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.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
FHA mortgage Lenders Melbourne, Florida – FHA home loan Melbourne, Florida
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 Melbourne, Florida, very few condos qualify for an FHA mortgage. Search Melbourne , Florida, FHA-approved condos
4C FHA Mortgage Checklist
| 1. CASH | Min 580 credit score qualifies for 3.5% down with 100% Melbourne Florida FHA mortgage options available. Or, 10% downpayment 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. |
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
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 Palm Bay FL
Melbourne, FL Downpayment Assistance Programs
Brevard County Purchase Assistance Program is designed to assist very low, low & median income families achieve affordable home ownership.
Brevard County does not discriminate on the basis of race, creed, color, religion, age, sex, familial status, national origin, or handicap.
Unit Eligibility
- Must be located in Brevard County.
- Can be a new home or an existing home. The assistance may not be used to purchase a manufactured home.
- It will be the responsibility of the buyer to hire a reputable home inspector to identify any code-related repairs such as roof, plumbing and electrical.
- Proposed monthly mortgage payment cannot exceed buyer’s affordability ratios (front-end 34%/back-end 42%). Contact C.H.I. for these amounts. (321) 253-0053.
Homebuyer Eligibility
- First time homebuyers only (not having ownership interest in the past three (3) years).
- Must have the ability to secure first mortgage financing:
- Conventional, FHA, and VA are all acceptable; 30 year fixed rate. MORTGAGE LOAN MUST BE AT CURRENT MARKET INTEREST RATES. If the buyer cannot get a mortgage loan at a current interest rate, C.H.I. will first assist the buyer in correcting credit issues.
- Liquid assets (savings, checking, CD’s, treasury bonds, money market, savings bonds, etc.) can not exceed $15,000.
- Must attend a 5 hour Homebuyer Education workshop. Contact C.H.I. for date and time, (321) 253-0053.
- Maximum sales price and income limits apply. Contact C.H.I. for these amounts at (321) 253-0053.
Homebuyer’s Contribution
- Applicants must make a MINIMUM GOOD FAITH CONTRIBUTION, based upon their income bracket:
- Out of Pocket expenses paid before closing are considered as part of the applicant’s contribution (i.e. appraisal fees, credit reports, deposits, homeowner’s insurance premium, etc);
- At closing, the minimum contribution must be satisfied on the settlement statement.
- The lender may require more contribution.
| Income Limits | Minimum Contribution |
|---|---|
| Very Low (50% or less of AMI) | $500 |
| Low Income (51% – 80% of AMI) | $1000 |
| Income Limits | Maximum Assistance |
|---|---|
| Very Low (50% or less of AMI) | $75,000 |
| Low (51% – 80% of AMI) | $60,000 |
Please Note: The actual amount of assistance provided would be the minimum needed to get an affordable housing unit. WE WILL NOT OVER SUBSIDIZE ANY HOUSEHOLD.
Second Mortgage
The assistance provided to each homebuyer will be in the form of a second mortgage. The second mortgage will be recorded in the Public Records of Brevard County. It is a Deferred Payment Loan (DPL) at zero percent (0%) interest or repayable for moderate income clients.
In the event of default the loan must be repaid in full to Brevard County.
