Melbourne FL FHA Mortgage Lenders

Melbourne FL FHA Mortgage Lenders

100% Florida FHA mortgage Lenders make the possibility of owning a Melbourne, Florida home exciting because FHA takes a common-sense review for approvals rather than a credit-score-driven approach. Melbourne, 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.

• Melbourne FL FHA Mortgage Service Areas 

  • West Melbourne, FL Palm Bay, FL Indian Harbour Beach, FL Satellite Beach, FL South Patrick Shores, FL Micco, FL Cocoa Beach, FL Merritt Island, FL Rockledge, FL Sebastian, FL Cape Canaveral, FL Cocoa, FL Port Saint John, FL Yeehaw Junction, FLVero Beach, FL

  • 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 the history of credit, 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, paystubs, 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 Checklist 

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? Melbourne 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!

Melbourne FL FHA Mortgage Lenders serving All Florida

This is a list of smaller local towns that we service around Melbourne FL  If you need an FHA mortgage lender near Melbourne, Florida, you have come to the right place. We are dedicated to making your FHA mortgage a win! We enjoy Melbourne, Florida, as a loan officer and bringing homeownership dreams to life. We will answer your questions in simple terms, help you through each step in home financing, and do everything in our power to help you go from getting pre-approved to relaxing at your Melbourne FL home.

Serving All Florida FHA Mortgage Locations