APPLY NOW!
CambridgeHomeLoan.com provides FHA loans for purchases, refinancing and cash out refinancing.
Qualify for a 3.5% down FHA Home Loan in Fort Myers Florida. Use this application to pre-qualify and start shopping for your new home in Fort Myers today! Purchase, Refinance, Cash Out Refinance.
FHA loan Fort Myers Beach Florida, provide an opportunity to purchase a home in Fort Myers Beach, Florida.
One of the main reasons that FHA loans are so popular is due to the low down payment option. FHA loans allow you to purchase a home with only 3.5% down payment! There are also less strict requirements to get an FHA loan (compared to conventional loans), such as being able to qualify with a credit score as low as 550.
Below are the basic requirements to get an FHA loan Fort Myers Beach Florida:
Would you like to find out if you qualify for an FHA loan in Fort Myers Beach Florida? Click Here to prequalify today.
I would like to discuss my loan options
I would like to apply for my loan myself
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:
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 FORT MYERS FLORIDA?
About Fort Myers Florida– Fort Myers, or Ft. Myers Beach Florida, is the county seat and commercial center of Lee County, Florida, United States. As of the 2010 U.S. Census, the population was 62,298 and in 2019 was estimated at 87,103.
Fort Myers FL Housing Market Insights- Homes for sale in Fort Myers, FL have a median listing home price of $319,000. There are 2047 active homes for sale in Fort Myers, FL, which spend an average of 50 days on the market.
Some of the hottest neighborhoods near Fort Myers, FL are Eisenhower, Trafalgar, Jacaranda, Sunshine, Westminister. You may also be interested in single family homes and condo/townhomes for sale in popular zip codes like 33908, 33993, or three bedroom homes for sale in neighboring cities, such as Cape Coral, Naples, Lehigh Acres, Punta Gorda, North Fort Myers.
Why to Live in Fort Myers, FL? – “The city has a relaxed atmosphere, offers a reasonable cost of living, and is characterized by a diverse range of college students, young families, and retirees.” In Fort Myers, you’ll find plenty of opportunities for family-friendly outdoor recreation due to a year-round warm climate that averages 75.1°F. Not just Fort Myers, we are serving all of FHA Loan Florida markets. We are also providing direct lending solutions for VA Home Loan, First Time Home Buyer as well.
Things To Do In Fort Myers Florida
The Definitive Guide: A Comprehensive Manual to Sustainable Living As the world grapples with the challenges of climate change and environmental degradation, more and more
Home Ohio’s Hard Money Loans Demystified: Essential Facts Every Investor Should Know When it comes to real estate investing, one of the key factors that
The Rising Trend of Fix and Flip Loans: Texas Investors Reap the Rewards The Fix and Flip Market in Texas Over the past decade, Texas
Ohio Real Estate Market Experiences Major Shift: A New Era of Opportunity The Ohio real estate market has long been known for its stability and
Home Profit Potential Unlocked: Leverage Fix and Flip Loans to Transform Florida Properties Florida has long been a hot spot for real estate investment, with
From Worn-down to Wow: How Fix and Flip Loans are Reviving Properties Across Texas When it comes to real estate, Texas has always been a
