufactured homes offer great value with terrific per square foot pricing that today’s traditional Florida homes simply can’t match. Purchasing a Florida manufactured home and land package is not as hard as you think. Because the Federal housing administration, FHA insures private Florida mortgage lenders against loss, you get a better deal.

Years ago, mobile homes were considered substandard and were not held in high regard by those who owned one. Today’s manufactured home sure has gone a long way to changing that opinion. Many offer great amenities that would cost you tens of thousands of dollars more to achieve with a traditional block home. Better still, today’s mobile homes are actually built to a higher standard than those required for traditional block homes. For instance, on the Florida coast including Key West, FL  it is not uncommon to see a 1800 square foot middle class home on the market for over $300,000.00 dollars. A savvy Florida buyer can purchase a quarter acre lot outside of Tampa, FL and put a 2000 square foot manufactured home for a package price of around $100,000.00 with typically far more featured built into their home. Now that’s buying up and a perfect option for Florida First Time Buyers!

Historically, mobile homes were considered a poor investment for the mortgage market because of home depreciation concerns. After 40 years of data, this has simply been shown to be inaccurate. The typical mobile home loan secured by a manufactured home tied to land appreciates using the same principles one applies to traditional stick built homes: Supply and demand. That’s why we believe a quality land and mobile home mortgage package is really a good investment.

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FHA home loans help Florida homebuyers with 97% Financing

The Federal Housing Administration, generally known as “FHA”, is the largest government insurer of FHA home loans in the world. A part of the United States Department of Housing and Urban Development (HUD), FHA provides FHA mortgage insurance on single-family, multifamily, manufactured homes made by private FHA-approved mortgage lenders throughout. While FHA mortgage applicants must meet certain requirements established by FHA to qualify for the insurance, FHA lenders bear less risk because FHA will pay the lender if a mortgage applicant defaults on his or her FHA home loan. FHA has insured over 37 million FHA mortgages and 47,205 multifamily project mortgages since 1934. Currently, FHA has 5.2 million insured single-family FHA home loans and 13,000 insured multifamily projects in its portfolio. Clearly, the FHA mortgage provides a huge economic boost to the country in the form of home and community development, particularly in today’s challenging financial climate.

We offer 97% financing in all of Florida with a 530 Minimum FICO, Most banks and other lenders now require a 620.

 FHA loan Advantages Include:

Minimal Down Payment and Closing Costs.

Down payment less than 3.5% of Sales Price Gift for down payment and closing costs allowed. No reserves or required. FHA regulated closing costs. Seller can credit up to 6% of sales price towards buyers costs.

Easier Credit Qualifying Guidelines such as:

Minimum FICO credit score of 540. FHA will allow a home purchase 2 years after a Bankruptcy. FHA will allow a home purchase  3 years after a Foreclosure. 

Easier Debt Ratio & Job Requirement Guidelines such as:

Higher Debt Ratio’s than other home loan programs. Less than two years on the job is allowed. Self-Employed individuals o.k.

APPLY NOW AT www.FHAmortgageFHAloan.com

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Five Reasons Why FHA Loans are the Choice for Florida homebuyers. 1.Low fixed interest rates
2.Low down payments
3.Minimal closing costs
4.Simple credit qualifying
5.Lower monthly mortgage payment

Whether you are looking to buy a new Florida home or are interested in refinancing your current Florida mortgage, FHA Mortgage FHA Loan.com is here to serve you. You will experience one-on-one, personalized attention from a knowledgeable FHA mortgage Specialist who will carefully walk you through the FHA home loan process one step at a time.

Other FHA loan Advantages Include:

Minimal Down Payment and Closing Costs.

Down payment less than 3.5% of Sales Price Gift for down payment and closing costs allowed. No reserves or required. FHA regulated closing costs. Seller can credit up to 6% of sales price towards buyers costs.

Easier Credit Qualifying Guidelines such as:

Minimum FICO credit score of 540. FHA will allow a home purchase 2 years after a Bankruptcy. FHA will allow a home purchase  3 years after a Foreclosure. 

Easier Debt Ratio & Job Requirement Guidelines such as:

Higher Debt Ratio’s than other home loan programs. Less than two years on the job is allowed. Self-Employed individuals o.k.

