BAD CREDIT FHA MORTGAGE IN FLORIDA– FHA loans have been helping Florida home buyers since 1934. How does FHA do it? The Federal Housing Administration is part of HUD insures FHA approved mortgage lenders so they can offer you a better deal. Below I have detailed how we can approve Florida homebuyers with a 580 fico score.
FHA BAD CREDIT MORTGAGE APPROVAL CONDITIONS.
- Must have a min 580 fico score for 3.5% FHA downpayment option.
- Must have 3 lines of credit on your credit report on time for the last 12 months.
- If you dont have 3 lines of credit on your credit report = we can use letters or a payment history from direct service provides that prove you have paid your bills on time for the last 12 months. Direct service providers include your electric company, water, cell phone, car insurance ext.
- If you dont have 3 lines of credit on your credit report and we have to use direct service providers all of your past collections other than medical must show a zero balance.
FHA LOANS HAVE MINIMAL DOWN PAYMENT AND CLOSING COST:
• Down payment only 3.5% of the Purchase Price.
• Gift’s and Grants for down payment and closing costs OK!
• Seller can credit up to 6% of sales price towards buyers costs.
• No reserves or required savings for future payments required.
• FHA regulated closing costs.
FHA HAVE EASIER CREDIT QUALIFYING GUIDLINES SUCH AS:
• 12 months after a chapter 13 Bankruptcy.- 2 years after a chapter 7 Bankruptcy.
• FHA will allow a home purchase 3 years after a Foreclosure.
• Minimum FICO credit score of 580 for 3.5% Down payment.
• Minimum FICO credit score of 530 for 10% Down payment.
• No Credit Score Florida home loans & No Trade Line Florida FHA home loans.
FHA ALLOW HIGHER DEBT TO INCOME & EASIER JOB QUALIFYING:
• Higher Debt Ratio’s than any other home loan programs.
• Less than two years on the same job is OK!
• Self-Employed individuals OK!.
CLICK START NOW TO GET PRE APPROVED TODAY!
APPLY FOR A BAD CREDIT FHA LOAN DOWN TO 580 FICO AT