Florida Home Buyer 2016

Florida Home Buyer 2016

First Time Home Buyer - Florida Mortgages - Florida FHA Loan

Do you want to learn more about becoming a first time home buyer? 

The FHA program was created as part of the National Housing Act on June 28, 1934. FHA was created to help stimulate the housing market making loans more accessible and more affordable. The FHA program was created as a result of The Great Depression to help anyone including families, the elderly, people on disability and lower-income families be able to buy a home.

After the financial crisis of 2008 all the major banks raised their credit standards for approving FHA loans. Because the banks make the rules for loans they will approve, they may require a minimum credit score of 640 for their loans. These guidelines are the bank's guidelines.

When you apply for an FHA loan at a major bank and they tell you their minimum credit score requirement is 640. This does not mean that it's FHA's minimum credit score requirement. It means that they are thebank's credit score requirements.

FHA after bankruptcy   FHA after foreclosure   FHA after short sale

Credit score - FHA announced a new policy to address risk. FHA changed the minimum credit score for new borrowers.

  • FHA requirements new borrowers will now be required to have aminimum credit score of 580 to qualify for 3.5% down payment
  • FHA loan requirements new borrowers with less than a 580 credit score will be required to put down at least 10%

This has allowed the FHA to better balance its risk and continue to provide financing for home buyers.

Debt-to-income ratio - FHA loan requirements include a maximum debt to income ratio. When a borrower applies for an FHA mortgage, they are required to disclose all debts, open lines of credit, and all possible approved sources of regular income. Using this data, the lender and FHA can calculate the borrower's debt-to-income ratio.

  • Most lenders will limit maximum debt-to-income to under 50%
  • FHA maximum debt to income ratio is 54.99%
  • Manual underwriting maximum debt to income ratio is 43%

Charge off accounts  - Collection accounts - Judgments

FHA Back to Work Program - New borrowers may also be eligible for an FHA insured loan on a purchase transaction after 12 months from the completion, discharge, trustee's sale if the borrower meets the requirements for extenuating circumstances Economic Event.

Borrowers with a prior bankruptcy, foreclosure, deed-in-lieu, or short sale may be eligible for an FHA insured loan if the bankruptcy, foreclosure, deed-in-lieu, short sale was the result of a documented extenuating circumstance.

Mortgage Insurance - The Federal Housing Administration (FHA) announced the reduction of it's annual Mortgage Insurance Premium (MIP) rates.

Effective on or after January 26, 2015 FHA will reduce the premium from 1.35% to .85% a reduction of .5%.

Combined with low interest rates and the reduction of MIP rates means that it is a great time to buy a home or refinance your mortgage.

First Time Home Buyer - Florida Mortgages - Florida FHA Loan

Closing cost - FHA allows the seller to pay up to 6% of your closing cost.

If you are buying a $100,000.00 house FHA allows the seller to pay up to $6,000.00 for your closing cost. It must be in writing in the sales contract, "Seller will pay up to 6% of buyer's closing cost."

If you do not write it into the sales contract then you will be paying the closing cost. In the state of Florida closing cost for a $100,000.00 house average around $4,300.00 depending on taxes, insurance and who's paying the transfer tax and owner's title insurance.

By allowing the seller to pay for your closing cost you will decrease the amount of money required to buy a home. Buying a $100,000.00 property requires $3,500.00 down payment and if the seller pays up to $6,000.00 for your closing cost you will only need around $4,000.00 to buy a $100,000.00 in Florida.

Are you short funds to close? The FHA no closing cost loan allows all of your closing cost to be rolled into your loan including your appraisal fee, hazard insurance premium and even your escrow account.

Are you a first time home buyer? Do you need to get pre-approved for a first time home buyer program in Florida? Apply now!

Florida home buyer 2016

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FHA requires a minimum credit score of 500

VA requires a minimum credit score of 500

Fannie Mae minimum credit score of 620

USDA requires a minimum credit score of 580


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Please note that all fields followed by an asterisk must be filled in.

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Call us 888.958.5382


FHA minimum down payment of 3.5%

VA loan no minimum down payment

Fannie Mae minimum down payment of 5%

USDA no minimum down payment


Alachua County - Gainesville
Baker County - Macclenny
Bay County - Panama City
Bradford County - Starke
Brevard County - Titusville
Broward County - Fort Lauderdale
Calhoun County - Blountstown
Charlotte County - Punta Gorda
Citrus County - Inverness
Clay County - Green Cove Springs
Collier County - Naples
Columbia County - Lake City
De Soto County - Arcadia
Dixie County - Cross City
Duval County - Jacksonville
Escambia County - Pensacola
Flagler County - Bunnell
Franklin County - Apalachicola
Gadsden County - Quincy
Gilchrist County - Trenton
Glades County - Moore Haven
Gulf County - Port St. Joe
Hamilton County - Jasper
Hardee County - Wauchula
Hendry County - LaBelle
Hernando County - Brooksville
Highlands County - Sebring
Hillsborough County - Tampa
Holmes County - Bonifay
Indian River County - Vero Beach
Jackson County - Marianna
Jefferson County - Monticello
Lafayette County - Mayo
Lake County - Tavares

Lee County - Fort Myers
Leon County - Tallahassee
Levy County - Bronson
Liberty County - Bristol
Madison County - Madison
Manatee County - Bradenton
Marion County - Ocala
Martin County - Stuart
Miami-Dade County - Miami
Monroe County - Key West
Nassau County - Fernandina Beach
Okaloosa County - Crestview
Okeechobee County - Okeechobee
Orange County - Orlando
Osceola County - Kissimmee
Palm Beach County - West Palm Beach
Pasco County - Dade City
Pinellas County - Clearwater
Polk County - Bartow
Putnam County - Palatka
Santa Rosa County - Milton
Sarasota County - Sarasota
Seminole County - Sanford
St. Johns County - St. Augustine
St. Lucie County - Fort Pierce
Sumter County - Bushnell
Suwannee County - Live Oak
Taylor County - Perry
Union County - Lake Butler
Volusia County - DeLand
Wakulla County - Crawfordville
Walton County - De Funiak Springs
Washington County - Chipley


Mortgage World Home Loans is an online mortgage company specializing in FHA loans for first time home buyers. To buy a house with 3.5% down payment and a minimum credit score of 580 using an FHA loan, apply online.


Apply now!

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Minimum credit score
to by a house in Florida


Apply Now!

FHA

Requires a minimum credit score of 500 to buy a house or refinance

FHA minimum

credit score 500

VA

Requires a minimum credit score of 500 to buy a home or refinance

VA minimum

credit score 500

Fannie Mae

Requires a minimum credit score of 620 to buy a home or refinance

Fannie Mae minimum

credit score 620

Freddie Mac

Requires a minimum credit score of 620 to buy a home or refinance

Freddie Mac minimum

credit score 620


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888-958-5382

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