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Florida FHA Home Loans

Florida FHA home loans are a great option for many reasons.

Closing Costs are low and Minimal Down Payment is required

* 100% Financing options are available and the Down payment can be under 3% of the Sale Price

* A maximum of 6% of the Sales price can be a gift for the closing costs or down payment. * Savings or reserves are not required.

Simple Guidelines for Credit Qualification

* Credit score and FICO score have no minimum requirements. * A home purchase can be made with a FHA loan as little as two years after declaring Bankruptcy. * A Foreclosure older than three years old is allowed by the FHA.

1st Continental Mortgage, or http://FHAmortgagePrograms.com, is a Florida Mortgage company in Broward County that is known for getting the word out regarding FHA mortgage programs that first time homebuyers can get, and the advantages that the programs provide. Because so many lenders have stricter lending guidelines now, and the sub prime market is facing problems, there are a lot of mortgage companies that are returning to the more common way of doing business. There are many benefits of the FHA mortgage that Americans do not know about, such as the ease of qualifying for this type of mortgage and the advantages of doing so. Homebuyers who are seeking their first home purchase find the FHA mortgages to be easier to qualify for and far less expensive than other types of mortgages.

Increasing the number of homeowners in the U.S. is why this program was created. The FHA mortgage program is simpler and does not cost as much as some mortgage Programs.

One type of Federal Housing Administration program is ran by the Housing and Urban Development department, also known as HUD. The program helps Americans with low to moderate incomes secure FHA loans for homes that vary in size from one to four units.

FHA Mortgage Loan Income Requirements:

Though the FHA does not require a minimum income for an FHA mortgage Insurance, they do prefer that income has been consistent for about two years and that the applicant is able to show proof of making payments on a regular basis.

Ratio of Debt-to-Income:

31% of an applicant’s gross monthly income can be used for the cost of housing, and the FHA also allows 43% for housing expenses which reflect a credit report. Whereas conventional loans typically only allow 28% of debt to income toward housing, and housing expenses and other debt can not exceed 36%. A substantial down payment, high cash reserves, and other assets or means can allow buyers to go beyond the ratios, giving flexibility to buyers.

Down Payment:

The FHA mortgage program requires that a buyer have a minimum of 3% of the selling price available for a down payment to qualify for the mortgage. The down payment can be obtained from a non-profit organization, a friend, or a family member.

About The Author

Ben Todd

Ben was a seriously broke graduate student with bad credit who after finding himself rejected for any sort of credit card or loan for most of his adult life, finally decided to get his financial life in order. 'He spent several years reading as many financial advice books and blogs as he could.And suprisingly, Ben found he actually LIKED the topic of personal finance; after fixing his own finances, starting his own successful work at home website business, and using his earnings to get out of debt, created echeck.org to help others do likewise!

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