FHA mortgage programs were made to help increase homeownership. FHA loans are less expensive than other mortgage home loan programs. The FHA program has evolved since it started in 1934 and now has options for HUD insured loans that fit a variety of different borrowers and situations. Here are just some Examples of how FHA can help you buy a Florida home,
Minimal Down Payment and Closing Costs
·   Down payment less than 3.5% of Sales Price with 100% Financing options available
·   No reserves or required.
·   FHA regulated closing costs.
·   Seller can credit up to 6% of sales price towards buyers costs.
Simpler Credit Qualifying Guidelines such as:
·   No minimum Credit score or needed credit score requirement.
·   FHA will allow a home buy 2 years after a Bankruptcy.
·   FHA will allow a home buy  3 years after a Foreclosure.Â
Simpler Debt Ratio & Job Requirement Guidelines such as:
·   Higher Debt Ratio’s than other home loan programs.
·   Less than two years on the job is allowed.
·   Self-Employed individuals o.k.
FHA loans for Florida first time home buyers have key advantages including:
Simple Qualification – The FHA loan insures lenders against loss for loans made to properly qualified FHA home loan borrowers. So you’re likely to find FHA mortgage loans with terms that make it simpler for you to qualify.
Minimal Down payment Requirements – FHA mortgages can work with as small as 3.5% down and those funds can come from a family member, charity, or your employer. Although the FHA loan does not have a zero down mortgage option yet, you will find that your 1st Continental Mortgage loan officer can point you to many Down payment help programs that work well with Florida FHA home loans.
Less than A-1 Credit is Okay – The Florida FHA home loan program exists to expand the pool of home buyers. Even borrowers with prior bankruptcies or mortgage lates get approved every day for FHA mortgages to buy or Refinance homes in Hillsborough County or any of the other Florida counties we serve. The FHA loan program uses credit quality, not credit score!
Lower Cost Over the Life of the Loan – The Florida FHA home loan rates are extraordinarily competitive. FHA’s lower risk to the lender means a better rate for the borrower.
Safeguards for Borrowers Who Get Behind – The Florida FHA loan mortgages also allow the lender more options in helping borrowers who fall behind keep their homes are get current again: special forbearance, workouts, even free mortgage counseling. Further, HUD can allow the lender to take past due payments and go them to the end of the loan and in some instance will really pay your past due payments for you. Options to save your home you’ll never get from a conventional loan! In an uncertain world, this is another brilliant reason for you to get an FHA mortgage.
Options for Manufactured Housing – Under certain conditions, you can even finance a Mobile Home or manufactured home using a Florida FHA mortgage loan. Call 1-800-570-0448 to get pre-approved for a Florida FHA loan for manufactured housing or just use our quick application to learn more!
FHA Loans Are Fully Assumable – When you are ready to sell your home, you can offer buyers FHA financing! All FHA loans can be assumed by qualified buyers.
These are just seven of the many excellent reasons to apply for an FHA mortgage. Visit www.FHAmortgageprograms.com speak with a friendly Florida FHA loan specialist now!
Thomas Martin
Florida FHA Mortgage Lender
http://www.fhamortgageprograms.com/mortgage/fha-loan-program.shtml
An IRS ruling that virtually eliminates down payment assistance (DPA) to low-income and first-time homebuyers is meeting with stiff opposition from consumer, nonprofit and faith based groups. IRS Revenue Ruling 2006-27, ...