FHA Purchase in Florida

FHA World - FHA Purchase. Today’s historically low interest rates make now the perfect time to purchase a new home.

Getting an FHA loan has never been easier:

  • FHA loans offer simple credit qualifying
  • Simple processing
  • Simple terms
  • Low interest rates
  • Low down payment (3.50%)

First, you need to get pre-approved. This is an easy step and does not cost you anything. Also, this step is very important -- as many people search out homes on their own just to find out that the house they found is not in the price range that they qualify for. This approach turns into disappointment and lost time. Most realtors will only work with people who have been pre-approved.

Down Payment and Gift Funds

Down Payment - FHA mortgage requirements for a home purchase have a minimum down payment of 3.5% of the sale price. The down payment must be sourced and seasoned and must come from the borrower or the donor of gifted funds.

According to the new FHA Policy changes, which went into effect in early summer of 2010, FHA will require 10% down payment for anyone purchasing with a FICO score lower than 580.

Gift Funds - Down payment funds can be gifted from a relative, spouse, or a domestic partner. The gifted funds must be sourced and seasoned and cannot be borrowed by the donor.

Seller Concessions and Reserves

Seller Concessions - FHA mortgage requirements allow for seller concessions of up to 6% of the sales price.

The new FHA Policy changes limit seller concessions to 3% of the sale price. These went into effect in early summer of 2010.

Reserves - FHA does not have any financial reserve requirements on single family homes and duplexes. Three months of reserves are required on 3 to 4 unit family homes.

FHA Purchase Loan

What documentation will I need?

  • Fully Executed Sales Contract
  • 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)
  • Clear copy of Driver’s License
  • Clear copy of SS card
  • Addresses and loan information of other real estate owned (if any)
  • Personal tax returns for the past 2 years, current income statement & balance sheet for business (self-employed only)

Find out if you're eligible for an FHA Purchase. >>>>>


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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