Purchase a Home with a FHA Refinance. First-time home buyers and home buyers with less than perfect credit can take advantage of easier qualifying standards from FHA. To qualify for an FHA loan you must have a minimum credit score of 600 for 3.50% down payment. Credit scores below 600 will require a 10% down payment and tougher guidelines.
FHA Mortgage Rates – Home Buyer or Refinance -A mortgage issued by federally qualified lenders and insured by the Federal Housing Administration (FHA). FHA loans are designed for low to moderate income borrowers who are unable to make a large down payment. FHA loans allow the borrower to borrow up to 96.50% of the value of the home. The 3.50% down payment requirement can come from a gift or a grant, which makes FHA loans popular with first-time buyers.
The following are just some of the reasons FHA loans are popular again:
Minimal Down Payment and Closing Costs:
Down payment less than 3.5% of Sales Price, gift for down payment and closing costs are allowed, no reserves required , FHA regulated closing costs, seller can credit up to 6% of sales price towards buyers costs.
Easier Credit Qualifying Guidelines:
Minimum FICO credit score of 600, FHA will allow a home purchase two years after a Bankruptcy, FHA will allow a home purchase three years after a Foreclosure.
Easier Debt Ratio & Job Requirement Guidelines:
Higher Debt Ratio’s than other home loan programs are permitted , less than two years on the job is permitted, self-Employed individuals are allowed.
Generally, a borrower who has made timely payments for the last 12 months serves as a guide and demonstrates their willingness to repay future credit obligations. New FHA Policy changes require minimum FICO score to be 600 for 85% loan-to-value. These FICO requirements will go into effect in the spring 2010. However, most individual lenders will still need credit scores higher than 640.
A outstanding[/spin credit score is not needed for an FHA loan approval. In fact, even if you have had credit problems, such as a bankruptcy, it's easier for you to qualify for an FHA loan than a for a conventional loan. Sometimes scores down to 600 are [spin]accepted if there are compensating factors that offset the credit risk.
FHA-World Serves the following Florida counties:
Alachua, Baker, Bay, Bradford, Brevard, Broward, Calhoun, Charlotte, Citrus, Clay, Collier, Columbia, DeSoto, Dixie, Duval, Escambia, Flagler, Franklin, Gadsden, Gilchrist, Glades, Gulf, Hamilton, Hardee, Hendry, Hernando, Highlands, Hillsborough, Holmes, Indian River, Jackson, Jefferson, Lafayette, Lake, Lee, Leon, Levy, Liberty, Madison, Manatee, Marion, Martin, Miami-Dade, Monroe, Nassau, Okaloosa, Okeechobee, Orange, Osceola, Palm Beach, Pasco, Pinellas, Polk, Putnam, Santa Rosa, Sarasota, Seminole, St. Johns, St. Lucie, Sumter, Suwannee, Taylor, Union, Volusia, Wakulla, Walton, Washington.
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