APPLY TODAY AT www.FHAmortgageFHALoan.com,

FHA mortgage Loans: Helping You Secure Your Future

It’s official: the U.S. economy is in recession. Its hard for many to qualify for a conventional mortgage. Money is stretched tight for the majority of Americans, which leaves many to ask “How can I lower my monthly bills?” The answer could be an FHA home loan. An FHA loan is ideal for Florida first-time homebuyers, borrowers with less than perfect credit, and for Florida homeowners looking to save money by refinancing their current Florida mortgage into one with lower interest rates and smaller monthly payments. Let us help you with your Florida home purchase or Florida FHA mortgage refinancing needs!

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Florida FHA loans are very popular right now as they allow first time Florida  home buyers and people with challenged credit access to low cost secure fixed rate mortgage. Most other banks and lending institutions require a middle score of 620 for any FHA loan, however at we are still able to extend FHA loans  to anyone with a middle credit score of 580 or higher. For those with credit scores worse then 580 other Florida hard money options may have to be considered if your score can’t be boosted into the 580 range.

100% Florida FHA Loans – FHA Mortgage accepts down payment assistance gifts on all Florida FHA loans. We specialize in helping our clients structure their purchase so that they have to come to closing with little to no money out of their pockets!

Here are some of the prime benefits of an FHA loan:

Low down payment of 3.5%. No approved zoning requirements Mobile Homes loans are allowed 95% loan to value on cash out No reductions to loan amount for declining markets Not credit driven (low credit scores receive the same great rates as high credit scores) No need to pay off medical or small collection accounts (letters of explanation are used) Resident aliens are allowed Very low mortgage insurance coverage (typically 50%-75% lower than conventional mortgage insurance) Co-signers (including non occupant co-signers) are allowed No income limitations at all No prepayment penalties EVER Security of a 30 year fixed mortgage 6% seller contribution are allowed for closing costs (no money out of pocket for buyer!) Ability to use non tradition trade lines to qualify (phone bills, light bill, electric bill, cell phone bill, etc..) High debt to income ratios up to 42% and up to 50% with compensating factors Compensating factors such as length of time on the job or funds in reserves help overlook negative factors No reserves required from buyer Gifts are allowed from family, friends, work, or other interested parties Down Payment Assistance Programs allowed

Apply at  http://www.fhamortgagefhaloan.com/

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 The FHA loan program was created to help increase homeownership. The FHA program makes buying a Florida home easier and less expensive than other types of Florida home loan programs. Here are just some Examples of how FHA can help you purchase a Florida home,

Minimal Down Payment and Closing Costs.

Down payment less than 3% of Sales Price 100% Financing options available No reserves or required. FHA regulated closing costs. Seller can credit up to 6% of sales price towards buyers costs.

 Easier Credit Qualifying Guidelines such as:

No minimum FICO score or credit score requirements. FHA will allow a home purchase 2 years after a Bankruptcy. FHA will allow a home purchase 3 years after a Foreclosure.  Easier Debt Ratio & Job Requirement Guidelines such as: Higher Debt Ratio’s than other home loan programs. Less than two years on the job is allowed. Self-Employed individuals o.k.

FHA refinancing offers benefits for current Florida real estate home owners who are seeking to complete a refinance mortgage of their existing real estate mortgage. A Florida FHA home loan refinance may also benefit you even if you do not currently have a FHA loan.

Some advantages of using a FHA mortgage for your mortgage refinance are as follows:

 Cash-Out Refinance up to 95% for existing or new FHA mortgages.

·  Cash-Out up to 95% of your properties value.

·  Consolidate first and second mortgages into single loan.

·  Bill consolidation programs.

·  Easier credit and income qualifications.

·  FHA regulated closing costs.

 Rate and Term Mortgage Refinancing up to 97% of your homes value.

·  Consolidate first and second mortgages  into a single loan.

·  No FICO score or credit score requirements

·  Competitive rates for borrowers with a Bankruptcy older than 2 years.

·  Competitive rates for borrowers with a Foreclosure older than 3 years.

·  Easier credit and income qualifications.

