Plantation FL FHA Mortgage Lenders

FHA Mortgage Lenders in Plantation Florida 

 Plantation Florida FHA Mortgage Lenders provide FHA home loans in all of Plantation Florida for all credit types including but not limited to bad credit, no credit, rent-to-own, Plantation, Florida FHA mortgage program, manual underwriting Plantation Florida FHA Mortgage Lenders. to buy or FHA refinance in all of Plantation, Florida.
Plantation –Hollywood –Pembroke Pines –Miramar –Davie, FL –Sunrise FL – 

FHA-Mortgage-Lenders-Plantation Florida –

4C FHA Mortgage Checklist

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 Plantation, 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!

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 Plantation, Florida 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
  

Plantation, Florida FHA Mortgage Service Areas:

This is a list of smaller local towns that we service around Plantation, FL  If you need an FHA mortgage lender near Plantation, Florida, you have come to the right place. We are dedicated to making your FHA mortgage a win! We enjoy Plantation, Florida, as a loan officer and bringing homeownership dreams to life. We will answer your questions in simple terms, help you through each step in home financing, and do everything in our power to help you go from getting pre-approved to relaxing at your Plantation, FL home.