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When Banks Say NO! We Say YES!

FHA is one of the most popular loan options because it provides a more lenient credit and income requirements than other mortgages. Also FHA Loans are guaranteed by the federal government and easier to qualify for than a conventional loan.  FHA loans allow for lower credit scores than conventional loans and, in some cases, lower monthly mortgage insurance payments Advantages of FHA Loans • You can qualify with a lower credit score compared to other loans. • You can buy a home with a down payment as low as 3.5%. • You may qualify even if you’ve had financial difficulties in the past, like a bankruptcy. • If you already have an FHA loan, you can refinance with FHA Streamline to lower your interest rate. • You offer lender credits to pay for your closing costs for both purchase and refiance The Benefits of Getting an FHA Loan from 1st Florida Lending • We are FHA-approved lender and process FHA loans every day. • Our process is completly digital which means saves time with paperwork. • We have FHA Loan experts available to help you understand whether an FHA loan is the right Load for you. • We offer great customer service whcih continues after you close. How FHA Loans Work • You get an FHA loan from an FHA-approved mortgage lender. • The loan is insured by the Federal Housing Administration. • Because of that insurance, the credit and income requirements for an FHA loan are more lenient. • To help fund the FHA program, in most cases you’ll pay mortgage insurance, which is added on to your monthly payment. • The home you want to buy will have to meet the FHA’s minimum property standards. WE OFFER THREE (3) FHA LOAN PROGRAMS PROGRAM 1. THE STANDARD FHA LOAN WITH 3.5% DOWN PAYMENT OF THE PURCHASE PRICE FOR A PRIMARY HOME. REFINANCING IS AVAILABLE! • Min Loan $125,000 up to FHA Loan Limits • 580 FICO 3.5% Down Payment • No tradelines required • 550 FICO up to 5% Down Payment • 500 to 550 10% Down Payment • Terms 30yr / 25yr /15yr Fixed • Two Year Tax Returns • W-2 & Paystubs only - OK • Manufactured Homes OK • Self-Employed Borrowers OK • DACA / Dreamers OK PROGRAM 2. DOWN PAYMENT ASSISTANCE FOR FIRST TIME HOME BUYERS Q. How Does Down Payment Assistance Work? • Down payment assistance programs work by helping first-time home buyers purchase homes with little or none of their own money or down payment. • Down payment assistance programs are administered on the federal, state, and local levels. Federal DPA programs include first-time home buyer tax credits, cash grants to buy homes, and interest rate subsidies for higher home affordability. • Most DPA programs, though, are administered by state and local governments, and by private entities and charitable organizations. Non-federal programs may require buyers to use specific mortgage loan types such as FHA loans; and, may require additional paperwork not associated with the mortgage application. • Down payment assistance is sometimes paid as cash at closing or before. Other times, they’re awarded as forgivable loans and paid at the time of closing. Q. How many types of down payment assistance programs are their? The programs available for down payment assistance generally fall into one of three categories as briefly define below. • Grants: A grant is free money that you can put toward your home purchase. It doesn’t have to bepaid back. • Forgivable loans: Forgivable loans are loans that won’t have to be paid back as long as you meet certain conditions defined by the assistance program. A lien is placed on your home, but it’s removed once the loan is either forgiven or paid back. • Deferred payment loan: A deferred payment loan is one that must be repaid, but not right away. You pay it back at some point down the line. This isn’t always the case, but they often come at 0% interest. Again, a lien is placed on your home until repayment. HIGHLIGHTS • Primary Home Purchase only • No Investment Properties • Manufactured Homes Eligible • Must be a First Time Home Buyer • Online DPA counseling required • Seller credits up to 6% • No Reserve Requirements • Fast Approvals PROGRAM 3. MAX FHA PROGRAM - ZERO DOWN PAYMENT ZERO DOWN PAYMENT MAX FHA LOAN is a No Down Payment Assistance Program helps Non-First Time Borrowers obtain a 100% CLTV (Combined loan-to-value ratio) or No Down Payment and you DO NOT HAVE TO BE a FIRST-TIME HOME BUYER! How Does Down MAX FHA WORK? Down payment assistance programs work by helping first-time home buyers purchase homes with little or none of their own money or down payment. MAX FHA LOAN is a down payment assistance program that helps non-first-time borrowers obtain a 100% CLTV (Combined loan-to-value ratio) or ZERO DOWN PAYMENT HIGHLIGHTS • 100% CLTV FHA Loan (Combines 1st and Subordinate Lien) o 2nd lien with an interest rate 2% greater than 1st lien o Payment amortized over 10 years • Monthly payments required • 600 Minimum FICO • Borrower’s minimum contribution of $0.00 • PRIMARY HOME PURCHASE ONLY • You do not have to be a first time home buyer! • Loan amount to Conforming limits Do you have FHA Loan Credit Issues? As FHA lenders, we will review your past credit performance while underwriting your loan. A good track record of timely payments will likely make you eligible for an FHA loan. The following list includes items that can negatively affect your loan eligibility: No Credit History If you don't have an established credit history or don't use traditional credit, your lender must obtain a non-traditional merged credit report or develop a credit history from other means. Bankruptcy Bankruptcy does not disqualify a borrower from obtaining an FHA-insured mortgage. For Chapter 7 bankruptcy, at least two years must have elapsed and the borrower has either re-established good credit or chosen not to incur new credit obligations. Late Payments It's best to turn in your FHA loan application when you have a solid 12 months of on-time payments for all financial obligations. Foreclosure Past foreclosures are not necessarily a roadblock to a new FHA home loan, but it depends on the circumstances. Collections, Judgements, and Federal Debt In general, FHA loan rules require the lender to determine that judgments are resolved or paid off prior to or at closing.