FL FHA Mortgage

FL FHA Mortgage

FHA World Florida - FL FHA Mortgage

To be eligible for an FHA Mortgage your monthly housing costs (mortgage principal and interest, property taxes, and insurance) must meet a specified percentage of your gross monthly income (31% ratio). Your credit background will be fairly considered. At least a 500 FICO credit score is sometimes required to obtain an FHA approval. You must also have enough income to pay your housing costs plus all additional monthly debt (43% ratio). These ratios can be exceeded somewhat with compensating factors.

FHA require the home buyer to invest at least 3.5% of the sales price in cash for the down payment and closing costs. If the sales price is $100,000 for example, the home buyer must invest at least $3,500. However, the home buyer can use gifts from family, funds from local, state or government agencies, or other sources for the down payment.

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The FHA Refinance loan program allows for a Florida home owner to lower his mortgage payments. For home owners that need cash the maximum cash out refinance loan cannot exceed 85% of the appraised value of the home, which is 5% more than on a conventional loan.

As cash out refinance mortgage is defined as follows: A mortgage refinance where borrower gets more than $2,000 back after close of transaction, and / or, any refinance that involves consolidating a second mortgage or equity line that is less than 1 year old.

 Need to lower your monthly payment today for a better tomorrow. Start your refinance online now!

• FHA rate and term up to 97.75% loan-to-value
  
• FHA cash out up to 80% loan-to-value
• Minimum 500 credit score

Probably the two most common reason for refinancing is to lower your monthly payments or take cash out. A good way to save is by lowering your interest rate in order to ensure the most savings.

If you need to take cash out FHA minimum credit score is 500 to get an FHA loan approval.

Cash out refinance 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 refinance allows cash out amount up to 80% of the value of the property.

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

We look forward to working with you.