·  FHA regulated closing costs.

 FHA Streamline Refinance for existing FHA loans only.

·  No Cost Interest Rate Reductions programs.

·  No Income or Credit Qualifications.

·  Zero cost refinance options available.

·  Easily switch amortization for adjustable to fixed or vice versa.

·  Easily shorten or lengthen term of your existing loan.

·  Easier credit and income qualifications.

 FHA Secure Refinance with current mortgage lates.

·  Refinance your mortgage at competitive rates even if you have a mortgage late on your credit that is directly due to adjusting mortgage.

·  Qualify for refinance even if currently in foreclosure.

·  Complete details of FHA Secure loan.

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Whether you are purchasing a new Florida home, renovating a house, or simply making your current home more energy efficient, the FHA home loan can be the solution to monetary concerns or problems. Since being established in the early 1930s during the great depression, the Federal Housing Administration has aimed to assist all people to live in their dream homes, be it in Florida or any other Florida county we serve including Miami Dade, Broward and Palm Beach Florida. Time tested and government backed, there are few excuses to pass up a FHA loan.

The largest percentage of a person’s life is spent in their Florida house. An FHA loan provides comfort and makes sure that time is well spent. FHA does not lend money to Florida mortgage applicants, however serves as insurance to lenders so you can obtain a mortgage or loan to renovate or purchase a Florida house. With a down payment equipment untouchable by any other mortgage program of 3.5% of the purchase price of the home, and some programs that require no money down, the benefits of an FHA loan outweigh its costs.

Florida is a beautiful state full of beautiful homes. The dream of owning a Florida home may seem difficult at first, but with thanks to the Federal Housing Administration, that dream is not an impossible. FHA mortgage programs can help you become a homeowner with the help of an easy, hassle-free FHA mortgage loan.

Like many home buyers and homeowners looking for a Florida mortgage, 1st Continental Mortgage has weathered the storm and come out stronger and wiser. With a keen focus on core principles and products like the FHA home loan, we’re ready and able to make a broad range of real estate loans throughout Florida. Other advantages to the FHA Home loan include:

Mortgage Programs With Minimal Down payment and Closing Cost

Down payment less than 3.5% of Sales Price 100% Financing options available Seller can credit up to 6% of sales price towards buyers costs. No cash or bank reserves are required. FHA regulated closing costs.

Easier Credit Qualifying Guidelines

No minimum Credit Score or credit score requirements. FHA will allow a home purchase 2 year after a Bankruptcy. FHA will allow a home purchase 3 year after a Foreclosure

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Florida FHA Loan, Florida FHA home loan down to 530O

 Under 620 Credit Score

 

Purchases (Min 530 score)

 

12 month cancelled checks or Management VOR Must have 3 good recent trade lines Payment shock limited to 1.5 times 33/45 DTI max No lateâ??s or collection in last 12 months NO lateâ??s after BK

Refinanceâ??s (NO Min score)

o 0×30 on Mortgage

o 35/45 MAX DTI

o No cash in hand

o Tangible net benefit

o NO lateâ??s after BK

With the Help of HUD/FHA Florida mortgage applicants can now own a home with less than stellar credit. The fact is, there is a wide range for FHA loan programs available to Florida mortgage applicants with a minimum credit score of 530. The real truth is, FHA/HUD loan programs do not consider your credit score. Many Florida mortgage applicants find this very difficult to believe that under HUD/FHA guidelines that there are NO MINIMUM CREDIT SCORE requirements. Itâ??s the private Florida FHA approved mortgage lenders that set the minimum credit score requirement. Today most walk-in Florida banks require a minimum of 620 credit score to qualify for a Florida FHA mortgage. With an FHA loan only credit quality is used when HUD/FHA endorses mortgages made to Florida loan applicants. FHA home loans give Florida mortgage applicants who would have been declined solely based on a lower credit score the opportunity to own a home. Because of the easy qualify guidelines that only come with an FHA home loan Florida mortgage applicants can now qualify for a home with a low fixed interest rate mortgage.

     Florida home loan applicants should know the advantages to the FHA home loan. FHA loans were created to help increase homeownership during the great depression. For the Florida mortgage applicant FHA home loans simply the purchase of a Florida home making it easier and less expensive then other Florida mortgage programs.

