FHA Home Loan Hollywood Florida
Florida FHA mortgage Lenders make the possibility of 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.
Popular areas include: Fort Lauderdale, Hollywood, Pembroke Pines, Miramar –
4C FHA Mortgage Lenders Checklist
| 1. CASH | Min 580 credit score qualifies for 3.5% down with 100% Hollywood Florida FHA mortgage 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 | 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. |
Key Points
- Easy to Qualify – The FHA Mortgage is the easiest and most affordable.
- Manual Underwrite – FHA is manually underwritten and approved based on pay 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 buyer..
- Bad credit – MIN 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 Hollywood, Florida, very few condos qualify for an FHA mortgage. Search Hollywood, Florida, FHA-approved condos
3 FHA Mortgage Refinancing Options:
FHA Cash-Out Mortgage Refinance: A cash-out FHA mortgage refinance works for Florida homeowners who would like to cash out equity in their Florida home. The Florida FHA cash-out mortgage loan program is valuable to homeowners whose property has increased in value since it was purchased. Florida FHA cash-out applicants can access up to 80% of the value of the house to spend as you choose.
FHA Rate And Term Refinance: Florida homeowners who have an FHA or conventional fixed or adjustable rate mortgage can refinance to lower their monthly mortgage payments by reducing the interest rate or removing the MIP mortgage insurance premium.
FHA Streamline refinance: FHA Streamline refinance allows current homeowners to refinance their current fixed or adjustable FHA mortgage loan to a lower rate without needing an appraisal. FHA streamline refinance generally requires less paperwork and is quicker to complete.
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 mortgage with no credit?
You can use alternate trade lines to qualify for an FHA mortgage that include proof of payments for rent, cellphone, water, and car insurance are examples.
Q. Can I qualify for an FHA loan with student loans in default? Hollywood, 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.
Serving All Cities near Hollywood, Hollywood, Florida :
- Fort Lauderdale, FL
- Pembroke Pines FL
- Hollywood, FL
- Miramar FL
- Hallandale Beach, FL
- Dania Beach, FL
- Aventura, FL
- Ives Estates, FL
- Ojus, FL
- North Miami Beach, FL
- Norland, FL
- Lake Lucerne, FL
- Scott Lake, FL
- Golden Glades, FL
- Fort Lauderdale, FL
- Carol City, FL
- Davie, FL
- Cooper City, FL
- North Miami, FL
Hollywood, FL FHA Mortgage Lenders serving All Florida
This is a list of smaller local towns that we service around Hollywood, FL If you need an FHA mortgage lender near Hollywood, Florida, you have come to the right place. We are dedicated to making your FHA mortgage a win! We enjoy Hollywood, 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 Hollywood, FL home.
