FHA Mortgage Lenders Hollywood Florida
Florida FHA mortgage Lenders make owning a Hollywood, Florida home exciting because FHA takes a common-sense review for approvals rather than a credit-score-driven approach. Hollywood, 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.
Fort Lauderdale, Hollywood, Pembroke Pines, Miramar, Aventura, Hallandale, Davie, Dania Beach,
Hollywood Florida FHA Mortgage Info:
Florida FHA Mortgage Lenders
4C Florida FHA Mortgage Checklist
| 1. CASH | A minimum credit score of 580 qualifies for 3.5% down, with 100% financing 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 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 Mortgage Credit / Downpayment
Florida FHA Mortgage Requirements
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 Hollywood, 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 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!
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!
No Tax Return Hollywood FL FHA mortgage lenders
Our FHA mortgage lenders do not require tax returns. Tax returns are required if commission or bonus income exceeds 25% of your total income or 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. Click here to Read More about no tax return, Florida FHA mortgage qualifying.
FHA Mortgages In All of Florida, Including:
Dania Beach FL, Lauderhill FL, Lauderdale Lakes FL, Plantation FL, Hollywood, FL, Davie FL, Pompano Beach FL, Sunrise, FL, North Lauderdale FL, Coconut Creek FL, Cooper City FL, Margate FL, Lauderdale Lakes FL, Wilton Mannors FL, Hollywood FL, Davie FL, Pompano Beach FL, Sunrise Florida, Miramar FL, Glades FL, Fort Lauderdale, FL, Davie, FL, Cooper City FL, Hollywood, FL, Pembroke Pines FL, Fort Lauderdale FL, Fort Lauderdale, Hollywood, Pembroke Pines, Miramar, Aventura, Hallandale, Davie, Dania Beach,
Hollywood Florida Questions And Anwers:
Q: What is the minimum credit score to buy a house in Hollywood Florida? A minimum credit score of 500+ credit score is needed the requirement for FHA mortgages (but varies by loan type). its important to note that payment history plays a greater role than credit score with an FHA Mortgage.
Q: What disqualifies you for an FHA loan? Several factors can disqualify you from getting an FHA mortgage that include debt-to-income ratio, having to many 30.60,90-day late payments, judgments, or lack of funds to cover the required down payment and closing cost. Other disqualifiers include delinquent student loans, unpaid federal debt, or already having an FHA mortgage can also lead to denial. Furthermore, property appraisal issues or the property’s location near certain hazards can disqualify a home for an FHA loan.
Q: Does Hollywood Florida have downpayment assistance program? Yes, Qualified Hollywood Florida home buyers can receive a deferred payment loan at 0% interest, 15-year term, up to $50,000 to purchase property within Hollywood’s eligible Neighborhood Pride areas. There is no monthly payment and if the home is used as the primary residence for the 15-year loan term, the mortgage is satisfied. The loan would only need to be repaid if, during the 15-year loan term, the use changed, or the home was sold. To learn more about Hollywood Florida homebuyer purchase assistnace program click here.
