North Sarasota Florida FHA Mortgage Lenders
Florida FHA mortgage Lenders make the possibility of owning an Alachua, Florida home exciting because FHA takes a common-sense review for approvals rather than a credit-score-driven approach. Alachua, 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
4C FHA Mortgage Lenders Checklist
| 1. CASH | A minimum credit score of 580 qualifies you for a 3.5% down payment with 100% FHA mortgage options available in Alachua, Florida. If your credit score is between 500 and 579, a down payment of 10% is required. Additionally, the seller can cover up to 6% of the closing costs, but this must be requested in your purchase contract. |
| 2. CREDIT | A minimum credit score of 500 is required, which will be determined based on payment history rather than solely on the credit score itself. |
| 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. |
No Tax Return FHA Mortgage Lenders
Our Florida FHA mortgage lenders DO NOT require tax returns. For our FHA mortgage Approvals, Tax returns are ONLY required if commission or bonus income exceeds 25% of your total income or if you own rental properties. However, if your commission or bonus income is 25% or less, and you are a W-2 employee, you will not need to provide tax returns. Lenders typically require documentation like pay stubs and W-2 forms to verify income
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!
FHA Mortgage Property Types Include:
- Single-family home – Florida FHA Mortgage Lenders
- Townhouse- Florida FHA Mortgage lenders
- Manufactured home – Florida FHA Mortgage Lenders
- Multi-Family – Florida FHA Mortgage Lenders
- Villa – Florida FHA mortgage Lenders
- Condos- Florida FHA-approved Condo Mortgage Lenders
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.To Learn more about Florida FHA mortgage pre-approval letter, click here.
Related FHA Mortgage Pages
Locations and Cities Nearby
- Sarasota, FL
- Fruitville, FL
- Sarasota Springs, FL
- Bayshore Gardens, FL
- South Bradenton, FL
- Gulf Gate Estates, FL
- Bradenton, FL
- Palmetto, FL
- Laurel, FL
- Venice, FL
- South Venice, FL
- Saint Petersburg, FL
- Gulfport, FL
- North Port, FL
- Saint Pete Beach, FL
No Tax Return Sarasota Florida Mortgage Options
Our No Tax return Florida mortgage lenders provide no tax return Florida FHA loans to accommodate various situations, ensuring that those without tax returns can still secure financing for their Florida home.
- No Doc, No W2, No Tax Return = OK Bank Statement Deposits = OK Jumbo No Tax Returns = OK
- Home Loan No Tax Returns =OK 1099 mortgage Lenders = OK 3 Months Bank Statement = OK
- Self-Employed Less than 1 year = OK VOE Only Mortgage = OK Asset Depletion = OK
- ITIN No Tax return mortgage = OK Nonresident No Tax Return = OK Pledged Assets = OK
- Asset Depletion or Pledged = OK Business Profit Loss = OK DSCR Rental Income = OK
