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ResCom Mortgage and Finance, finances FHA loans in every city and county in Florida. We are approved by HUD to originate FHA loans. Call a ResCom Mortgage and Finance FHA loan specialist with any questions. We are a HUD approved lender.

Ø     Low Down Payment of 3 %
Ø     Up to 95 % Cash-Out Refinance
Ø     FHA Co-Signer is acceptable
Ø     FHA Streamline (No appraisal required)
Ø     Flexible credit scoring (more lenient)
Ø     NO Maximum Income Limits
Ø     Gift Funds: Allowed for the entire 3% down payment (family member, employer, government. Closing Costs and Prepaids (family member, employer, government agency)
Ø     6 % Seller Contributions (closing costs)
Ø     Down Payment Assistant (DPA) Programs allowed
Ø     NO Cash Reserves Required
Ø     Non-Occupant “Co-Borrower” (income used to qualify)
Ø     31 % Front end ratio & 43 % Back end ratio (flexible)
Ø     Collections do not need to be paid (LOX) needed
Ø     3 Non Traditional Tradelines OK for credit history (utilities, phone, etc.)
Ø     Gap in Employment OK
Ø     Self Employed 1-2 yrs OK
Ø     Permanent Resident Alien Ok
Ø     Judgments must be paid or have 12 months of arranged payment history
Ø     NO pre-payment penalty
Ø     Fully assumable mortgage
Ø     FHA Secure

FHA:  ResComMortgage and Finance accepts GIFT Down Payment Assistance program. This would mean that your down payment and closing costs would be provided. NO DOWN PAYMENT and NO CLOSING COSTS.

HUD guarantees “eligible” loan applicants the ability to obtain mortgages with little or no money down. FHA loans can be fully assumable. Loan limits apply depending upon where the property is located in Florida.

FHA loans feature low down payments and flexible guidelines to make it easier to qualify! FHA loans are popular with first time home buyers but they can be equally attractive to move-up buyers and homeowners looking for a home improvement loan. With an FHA loan you can borrow up to 97% of the purchase price of the home. Please keep in mind that the loan will be based on the purchase price or the appraised value, whatever is the lesser amount.

FHA stands for the Federal Housing Administration. FHA was created in 1934 to help Americas realize the dream of Homeownership. FHA was absorbed into HUD in the 1960s and is now known as HUD-FHA.

The advantages of a HUD-FHA insured mortgages product to a homebuyer are many fold. A homebuyer may apply for a HUD-FHA insured mortgage and purchase a home with little or no out of pocket expense! FHA mortgage insurance permits lenders to make mortgages for first time homebuyers without risk.

There are no income limits or credit scoring with an HUD-FHA insured mortgage, so most anyone can qualify as long as they have a reasonable credit history and can afford the monthly mortgage payments.

You can also combine FHA mortgage programs with many first time homebuyer grants or down payment assistance programs offered by other agencies.

The main advantage to a FHA home loan is that the credit criteria for a borrower are not strict as FNMA or FHLMC. Someone who may have had a few credit problems should not have a problem obtaining FHA financing. Also, FHA home loans are assumable, allowing a person to take over the mortgage without the additional cost of obtaining a new loan. In addition, the seller pay for part of the “traditional” closing costs (called non-allowable costs) while a borrower’s allowable costs can partially be wrapped into the loan. 100% of the down payment and closing costs can be gift funds.

FHA Streamline Refinancing

FHA has permitted streamline refinances on insured mortgages since the early 1980’s. The streamline refers only to the amount of documentation and underwriting that needs to be performed by the lender, and does not mean that there are no costs involved in the transaction. The basic requirements of a streamline refinance are:

Ø    The mortgage to be refinanced must already be FHA insured.
Ø    The mortgage to be refinanced should be current (not delinquent).
Ø    The refinance is to result in a lowering of the borrower’s monthly principal and interest payments.
Ø    No cash may be taken out on mortgages refinanced using the streamline refinance process.

Mortgage Insurance Premium (MIP) (Tax Deductible)

Mortgage insurance is “tax deductible”. In order to cover some of the costs incurred by HUD for FHA loans, HUD must assess the upfront and monthly mortgage insurance to the home buyer. This upfront fee may ranges from 2.0% to 2.25% (depending upon the term of the loan) and the borrower will have to pay 0.5% annually in mortgage insurance premiums. However, if you are buying a condominium, you do not have to pay the upfront mortgage insurance premium. 

Minimum Credit Score:	NO Credit Score Requirement
Minimum FHA Loan Amount:	$40,000
Maximum FHA Loan Amount For Florida Single Family Residences	$729,750 (Loan Limits)
Maximum Loan to Value (purchases and no cash out refinances)	97.75% 98.75% for FHA loans less than $50,000
Maximum Loan to Value (cash out refinance)	95%