Florida FHA Loans
What is an FHA loan?
FHA is the Federal Housing Administration and the FHA does not lend money. FHA loans are not loans at all. FHA is the same as mortgage insurance and was created to insure Florida mortgage lenders against loss so they can offer Florida mortgage applicants better financing options. An FHA mortgage loan might be for you if:
Essentially, the federal government insures FHA mortgage loans for Florida FHA-approved lenders so that lenders reduce their risk of loss if they lend to borrowers with bad credit histories. The FHA program has been in place since the great depression to help stimulate the housing market by making loans accessible and affordable.
What are the advantages of FHA loans?
For the Florida mortgage applicant the FHA program can simplify the purchase of a home, making financing easier and less expensive than a conventional mortgage loan product. Some highlights of the Florida FHA loan program include:
To take advantage of the FHA program in Florida, give us a call 1-800-570-0448 or use our quick application to find out more about the many FL mortgage programs we can make available. Or Apply now for a FL FHA home loan.
What do I need to qualify for an FHA loan?
To take advantage of the FHA program in Florida, give us a call 1-800-570-0448 or use our quick application to find out more about the many FL mortgage programs we can make available. Or Apply now for a FL FHA home loan.
Posts Tagged ‘Loan’
Florida FHA loan, Florida FHA Mortgage Lender, Florida FHA mortgage, Florida FHA home loan
Monday, April 12th, 2010Is income from employment that has not begun considered effective income for FHA home loan approval?
Monday, April 12th, 2010Is income from employment that has not begun considered effective income for FHA home loan approval?
Is income from employment that has not begun considered effective income? Projected or hypothetical income is not acceptable for FHA loan qualifying purposes. However, exceptions are permitted to this rule for income from cost-of-living adjustments, performance raises, bonuses, etc., which are both verified by the employer in writing and scheduled to begin within 60 days of the FHA loan closing. If a FHA loan applicant is about to start a new job and has a guaranteed, non-revocable contract for employment that will begin within 60 days of FHA home loan closing, the income is acceptable for qualifying purposes. The FHA mortgage lender also must verify that the FHA loan applicant will have sufficient income or cash reserves to support the FHA mortgage payments and any other obligations during the interim between the FHA loan closing and the start of employment. (This condition may be appropriate for situations such as teachers whose contracts will begin with the new school year, or physicians who will begin residency after the FHA home loan is scheduled to close.) However, if the FHA loan will close more than 60 days before the FHA Mortgage applicant employment begins, the loan is not eligible for endorsement until the lender provides a pay stub or other acceptable evidence that the borrower has begun the new job.
Handbook 4155.1: 4.E.5.c-dPlease us know if I can help you with your FHA Home loan.
FHA loan Advantages Include:
Minimal Down Payment and Closing Costs.
Easier Credit Qualifying Guidelines such as:
Easier Debt Ratio & Job Requirement Guidelines such as:
www.FHAmortgageFHAloan.com
General FHA home Loan Underwriting Guidelines
Monday, April 12th, 2010Disclaimer: These guidelines are to be considered standard or general. FHA will, from time to time, change their guidelines such as loan limits or debt-to-income ratio requirements. In times when guidelines change frequently, we are not able to update the guidelines immediately, therefore, we cannot guarantee that the guidelines outlined here will be in effect at the time of your loan application but is provided to give you the basic idea of the requirements of the FHA mortgage.
FHA Mortgage loan Advantages Include:
Minimal Down Payment and Closing Costs.
Easier Credit Qualifying Guidelines such as:
Easier Debt Ratio & Job Requirement Guidelines such as:
Apply now at www.FHAmortgageFHALoan.com or all 954-667-9110