Florida FHA Mortgage Apply

FHA World - Purchase or Refinance 

* Florida FHA Mortgage Apply
* Cash Out Refinance upto 85% LTV
* Fixed Rate Mortgage
* Home Buyer Mortgage
* Mortgage Refinance
* Conventional Mortgages
* Lower Payments

Apply for a Florida FHA Mortgage

Purchase or Refinance

* Credit
* Income
* Assets
* Property

Credit - You will need to have a minimum credit score of 580 to buy a home with 3.5% down payment. If your score is below 580 you will need to put down 10%. Since 2010 FHA requires 580 credit scores for 3.5% down payment.

If your thinking of refinancing you will also need a minimum credit score of 580 to do a rate and term refinance up to 96.5% Loan-to-Value. You will also need a minimum 580 credit score to do a cash out refinance up to 85% Loan-to-Value.

With FHA you will need a letter of explanation for any derogatory information on your credit report. So, if you had a late payment on your credit card

Income - Your debt to income ratio should be under 50%. If you add up all of your monthly payments that show up on your credit report (credit cards, student loans, car payment, etc.) plus your new housing payment divided by your monthly income it should be below 50%.

You will need one months pay stubs and the last two years W2's. You will need to have a 2 year work history. There are exceptions for a 2 year work history.

If you are self-employed you will need last two year tax returns.

Assets - When buying a home the down payment can come from a family member as a gift. So, if your buying a home for $100,000.00 the $3,500.00 (3.50%) can be a gift from a family member.

Closing cost can be financed with a seller's concession. FHA allows up to 6% for closing cost. So, in the contract the seller will pay up to 6% for closing cost or it can be done with a dollar amount- (seller will pay $6,000.00 for closing cost).

Property - One and two family homes require minimum 580 credit for 3.5% down payment. Three and four family homes require 620 minimum credit score for 3.5% down payment.

FHA allows 97.75% rate and term for 1-4 family and 580 minimum credit score. Cash out refinance requires a minimum 580 credit score for a 85% Loan-to-Value.

Florida FHA Mortgage Apply

Today’s historically low interest rates make now the perfect time to purchase a new home or refinance.

Florida FHA Mortgage Apply.

We look forward to working with you.