Florida FHA LOAN
What are FHA Loans? FHA stands for Federal Housing Authority. The (FHA) Federal Housing Authority home loan provides low-cost insured home mortgage loans that suit a variety of Florida home purchasing options. Whether you’re buying a Florida home or want or refinance your Florida mortgage, FHA loans might be right for you. If you’re unsure about your credit rating, or have concerns about a down payment, a Florida FHA loan can give you piece of mind with super low closing costs and flexible payment options.
What factors determine if I can qualify for an FHA Loan in Florida?To be eligible for an FHA mortgage in Florida , your monthly housing expense including (mortgage principal payment and interest, 1/12th property taxes, and 1/12 insurance) must be no more than 35% of your yucky monthly income. Your credit for the last 12 months will be reviewed to determine your willingness to pay debt. You must be able to make a of 3.5%, and be able cover closing costs and have enough income to pay your monthly obligations.
What is the maximum amount that I can borrow? The maximum amount for an FHA loan is determined by the Florida FHA lending limits:
Maximum FHA Loan Amount in Florida: The maximum loan amount allowed for Florida FHA loans vary from county to county in FL. The highest maximum FHA loan right now in Florida is $423,750 in Miami Dade, Broward, and Palm Beach Florida.
Maximum financing: In Florida , the maximum FHA financing will be 97.75% of the appraised value of the home or its selling price, whichever is lower.
How much money will I need for the down payment and closing costs? Florida FHA loans require the Florida 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. But, the home buyer can use gifts from family, funds from local, state or government agencies, or other sources for the down payment.
Are Closing cost more with a FHA Loan? NO in fact the seller can pay up to 6% of your closing cost including prepaid taxes and insurance.
What property types are allowed for FHA Loans in Florida? While FHA Guidelines do require that the property be Owner Occupied (OO), they do allow you to buy condos, plotted unit developments, manufactured homes, and 1-4 family residences, in which the Florida home loan applicant intends to occupy one part of the multi-unit residence.
What types of refinance programs does FHA offer in Florida ?There are three main types of FHA Refinance loans available in Florida.
Some advantages of using a FHA mortgage for your mortgage refinance are as follows:
Florida Cash-Out Refinance up to 85% for existing or new Florida FHA mortgages.
Refinance your Rate and Term Mortgage Refinancing up to 96.5% of your homes value.
FHA Streamline Refinance for existing FHA loans only.
FHASecure Refinance with current mortgage lates.
Seniors Refinance Your Mortgages with a FHA reverse mortgage and Eliminate Your Mortgage Payments
Florida Mortgage refinancing with a FHA loan is simple and advantageous for most homeowners. If you currently own a home and want to learn your refinance your Florida mortgage visit
( www.FHAmortgagePrograms.com )
Written by Rick Smith: Rates and information on home financing, additional information on FHA home loans
In addition, the maximum and minimum loan amount is dependent on the bank loan home and various funding agencies. The loan can be used for any improvement in the home as the repair of the house by a bedroom, kitchen or renovation of ...