FHA Loan
Cutler Bay florida

FHA Loan Cutler Bay 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
* FHA Loan from 3.5% Down, HomeReady 3% Down.

HOME LOAN APPLICATION
CLICK HERE 

FHA Loan Cutler Bay Florida- Florida’s #1 FHA loan lender. We help borrowers in Cutler Bay to qualify for the best FHA home loan program to meet their borrowing requirements. FHA loans starting with just 3.5% down payment. Apply today!

FHA Loan Cutler Bay Florida

CambridgeHomeLoan.com provides FHA 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 Cutler Bay Florida. Use this application to pre-qualify and start shopping for your new home in Cutler Bay today! Purchase, Refinance, Cash Out Refinance.

MORTGAGE LOAN APPLICATION
Pre-Qualify In Minutes

Benefits of Purchasing A Home With FHA Home Loan in Cutler Bay

Home loan flip application

FHA Home Loan Are Easy As 1-2-3

smart choices

Discuss Loan Options

I would like to discuss my loan options

simplicity

Quick Apply

I would like to apply for my loan myself

apply home loan

Pre-Qualify

I am shopping for a home and would like to pre-qualify for my price range.

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. 

 

WHY FHA HOME LOAN CUTLER BAY FLORIDA?

About Cutler Bay Florida– Cutler Bay is an incorporated town in Miami-Dade County, Florida established in 2005, with a population of approximately 45,425 as of 2020.

Cutler Bay FL Housing Market Insights- Homes for sale in Cutler Bay, FL have a median listing home price of $422,500. There are 195 active homes for sale in Cutler Bay, FL, which spend an average of 64 days on the market. Some of the hottest neighborhoods near Cutler Bay, FL are Village of Key Biscayne, West End, Flagami, Central Gables, Dadeland. You may also be interested in single family homes and condo/townhomes for sale in popular zip codes like 33157, 33133, or three bedroom homes for sale in neighboring cities, such as Miami, Homestead, Miami Beach, Hialeah, Doral.

Why to Live in Cutler Bay, FL? – Cutler Bay, Fl is a very nice area. The environment is clean, the people are friendly and the school systems are awesome. Cutler Bay is a nice little town tucked under Miami’s bustling scene but not to far down that you cant get to the fun. Not just Cutler Bay, we are serving all of FHA Loan Florida markets.

First Time Home Buyers

Things To Do In Cutler Bay Florida

  • Zoo Miami (Vast home to more than 2,000 animals)
  • Deering Estate (Sprawling historic site & preserve)
  • Gold Coast Railroad Museum (Historical trains with interior tours)

 

 

 


EXPERT HOME LOAN ADVICE

fix and flip loans
Fix and Flip Home Loans

How To Get a Loan To Flip A House

Home House flipping is a real estate venture that entails purchasing inexpensive homes that often need work, fixing them up, and then selling them for

Read More »
fha loan florida
FHA

What is an FHA Loan in Florida?

FHA Loans today allow for 100% financing for qualified borrowers. We are also offering the FHA NO FICO required home loan program. To Pre-qualify, fill out an application at https://www.CambridgeHomeLoan.com/application

Read More »
va loan florida
VA Loan

Benefits of VA Loan in Florida

Home Benefits of VA Loan In Florida with No down payment is the #1 benefit available to Veterans, National Guard, Active Servicepeople and their spouses.

Read More »
va loan florida
VA Loan

VA Loan in Florida

VA loans are a valuable resource for veterans, active-duty service members, and eligible surviving spouses looking to purchase a home in Florida. These loans are

Read More »