FHA Loan
Fort Myres Beach florida

FHA Loan Fort Myres Beach 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.

APPLY NOW!

FHA Loan Myers Beach Florida- Florida’s #1 FHA loan lender. We help borrowers in Eustis 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 Home Loan Fort Myers Beach 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 Fort Myers Beach Florida. Use this application to pre-qualify and start shopping for your new home in Fort Myers Beach today! Purchase, Refinance, Cash Out Refinance.

Benefits of Purchasing A Home With FHA Home Loan in Fort Myers Beach

FHA Home Loan Are Easy As 1-2-3

Discuss Loan Options

I would like to discuss my loan options

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

A Bankruptcy does not automatically disqualify a borrower from receiving an FHA loan. 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 pla.

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 MYERS FLORIDA?

About Fort Myers Beach Florida– Fort Myers Beach is a town on Estero Island, off the southwest Florida coast. A long, sandy beach faces the Gulf of Mexico. The Ostego Bay Marine Science Center showcases local marine life. To the east, trails run through Matanzas Pass Preserve nature sanctuary. Built on an ancient Calusa Indian shell mound, the 1900s Mound House has archaeological exhibits. Times Square shopping center has stores and restaurants.

Fort Myers Beach FL Housing Market Insights- Homes for sale in Fort Myers Beach, FL have a median listing home price of $737,450. There are 197 active homes for sale in Fort Myers Beach, FL, which spend an average of 62 days on the market. Some of the hottest neighborhoods near Fort Myers Beach, FL are Bonita Bay, East End Sanibel, Pelican Landing, Heitmans, Spanish Wells. You may also be interested in single family homes and condo/townhomes for sale in popular zip codes like 33914, 33931, or three bedroom homes for sale in neighboring cities, such as Fort Myers, Naples, Cape Coral, Lehigh Acres, Bonita Springs.

fha loan

Why to Live in Fort Myers Beach, FL? – Living in Fort Myers Beach, Florida means living in an area that offers nature preserves and state parks to thoroughly enjoy the nature that surrounds us. Every spot on the island offers a different perspective on nature and offers a unique experience. Not just Fort Myers Beach, we are serving all of FHA Loan Florida markets.

First Time Home Buyers

Things To Do In Fort Myers Beach Florida

  • Bowditch Point Park (Tranquil park with trails & scenic views)
  • Mound House (Archaeological site with activities)
  • Lynn Hall Beach Park (Gulfside park with a fishing pier)

 

 

 


EXPERT HOME LOAN ADVICE

house hacking
FHA

House Hacking 101

“House Hacking” has been a trending topic within the real estate social media world – making its way to, debatably, be the number one suggestion

Read More »
home loan
FHA

About the FHA New 40-Year Loan

Earlier this month the Federal Housing Administration (FHA) announced that they will be establishing a 40-year financing option to reduce monthly mortgage payments for those

Read More »