FHA Mortgage Lenders West Palm Beach Florida
West 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 can 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!
No Tax Return FHA Mortgage Lenders
Tax returns are ONLY required if your w2 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. FHA mortgage lenders typically require income documentation like pay stubs and W-2 forms to verify income
West Palm Beach Florida FHA Mortgage Service Areas:
This is a list of smaller local towns that we service around West Palm Beach, FL If you need an FHA mortgage lender near West Palm Beach Florida, you have come to the right place. We are dedicated to making your FHA mortgage a win! We enjoy West Palm Beach 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 West Palm Beach, FL home.
Cities near West Palm Beach, Florida:
Palm Beach County provides downpayment assistance through the Department of Housing and Economic Development, hereby announces the continued availability of funding under the State Housing Initiatives Partnership (SHIP) Purchase Assistance Program. Funding will provide up to $100,000 to assist income-eligible applicants/households to acquire their first home (including acquisition, acquisition/rehabilitation, new construction, downpayment, and closing costs) that will be used as their principal place of residence.
Funds will be awarded as a 0% interest deferred payment loan secured by a recorded Mortgage, Promissory Note and Declaration of Restriction for 30 years. The loan is forgiven at the end of the 30-year term.
Palm Beach County, Florida Down Payment Assistance Orientation
