Coconut Creek, FL FHA Mortgage Lenders
Florida FHA mortgage Lenders make owning a Coconut Creek, Florida home exciting because FHA takes a common-sense review for approvals rather than a credit-score-driven approach. Coconut Creek, 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. FHA offers what some call bad credit approvals because FHA goes down to a 500+ credit score with 10% down, or a 580+ credit score with 3.5% down
Coconut Creek, FL FHA Mortgage Service Areas
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!
4C FHA Mortgage Lenders Checklist
| 1. CASH | A minimum credit score of 580 qualifies for 3.5% down, with 100% Coconut Creek, Florida, FHA mortgage options available. A 10% down payment is required if your credit score is between 500 and 579. The seller can pay up to 6% of the closing costs; this must be requested in your purchase contract. |
| 2. CREDIT | Minimum 500+ credit score – based on payment history, not credit score driven. |
| 3. CAPACITY | Debt-to-income: Standard 31/43 – Max DTI 46.9-56.9% with AUS approval. Having a steady source of income is crucial for FHA loan eligibility |
| 4. COLLATERAL | Single-family homes, multi-family 2-4 units, townhomes, villas, FHA-approved condos, manufactured, modular homes. |
FHA Mortgage Key Points
- Easy to Qualify – The FHA Mortgage is the easiest and most affordable mortgage to qualify for.
- Manual Underwrite – FHA is manually underwritten and approved based on payment history.
- Credit Flexibility – Judgments and collections accounts don’t completely disqualify you.
- Non-first-time buyers – You don’t have to be a first-time buyerbut it must be your primary home.
- Bad credit– You could qualify with a 500+ credit score with 10% down and a 580+ with 3.5% down.
- Approved Property – single-family homes, 1-4 unit multifamily, Townhomes, Villas, and manufactured homes. Note: In Coconut Creek, Florida, very few condos qualify for an FHA mortgage. Search Coconut Creek, Florida, FHA-approved condos
Common FHA Mortgage Questions And Answers
Q. How quickly can I get approved for an FHA mortgage?
We have sent out pre-approvals the same day an application was received.
Q. What’s the minimum credit score for an FHA mortgage?
The minimum credit is a 500+ with an acceptable payment history that includes a minimum of 30-day late payments in the last 12 months.
Q. Can I qualify for an FHA loan with student loans in default?
Coconut Creek, Florida FHA mortgage lenders use CAIVRS, or the Credit Alert Verification Reporting System, created by the U.S. Department of Housing and Urban Development. This system reports any delinquencies, defaults, federal liens, and foreclosures that relate to federal loan programs. If you are flagged on this reporting system as having student loans in default, you will not be approved for an FHA mortgage or any other type of government-backed mortgage.
Coconut Creek, FL FHA Mortgage Lenders serving All Florida
This is a list of smaller local towns that we service around Coconut Creek, FL If you need an FHA mortgage lender near Coconut Creek, Florida, you have come to the right place. We are dedicated to making your FHA mortgage a win! We enjoy Coconut Creek, Florida, as a loan officer and bringing homeownership dreams to life. We will answer your questions in simple terms, help you through each step in home financing, and do everything in our power to help you go from getting pre-approved to relaxing at your Alafay,a FL home.
Serving All Coconut Creek, FL, Surrounding Areas Including
Margate, FL Pompano Beach, FL North Lauderdale, FL North Andrews Gardens, FL Pompano Beach Highlands, FL Tamarac, FL Coral Springs, FL Lighthouse Point, FL Sandalfoot Cove, FL Parkland, FL Lauderdale Lakes, FL Oakland Park, FL Deerfield Beach, FL Wilton Manors, FL Sunrise, FL
