Lauderhill, FL FHA Mortgage Lenders
Florida FHA mortgage Lenders make the possibility of owning a Lauderhill , Florida home exciting because FHA takes a common-sense review for approvals rather than a credit-score-driven approach. Lauderhill , 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.
Lauderhill, FL FHA Mortgage Lenders Cover All of Florida
Oakland Park, FL North Andrews Gardens, FL Tamarac, FL Cooper City, FL Margate, FL Dania Beach, FL Coconut Creek, FL Pompano Beach, FL Plantation, FL Lauderdale Lakes, FL Sunrise, FL Wilton Manors, FL Fort Lauderdale, FL Davie, FL North Lauderdale, FL
4C FHA Mortgage Lenders Checklist
| 1. CASH | Min 580 credit score qualifies for 3.5% down with 100% Lauderhill Florida FHA mortgage options available. Or, 10% down payment 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. |
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!
Why Are FHA Mortgage Loans So Popular In Lauderhill, FL
- Credit score requirements are low compared to all other loans.
- FHA mortgage lenders can accept a low down payment.
- Qualifying for an FHA mortgage is still possible after foreclosure, Bankruptcy, Late payments, or other financial issues.
- FHA allows up to 6% seller-paid closing costs.
Florida FHA Mortgage Requirements
- Minimum downpayment, min payment history, maximum DTI, minimum property standards.
- The home must be appraised by an FHA-approved appraiser.
- You can only get a new FHA loan for your primary residence.
- You must move into the property within 60 days of closing.
- There are a few more specific conditions to qualify, including a down payment amount, mortgage insurance, credit history, and FHA loan limits. Contact us for details.
Key Points To An FHA Mortgage
- 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 Lauderhill, Florida, very few condos qualify for an FHA mortgage.
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? Lauderhill , 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.
Cities near Lauderhill, Florida:
Plantation, FL Lauderdale Lakes, FL Sunrise, FL Wilton Manors, FL Fort Lauderdale, FL Davie, FL North Lauderdale, FL Oakland Park, FL North Andrews Gardens, FL Tamarac, FL Cooper City, FL Margate, FL Dania Beach, FL Coconut Creek, FL Pompano Beach, FL
