Florida Mortgage

Florida Mortgage

FHA World Florida - Florida Mortgage

When you're thinking of refinancing or a home buyer mortgage your option will be simple:

Conventional Mortgage - Home Buyer or Refinance - A mortgage that is equal to or less than the dollar amount established by the conforming loan limit set by Fannie Mae and Freddie Mac's Federal regulator, The Office of Federal Housing Enterprise Oversight (OFHEO) and meets the funding criteria of Freddie Mac and Fannie Mae. The term conforming is most often used when speaking specifically about a mortgage amount; however, the terms "conforming" and "conventional" are frequently used interchangeably. Mortgages that exceed the conforming loan limit are classified as non-conforming or jumbo mortgages.

FHA Mortgage - Home Buyer or Refinance - A mortgage issued by federally qualified lenders and insured by the Federal Housing Administration (FHA). FHA loans are designed for low to moderate income borrowers who are unable to make a large down payment. FHA loans allow the borrower to borrow up to 96.50% of the value of the home. The 3.50% down payment requirement can come from a gift or a grant, which makes FHA loans popular with first-time buyers.

VA Mortgage - Home Buyer or Refinance - A VA loan is a mortgage loan guaranteed by the U.S. Department of Veterans Affairs (VA). The VA loan was designed to offer long-term financing to eligible American veterans or their surviving spouses. The VA loan allows veterans 103.15 percent financing without private mortgage insurance. In a purchase, veterans may borrow up to 103.15% of the sales price or reasonable value of the home, whichever is less. VA loans allow veterans to qualify for loans amounts larger than traditional Fannie Mae / conforming loans. VA also allows the seller to pay all of the veteran's closing costs as long as he home.

Portfolio Mortgage - Home Buyer or Refinance - A company that not only originates mortgage loans, but also holds a portfolio of their loans instead of selling them off in the secondary market. A portfolio lender lends their own money and also seeks to make profits off the spread (difference) between interest-earning assets and the interest paid on deposits in their mortgage portfolio.

FHA World Florida - Florida Home Buyer Mortgage

Purchase Mortgage in Florida. Today’s historically low interest rates make now the perfect time to purchase a new home.

Getting an FHA loan has never been easier:

• FHA loans offer simple credit qualifying
• Simple processing
• Simple terms
• Low interest rates
• Low down payment (3.50%)

First, you need to get pre-approved. This is an easy step and does not cost you anything. Also, this step is very important -- as many people search out homes on their own just to find out that the house they found is not in the price range that they qualify for. This approach turns into disappointment and lost time. Most realtors will only work with people who have been pre-approved.

FHA World Florida - Florida Mortgage

Serving the following Florida Counties

Alachua, Baker, Bay, Bradford, Brevard, Broward, Calhoun, Charlotte, Citrus, Clay, Collier, Columbia, DeSoto, Dixie, Duval, Escambia, Flagler, Franklin, Gadsden, Gilchrist, Glades, Gulf, Hamilton, Hardee, Hendry, Hernando, Highlands, Hillsborough, Holmes, Indian River, Jackson, Jefferson, Lafayette, Lake, Lee, Leon, Levy, Liberty, Madison, Manatee, Marion, Martin, Miami-Dade, Monroe, Nassau, Okaloosa, Okeechobee, Orange, Osceola, Palm Beach, Pasco, Pinellas, Polk, Putnam, Santa Rosa, Sarasota, Seminole, St. Johns, St. Lucie, Sumter, Suwannee, Taylor, Union, Volusia, Wakulla, Walton, Washington.

Minimum Credit Score of 500

FHA World Florida - Florida Mortgage

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 3.5% down payment. Borrowers with credit scores below 580 require 10% down payment. These FICO requirements went into effect in the spring of 2010.

However, most 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.

Florida Mortgage

What documentation will I need?

• W2's for the past 2 years
• Current pay stubs for the past month
• Bank statements for last 2 months for each active account with sufficient reserves (all pages)
• Latest retirement statement for each active account (all pages)
• Clear copy of Driver’s License
• Clear copy of SS card
• Addresses and loan information of other real estate owned (if any)
• Personal tax returns for the past 2 years, current income statement & balance sheet for business (self-employed only)

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We look forward to working with you.