FHA Loan
Fort Myres Beach

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 Fort Myers Beach from 3.5% Down
* HomeReady 3% Down.

HOME LOAN APPLICATION
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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!

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

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.

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FHA Loan Fort Myers Beach, FL – FHA

Loan Eligibility Requirements:
Below are the basic requirements to get an FHA loan Fort Myers Beach Florida

FHA LOAN FORT MYERS BEACH FLORIDA:

  • Credit Score – To qualify for the 3.5% down payment, you must have a 580 credit score or higher. If your credit score is between a 500-579, you still may qualify
    for an FHA loan,but will be required to put 10% down.
  • Debt-to-Income – You can not have a debt-to-income ratio higher than 43%.  However, if you have “compensating factors” you might be able to get approved with higher debt levels (a compensating factor could be more money in savings, longer job history, or great credit).
  • Financial Statements –You should expect to be required to provide your 2 most recent bank statements, pay stubs, and tax returns.
    • FHA Loan Limits – FHA loan limits are the maximum amount that you may borrow using an FHA loan in a particular county.  You can look up the 2023 FHA loan limits for any county. For loan limits in the county you would like to purchase in contact www.CambridgeHomeLoan.com.
    • Mortgage Insurance Fort Myers Beach FL. – All FHA loans, regardless of the lender, require two types of mortgage insurance.  This includes what is known as UPMIP (Upfront Mortgage Insurance Premium) and the regular MIP (Mortgage Insurance Premium).  FHA MIP acts similarly to how PMI (Private Mortgage Insurance) on a conventional loan acts.  If you would like to see what your estimated mortgage insurance costs will be (and also estimate your monthly mortgage payment), Click Here and use the loan calculator. 

    Would you like to find out if you qualify for an FHA loan Fort Myers Beach Florida?  Click Here to prequalify today.

FHA Home Loan Are Easy As 1-2-3

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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. 

 

VA Loan Fort Myers Beach Florida

FHA LOAN FORT MYERS FLORIDA, WHY FORT MYERS FL?

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 siesta key

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.

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)

First Time Home Buyers Fort Myers Beach Florida

Non-QM Loans - Statement Only Loans For Self Employed Borrowers in Fort Myers Beach

FHA Home Loan Options

ASK ABOUT ZERO DOWN HOME LOANS FOR MILITARY

FHA Jumbo Loans

Borrowing the FHA Loan Maximum Amount

New FHA / HUD Guidelines will insure new increased loan amounts based on your county and state. That means you can take advantage of new maximum loan limits for FHA loan Maryland. Qualifying customers can now apply for an FHA Jumbo Loan up to the maximum allowed by FHA. You can apply for a home loan with 3.5% down under new FHA loan limits.

A sampling of FHA approved lenders show the following qualifying guidelines:

  1. Qualified borrowers pay for closing costs plus down payment covering the 3.5% statutory minimum.
  2. Standard FHA guidelines and regulations apply, yet many lenders do require a 580 FICO score.
  3. For greater loan amounts on purchases, minimum FICO scores increase to 600 on Purchase, Rate / Term refinances and to 640 on cash-out refinances.
  4. Maximum Debt to Income Ratio’s are 43% on the back end.
  5. No down payment assistance on loan amounts over $484,350.
  6. No non traditional credit.
  7. Two appraisals may be required when the loan amount is considered a high priced mortgage loan from the FHA or if the property is being re-sold within 90 days of a previous sale.

FHA Loans for Condominium Units

Condo Loans Insured Through Section 234(c)

condo loan

FHA Condominium Loans are specifically geared toward those who purchase housing units in a condominium building. Condominium ownership, in which separate owners of individual units jointly own the development’s common areas and facilities, is for some a very popular alternative to home ownership. Insurance for this type of housing is provided through FHA Section 234(c). This FHA insurance is very important for low and moderate-income renters who wish to avoid the risk of being displaced when their apartments are converted into condominiums.

How it Works

Of the many types of mortgage insurance offered by FHA, FHA Condominium Loans are designed to encourage lenders to extend affordable mortgage credit to those who have non-conventional forms of ownership. The Section 234(c) program insures a loan for 30 years to purchase a unit in a condominium building. The building must contain at least four dwelling units and can be comprised of detached and semidetached units, row houses, walkups, or an elevator structure.

Through this and other types of mortgage insurance programs, FHA helps low and moderate-income families purchase homes with FHA loans by keeping the initial costs down. By serving as an umbrella under which lenders have the confidence to extend loans to those who may not meet conventional loan requirements, FHA loan insurance allows individuals to qualify who may have been previously denied for a home loan by conventional underwriting guidelines.

Available Assistance

Many of the features of Section 234(c) mortgage insurance are similar to those of FHA Section 203(b) for one to four-family homes. Down payment requirements are low because these FHA loan Maryland allow borrowers to finance up to 96.5 percent of their home loan and some of the closing costs can also be financed, further reducing up front costs. On a Section 234(c) loan, FHA sets limits on the size of the loan which vary with location and the number of units being purchased.

Restrictions

If the apartment is in a building that was converted from rental housing, insurance may not be provided under Section 234(c) unless:

  • the conversion occurred more than one year prior to the application for insurance.
  • the potential buyer or co-buyer was a tenant of that rental housing.
  • the conversion of the property is sponsored by a tenant’s organization that represents a majority of the households in the project.

Eighty percent of FHA mortgages in the project must be made to owner-occupants.

Eligibility

Any creditworthy persons who meet FHA underwriting criteria and are intending to occupy the condominium unit as their principal residence are eligible to apply.


EXPERT HOME LOAN ADVICE