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 –
-
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 credit history, 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, pay stubs, 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!
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 First-Time Homebuyer Program
Qualified Hollywood, Florida 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.
Hollywood, Florida First-Time Homebuyer Eligibility:
-
An eligible First-Time Homebuyer is defined as an individual who meets any one of the following criteria:
-
An individual who has had no ownership in a residential dwelling during the 3-year period prior to the date of the initial application for financial assistance.
-
A single, divorced parent who has only owned a residential dwelling with a former spouse while married.
-
An individual who is a displaced homemaker and has only owned a primary residence with a spouse and provides evidence of displacement suitable to City staff.
-
An individual who has only owned a primary residence not permanently affixed to a permanent foundation.
Income Limitations:
Eligible annual gross Homebuyer’s household income may not exceed 120% of the Area Median Income.
| Household Size |
1 |
2 |
3 |
4 |
5 |
6 |
7 |
8 |
| 120% AMI | $88,680 | $101,280 | $114,000 | $126,720 | $136,800 | $147,000 | $157,200 | $167,280 |
There is an annual reduction of 1/15th of the City’s total investment. If the home is sold, rented, ceases to be the primary residence of the beneficiary, or is transferred or conveyed by any other means during the Affordability Period, the City Lien or other security interest shall be immediately due and payable, with the amount due reflecting an annual reduction of 1/15th of the City’s total investment beginning on the date the Conditional Grant was issued and ending on the date the status of the property changed.
