FHA World Florida - Mortgage
Divorce Refinance Florida
Divorce Refinance means you want to keep your home after a divorce. Be aware that you will need to qualify for a new home loan on your own.
You may not need equity in your property! There are programs available that do not require equity to refinance. You will have to qualify using your income and be able to show that you can afford the new payments.
FHA World Florida - FHA Refinance allows 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 Cash Out 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.
Easier Credit Qualifying Guidelines
FHA World Florida - Mortgage
Divorce Refinance Florida
What documentation will I need?
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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
Chapter 7 Bankruptcy at least two years must have elapsed since the discharge date
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
FHA guidelines requires three year past from the date of sale of the property
What documentation will I need?
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