Miami, FL FHA Mortgage Lenders
Miami, Florida FHA 100% mortgage Lenders make the possibility of owning a Miami, Florida home exciting because FHA takes a common-sense review for approvals rather than a credit-score-driven approach. Miami, Florida FHA mortgage lenders for refinancing or purchasing a Miami, Florida home are easy because the FHA mortgage approves mortgage applicants 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.
Miami FL FHA Mortgage – 4C Checklist
| 1. CASH | Min 580 credit score qualifies for 3.5% down with 100% Miami 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 Miami 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
- 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.
FHA Mortgage Property Types Include:
- Single-family home – Miami Florida FHA Mortgage Lenders
- Townhouse- Miami Florida FHA Mortgage lenders
- Villa – Miami Florida FHA Mortgage Lenders
- Manufactured home – Miami Florida FHA Mortgage Lenders
Florida FHA Mortgage Lenders 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 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.
Miami, FL FHA Mortgage Lenders Cover All of Florida
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 Program
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 FL DOWN PAYMENT ASSISTANCE PROGRAM ELIGIBILITY CHART | ||||||
| Family Size | Extremely Low Income 30% of AMI | Very Low Income 50% of AMI | Low Income 80% of AMI | Media 100% | 120% of AMI | 140% of AMI |
| 1 | $23,850 | $39,750 | $63,550 | $79,500 | $95,400 | $111,300 |
| 2 | $27,250 | $45,400 | $72,650 | $90,800 | $108,960 | $127,120 |
| 3 | $30,650 | $51,050 | $81,700 | $102,100 | $122,520 | $142,940 |
| 4 | $34,050 | $56,750 | $90,800 | $113,500 | $136,200 | $158,900 |
| 5 | $36,800 | $61,300 | $98,100 | $122,600 | $147,120 | $171,640 |
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:
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
