Jacksonville FL FHA Home Loans
Jacksonville, Florida, FHA mortgage lenders make homeownership in the area an exciting possibility because FHA mortgage loans have 100% financing options for Jacksonville FL, qualified homebuyers.. Instead of relying solely on credit scores for approvals, Jacksonville FL, FHA mortgage lenders use a common-sense approach that reviews overall payment history. This means that both FHA refinancing and purchasing a Florida home are accessible with proof of a good payment history.
Florida FHA-Mortgage-Lenders-
Key Points
- Easy to Qualify – The FHA Mortgage is the easiest and most affordable mortgage to qualify for.
- Manual Underwrite – FHA is manually underwritten and approved based on payment 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 buyerbut it must be your primary home.
- Bad credit– You could qualify with a 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 Jacksonville, Florida, very few condos qualify for an FHA mortgage. Search Jacksonville, Florida FHA-approved condos
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. |
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? 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.
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
| 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 |
Jacksonville FL FHA Mortgage Downpayment Assistance Program
ELIGIBLE JACKSONVILLE, FLORIDA APPLICANTS: The Down-Payment Assistance Home Ownership Pilot Program provides up to 75% of the total down-payment or closing costs as required by the mortgage writer, to not exceed $25,000.00 total, and who have a maximum gross income up to 120% of the Area Median Income (AMI). Applicants
should be first time homeowners (not having owned a home within the previous three years). Families/individuals, who do not currently own a home, who will reside in the home as their primary residence, and who meet household income criteria listed below, will be eligible for assistance.
Jacksonville FL Down Payment Assistance – Home Ownership Pilot Program –
The Down-Payment Assistance Home Ownership Pilot Program provides up to 75% of the total down-payment or closing costs as required by the mortgage writer, to not exceed $25,000.00 total, and who have a maximum gross income up to 120% of the Area Median Income (AMI).
Down Payment Assistance Home Ownership Program
Both home ownership program’s information is also available by contacting:
Shanee Ealey, Housing Services Manager
SEaley@coj.net or
904-255-8241.
