FHA Mortgage Lenders Palm Beach Florida
Palm Beach Florida FHA Mortgage Lenders offer FHA home loans throughout the area, accommodating various credit types and situations. This includes options for individuals with bad credit or no credit, as well as rent-to-own arrangements and manual underwriting. Whether you’re looking to buy a new home or refinance an existing FHA mortgage loan, FHA mortgage lenders are available to assist you in West Palm Beach, Florida.
FHA-Mortgage-Lenders-West Palm Beach Florida –
4C FHA Mortgage Checklist
| 1. CASH | Min 580 credit score qualifies for 3.5% down with 100% financing 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/(DTI) | 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. |
| SUMMARY | FHA mortgage loans are basically the easiest loan to qualify for. Purchase or Refinancing using FHA loans must fully document income and assets. |
What is an FHA Mortgage Loan?
FHA stands for the Federal Housing Administration. The FHA does not make loans directly instead, the FHA insures private mortgage lenders against loss. The FHA is governed by the U.S. Department of Housing and Urban Development (HUD), and FHA mortgages are backed and guaranteed by the U.S. government. This means that if a borrower stops making their mortgage payments, the government helps West Palm Beach, Florida, FHA mortgage lenders recover losses. The FHA mortgage insurance encourages lenders to make loans to first-time home buyers, borrowers with bad credit, or no credit score, and to manually underwrite FHA loans. Overall, the FHA mortgage insurance makes FHA mortgage loans the easiest of all loan programs to qualify for. Keep in mind that the FHA loan is only for primary residences and is not intended to be used for second homes or investment properties.
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!
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!
Florida No Tax Return FHA Mortgage Lenders-Only If your W2!
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. Our FHA Lenders typically require 2 years’ W-2s in the same line of work and the most recent 30-day pay stubs.
Palm Beach Florida FHA Mortgage Areas:
Palm Beach, FL Palm Beach Gardens, FL Royal Palm Beach, FL Boynton Beach, FL, West Palm Beach FL Wellington, FL Jupiter, FL Delray Beach, FL Kings Point, FL Riviera Beach, FL Century Village, FL Lake Park, FL Palm Springs, FL Lake Worth, FL North Palm Beach, FL Lantana, FL
