Brevard County homebuyer can still purchase a home today with a minimal down payment. In fact, the 2020 FHA loans still permit up to 96.5 financing. FHA continues to adjusting its mortgage guidelines for Brevard County First Time Home Buyers as well as FHA Refinance borrowers. Listed below are a few things to help make sense of the application process and loan requirements:
Documentation Needed for FHA Application 2020:
- Primary and Co-Borrower’s income, current and full two-year job history with W2 and/or tax returns.
- Asset account balances including checking, savings and retirement accounts like 401K, etc.
- Location and property type (single-family home, etc)
- Primary and Co-Borrower Social Security Numbers for the credit report processing
- Last two years of living history – address, etc.
If your credit profile needs a little help, remember, FHA does permit for non occupying co-borrowers such as parents, grandparents, or any direct family member who can strengthen the file. Co-Borrowers can bring more income or a stronger credit profile to the file and help you immensely in qualifying. However, it’s important to remember that the qualifying credit score used, will be the lower of two borrowers. One borrower that has really high credit scores cannot “offset” another borrower that may have bad credit. The current min required credit score for most lenders and banks is 600.
Some Quick Facts About the FHA Mortgage Program in Brevard County:
- FHA allows up to 96.5% financing.
- The home seller can pay up to 6% of buyers closing costs.
- The FHA program is not limited to just first-time homeowners.
- FHA loans offer secure 15 or 30 year fix terms, along with adjustable-rate options.
- FHA loans are backed by the US Government.
There have been some changes over the last few years and it’s important that not only your loan officer is up to date on these changes but, it is also helpful for you to be aware of these updates. As always if you have detailed questions about the program or would like to apply for a loan and get pre-approved for a Florida mortgage, please call us at ph: 800-743-7556
Helping Brevard County homebuyers – including Cape Canaveral (Port Canaveral), Cocoa, Cocoa Beach, Grant, Indialantic, Indian Harbor Beach, Malabar, Melbourne, Melbourne Beach, Melbourne Village, Merritt Island, Micco, Palm Bay, Palm Shores, Port St. John, Rockledge, Satellite Beach, Suntree, Titusville, Valkaria, Viera and West Melbourne.
For home buyers located in more rural locations – please take a look at the 100% USDA home loan at www.UsdaMortgageSource.com