Hollywood FL FHA Mortgage Lenders

FHA Home Loan Hollywood Florida

 Florida FHA mortgage Lenders make owning a Hollywood, Pembroke Pines, 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, Hollywood , and all of Florida.

FHA Mortgage Lenders Key Points: 

• Credit Score: Minimum 500 (with 10% down) or 580+ (with 3.5% down).
• 100% Financing Options:  FHA first lien at 96.5% and a second lien of
  up to 3.5% to cover the down payment.
• Debt-to-Income (DTI): Generally < 43%.
• Occupancy: Must be your primary residence.
• Waiting Periods: 2 years after bankruptcy, 3 years after foreclosure.
• Property Type: 1-4 unit homes, condos, townhouses.
• Closing Costs: FHA allows up to 6% of seller-paid closing costs.

100% Florida FHA Mortgage Lenders

No Tax Return Hollywood Florida FHA Mortgage

Under the right circumstances, it’s very possible to get approved for an FHA mortgage in Florida with NO TAX RETURNS. This option is available for W-2 employees with stable income and NO MORE than 25% bonus/commission income from W-2 employment, or for self-employed borrowers using Florida FHA profit-and-loss mortgage lenders. While standard FHA requires 2 years of tax returns, private Florida FHA mortgage lenders can use 30 days of pay stubs, 2 years of W2s, and 12–24 months of bank statements to verify income.

No Tax Return Florida FHA Mortgage Lenders

1. The last 2 years’ Profit and Loss statements, the YTD P&L, and the current balance sheet.
2. Provide 2 years of self-employed experience by providing an active business license, LLC, or S-Corp.
3. The minimum credit score is 640, and borrowers need at least 3 tradelines with 12+ months.
4. We also require proof of business insurance for industries that would need it.
5. (Read More) Profit and Loss Florida FHA 

Florida FHA Mortgage Program Summary 

Hollywood Florida FHA Mortgage Lenders

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 

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 :

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.

3440 Hollywood Blvd Suite 415, Hollywood, FL 33021

FHA Mortgage Appraisers For Hollywood Florida