Florida FHA Loan, (NO Min CREDIT SCORE)
Florida FHA Loan, (NO Min CREDIT SCORE)
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Home Page > Finance > Mortgage > Florida FHA Loan, (NO Min CREDIT SCORE)
Florida FHA Loan, (NO Min CREDIT SCORE)
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Posted: Jul 26, 2009 |Comments: 0
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FHA Loan Florida
Why choose an FHA home loan for your Next Florida home?
There are lots of good reasons Florida homebuyers choose an FHA mortgage loan over conventional home loans, especially if one or more of the following apply to you
You’re a first-time Florida homebuyer. You have less than perfect credit. You don’t have a lot of money to put down on your next Florida home. You want to keep your Florida mortgage payments as low as possible. You’re worried about your Florida mortgage payments going up. You’re worried about qualifying for a Florida home loan.
If any of these things describe you, then an FHA loan is right for you. Why? Because FHA-insured mortgages protect private Florida FHA approved lenders against loss. Because Florida mortgage lenders are insured against loss they off you’re a better deal.
For the Florida home buyer the FHA program can simplify the purchase of a home, making financing easier and less expensive than a conventional mortgage loan product. Some highlights of the Florida FHA loan program include:
Minimal Down Payment and Closing costs.
Down payment less than 3% of Sales Price Gifts are allowed Seller can credit up to 6% of sales price towards closing and prepaid costs. 100% Financing available No reserves required. FHA regulated closing costs.
Easier Credit Qualifying Guidelines such as:
No minimum FICO score or credit score requirements. FHA will allow a home purchase 2 year after a Bankruptcy. FHA will allow a home purchase 3 years after a Foreclosure.
Other Benefits include:
Low costs: FHA loans have low interest rates because they are insured by the federal government
Lower down payment: FHA Loans have a low 3.5% down payment requirement, and the money can come from a family member, employer or grant.
Easier approval: Because FHA insures your lFlorida mortgage lender against loss, private Florida FHA approved mortgage lenders are willing to give you mortgage terms that make it easier for you to qualify.
No MIN FICO SCORE : You don’t have to have perfect credit to get an FHA insured mortgage. In fact, FHA loans have no minimum credit score requirements, even if you have had credit problems, such as a bankruptcy, it’s easier for you to qualify for an FHA-insured loan than a conventional loan. Bankruptcy Chapter 13 requires 12 months from filing date, and chapter 7 bankruptcy requires you to wait 24 months from discharged unless you can document death of a wage earner or extreme medial condition.
More protection to keep your home: The