Broward Florida FHA Mortgage Lenders
Broward County, Florida FHA mortgage Lenders make the possibility of owning a Broward, Florida home exciting because FHA takes a common-sense review for approvals rather than a credit-score-driven approach. Broward, Florida FHA mortgage lenders for refinancing or purchasing a home are easy because the FHA mortgage approves borrowers with acceptable payment histories instead of a credit score-driven approach.
Broward Florida FHA Mortgage Qualifications
Florida FHA Mortgage Lenders Down Payment And Credit Requiements
Broward County Florida FHA Mortgage Topics:
Rent To Own FHA Mortgage Broward County FL
Rent to own Florida FHA mortgage lenders
4C FHA Mortgage Lenders Checklist
| 1. CASH | A minimum credit score of 580 qualifies you for a 3.5% down payment with 100% FHA mortgage options available in Broward, Florida. If your credit score is between 500 and 579, a down payment of 10% is required. Additionally, the seller can cover up to 6% of the closing costs, but this must be requested in your purchase contract. |
| 2. CREDIT | A minimum credit score of 500 is required, which will be determined based on payment history rather than solely on the credit score itself. |
| 3. CAPACITY | debt-to-income: Standard 31/43 – Max DTI 46.9-56.9% with AUS approval |
| 4. COLLATERAL | Single-family homes, multi-family 2-4 units, townhomes, villas, FHA-approved condos, manufactured, modular homes. |
3.5% FHA Mortgage Minimum down payment
The Federal government insures private Florida FHA mortgage lenders against loss, which provides homebuyers with the opportunity to purchase with minimal cost. The FHA mortgage has a minimum 3.5% down payment that can come from a gift, grant, or FHA-approved lender. FHA also allows the Florida home seller to pay up to 6% of all the closing costs.
Payment History For FHA
Prequalifying for a Florida FHA home loan is rather easy if you pay your bills on time. Because it’s the FHA that insures your home loan, the creditors and lending institutions make it feasible for anybody to qualify when they meet the basic requirements. The primary components of qualifying are the history of credit, earnings, and employment history.
Debt-to-Income Ratio
FHA mortgage lenders’ standard max debt-to-income ratio is 31/43 if your credit score is under 580. Some lenders will go up to 47/57 with excellent credit and reserves.
Collateral FHA Requirements
FHA mortgage will work for Single-family homes, multi-family 2-4 units, townhomes, villas, FHA-approved condos, manufactured, modular homes, and FHA-approved condos. The home must be available, habitable, and meet FHA/HUD minimum property standards.
Pre-Approval Process For FHA Mortgages
APPLY NOW on the top right of this page. The FHA mortgage loan originator will call you to verify your mortgage application accuracy. The general loan documents needed to review your application include ID, W2, paystubs, and bank statements. If you’re self-employed or own a rental property, we need 2 years’ tax returns, business and personal returns.
FHA Mortgages Are More Affordable:
- 3.5% Down with 100% Financing options available.
- Seller Paid Closing costs up to 6%.
- Gifts from family or Grants OK!
- No reserves are required.
- FHA-regulated closing costs.
FHA Mortgages Are Flexable:
- Higher debt ratios up to 56.9%
- Less than two years on the same job is OK!
- Self-employed OK!
FHA Mortgage Credit / Downpayment:
- FHA minimum 580 score = 3.5% down or 96.5% financing.
- FHA minimum 500+ credit score = 10% Down
- FHA purchase 12 months after a Chapter 13 Bankruptcy
- FHA purchases 24 months after a Chapter 7 Bankruptcy.
- FHA purchase 3 years after a Foreclosure.
- No Credit Score Approvals using alternate trade lines.
- FHA Cashout Refinance Up To 80% loan-to-value!
FHA Mortgage Property Types Include:
- Single-family home – Florida FHA Mortgage Lenders
- Townhouse- Florida FHA Mortgage lenders
- Manufactured home – Florida FHA Mortgage Lenders
- Multi-Family – Florida FHA Mortgage Lenders
- Villa – Florida FHA mortgage Lenders
- Condos- Florida FHA-approved Condo Mortgage Lenders
No Tax Return FHA Mortgage Lenders
Our Florida FHA mortgage lenders DO NOT require tax returns. For our FHA mortgage Approvals, Tax returns are ONLY required if commission or bonus income exceeds 25% of your total income or if you own rental properties. However, if your commission or bonus income is 25% or less, and you are a W-2 employee, you will not need to provide tax returns. Lenders typically require documentation like pay stubs and W-2 forms to verify income.
Broward County Florida Rent To Own Homes For Sale
Our Rent Own Florida FHA Mortgage Lenders allow you to select any Florida FHA-approved home listed for sale. This innovative rent-to-own program is designed for individuals who want to buy now while working on their credit and finances. This program allows renters to select a rent-to-own property that suits their needs and rent it until they qualify to own it. This option to purchase an agreement allows you to acquire permanent housing while improving your credit and financial situation to qualify for an FHA mortgage. We can pre-approve anyone seeking permanent housing for this rent-to-own program. In addition, Realtors can list and sell their homes rent to own and, and get fully compensated for the sale and lease signing because the FHA lender buys the home for the tenant’s future buyer. This makes this program a win-win for everyone. Check the Florida FHA rent-to-own loan limits specific to your county. Click “APPLY NOW” in the top right corner to get started!
Pre-Approval Process For FHA Mortgages
APPLY NOW on the top right of this page. The FHA mortgage loan originator will call you to verify your mortgage application accuracy. The general loan documents needed to review your application include ID, W2, paystubs, and bank statements. If you’re self-employed or own a rental property, we need 2 years’ tax returns, business and personal returns.To Learn more about Florida FHA mortgage pre-approval letter, click here.
Related FHA Mortgage Pages
Locations and Cities In Broward County FL
NOW AVAILABLE FOR MANY BROWARD COUNTY FLORIDA AREAS
The Housing Finance Division offers Home Buyer Purchase Assistance to qualified home buyers. Assistance is in the form of a deferred payment second mortgage at 0% interest, 15-year term. Funds are available on a first-come, first-qualified, first-served basis.
Note: Our income certification approval and funding process takes 5-6 weeks after receipt of a package from the lender. For the Broward County FLorida Home Buyer Program flyer, click here
Broward County
115 S. Andrews Avenue
Fort Lauderdale, FL 33301
1210 Hillsboro Mile
Hillsboro Beach, FL 33062
5581 West Oakland Park Blvd.
Lauderhill, FL 33313
701 SW 71st Avenue
North Lauderdale, FL 33063
3650 NE 12th Avenue
Oakland Park, FL 33334
