FHA Refinance Florida

FHA World Florida - FHA Refinance Florida

Buy a Home with an FHA loan. First-time home buyers and home buyers with less than perfect credit can take advantage of easier qualifying standards from FHA. To qualify for an FHA loan you must have a minimum credit score of 600 for 3.50% down payment. Credit scores below 600 will require a 10% down payment and tougher guidelines.

FHA World Florida - Buying a Home in Florida

The following are just some of the reasons FHA loans are popular again:

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 required.
  • FHA regulated closing costs.
  • Seller can credit up to 6% of sales price towards buyers costs.

Easier Credit Qualifying Guidelines

  • Minimum FICO credit score of 580.
  • FHA will allow a home purchase two years after a Bankruptcy.
  • FHA will allow a home purchase  three years after a Foreclosure. 

Easier Debt Ratio & Job Requirement Guidelines

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

FHA World Florida - FHA Refinance Florida

FHA Refinance alloows up to 96.50% loan-to-value.

Generally, a borrower who has made timely payments for the last 12 months serves as a guide and demonstrates their willingness to repay future credit obligations. New FHA Policy changes require minimum FICO score to be 580 for 96.50% loan-to-value and anyone refinancing with a score lower than 580 will require 90% loan-to-value. These FICO requirements went into effect in the spring 2010. However, individual lenders will still require credit scores higher than 640.

A perfect credit score is not needed for an FHA loan approval. In fact, even if you have had credit problems, such as a bankruptcy, it's easier for you to qualify for an FHA loan than a for a conventional loan. Sometimes scores down to 500 are accepted if there are compensating factors that offset the credit risk

FHA Rate and Term Refinance

FHA Refinance rates are the lowest in 50 years. 

This is the lowest rate in over 50 years according to Freddie Mac. FHA has more flexible underwriting guidelines compared to conventional loans.


You need to know what your property is worth. You can get a good guesstimate by going to www.zillow.com
or by contacting a local appraiser for a value estimate based on comparable sales in your area.

FHA Streamline

FHA Streamline provides a way for current FHA homeowners to lower their interest rate with little or no out-of-pocket costs. These loans can also be made faster and with less documentation than a typical loan. "No Cost" Streamlines let you refinance your mortgage with no out-of-pocket expenses.

FHA Cash Out Refinance

Cash Out Refinance refinance allows homeowners to refinance their existing mortgage by taking out another mortgage for more than they currently owe, therefore repaying their current mortgage and using the equity they have built up in their home to take out another larger mortgage.

FHA allows cash out amount up to 85% of the value of the property.

FHA Refinance Florida

What documentation will I need?

  • W2's for the past 2 years
  • Current pay stubs for the past month
  • Bank statements for last 2 months for each active account with sufficient reserves (all pages)
  • Latest retirement statement for each active account (all pages)
  • Residence addresses for past 2 years (if you reside at your current address for less than 2 years)
  • Recent mortgage statement (s)
  • Homeowners declaration page
  • Clear copy of Driver’s License
  • Clear copy of SS card
  • Fully executed sales contract *(If Purchase)
  • Personal tax returns for the past 2 years, current income statement & balance sheet for business (self-employed only)

FHA Refinance Florida >>>>>

 

Official Florida state seal.


FHA Refinance Florida >>>>>

Serving the following Florida Counties.

FHA World Florida - FHA Refinance Florida

Alachua, Baker, Bay, Bradford, Brevard, Broward, Calhoun, Charlotte, Citrus, Clay, Collier, Columbia, DeSoto, Dixie, Duval, Escambia, Flagler, Franklin, Gadsden, Gilchrist, Glades, Gulf, Hamilton, Hardee, Hendry, Hernando, Highlands, Hillsborough, Holmes, Indian River, Jackson, Jefferson, Lafayette, Lake, Lee, Leon, Levy, Liberty, Madison, Manatee, Marion, Martin, Miami-Dade, Monroe, Nassau, Okaloosa, Okeechobee, Orange, Osceola, Palm Beach, Pasco, Pinellas, Polk, Putnam, Santa Rosa, Sarasota, Seminole, St. Johns, St. Lucie, Sumter, Suwannee, Taylor, Union, Volusia, Wakulla, Walton, Washington.

Minimum Credit Score of 500

FHA World Florida - FHA Refinance Florida

Generally, a borrower who has made timely payments for the last 12 months serves as a guide and demonstrates their willingness to repay future credit obligations. New FHA Policy changes require minimum FICO score to be 580 for 85% loan-to-value. These FICO requirements went into effect in the spring 2010. However, most individual lenders will still require credit scores higher than 640.

A perfect credit score is not needed for an FHA loan approval. In fact, even if you have had credit problems, such as a bankruptcy, it's easier for you to qualify for an FHA loan than a for a conventional loan. Sometimes scores down to 500 are accepted if there are compensating factors that offset the credit risk

Apply Now! >>>>>


FHA Refinance Florida

Minimum Credit Score to buy a house or refinance

* FHA requirements new borrowers will now be required to have a minimum 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%

FHA Credit Score

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

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Collection accounts

A collection is minor in nature usually does not need to be paid off as a condition for loan approval

Bankruptcy

Chapter 7 Bankruptcy at least two years must have elapsed since the discharge date

Foreclosure

Foreclosure must have been resolved for at least 3 years 

  • Government loan: Seasoning is determined by the date the claim was paid
  • Loans other than Government: Seasoning is determined by the date of sale the lender sold the property

Short Sale

FHA guidelines requires three year past from the date of sale of the property

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