Florida FHA Mortgage Loans Have a Lot of Advantages!
- 3.5% Down Payment that can be gifted.
- Allow higher debt to Income ratios than a Conventional Mortgage.
- Seller concessions up to 6% are allowed.
- Credit Scores as Low as 600.
- Lower interest rates and mortgage insurance than a conventional mortgage when you have a low credit score.
- Can be used to finance Condos as long as the condo project is on the FHA Approved List.
- Only a 3 year waiting period for prior short sales and foreclosures.
- Great If you have had credit problems in the past.
FHA Home Loans are mortgages that are insured by the Federal Housing Administration, a Government agency. Borrowers are required to pay mortgage insurance (MIP) monthly, usually around 0.85 percent of the loan amount annually.