FHA loan requirements Florida 2018
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.
Credit score - On January 20, 2010 FHA announced a new policy to address risk. FHA changed the minimum credit score for new borrowers.
This has allowed the FHA to better balance its risk and continue to provide financing for home buyers.
Debt-to-income ratio - April 1, 2013 FHA 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.
FHA loan requirements Florida 2018
Mortgage Insurance - On January 9, 2015 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 - FHA Refinance
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.
Call us 888.958.4228
www.MORTGAGE-WORLD.com, LLC is a licensed residential mortgage broker in the state of Florida & New Jersey and will match you with the lender that will approve your FHA loan down to a 500 credit score.
We look forward to working with you.
What's the minimum credit score needed to buy a house or refinance?
FHA loans require a minimum 500 credit score to buy a house or refinance
Want to know if you qualify for an FHA loan? Get pre-approved for an FHA loan online.
May 24, 20 12:06 PM
FHA Loans - FHA lender below 640 credit score COVID 19 New Jersey een told that you need a minimum credit score to qualify for an FHA loan and you don't qualify? Call us 888-958-4228 or compete our on…
May 24, 20 12:00 PM
FHA Loans - FHA lender below 640 credit score COVID 19 Florida. Have you been told that you need a minimum credit score to qualify for an FHA loan and you don't qualify? Call us 888-958-4228 or compet…
May 24, 20 11:46 AM
FHA Loans - FHA lender below 640 credit score COVID 19. Have you been told that you need a minimum credit score to qualify for an FHA loan and you don't qualify? Call us 888-958-4228 or compete our on…
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