100% Mortgage Florida FHA Lenders in Florida provide FHA home loans in all of Florida for all credit types including but not limited to bad credit, no credit, rent-to-own Florida FHA mortgage program, manual underwriting Florida FHA Mortgage Lenders. to buy or FHA refinance in all of Florida.
FHA-Mortgage-Lenders-Florida-
4C Florida FHA Mortgage Checklist
| 1. CASH | Min 580 credit score qualifies for 3.5% down with 100% financing options available. Or, 10% downpayment is required if your credit score is between 500 – 579. The seller can pay up to 6% of the closing cost this must be requested in your purchase contract. |
| 2. CREDIT | Minimum 500+ credit score – based on payment history, not credit score driven. |
| 3. CAPACITY/(DTI) | Standard 31/43 – Max DTI 46.9-56.9% with AUS approval |
| 4. COLLATERAL | Single-family homes, multi-family 2-4 units, townhomes, villas, FHA-approved condos, manufactured, modular homes. |
| SUMMARY | FHA mortgage loans are basically the easiest loan to qualify for. Purchase or Refinancing using FHA loans must fully document income and assets. |
What is an FHA Mortgage Loan?
FHA stands for the Federal Housing Administration. The FHA does not make loans directly instead, the FHA insures private Florida mortgage lenders against loss. The FHA is governed by the U.S. Department of Housing and Urban Development (HUD), and FHA mortgages are backed and guaranteed by the U.S. government. This means that if a borrower stops making their mortgage payments, the government helps Florida FHA mortgage lenders recover losses. The FHA mortgage insurance encourages lenders to make loans to first-time home buyers, borrowers with bad credit, or no credit score, and to manually underwrite FHA loans. Overall, the FHA mortgage insurance makes FHA mortgage loans the easiest of all loan programs to qualify for. Keep in mind that the FHA loan is only for primary residences and is not intended to be used for second homes or investment properties.
FHA Mortgages Are More Affordable:
- 3.5% Down with 100% Financing options available.
- Seller Paid Closing costs up to 6%.
- Gifts from family or Grants OK!
- No reserves are required.
- FHA-regulated closing costs.
FHA Allows Higher Debt And Is More Flexible:
- Higher debt ratios up to 56.9%
- Less than two years on the same job is OK!
- Self-employed OK!
Reasons FHA Mortgages Are Easier:
- FHA minimum 580 score = 3.5% down or 96.5% financing.
- FHA minimum 500+ credit score = 10% Down
- FHA purchase 12 months after a Chapter 13 Bankruptcy
- FHA purchases 24 months after a Chapter 7 Bankruptcy.
- FHA purchase 3 years after a Foreclosure.
- No Credit Score Approvals using alternate trade lines.
- FHA Cashout Refinance Up To 80% loan-to-value!
FHA Mortgage Requirements Review
Cash, Credit, Capacity, Collateral.
- Cash- FHA requires a minimum of 3.5% down with a 580 credit score and 10% down with a 500+ credit score. The FHA downpayment requirement can come from a gift, grant, or a 100% FHA downpayment assistance program. According to Aottom, the median home price in Florida for single-family homes is $396,000 x 3.5% down = %13,860
- Capacity – or (DTI) Debt To Income Ratio- FHA guidelines say 31/43. This means your income for housing and 43 for housing plus all other payments on your credit report. But with the right FHA compensating factors, we have seen debt-to-income to up to 46.9/56.9
- Collateral – The home must appraise for the purchase price and be livable, habitable, and insurable.
- Credit- A 3.5% down payment is needed for those with scores at or above 580; for scores 579 to 500, it’s at least 10% down. It’s even possible to qualify with no credit score.
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Credit Score = Down Payment Over 580+ = Minimum 3.5% Down Between 500-579 = Minimum 10% Down
Florida FHA Lending Limits
| Florida Counties | Florida FHA Loan Limits | Jumbo Florida loan limits |
| Alachua | $524,225 | $806,500 |
| Baker | $580,750 | $806,500 |
| Bay | $524,225 | $806,500 |
| Bradford | $524,225 | $806,500 |
| Brevard | $524,225 | $806,500 |
| Broward | $654,350 | $806,500 |
| Calhoun | $524,225 | $806,500 |
| Charlotte | $524,225 | $806,500 |
| Citrus | $524,225 | $806,500 |
| Clay | $580,750 | $806,500 |
| Collier | $764,750 | $806,500 |
| Columbia | $524,225 | $806,500 |
| Desoto | $524,225 | $806,500 |
| Dixie | $524,225 | $806,500 |
| Duval | $580,750 | $806,500 |
| Escambia | $524,225 | $806,500 |
| Flagler | $524,225 | $806,500 |
| Franklin | $524,225 | $806,500 |
| Gadsden | $524,225 | $806,500 |
| Gilchrist | $524,225 | $806,500 |
| Glades | $524,225 | $806,500 |
| Gulf | $524,225 | $806,500 |
| Hamilton | $524,225 | $806,500 |
| Hardee | $524,225 | $806,500 |
| Hendry | $524,225 | $806,500 |
| Hernando | $524,225 | $806,500 |
| Highlands | $524,225 | $806,500 |
| Hillsborough | $524,225 | $806,500 |
| Holmes | $524,225 | $806,500 |
| Indian River | $524,225 | $806,500 |
| Jackson | $524,225 | $806,500 |
| Jefferson | $524,225 | $806,500 |
| Lafayette | $524,225 | $806,500 |
| Lake | $524,225 | $806,500 |
| Lee | $524,225 | $806,500 |
| Leon | $524,225 | $806,500 |
| Levy | $524,225 | $806,500 |
| Liberty | $524,225 | $806,500 |
| Madison | $524,225 | $806,500 |
| Manatee | $547,400 | $806,500 |
| Marion | $524,225 | $806,500 |
| Martin | $596,850 | $806,500 |
| Miami-Dade | $654,350 | $806,500 |
| Monroe | $967,150 | $967,150 |
| Nassau | $580,750 | $806,500 |
| Okaloosa | $603,750 | $806,500 |
| Okeechobee | $524,225 | $806,500 |
| Orange | $524,225 | $806,500 |
| Osceola | $524,225 | $806,500 |
| Palm Beach | $654,350 | $806,500 |
| Pasco | $524,225 | $806,500 |
| Pinellas | $524,225 | $806,500 |
| Polk | $524,225 | $806,500 |
| Putnam | $524,225 | $806,500 |
| Santa Rosa | $524,225 | $806,500 |
| Sarasota | $547,400 | $806,500 |
| Seminole | $524,225 | $806,500 |
| St. Johns | $580,750 | $806,500 |
| St. Lucie | $596,850 | $806,500 |
| Sumter | $524,225 | $806,500 |
| Suwannee | $524,225 | $806,500 |
| Taylor | $524,225 | $806,500 |
| Union | $524,225 | $806,500 |
| Volusia | $524,225 | $806,500 |
| Wakulla | $524,225 | $806,500 |
| Walton | $603,750 | $806,500 |
| Washington | $524,225 | $806,500 |
