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Florida FHA Home loans are issued by federally qualified lenders and insured by the U.S. Federal Housing Authority, a division of the U.S. Department of Housing and Urban Development.

Florida FHA Home loans are an attractive option, especially for first-time homeowners:

•Generally easier to qualify for than conventional loans.
•Lower down payment requirements.
•Cannot exceed statutory loan limits.
•FHA Co-Signer is acceptable
•NO Maximum Income Limits
•Gift Funds: Allowed for the entire 3 1/2% down payment (family member, employer, gov't agency)
•Gift Funds: Closing Costs & Prepaids (family member, employer, gov't agency)
•6% Seller Contributions (closing costs)
•NO Cash Reserves Required
•Non-Occupant "Co-Borrower" (income used to qualify)
•3 Non Traditional Tradelines for credit history (utilities, phone, etc.)
•Gap in Employment OK
•Self Employed 1-2 Yrs OK
•Permanent Resident Alien OK
•NO pre-payment penalty
•Fully assumable mortgage

Florida FHA Home loans differ from typical loans in that they are insured by the Federal Housing Administration, which is a part of the Department of Housing and Urban Development (HUD). Because this insurance reduces the lender's risk on the loan, lenders have greater flexibility with regard to approving loans. For example, Florida FHA Home loans are not credit-score driven, so a client may be able to obtain a Florida FHA Home loans despite having had credit problems or even a bankruptcy in the past. Alternatively, if a consumer does not have a traditional credit history, it is still possible to obtain financing by documenting payment histories on items such as rent and utilities. Florida FHA Home loans also provide added flexibility when it comes to closing costs and the down payment. Many of the closing costs can be incorporated into the loan, and a down payment of less than 3.5% of the purchase price is required. The down payment may be obtained as a gift from a family member or through a down-payment assistance program. Florida FHA Home loans are processed just like any other loan, and they provide a wonderful opportunity for consumers who are seeking to achieve home ownership!


Learn more about FHA Home loans. (Department of Housing and Urban Development)