Jacksonville FL FHA Home Loan – Jacksonville FL FHA Mortgage Lenders
Jacksonville, Florida’s FHA mortgage lenders make homeownership an exciting possibility in the area. Instead of relying solely on credit scores for approvals, these Jacksonville, FL, FHA mortgage lenders use a common-sense approach that reviews overall payment history. This means refinancing and purchasing a Florida home are accessible, as FHA mortgage lenders approve borrowers with acceptable payment histories.
FHA-Mortgage-Lenders-Hollywood Florida
FHA Mortgage Lenders Offer
Lower Down Payments
Qualified with as little as a 3.5% down payment – Jacksonville, FL Downpayment Assistance Options.
Flexible Credit Requirements
FHA Mortgage with lower credit scores, starting at 500+ based on payment history.
Better Interest Rates
Govt Insurance makes FHA loans, with interest rates highly competitive.
Florida FHA 100% Options
FHA mortgage offers qualified homebuyers 100% financing options
4C FHA Mortgage Checklist
| 1. CASH | Min 580 credit score qualifies for 3.5% down with 100% Jacksonville, Florida, FHA mortgage options available. Or, a 10% downpayment is required if your credit score is between 500 – 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 |
| 4. COLLATERAL | Single-family homes, multi-family 2-4 units, townhomes, villas, FHA-approved condos, manufactured, modular homes. |
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!
Jacksonville FHA Florida Service Areas Include
Orange Park, FL – Atlantic Beach, FL – Lakeside, FL – Jacksonville Beach, FL – Palm Valley, FL – Fernandina Beach, FL – Saint Augustine, FL – Palatka, FL – Palm Coast, FL – Lake City, FL – Gainesville, FL – Brooklyn, FL – San Marco, FL -College Park, FL – South Jacksonville, FL -Brentwood, FL -Riverside, FL -Saint Nicholas, FL -Talleyrand, FL – Philips, FL – Phoenix Park, FL – Grand Park, FL – Floral Bluff, FL – Pearl Court, FL – Norwood, FL – South Metro, FL – Murray Hill, FL – Eggleston Heights, FL
Common FHA Mortgage Questions And Answers
We have sent out pre-approvals the same day an application was received.
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.
What is FHA Mortgage Insurance (MIP) and how does it work?
FHA mortgage loans require two types of Mortgage Insurance Premiums (MIP): * Upfront Mortgage Insurance Premium (UFMIP): This is a one-time fee, currently 1.75% of the FHA mortgage loan amount, which can often be financed into the loan. * Annual Mortgage Insurance Premium (MIP): This fee is paid monthly as part of the FHA mortgage payment. The duration and cost of the annual MIP depend on the loan term, loan-to-value ratio, and the initial down payment amount. For most FHA mortgage applicants with a 3.5% down payment, the annual MIP is paid for the life of the loan.
What are the FHA mortgage loan limits in Jacksonville (Duval County)?
For Jacksonville, FL, FHA mortgage applicants, the main concern as it dictates the maximum loan amount one can obtain. For Duval County, the FHA mortgage loan limit for a single-family home is $580,750. These limits can change annually and vary based on the number of units in the property up to 4 units. It’s essential to verify the current Jacksonville,e FL, FHA loan limits when starting the homebuying process.
| JACKSONVILLE, FL | 27260 | CLAY | 019 | FL | $580,750 | $743,450 | $898,700 | $1,116,850 | $505,000 |
What are the down payment requirements for an FHA mortgage loan in Jacksonville?
FHA loans are known for their relatively low down payment requirements. FHA mortgage applicants with a credit score of 580 or higher can qualify for a down payment as low as 3.5% of the home’s purchase price. For borrowers with credit scores between 500 and 579, a minimum down payment of 10% is typically required.
Are there down payment assistance programs available in Jacksonville for FHA loans?
Yes, the City of Jacksonville offers down payment assistance programs that can be used in conjunction with FHA loans for eligible Jacksonville FL, borrowers. Programs like the “Down-Payment Assistance Home Ownership Pilot Program” and the “Headstart to Homeownership Program” can provide significant financial help towards the down payment and closing costs. These programs often have specific income and first-time homebuyer requirements.
What types of properties are eligible for FHA financing in Jacksonville?
FHA loans can be used to purchase single-family homes, townhouses, and FHA-approved condominiums. The property must be the borrower’s primary residence and must meet specific FHA appraisal guidelines regarding safety, security, and structural integrity.
How do I find FHA-approved condominiums in Jacksonville?
Not all condominium projects are FHA-approved. The U.S. Department of Housing and Urban Development (HUD) maintains a list of approved condominium projects. Potential buyers or their real estate agents can search the HUD website or work with a lender experienced in FHA loans to identify eligible condos in the Jacksonville area.
What are the FHA appraisal requirements in Florida?
FHA appraisals are more stringent than conventional appraisals. The appraiser will not only determine the market value of the property but also ensure it meets HUD’s minimum property standards for health and safety. This includes checking the condition of the roof, foundation, electrical and plumbing systems, and looking for any potential hazards. Any required repairs may need to be completed before the loan can close.
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.
Can I qualify for an FHA loan with student loans in default? Jacksonville, 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.
Jacksonville FHA Florida Mortgage Lenders Cover
| Cities near Jacksonville |
| Bellair-Meadowbrook Terrace, Florida |
| Orange Park, Florida |
| Fruit Cove, Florida |
| Atlantic Beach, Florida |
| Nassau Village-Ratliff, Florida |
| Lakeside, Florida |
| Neptune Beach, Florida |
| Jacksonville Beach, Florida |
| Ponte Vedra Beach, Florida |
| Callahan, Florida |
| Baldwin, Florida |
| Palm Valley, Florida |
| Sawgrass, Florida |
| Yulee, Florida |
| Middleburg, Florida |
| Asbury Lake, Florida |
| Green Cove Springs, Florida |
| Fernandina Beach, Florida |
| Macclenny, Florida |
| Hilliard, Florida |
Duval County, Florida Cities near:
Jacksonville, FL
Orange Park, FL
Atlantic Beach, FL
Jacksonville Beach, FL
Lakeside, FL
Palm Valley, FL
Fernandina Beach, FL
Saint Augustine, FL
Palatka, FL
Palm Coast, FL
Gainesville, FL