Minimal Down Payment and Closing costs.

Down payment less than 3% of Sales Price Gifts are allowed Seller can credit up to 6% of sales price towards closing and prepaid costs. 100% Financing available No reserves required. FHA regulated closing costs.

Easier Credit Qualifying Guidelines such as:

  No minimum FICO score or credit score requirements. FHA will allow a home purchase 2 years after a Bankruptcy. FHA will allow home purchase 3 years after a Foreclosure.

Florida FHA mortgage Questions

Florida Quick FHA Mortgage Application

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FHA Manufactured Home Loan Mobile Home Financing In Florida

No matter if you call it a factory built home, a manufactured home, a modular home, or a prefabricated home; smart Florida financing Mobile Home Buyers know that manufactured homes offer them comparable quality, lower costs per square foot and dramatically quicker build times than a traditional site built home.

Getting a low interest rate on a Florida manufactured or mobile home loan is very possible using the FHA mortgage loan. The reality is that in many places in Florida, manufactured homes, also known as Mobile Homes, are the residence of choice for many Florida homebuyers and one of the most difficult types of homes to get a low interest rate home loan on. Enter the FHA mortgage program. Learn more. Call 954-667-9110 or inquire.

Advantages of using FHA for a Manufactured home include:

Minimal Down Payment and Closing Costs.

Down payment less than 3.5% of Sales Price Gift for down payment and closing costs allowed. No reserves or required. FHA regulated closing costs. Seller can credit up to 6% of sales price towards buyers costs.

Easier Credit Qualifying Guidelines such as:

Minimum FICO credit score of 540. FHA will allow a home purchase 2 years after a Bankruptcy. FHA will allow a home purchase  3 years after a Foreclosure. 

Easier Debt Ratio & Job Requirement Guidelines such as:

Higher Debt Ratio’s than other home loan programs. Less than two years on the job is allowed. Self-Employed individuals o.k.

www.FHAmortgageFHALoan.com

In many instances, the actual purchase price for a Florida mobile home with land is much lower than a conventional home and allows a wider range of prospective Florida home buyers to become home owners. The FHA manufactured  home loan will approve both Double Wide and Single Wide Florida manufactured home financing under FHA underwriting terms and conditions.

You’ll get a low fixed rate, and you will get a much higher loan-to-value (up to 96.5% financing) than you will ever find on a conventional manufactured home loan..

Best of all, the seller may contribute up to 6% towards the payment of your closing costs of your next manufactured home loan. Also, gifts and grants  from FHA qualified sources may be used to meet 100% of the minimum down payment requirements. Get started today with a low rate mobile home loan by calling 954-667-9110

You can finance a Florida manufactured or mobile home with land using the low rate FHA mortgage loan. FHA Mobile Home Lending Criteria

FHA loan Criteria For Manufactured Housing By HUD:

Only manufactured homes built after June 15, 1976 will bear that seal. Manufactured homes built before that date are ineligible for Section 184 financing. The home must be classified and taxed as real estate (as applicable). The mortgage must cover both the manufactured unit and its site, or the appropriate lease documents must be in place. The mortgage must have a term of no more than 30 years from the date amortization begins. The manufactured home must not have been installed or occupied previously at any other site or location. The house must have adequate skirting and insulation around the perimeter to prevent the crawl space area from freezing and allow proper ventilation of the crawl space. If the skirting is wood, the wood must be properly treated to prevent decay. The Florida home must be constructed in conformance with the Federal Manufactured Home Construction and Safety Standards as evidenced by the affixed certification label. This is the RED TAG that is on the rear of each section of the manufactured home. If the RED TAG is missing, the house is not eligible for Section 184 financing. The finished grade elevation beneath the manufactured home or, if a basement is used, the lowest exterior grade adjacent to the perimeter enclosure, must be at or above the 100-year return frequency flood elevation. The house must be permanently attached to the foundation system. Existing homes must be attached to the foundation system by either cable or rebar welded to the frame rail or similar fashion. The unit must be anchored to the footing (or pier). The axles and tongue must be removed from the unit. The chassis must stay in place.

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