The FHA mortgage loan program was created to help increase homeownership. The FHA program makes buying a home easier and less expensive than other Miami FL mortgage loan programs. Just few key advantages to FHA home loans are
Minimal Down Payment and Closing Costs.
Down payment less than 3.5% of Sales Price 100% Financing options available 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 530. FHA will allow a home purchase two years after a Bankruptcy. FHA will allow a home purchase three years after a Foreclosure.
Easier Debt Ratio & Job Requirement Guidelines such as:
Higher Debt Ratio’s than other Miami mortgage loan programs. Less than two years on the job is allowed. Self-Employed individuals o.k.
These advantages of the FHA loan program has made it one of the best options for most Miami FL first time home buyers as well as move-up home buyers.
You do not have to be a first time buyer in Miami Fl to obtain a FHA loan, anyone in Miami may use a FHA loan to purchase a home as long as you do not have more than one FHA mortgage loan at any one time.
FHA Home Loans for Purchasing a Miami Florida Home
Although Miami Florida FHA home loans require additional paperwork, the reality is that applying for an FHA mortgage loan in Miami Florida is not much different from applying for conventional financing. In fact, for many Miami FL borrowers the small amount of extra time turns out to be an exceptional mortgage bargain because they save thousands of dollars over the life of their Miami Florida Mortgage.
We have been working with the FHA program for many years. We’re experts at assembling the proper paperwork and presenting your loan application to FHA approved Miami FL lenders diligently and professionally. It’s one of the ways that we have earned our reputation for closing FHA home loans in Miami Florida on-time.
You may be surprised at how flexible sellers are in the current market and how many programs there are that provide Down payment assistance to applicants for FHA financing to purchase Miami Florida homes, Miami condos, and Miami townhouses. The fact is, seller can pay up to 6% towards your closing costs. This means, no closing costs for you when negotiated during the purchase contract!
The FHA program offers excellent fixed rate options and never a prepayment penalty. If other Miami mortgage lenders are quoting you subprime rates, you owe it to yourself to look into Miami FHA mortgage loans to to compare the costs of getting an FHA home loan for your home purchase.
For first time Miami home buyers and other Miami borrowers, the FHA home loans can have key advantages:
Easy Qualification – The FHA loan insures Miami FL lenders against loss for loans made to properly qualified FHA home loan borrowers. So you’re likely to find FHA mortgage loans with terms that make it easier for you to qualify.
Minimal Downpayment Requirements – FHA mortgages can work with as little as 3% down and those funds can come from a family member, charity, or your employer. Although the Miami FL FHA loan does not have a zero down mortgage option yet, you will find a local grant or other Downpayment assistance programs that work well with Miami Florida FHA home loans.
Less than A-1 Credit is Okay – The Miami Florida FHA home loan program exists to expand the pool of home buyers. Even borrowers with prior bankruptcies or mortgage lates get approved every day for Miami FL FHA mortgages to buy or Refinance homes.The FHA loan program uses credit quality, not credit score!
Lower Cost Over the Life of the Loan – The Miami Florida FHA home loan rates are extraordinarily competitive. FHA’s lower risk to the Miami FHA mortgage lender means a better rate for the Miami FL home buyer.
Safeguards for Borrowers Who Get Behind – The Miami Florida FHA loan mortgages also allow the lender more options in helping borrowers who fall behind keep their homes are get current again: special forbearance, workouts, even free Miami mortgage counseling. Further, FHA/HUD can allow the lender to take past due payments and move them to the end of the loan and in some instance will actually pay your past due payments for you. Options to save your home you’ll never get from a conventional loan! In an uncertain world, this is another excellent reason for you to get an FHA mortgage in Miami FL.
Options for Manufactured Housing – Under certain conditions, you can even finance a Miami FL Mobile Home or manufactured home using a Miami Florida FHA mortgage loan.
FHA Loans Are Fully Assumable – When you are ready to sell your Miami FL home, you can offer buyers FHA financing! All Miami FHA loans can be assumed by qualified buyers.
The FHA program has evolved since it started in 1934 and now has options for HUD insured loans that fit a variety of different Miami FL mortgage applicants and situations.