In FL, florida mortgage brokers are extremely popular. Low down payment is needed and you don’t need perfect credit. The best part… you STILL get the low interest rates! Here is what you need…
First, let’s talk about what exactly is an florida fha mortgage because you are probably thinking this sounds too good to be true. An FHA mortgage is issued by Hud approved lenders and insured by the Federal Housing Administration. That means that they are government loans just like USDA & VA. To get a USDA you must be zoned agricultural and VA you have to be a veteran to be eligible. Unlike the other 2, FHA is for everyone!
So, what is required by the lenders to get an FHA mortgage you ask?
You need 2 years worth of documented work history. That means you have to be able to prove it with tax returns. It doesn’t have to be two years at the same employer, but it does help if its 2 years in the same line of place. mortgage companies are sometimes able to look past it if you were in college and you now place with your degree.
Credit. That’s a difficult word for many people. You walk into a servicers with anything under a 620 credit score… well, you pretty much get thrown out! FHA is a bit more flexible. We have a brokers are pretty strict when it comes to other government home loan must be at least 3 years old. Chapter 13 bankruptcies are allowed as long as you have made 12 months payments on time.
Down payments are a requirement when it comes to buying a home. Most brokers for conforming financing require 20% down. That’s a lot of money. If the loan you are trying to get is $100k, well, then you need to bring 20 thousand dollars to the table!!! Who has that now days with this economy? FHA only requires you to bring 3.5% down. That’s a big comparison.
You are likely thinking that with all of these favorables, that there has to be a down fall. Right? It has to be in the rates… right? Well, you are wrong. FHA has the same low rates as conventional! You can get FHA note right now for as low as 4.875% on a 30 year fixed (which I forgot to mention, all FHA loans are 30 year fixed.