Florida FHA Loans

apply-now-todayWith the easy accessibility and affordability, it’s not rocket science why Florida FHA loans have become immensely popular in the last decade. With typical down payments of 3.5% and reduced credit requirements, FHA loans have become the ideal first-time home buyer loans. But, can YOU get one? Keep reading to find out.

Do you have a Stable Job?
Even with the low down payment and the reduced monthly payments, you still need a stable job for an FHA loan. For example, if you have worked for an employer for 2 years or have a history of stable and/or steady employment, you are one step closer to Florida FHA loans.

Is your Future Home FHA Approved?
While you may be the perfect candidate for an FHA loan, is your future home as well? Your future home needs to be inspected and appraised by an FHA appraiser. In case the seller is not willing to pay for the repairs needed to meet the requirements of the FHA appraiser, can you pay for them?

What’s your credit score?
One of the best things about an FHA loan is its reduced credit score requirement. However, you still need a decent credit score. How much exactly? Well, at least 580 if you want maximum financing, but preferably 620 or higher. Then again, you may need a credit score of 680 for larger loans, accompanied by a 10% down payment.

Front-end and Back-end Ratios – What are yours?
Your front-end ration is the amount of money you have to pay on your home (total of mortgage, property tax, home insurance, etc.) in comparison to your gross income. Most lenders prefer this ratio to be 31% or less.

Your back-end ratio is the amount of money you have to repay every month in comparison to your gross income. This includes credit card, student loans and other payments PLUS your mortgage payment. Most lenders prefer this ratio to be 43% or less of your gross income.

At First Nationwide Lending, we offer Florida FHA loans with total debt ratios (back end equivalent) of 50%, and in some cases as high as 55%.

So, armed with this new information, do you have what it takes to get Florida FHA loans? For more information on FHA loans in Florida call us at (877) 442-4023, or if you would like a free rate quote for your very own FHA loan, feel free to complete our online form.

 

 

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1990 Main Street, Suite 750
Sarasota, FL 34236
Phone: (941) 256-3729
Toll Free: (877) 442-4023

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