About FHA in Florida

FHA World -  About FHA in Florida

An FHA loan is a mortgage backed by HUD and are a type of federal assistance. The FHA promises to pay lenders if a borrower defaults on an FHA loan. To fund this obligation, the FHA charges borrowers a fee. Home buyers who use FHA loans pay an upfront mortgage insurance premium (MIP) of 2.25%. They also pay a modest ongoing fee with each monthly payment (PMI).

If a borrower defaults on an FHA loan, the FHA uses collected insurance premiums to pay off the mortgage

FHA World - FHA loans are not just for first time buyers.

They are available to everyone looking to purchase or refinance a home. If refinanceing a home the current loan does not have to be an FHA loan.

The most popular FHA home loan program nationwide is the 203(b). FHA home loan only requires a minimum of 3.50% from the borrower and permits 100% of the funds needed for down payment and to close to be a gift from a relative, non-profit organization, or government agency.

FHA plays a critical role in financing first time home buyers, borrowers who have troubled credit history, and borrowers who have little money to put down on a home.

FHA loans offer many options to help you with the following:

  • Buy a house with a 3.5% down payment
  • Refinance your mortgage to a low fixed rate
  • Turn an adjustable rate into a fixed rate
  • Qualify for a mortgage with down to a 580 credit score
  • Buy a house and get additional money for repairs (203k)
FHA World - About FHA

Did you know, the FHA home loan provides more security to homeowners than any other mortgage program today. In cases of financial difficulty, you have a higher probability of not losing your home if you have an FHA home loan vs. having a conventional loan. Plus, all FHA home loans are fully assumable, adding one more layer of protection for you and your family.
  • If you qualify for an FHA loan, your rate will be fixed and just as low as a conventional loan
  • You will need a credit score of at least 580 for a 3.50% down payment
  • Many FHA lenders will forgive some recent credit adversities like past due mortgage payment, late payments on credit cards and accounts in collections
  • FHA does not offer a no income check loan -  in order to qualify for an FHA loan you must be employed, earning enough money to afford your loan
  • You can refinance your home up to 97.75% and purchase a home with as little as 3.5% down payment
  • In order to qualify for an FHA loan you must occupy the home as your primary residence (no investor)
  • If you own 2 or more homes, you may only have an FHA loan on 1 at a time

Find out if you're eligible for an FHA loan and about FHA >>

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www.MORTGAGE-WORLD.com LLC is an online mortgage company specializing in FHA loans for first time home buyers.

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