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Florida FHA Mortgage Loans

Florida FHA Mortgage Loans

The Florida FHA mortgage loan is more popular than ever as the financial crisis all but eliminated many of the mortgage programs that were available a few years ago. Today, the Florida FHA loan is a very popular option because it has fixed rates available and everyone knows that FHA loans are insured by the federal government. Today, all over Florida, people don’t see FHA loans just as a loan program for first time home buyers – but as a loan program that is designed for middle class America.

Most people are aware that FHA isn’t actually a lender who lends you money, they only act as an insurance company and insure your loan in the event of default.  This means that when you take out your FHA loan, you will be required to pay (up front) something called UFMIP — short for Up Front Mortgage Insurance Premium. This amount of money varies from 1.5% of your loan amount to 3% of your loan amount depending on loan program.

Florida FHA Mortgage Loan Program Highlights Include:

  • Never a prepay penalty for Florida FHA loans
  • 3.5% down payment for new home purchases
  • Monthly mortgage insurance is required
  • UFMIP is required to be paid, but can be financed into the loan
  • Sellers are allowed to pay closing costs

    • Florida FHA Streamline Refinance Program

    If you live in Florida and currently have an FHA loan, the Florida FHA streamline refinance program is the most popular choice for people to lower their monthly mortgage payment without having to completely re-qualify for a new loan. With the FHA streamline program, you can get a lower interest rate and get a lower monthly mortgage payment – without having to provide income information, employment information or even credit information. FHA designed the streamline program to allow eligible FHA borrowers to save money on their monthly mortgage with minimal qualification criteria.

    Florida FHA 203k Streamline Program

    Across Florida, people are interested in “getting a deal” on a home by purchasing it from the bank. Many times, when you purchase a home from the bank because it was a foreclosure, the property will need a “little work” done before it is ready to be lived in. The Florida FHA loan 203k streamline program allows people to finance up to 35,000 for eligible repairs and improvements and the money can be disbursed directly to the contractors who perform the work.

    Florida FHA 85% Cash Out Refinance Program

    For different reasons, many times people will want to access a portion of the equity in their home. The FHA 85% cash out program makes that possible. For homeowners who are interested in turning the equity in their home into cash, FHA designed the Florida FHA loan 85% cash out program. With the Florida FHA loan 85% cash out program, homeowners can get up to 85% of the appraised value of their home in cash – many people use this as a way to consolidate high interest credit cards or pay off other debts.

    Have Questions About The Florida FHA Loan Programs? Contact Us

    For more information about any of the above Florida FHA loan programs, you can contact us directly at the toll free number listed above. We would be happy to answer any questions that you may have! You can also submit your information online and we will be in touch with you as soon as possible.

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