FHA is a very popular route with Florida first time homebuyer to take. But it’s not reserved only for first time home buyers. Florida homebuyers can buy your third or fourth home with an FHA mortgage as well as long as you only have one FHA Home loan at time. FHA advantages include:

 Minimal Down Payment and Closing costs.

Down payment less than 3% of Sales Price Gifts are allowed

Seller can credit up to 6% of sales price towards closing and prepaid costs.

100% Financing available

No reserves required.

FHA regulated closing costs.

 Easier Credit Qualifying Guidelines such as:

NO MINIMUM FICO score or credit score requirements.

FHA will allow a home purchase 1 year after a Bankruptcy.

FHA will allow a home purchase 2 years after a Foreclosure.

Apply for an FHA Home Loan at   www.FHAmortgageFHAloan.com

 Today, the FHA mortgage loans play a critical role in financing for Florida homebuyers, first-time homebuyers, Florida mortgage applicants who have troubled credit history, and Florida mortgage applicants who have little money to put down on a Florida home.

FHA Mortgage Loans allow you to purchase a Florida home with only 3.5% down, have the lowest interest rates due to being insured by the Federal Housing Administration, FHA home loans allows for less than perfect credit and makes it much easier to qualify due to FHA insuring the home loan.

 FHA Mortgage insurance is a policy that protects private FHA approved mortgage lenders against losses that result from defaults on FHA home mortgages. FHA mortgages require  mortgage insurance primarily for homebuyers making a down payment of less than 20 percent.

 FHA Mortgage insurance is charged to the homeowner each month at the rate of .55 percent per year of the total loan amount. FHA also charges an upfront mortgage insurance premium of 1.75 percent included in the FHA loan amount.

FHA’s monthly mortgage insurance payments will be automatically terminated when one of the following occur:

 For mortgage loans  with terms 15 years and less and with Loan to Value ratios 90 percent and greater, annual premiums will be canceled faster but when the Loan to Value ratio reaches 78 percent to the FHA loan amount regardless of the amount of time the mortgagor has paid the premiums.

 For FHA mortgage loans  with terms more than 15 years, the annual mortgage insurance premiums will be canceled when the FHA Loan to Value ratio reaches 78 percent, provided the FHA mortgage recipient  has paid the annual premium for at least 5 years.

 Mortgages with terms 15 years and less and with loan to value ratios of 89.99 percent and less will not be charged annual mortgage insurance premiums.

 www.FHAmortgagePrograms.com

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