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Buying your first Florida home, however, can be a scary prospect, partly because the financial outlay can be so great. That’s where the FHA mortgage loan program comes in. The FHA loan program works with Florida FHA approved mortgage lenders to provide guaranty services for FHA loans that they administer, which means that Florida mortgage lenders are more willing to loan to Florida mortgage applicants with less than perfect credit histories.
If you currently live in Florida and are considering a new home purchase, now is a great time to consider buying your Florida home. Since the economy has slowed down due to the subprime crisis in recent years, the housing market has also slowed, which means that Florida home prices are lower than they’ve been in years. It’s truly a buyer’s market in Florida right now, and Florida home sellers are generally very willing to negotiate on the asking price of their Florida home.
FHA home loans have less stringent qualifying requirements including the down payment, Florida home buyers need only a 3.5% down payment, as opposed to the 20% usually required by traditional Florida home loan programs. Buyers also have the option of rolling the closing costs into the loan which further reduces the amount of cash they will need at closing. Needless to say, the relaxed credit standards and less cash at closing mean that many Florida homebuyers who would not qualify for traditional programs will be able to obtain an FHA loan and purchase a Florida house, which is the goal of the FHA mortgage program.
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.
While you’re picking out your next Florida home, it’s important to keep in mind that the Florida mortgage loans have a maximum FHA Loan limits which is based on the type of Florida you’re purchasing. The FHA lending limit is based on the median cost of purchasing the Florida home in the country and is then adjusted for higher cost of living areas, which means that if you live in an area where housing is expensive, your limit will be higher and you can still afford to purchase a home.
In Miami Dade, Broward, and Palm beach the FHA lending limit is 437,750 for a single family dwelling, and that is the current limit for Tallahassee and Gainesville. If you live in Jacksonville, however, the limit is $387,500, and in Orlando, the current limit is $353,750. These FHA Loan limits assume that you’re purchasing a single family Florida home, and if you’re considering a multi-family dwelling, you’ll need to consult with your FHA mortgage lender regarding the current limit for your situation.
http://www.fhamortgageprograms.com/florida/Palm-Bay/ http://www.fhamortgageprograms.com/florida/Pompano-Beach/ Article Source:http://www.articlesbase.com/mortgage-articles/fha-mortgages-is-florida-are-easier-to-qualify-for-97-w-530-fico-1593001.html
http://www.fhamortgageprograms.com/florida/Palm-Beach/
http://www.fhamortgageprograms.com/florida/Palm-Coast/
http://www.fhamortgageprograms.com/florida/Panama-City/
http://www.fhamortgageprograms.com/florida/Pensacola/
www.FHAmortgageFHALoan.com
http://www.FLoridamortgagehome.com
http://www.fhamortgageprograms.com/
http://www.fhamortgageprograms.com/florida/Port-St-Lucie/
http://www.fhamortgageprograms.com/florida/Punta-Gorda/
http://www.fhamortgageprograms.com/florida/Homosassa-Springs/
http://www.fhamortgageprograms.com/florida/Jacksonville/
http://www.fhamortgageprograms.com/florida/N-Miami-Beach/
http://www.fhamortgageprograms.com/florida/Naples/
http://www.fhamortgageprograms.com/faq/fha.shtml
http://www.fhamortgageprograms.com/mortgage/fha-loan-program.shtml
http://www.FHAmortgagePrograms.com
http://www.fhamortgageprograms.com/florida/Ocala/
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