FHA Loan
Cape Coral

FHA Loan Cape Coral Florida Benefits:
* Only 3.5% Down Payment
* Low interest rates
* Fast Closing – As fast as 17 Days
* If you have not purchased a house in 3yrs or
* Best for first time home buyers
* Single Family, 1-4 Unit, Ground Up Construction

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FHA Loan Cape Coral Florida. We are proud on being Cape Coral Florida’s #1 FHA loan lender. Cape Coral first time home buyers qualify for the best FHA loan program,. FHA loans and first time home buyer programs starting with just 3.5% down payment. Apply Today!

FHA Loan Cape Coral Florida

CambridgeHomeLoan.com provides FHA Home loans for Purchases, Refinancing and Cash out refinancing.

FHA Loan Eligibility Requirements:

  • A FICO credit mid score of at least 580 for a 3.5% down home loan
  • A credit score of 500 to 579 for a 10% down payment
  • FHA loan with 3.5% down payment requirement
  • Mortgage insurance offsets the lower FHA interest rates than a conventional loan.
  • FHA Debt to income ratio of 50% or less

Qualify for a 3.5% down FHA Home Loan in Cape Coral Florida. Use this application to pre-qualify and start shopping for your new home in Cape Coral today! Purchase, Refinance, Cash Out Refinance.

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Benefits of Purchasing A Home With FHA Home Loan in Cape Coral

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Why An FHA Loan in Cape Coral Florida?

Cape Coral is a city in southwest Florida, known for its many canals. Home to manatees, Sirenia Vista Park has kayak routes to Matlacha Pass Aquatic Preserve, where birds wade amid mangroves. Cape Coral Historical Society & Museum traces the planning of the city. Yacht Club Community Park has a beach and pier on the Caloosahatchee River. To the north, Four Mile Cove Ecological Preserve attracts herons and ibis. 

Cape Coral, FL – Housing Market Trends

Homes for sale in Cape Coral, FL have a median listing home price of $259,900. There are 4981 active homes for sale in Cape Coral, FL, which spend an average of 68 days on the market. Some of the hottest neighborhoods near Cape Coral, FL are Jacaranda, Trafalgar, Burnt Store Lakes, Burnt Store Village, Waterway Estates. You may also be interested in single family homes and condo/townhomes for sale in popular zip codes like 33914, 33993, or three bedroom homes for sale in neighboring cities, such as Fort Myers, Lehigh Acres, Punta Gorda, Port Charlotte, North Fort Myers.

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Why to Live in Cape Coral, FL? – Cape Coral is one of the Most Affordable Places to Live in FL. Florida has become known as a destination which offers lots of amenities at an affordable cost. But residents of Cape Coral enjoy even higher value. While the median income in Cape Coral is about $50,000, the median home value is just $180,000. Not just Cape Coral, we are serving all of FHA Loan Florida markets.

Things To Do In Cape Coral Florida

  • Lakes Park (Fishing galore in a freshwater lake)
  • Sun Splash Family Waterpark (Over 14 acres of aquatic fun)
  • Bunche Beach (Tranquil beach with shallow surf)

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FHA Loan Q&A Everything You Wanted To Know about FHA Loan

For FHA loans, we know that the waiting period is either two years (Chapter 7) or twelve months (Chapter 13). If you’re planning on taking out a conventional loan, you’ll have a four-year waiting period unless you can show extenuating circumstances. If you’re looking to get a VA loan, you’ll need to wait two years after Chapter 7 or one year after Chapter 13. For a USDA loan, you’ll need to wait three years after Chapter 7 or one year after Chapter 13.

 

Bankruptcy does not automatically disqualify a borrower from receiving an FHA loan Florida. If your bankrupcy was discharged 2 years ago you may be eligible today for an FHA loan program. If you bankruptcy was discharged less than two years ago and you have extenuating circumstances you might still be eligible to qualify.  You can find out more by applying here!.   Same rule applies for borrower with chapter 13 bankruptcy.

A chapter 13 has some different requirements as a chapter 13 bankruptcy may still qualify if the  lender is willing to do a manual underwriting and the borrower has a satisfactory history of payments under their Ch 13 plan.

Charge-off accounts are not included in borrowers’ debt.

 

For non-medical collection accounts when the cumulative outstanding balance is greater than $2,000 borrower may either pay-off the balance or, for the purpose of debt-to-income ratio (DTI), provide proof of a payment plan. If neither are an option, the lender must use 5% of the outstanding balance and include it in the borrower’s DTI calculation.

 
 
 

Delinquent child support must be paid current or in a payment plan.

 
 
 
 

Borrowers with delinquent tax debt are ineligible unless currently in payment plan.

 
 
 
 
 

Borrowers with delinquent tax debt are ineligible unless currently in repayment plan. Repayment plan tax liens are not required to be paid in full if documentation is provided indicating the borrower is in a valid payment plan.

The following is required:

  1. The borrower must have made a minimum of 3 months of scheduled payments and documentation of the payments is required.
  2. The payment must be included in the DTI / Debt to income calculation.
  3. The borrower cannot prepay the payments to meet the 3-month payment requirement NOTE: Borrowers with delinquent taxes may or may not have a tax lien. Borrowers currently in a repayment plan, and the IRS has not filed a tax lien, are not required to meet the minimum 3-month payment requirement. The payment to the IRS will be included in the DTI calculation.

Foreclosure waiting period is measured from the date of title transfer. Three (3) years must have elapsed from the time title transferred. If the foreclosed loan was an FHA loan, the 3-year waiting period is based on the date the FHA claim was paid (e.g. foreclosure 11/12/14, FHA claim dates was 7/12/15, the 3-year waiting period ends 7/13/18).

Borrowers with foreclosure/Deed in Lieu within 3 years of case number assignment that was due to documented extenuating circumstances may be eligible if the borrower has re-established good credit since the foreclosure. A downgrade to manual underwriting is required. If the foreclosure was included in the bankruptcy, the foreclosure waiting period still applies. HUD treats the foreclosure and Bankruptcy  independently, not as a single event.

The three-year waiting period from date of title transfer still applies unless they were current at the time on short sale. Speak to your loan officer for specifics. 

 

The Maximum debt-to-income (DTI) ratio varies based on overall credit history and assets.  Typically, the DTI cannot exceed 45% of the borrower’s gross income.  However, in some cases borrowers with as high as 54.9% DTI may be eligible and in other cases borrowers may be capped at 43% DTI. Due to our volume size we can allow for higher DTI which enables you to receive a higher loan amount even if you have significant debt. 

 

Borrowers with student loans that are in deferment or not fully amortized will be required to calculate 1% of the outstanding balance as minimum monthly payment that will be added in their debt-to-income ratio (DTI) calculation.

The Maximum debt-to-income (DTI) ratio varies based on overall credit history and assets.  Typically, the DTI cannot exceed 45% of the borrower’s gross income.  However, in some cases borrowers with as high as 54.9% DTI may be eligible and in other cases borrowers may be capped at 43% DTI. Due to our volume size we can allow for higher DTI which enables you to receive a higher loan amount even if you have significant debt. 

 

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