- Did you know that the $353,750 Loan Limit in Lake,
Orange, Osceola, & Seminole Counties means that with the
minimum 3.5 % Down Payment ($12,831) a home costing
$366,580 can be financed with a FHA Home Mortgage? This
is true even if you are not a first time buyer.
- A minimum 620 - 660 credit score requirement. The
FHA underwriter will evaluate the entire credit profile
to determine the borrower’s likelihood of repayment.
Past credit issues may be overlooked if new credit has
been re-established. Also, other compensating factors
may apply.
- Bankruptcy okay
– Chapter 7 bankruptcies
are allowed if discharged over 2 years ago (or 1 year
with extenuating circumstances). Chapter 13 bankruptcies
are allowed with a minimum of 1 year of on time plan
repayment and trustee approval.
Little or No Money Needed - A Primary
Residence Home Purchase requires a 3.50% Down Payment which
is
also the minimum borrower investment. FHA loans allow
the seller to pay up to 6% of the sales price toward the
buyer's closing costs. In addition, the 3.5% Down Payment
can be a family member gift. You may also be able to take
advantage of down payment assistance programs and buy a
home for no money out of your own pocket!
Housing History– FHA does not require a
rental or other housing history if it is not available.
Non-occupying co-borrower allowed – FHA
allows a non-occupying relative to co-sign the mortgage.
The non-occupant’s income and assets can be used for
qualification purposes. This is generally used for
parents to help their children buy a home.
No cash reserves required – Unlike most
conventional loans, FHA does not require you to have
cash reserves on 1-2 unit properties. However, having
reserves can help strengthen the overall credit profile.
Click Here for
FHA Rates, Calculators, Program Description and Online
Application | 
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