Palm Harbor FL FHA Mortgage Lenders

Palm Harbor FL FHA Mortgage Lenders 

Florida FHA mortgage Lenders make the possibility of owning a Palm Harbor, Florida home exciting because FHA takes a common-sense review for approvals rather than a credit-score-driven approach. Palm Harbor, Florida, FHA mortgage lenders for refinancing or purchasing a home are easy to find because FHA mortgages approve borrowers with acceptable payment histories rather than 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. Our Rent Own Palm Harbor, Florida, FHA Mortgage Lenders allow you to PICK OUT THE HOME OF YOUR CHOICE listed for sale on the MLS and rent while you build equity.
100% Florida FHA Mortgage Lenders 

FHA Mortgage Specifications: 

Credit Score:  Minimum 580+ (with 3.5% down), Minimum 500 (with 10% 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.

NO Tax Return Florida FHA Mortgage Options: 

1. 2 years’ P&L income expense statement.
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

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!

No Tax Return FL FHA Mortgage Lenders 

If you are a W-2 employee and your commission or bonus income is 25% or less, you will NOT need to provide tax returns. However, tax returns are generally required if you are self-employed or if your W-2 commission or bonus income exceeds 25% of your total income, or if you own rental properties. FHA mortgage lenders typically require income documentation, such as pay stubs and W-2 forms, to verify income. 

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 

4C FHA Mortgage Lenders Checklist 

FHA Mortgage 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 Palm Harbor, Florida, very few condos qualify for an FHA mortgage. Search Palm Harbor, Florida, FHA-approved condos.

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+ score with an acceptable payment history, including at least 30-day late payments in the last 12 months.

Q. Can I qualify for an FHA loan with student loans in default?
Palm Harbor, 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. 

Palm Harbor FL FHA Mortgage Lenders serving all of Florida Including:   Dunedin FL, Ozona FL, Crystal Beach FL, Dunedin, FL Tarpon Springs, FL East Lake, FL Oldsmar, FL Safety Harbor, FL Holiday, FL Clearwater FL Elfers, FL Largo, FL New Port Richey, FL Citrus Park, FL Jasmine Estates, FL Seminole, FL Pinellas Park, FL Egypt Lake-Leto, FL