FHA (The Federal Housing Administration) which is part of the U.S. Department of Housing and Urban Development (HUD), provides different mortgage programs that helps make homeownership easier for Florida home buyers to purchase with limited credit, down payment and resources.
Everyone knows that South Florida real estate is expensive and many buyers have trouble saving the 10% + down payment required by conventional loans. The FHA program is widely used throughout Miami, Dade and Monroe County in 2020. With financing up to 97.5%, home buying is suddenly in reach for many Florida homebuyers.
In addition to reduced down payments, FHA just reduced the FHA monthly mortgage insurance (PMI) costs years ago. Florida buyers can now qualify for more or enjoy reduced payments on a mortgage for the same home. This also applies to homeowners that currently have a FHA mortgage at the higher mortgage insurance ( MIP) costs. If you purchased a home in the 3 years with the FHA program, please contact us now to see if a FHA refinance with lower MIP makes sense for you.
Some Benefits of the FHA Loan:
- Lower credit scores are acceptable
- Owner-occupied properties only
- Up to 30 year fixed rate term
- Down payment as low as 3.5%
- Refinance permitted with NO equity or appraisal
- 100% gift funds may be used for down payment and closing costs
- Seller can pay buyers closing costs – up to 6 percent.
- No pre-payment penalties, or early termination fees.
- Non-occupant co-borrowers or co-signers allowed.
- High FHA loan amount limits in Miami, Dade, Monroe County.
FHA loans offer Florida residents some of the lowest fixed rates available today. Loan pre approvals take only minutes, please contact us today. FHA Mortgage Source is Florida’s local FHA loan resource, serving all of Miami Dade and The Keys Monday – Sunday: Big Pine, Islamorada, Key Colony Beach, Key Largo, Key West, Layton, Marathon, Sugarloaf Key, Tavernier.
Please call 800-743-7556