Orlando FHA Loans

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Orlando FHA loans are some of the most attractive options available to homeowners. The less stringent requirement puts the dream of homeownership right in the hands of those who may not qualify for a conventional loan. FHA mortgage rates in Orlando are among the lowest, and one of the biggest attractors to prospective buyers.

Orlando FHA mortgages are among the most competitive FHA mortgage rates in Orlando available to prospective buyers in Florida. Down payments required for this type of program can be as low as 3.5 percent. Our team of professionals works closely with prospective buyers to realize their dream of home ownership, providing exceptional customer service along the way.

Requirements for a Orlando FHA loan

FHA loans are one of the most popular lending programs because they are very accessible to many people. Here is a look at the requirements to qualify for Orlando FHA mortgages in this program.

• Two years of steady employment must be demonstrated
• Valid social security number
• Personal tax returns for two years
• No bankruptcy in previous two years
• Satisfactory debt-to-income ratio
• Credit score of 580 or better
• Must be at least two lines of credit

In addition to basic requirements to participate in the program, there are some additional property requirements that must be met in order to be eligible for a loan. The property must meet certain appraisal standards.

• If a three- or four-unit property is rented, the rental income generated must cover the mortgage payment required
• For manufactured homes, the property must have been manufactured after 1976.
• Property must be accessible without infringing on property rights on another adjacent properties
• Property must free of health hazards

Benefits of a Orlando FHA Loan over Conventional Loan

Once you are eligible for Orlando FHA loans, you can benefit in multiple ways:

• Requirements for participating in the program are lower
• Debt-to-income ratio has more latitude than the other conventional programs
• If you decide to move, you can have the prospective buyer take over the property
• Credit challenges in the past and have few lines of credit doesn’t necessarily bar you from participating in the program

FHA loans have a distinct advantage over other conventional programs. Individuals with little credit or previous bankruptcies can qualify for this program if they can meet certain requirements. If you are interested in taking that next step, contact us today at (877) 422-4023 to secure a loan.

 

Contact Us

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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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