FHA Mortgage Loans – Buying a Home using a FHA Loan
The FHA mortgage was created to help increase homeownership. The FHA loan makes buying a Florida home easier and less expensive than other types of Florida real estate loan programs. Below we have outlined some basic FHA qualifying criteria
Other FHA loan Advantages Include:
Minimal Down Payment and Closing Costs.
- Down payment less than 3.5% of Sales Price
- Gift for down payment and closing costs allowed.
- No reserves or required.
- FHA regulated closing costs.
- Seller can credit up to 6% of sales price towards buyers costs.
Easier Credit Qualifying Guidelines such as:
- Minimum FICO credit score of 540.
- FHA will allow a home purchase 2 years after a Bankruptcy.
- FHA will allow a home purchase 3 years after a Foreclosure.
Easier Debt Ratio & Job Requirement Guidelines such as:
- Higher Debt Ratio’s than other home loan programs.
- Less than two years on the job is allowed.
- Self-Employed individuals o.k.
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FHA Mortgage Loan Qualifying Summary
fha mortgage loans are the easiest type of Florida real estate mortgage loan to qualify for. The FHA guidelines for loan qualification are the most flexible of all home loans that require only 3.5% down payment.