FHA Mortgage Lenders in Cape Coral Florida
Cape Coral, Florida, FHA mortgage lenders offer options for purchasing or refinancing FHA home loans. These services are available to all residents of Cape Coral, regardless of credit type, including those with bad credit, no credit, or those considering rent-to-own options. The Cape Coral FHA mortgage program also includes manual underwriting for those who need it. Whether you are looking to buy or FHA mortgage refinance, there are FHA loan solutions available for everyone in Cape Coral, Florida.
FHA Mortgage Lenders Cape Coral Florida –
4C FHA Mortgage Checklist
| 1. CASH | Min 580 credit score qualifies for 3.5% down with 100% financing options available. Or, 10% downpayment is required if your credit score is between 500 – 579. The seller can pay up to 6% of the closing cost this must be requested in your purchase contract. |
| 2. CREDIT | Minimum 500+ credit score – based on payment history, not credit score driven. |
| 3. CAPACITY/(DTI) | 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. |
| SUMMARY | FHA mortgage loans are basically the easiest loan to qualify for. Purchase or Refinancing using FHA loans must fully document income and assets. |
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!
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
Reasons FHA Mortgages Are Easier:
- 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 Requirements Review
- Cash- FHA requires a minimum of 3.5% down with a 580 credit score and 10% down with a 500+ credit score. The FHA downpayment requirement can come from a gift, grant, or a 100% FHA downpayment assistance program. According to Aottom, the median home price in Cape Coral, Florida, for single-family homes is $396,000 x 3.5% down = %13,860
- Capacity – or (DTI) Debt To Income Ratio- FHA guidelines say 31/43. This means your income for housing and 43 for housing plus all other payments on your credit report. But with the right FHA compensating factors, we have seen debt-to-income to up to 46.9/56.9
- Collateral – The home must appraise for the purchase price and be livable, habitable, and insurable.
- Credit- A 3.5% down payment is needed for those with scores at or above 580; for scores 579 to 500, it’s at least 10% down. It’s even possible to qualify with no credit score
What is an FHA Mortgage Loan?
FHA stands for the Federal Housing Administration. The FHA does not make loans directly instead, the FHA insures private mortgage lenders against loss. The FHA is governed by the U.S. Department of Housing and Urban Development (HUD), and FHA mortgages are backed and guaranteed by the U.S. government. This means that if a borrower stops making their mortgage payments, the government helps Cape Coral, Florida, FHA mortgage lenders recover losses. The FHA mortgage insurance encourages lenders to make loans to first-time home buyers, borrowers with bad credit, or no credit score, and to manually underwrite FHA loans. Overall, the FHA mortgage insurance makes FHA mortgage loans the easiest of all loan programs to qualify for. Keep in mind that the FHA loan is only for primary residences and is not intended to be used for second homes or investment properties.
FHA Mortgage Questions And Answers
- Can a person have more than one FHA mortgage loan? Borrower may be eligible to obtain another FHA-insured Mortgage without being required to sell an existing Property covered by an FHA-insured Mortgage if the Borrower is:
- relocating or has relocated for an employment-related reason; and
- establishing or has established a new Principal Residence in an area more than 100 miles from the Borrower’s current Principal Residence.
- The Borrower has had an increase in legal dependents and the Property now fails to meet family needs; and
- the Loan-to-Value (LTV) ratio on the current Principal Residence is equal to or less than 75% or is paid down to that amount, based on the outstanding Mortgage balance and a current residential appraisal
. Click hear to read FHA mortgage questions and answers.
FHA Mortgage Topics
Cape Coral Florida FHA Mortgage Areas:
- Fort Myers, FL FHA mortgage lenders
- North Fort Myers, FL
- Cypress Lake, FL FHA mortgage lenders
- Iona, FL
- Villas, FL
- Fort Myers Beach, FL
- San Carlos Park, Florida FHA mortgage lenders
- Boca Grande, FL
- Lehigh Acres, Florida FHA mortgage lenders
- Punta Gorda, Florida FHA mortgage lenders
- Bonita Springs, FL
- Port Charlotte, Florida FHA mortgage lenders
- Naples Park, FL
- North Port, Florida FHA mortgage lenders
- Englewood, FL
No Tax Return Property Types Include:
- Single-family home – No Tax Return Mortgage Lenders
- Luxury Jumbo – No Tax Return Mortgage Lenders
- Townhouse- No Tax Return Mortgage lenders
- Manufactured home – No Tax Return Mortgage Lenders
- Co-op – No Tax return Florida Mortgage Lenders
- Condotel – No Tax Return Mortgage Lenders
- Investor Loans- No Tax Return Mortgage lenders
No Tax Return Florida Mortgage Options:
- No Doc, No W2, No Tax Return – No tax return, no doc loan options.
- Bank Statement Deposits – Bank statement mortgage lenders use your bank statement for income.
- Jumbo No Tax Returns – Jumbo no tax return for large loan amounts over the conforming loan limits.
- 1099 mortgage Lenders – 1099 mortgage lenders use 1099 with no tax returns required.
- 3 Months Bank Statement – 3 3-month bank statement alternative income option to qualify.
- Self-Employed Less than 1 year – Qualify with less than 2 years in the same line of work.
- VOE Only Mortgage – Verification of employment uses the employer VOE to qualify.
- Asset Depletion – Divide qualifying assets to qualify by averaging over 60 to 84 months.
- ITIN No Tax return mortgage – ITIN mortgage lenders use ITIN instead of a Social Security number to qualify.
- Pledged Assets – Pledge assets in reserves for collateral.
- DSCR Rental Income – Use the subject property income to qualify with no personal income to qualify.
