FHA mortgage loans for Buying a Florida Home or FHA home loans to Refinance is simple with FHA mortgage Programs.com FHA home loans allow first time home buyers and current home owners buy a home with less than 3.5% down or FHA home mortgage refinance up to 96.5% of the homes value. Research FHA loan programs which help you with buying a home with no money down, learn about FHA loan qualifications, or get a free FHA home loan prequalification. www.FHAmortgagePrograms.com will show you the advantages of FHA home loans, why FHA loan qualifying is easier and how the regulated closing costs of FHA loans protect you. Get Started Now www.FHAMortgagePrograms.com Need a Florida mortgage? Consider an FHA loan THE Government-insured Federal Housing Administration FHA loans now make up about 25% of the Florida FHA mortgage market. Here are five things you need to know about FHA before purchasing a Florida home. -1. Chances are good that you’ll come across one. During the heyday of no-money-down Florida mortgage lending, you were unlikely to have a Florida buyer using a government-insured Federal Housing Administration (FHA) mortgage loan, which lets borrowers purchase a home with a down payment of as little as 3.5%. and the seller to pay up to 6% of your FHA closing cost. Now FHA home loans are the only game in town for Florida homebuyers who can’t put down the minimum 10% many banks require to get a conventional loan. About a third of Florida buyers have 10% or less saved for a down payment on a new Florida home, according to a recent Zillow.com survey. No wonder FHA loans for Florida homebuyers have skyrocketed from 3% to a whopping 25% of the market. While you may not need to take out an FHA mortgage to purchase your next Florida home, there’s a good chance you’ll be selling to to a Florida homebuyer that does. 2. Borrowers can qualify with any income. Historically FHA loans have gone mostly to low-income Florida mortgage applicants. But, in fact, there’s no cap on what a Florida homebuyer can earn to qualify for an FHA home loan. “The overriding factor that we look at is the ability to make the mortgage payments. Florida loan limits may be higher than you think too: Though the max is $423,750 in Miami Dade, Broward and Palm Beach county areas , buyers can take up to $729,750 in high-priced Florida mortgage markets like key west Florida. . 3. Expect a tough appraisal. The Florida home will need a clean bill of health from a government-approved FHA appraiser, and the seller must fix any issues before a buyer can close on the Florida mortgage loan. A few years ago the FHA eased up on repair requirements for minor problems like missing handrails or cracked windows. But it still won’t budge on leaky roofs or mold damage. If you’re selling a Florida home, know that an FHA appraisal stays on record for 6 months, even if the deal goes falls though or the buyer switches Florida mortgage lenders. “Get one low FHA appraisal and you’re stuck with it. 4. These FHA loans are pricier than they seem. Nominal rates on FHA mortgages are comparable to those Florida conventional loans. But hefty fees on the FHA variety up the cost. There’s a 1.75% upfront mortgage insurance premium charge as well as a 0.55% annual insurance premium for five years and until the principal balance hits 78% of the sales price or the FHA home’s appraised value. If you’re buying a Florida home, ask if the seller to pay up to 6% of your closing cost including prepaid taxes and insurance. 5. They’ve gotten easier to obtain. FHA mortgage loans once had a well-deserved rep for onerous paperwork and a longer, more difficult closing than conventional Florida mortgage loans. But thanks to a new automatic underwriting system and the looser repair requirements, Florida FHA mortgages take only a few days longer than conventional loans to close, says Thomas Martin of www.FHAmortgagePrograms.com FHA mortgage loans still require written documentation of income, including pay stubs and tax returns. But stricter underwriting across the board means that you will probably need such paperwork no matter what type of loan you get.