FHA Mortgage Rates

FHA World Florida - How to qualify for a Mortgage in Florida

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The mortgage industry has changed dramatically in the last few years. In the old days obtaining an mortgage was easy. Well, obtaining an FHA loan today is still easy.

The first thing you should do to qualify for a mortgage is have your application submitted to Fannie Mae Desktop Underwriter or Freddie Mac Loan Prospector. These are the two underwriting decision engines that approve mortgage loans.

If your loan is submitted to Fannie Mae an Approve/Eligible means your loan has been approved and if your loan is submitted to Freddie Mac an Accept means your loan has been approved. 

Since most mortgages are sold in the secondary market a Fannie Mae or Freddie Mac approval will be needed. Once your application has been submitted to Fannie or Freddie a loan findings will be generated. Your loan findings will stipulate item per item that are needed to close your loan.           

Most lenders require a minimum credit score of 640 to qualify for a mortgage.

A minimum credit score of 580 is needed to qualify for a 3.50% down payment.

Some lenders allows credit scores below 580 but it requires a larger down payment.

It is important to understand that just because one lender will not qualify you for an mortgage that does not mean that another lender will not qualify you for a mortgage.

FHA World Florida - How to qualify for a Mortgage in Florida

The mortgage process is very simple. Mortgage loans are submitted electronically to Fannie Mae or Freddie Mac. An Approved Eligible or Accept decision means your application is approved and eligible for sale to Fannie or Freddie.

All mortgages should be submitted to Fannie or Freddie. Many times a loan officer will pull credit and the loan officer makes the decision that you do not qualify for a loan. The loan officer is not the decision maker - Fannie and Freddie are.

Another perfect example is a borrower who only has one trade line and/or one credit score. A loan officer will see this and say sorry you do not qualify for a loan.

Some programs do not have a minimum trade line requirement.

Again, just because one lender says you do not qualify does not mean that another lender will not approve you!

Serving the following Florida Counties.

FHA World Florida - FHA Mortgage Rates

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 580

FHA World Florida - Credit Score

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 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 a mortgage  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. Scores down to 500 are accepted if there are compensating factors that offset the credit risk

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FHA Mortgage Rates Florida Home Buyer



FHA Mortgage Rates


2019 FHA Credit Score needed to buy
a condo or refinance


FHA loan requirements new borrowers with less than a 580 credit score will be required to put down at least 10%

FHA requires a minimum credit score of 500 to buy a home or refinance


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


What documentation will I need?

  • Personal tax returns for the past 2 years
  • Current pay stubs for the past month
  • Bank statements for last 2 months (all pages)
  • Clear copy of Driver’s License (front and back)
  • Clear copy of SS card (front and back)

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