FHA Mortgage Pembroke Pines, Florida
Pembroke Pines, Florida FHA Motgage Lenders provide FHA home loans in all of Pembroke Pines, Florida for all credit types, including but not limited to bad credit, no credit, and rent-to-own. Pembroke Pines, Florida FHA mortgage programs include manual underwriting to buy or FHA refinance in all of Pembroke Pines, Florida.
Fort Lauderdale – Hollywood – Pembroke Pines – Miramar – Hallandale – Sunrise – Dania –
FHA-Mortgage-Lenders-Pembroke Pines Florida –
4C Florida FHA Mortgage Checklist
| 1. CASH | A minimum credit score of 580 qualifies for 3.5% down, with 100% financing options available. A 10% down payment is required if your credit score is between 500 and 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 Pembroke Pines, 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
Our Florida FHA mortgage lenders do not require tax returns in most cases. Tax returns are only necessary for FHA mortgage approvals. You will only need tax returns if you are a W-2 employee, earning commission or bonus income that exceeds 25% of your total income, or if you own rental properties. 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. Generally, our FHA mortgage lenders require two years’ worth of W-2 forms in the same line of work and the most recent 30-day pay stubs. Read more about no tax return Florida FHA mortgage lenders.
FHA Mortgage Requirements Review
- Cash- FHA requires a minimum of 3.5% down with a 580 credit score and 10% down with a 500+ credit score. The FHA downpayment requirement can come from a gift, grant, or a 100% FHA downpayment assistance program. According to Aottom, the median home price in Pembroke Pines, Florid,a for single-family homes is $396,000 x 3.5% down = %13,860
- Capacity – or (DTI) Debt To Income Ratio- FHA guidelines say 31/43. This means your income for housing and 43 for housing plus all other payments on your credit report. But with the right FHA compensating factors, we have seen debt-to-income to up to 46.9/56.9
- Collateral – The home must appraise for the purchase price and be livable, habitable, and insurable.
- Credit- A 3.5% down payment is needed for those with scores at or above 580; for scores 579 to 500, it’s at least 10% down. It’s even possible to qualify with no credit score
Pembroke Pines, Florida Service Areas:
Cooper City, FL Country Club, FL Lake Lucerne, FL Davie, FL Carol City, FL Scott Lake, FL Norland, FL Miami Lakes, FL Opa-locka, FL Ives Estates, FL Golden Glades, FL Weston, FL Plantation, FL Fort Lauderdale, FL Hallandale Beach, FL Dania Beach, FL Fort Lauderdale –Hollywood –Pembroke Pines –Miramar –Davie, FL –Hollywood FL :: Davie FL :: Pembroke Pines FL :: Miramar FL :: Sunrise FL :: Cooper City FL::Hallandale:: Fort Lauderdale :: Plantation, FL :; Lauderhill FL :: Dania Beach FL :: Country Club FL :: Carol City, FL Norland, FL Scott Lake FL, Weston, FL :: Lauderdale Lakes FL
Pembroke Pin,es Florida Downpayment Assistance Programs
The Planning and Economic Development Department is responsible for coordinating the City’s housing programs available through state and federal programs, including Community Development Block Grant (CDBG), Home Investment Partnership (H, HOMEE), State Housing Initiative Partnership (SHIP), and Neighborhood Stabilization Program (NSP). The City partners with a local vendor, Community Redevelopment Associates of Florida, Inc. (CRAFLA), to implement and process the City’s housing programs.
The City of Pembroke Pines is pleased to offer purchase assistance for very low-to-moderate-income households seeking to buy a property for use as their primary residence. Funding is available on a first-come, first-qualified basis until program funds are exhausted.
Assistance comes in the form of a 0% interest deferred second loan that converts to a grant if all program conditions are met.
This program is administered by the City of Pembroke Pines in conjunction with Community Redevelopment Associates of Florida, Inc.
For any questions regarding this application, please contact:
Community Redevelopment Associates of Florida, Inc.
Income Chart
The Broward County Income Category Chart is based on the U.S. Department of Housing and Urban Development (HUD) Income Limits Documentation System.
|
Household Size
|
Extremely Low Income 30% AMI and Lower
|
Very Low Income 31% to 50% AMI
|
Low Income 51% to 80% AMI
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Moderate Income 81% to 120% AMI
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Moderate Income 121 % to 140% AMI
|
|
1
|
$24,250
|
$40,350
|
$64,550
|
$96,840
|
$112,980
|
|
2
|
$27,700
|
$46,100
|
$73,800
|
$110,640
|
$129,080
|
|
3
|
$31,150
|
$51,850
|
$83,000
|
$124,440
|
$145,180
|
|
4
|
$34,600
|
$57,650
|
$92,200
|
$138,360
|
$161,420
|
|
5
|
$37,650
|
$62,250
|
$99,600
|
$149,400
|
$174,300
|
|
6
|
$43,150
|
$66,900
|
$107,000
|
$160,560
|
$187,320
|
|
7
|
$48,650
|
$71,500
|
$114,350
|
$171,600
|
$200,200
|
|
8
|
$54,150
|
$76,100
|
$121,750
|
$182,640
|
$213,080
|
