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FHA Mortgage

FHA Mortgage in Fort Lauderdale, Florida

Florida home loans insured by the Federal Housing Authority (FHA) are a good opportunity for first-time homebuyers with imperfect credit, as FHA loans empower home buyers to purchase a home without such stringent financial constraints. However, there is a stipulation: this mortgage solution (and paying the premiums lasts for the life of the loan) can be somewhat more expensive.

All Florida FHA loans are obtained through private lenders and the loans are not funded by the government. The government instead insures the loan so there is less hazard for the lender writing the loan. With this support, lenders are more prone to approve borrowers with less than perfect credit scores. FHA loans are utilized by all different Florida homebuyers. Whether it’s a first-time house buyer with average credit scores that want to take advantage of lower interest rates and reduced private mortgage insurance (PMI) rates versus their options with conventional loans.

FHA Loan Requirements in Florida for Homebuyers

For new Florida homebuyers, the conditions may seem overwhelming, but here’s an inventory of what you need to know before you apply. FHA loans have loosened underwriting guidelines which include short waiting periods for past negative credit events such as foreclosures, bankruptcies, and short sales. The lower credit score constraints allow a much wider audience to qualify. In some cases, credit scores can be as low as 580 with other requirements exceeded. To qualify, the loan must be used for a primary residence transaction and applicants must meet debt-to-income ratio conditions and provide a minimum 3.5% down payment.

In order to qualify for a Florida FHA home loan, buyers will need to meet the following criteria:

  • Meet minimum credit standards (580 is current minimum).
  • Obtain a loan within the loan amount guidelines set within each county.
  • Provide a 3.5% minimum down payment.
  • Deliver documents such as W-2s, bank statements and verification of current income.
  • Purchasing a primary home to live in (not rental property).
  • Demonstrate consistent income and history of paying your bills on time.

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The FHA Helped Turn Renters into Homebuyers

Congress created the Federal Housing Administration (FHA) in 1934. The FHA eventually became a part of the Department of Housing and Urban Development's (HUD) Office of Housing in 1965.

When the FHA was created, the housing industry was at an all-time low. It was the great depression and two million construction workers had lost their jobs without any demand for home ownership. Even people with jobs and income found terms and rates to be challenging. In fact, only four families in ten owned a home. American household primarily rented until the FHA changed all that.

During the 1940s, FHA programs helped finance military housing and homes for returning veterans and their families after the war. During the 1950s, 1960s and 1970s, the FHA helped to ignite the production of millions of units of privately-owned apartments for elderly, handicapped and lower income Americans. When soaring inflation and energy costs jeopardized the survival of thousands of private apartment buildings in the 1970s, FHA's emergency financing kept struggling properties above water.

By 2001, the nation's homeownership rate had skyrocketed to an all-time high of 68 percent. Through the Great Recession of 2008-2013, FHA played an essential countercyclical role, propping up the housing market to supply access to mortgage credit when other suppliers of financing were limited, and the capital markets had halted.

Today, the FHA has active insurance on over 10 million single family homes with a total principal balance of over $1.3 trillion.

Related Links
Government Insured Mortgages
Florida Home buying

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