Do you have questions regarding NO Down Payment FHA home loan options?
Have your questions answered in a FREE, no-obligation consultation. Contact Diego directly at 727-244-7076 .
FHA Mortgage with a Fico middle credit score of 580 or greater.
FHA has guidelines governing when you can apply or reapply for an FHA mortgage after events like personal bankruptcy, short sale, charge offs and foreclosures. At MortgageUSA we specialize in helping people who have credit challenges to buy home with low down payment and attractive rates.
With that in mind, FHA has allowed for the consideration of borrowers who have experienced a derogatory credit event.
Guidelines for wait times after Derogatory Events:
Foreclosures: 3 years from completion date; FHA pays the initial claim and clears CAIVRS
Chapter 13 Bankruptcy: 1 year of payment period must have elapsed with satisfactory payment performance and permission from the court
Short Sale:Borrower made all mortgage/installment payments within the month due for 12 mos. prior to the short sale, AND Made all mortgage/installment payments within the month due for the 12-mo. period preceding the date of the loan app for the new mortgage.
If in default at the time of sale 3 years seasoning from completion date required.
To get a Free Pre-approval now contact Diego at 727-244-7076 . Regardless of what other lending institutions have told you, Allow us a chance to help you. We are local mortgage brokers and specialize in helping borrowers to get a home loan with low down payments and attractive rates. even provide you with a no-cost, no-commitment quote.
The FHA Home Loan Program is a guaranteed Government Insured mortgage, allowing up to 96.5% Loan-To-Value for purchase transactions and up to 97.75% loan-to-value for refinance transactions. These loans are a great option for first-time home-buyers with less than perfect credit. Let us help you obtain your dream of home-ownership by using the FHA Home Loan Program.
- Fixed and ARM options available
- Including High Balance FHA
- Gift and Sellers’ Concession allowed
- 580 Minimum FICO required for Low Down Payments of 3.5%
- 500 to 579 Fico credit scores will have to put down a 10% down payment
- Purchase, Rate & Term, and Cash-Out options available
FHA $100 Down on HUD owned properties could be your path to homeownership.
Vacant and abandoned properties tend to have a negative impact on the neighborhoods in which they are located.
Properties acquired by HUD because of a foreclosure on a FHA – insured mortgage are eligible for the FHA $100 Down program. This is just one of the many designed to make buying homes more affordable, easier and less costly.
What are some of the FHA $100 Down program highlights?
- 600 minimum credit score
- Allows qualified purchasers of HUD owned homes to make a $100 down payment
- The home must be owner occupied
- Eligible properties include 1-2 unit primary residences, Condominiums, Manufactured Housing and PUDs
Contact me today to take advantage of the loan down payment options with a FHA insured mortgage.
To get a FREE PRE-APPROVAL contact Diego on his cell phone at 727-244-7076
FHA & Student Loans
For all student loans, whether deferred, in forbearance, or in repayment (not deferred), the lender must include a monthly payment in the borrower’s recurring monthly debt obligation when qualifying the borrower.
When the monthly payment is showing on the credit report, the lender may use that amount as the monthly payment for qualifying purposes. If the credit report does not provide a monthly payment for the student loan, or if the credit report shows $0 as the monthly payment (which may be the occasion for deferred loans or loans in forbearance), the lender must calculate a meet the requirement monthly payment using the current program guidelines.
The Mortgagee must obtain written documentation of the actual monthly payment, the payment status, and evidence of the outstanding balance and terms from the creditor.
Irrespective of the payment status, the Mortgagee must use either:
The greater of 1 percent of the outstanding balance on the loan; or the monthly payment reported on the Borrower’s credit report; or
The actual documented payment, provided the payment would fully amortize the loan over its duration.
We are Mortgage Brokers servicing all Florida Counties: Brevard, Broward, Charlotte, Citrus, Clay, Collier, DeSoto, Duval, Flagler, Glades, Hardee, Hendry, Hernando, Highlands, Hillsborough, Indian River, Lake, Lee, Manatee, Marion, Martin, Miami-Dade, Monroe, Okeechobee, Orange, Osceola, Palm Beach, Pasco, Pinellas, Polk, Putnam, Sarasota, Seminole, St. Johns, St. Lucie, Sumter, and Volusia.
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