Miami Florida FHA Mortgage Lenders

Miami, Florida FHA 100% mortgage Lenders providing FHA pre-approval letters,  No Tax return FHA options in all Miami, Florida, including Aventura,  Coral Gables, Kendall, South Miami, Miami Gardens,  Aventura, Miami Springs, and all of Florida. 

FHA Mortgage Lenders Key Points: 

• Credit Score: Minimum 500 (with 10% down) or 580+ (with 3.5% down).
• 100% Financing Options:  FHA first lien at 96.5% and a second lien of
  up to 3.5% to cover the down payment.
• Debt-to-Income (DTI): Generally < 43%.
• Occupancy: Must be your primary residence.
• Waiting Periods: 2 years after bankruptcy, 3 years after foreclosure.
• Property Type: 1-4 unit homes, condos, townhouses.
• Closing Costs: FHA allows up to 6% of seller-paid closing costs.

100% Miami Florida FHA Mortgage Lenders 

4C FHA Mortgage Lenders Checklist 

No Tax Return Miami FLorida FHA Mortgage 

1. 2 years + YTD P&L summarizes revenue, costs, and expenses over a specific period to calculate net profit.
2. YTD Balance Sheet- showing a company’s assets, liabilities, and owner’s equity.
3. Proof of 2+ years of business and or license.
4. A  640 minimum credit score, 3+ tradelines,  for 12+ months.
5. Proof of business insurance and or Florida Business license.
6. AUS approval

Read about self-employed FHA profit and loss, Mortgage Lenders

Miami Florida FHA Mortgage with No Tax Returns Lenders

Under the right circumstances, it’s very possible to get approved for an FHA mortgage in Florida with NO TAX RETURNS. This option is available for W-2 employees with stable income and NO MORE than 25% bonus/commission income from W-2 employment, or for self-employed borrowers using Florida FHA profit-and-loss mortgage lenders. While standard FHA requires 2 years of tax returns, private Florida FHA mortgage lenders can use 30 days of pay stubs, 2 years of W2s, and 12–24 months of bank statements to verify income.

Popular Florida FHA Mortgage Topics: 

Florida FHA Mortgage Lenders Summary 

FHA-Mortgage-Lenders-Miami Florida

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!

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 Miami, 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? Miami, 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. 

Q. Do you offer no-tax return FHA mortgage loans? Yes, No Tax Return Miami Florida FHA mortgage Lenders do NOT require tax returns if your commission or bonuses are under 25% of your total income and you don’t own rental properties..

All Florida Including:

Including Miami Shores FL, Miami, Florida: · Coral Gables FL, Miami Beach, FL · Aventura FL · Key Biscayne, FL · Gladeview, FL · Miami Shores, FL · Coral Terrace, FL Miami Beach, FL Coral Gables, FL Key Biscayne, FL Gladeview, FL Miami Shores, FL- Coral Terrace, FL West Little River, FL South Miami, FL Miami Springs, FL Pinewood, FL Westchester, FL Hialeah, FL Westview, FL North Miami, FL  Glenvar Heights, FL, Miami Gardens FL:: Miami Springs FL  , Miami Beach, FL Coral Gables, FL Key Biscayne, FL Gladeview, FL Miami Shores, FL Coral Terrace, FL West Little River, FL South Miami, FL Miami Springs, FL Pinewood, FL Westchester, FL Hialeah, FL Westview, FL North Miami, FL Glenvar Heights, FL

Miami FL FHA Down Payment Assistance 

Miami, Florida eligible homebuyers seeking downpayment assistance can receive an interest-free loan of up to $35,000 dollars to cover the down payment for their first home. Individuals earning less than $95,620; couples making less than $109,200; three person households earning less than $122,920; and households of four making less than $136,500 may be eligible for homebuyer down payment assistance. 

Miami Florida first-time homebuyer is an individual who meets any of the following criteria: an individual or spouse who has had no ownership in a principal residence during the three year period ending on the date of purchase of the property; a single parent who has owned with a former spouse while married; an individual who has owned a principal residence not permanently affixed to a permanent foundation in accordance with applicable regulations; an individual who has owned a property that was not in compliance with state, local or model building codes and which cannot be brought into compliance for less than the cost of constructing a permanent structure.

The program also requires potential homebuyers to receive homebuyer counseling from a HUD certified agency and to complete approved homebuyer education training.   The education training will cover such topics as: choosing a realtor, selecting a home, qualifying for mortgage financing to include PHCD homeownership programs, a comprehensive  home inspection, entering a purchase/sale contract, maintaining a home, handling credit affairs and other skills needed for homeownership.

Serving All Cities near Miami, Florida, Including: