FHA Loan Miami

FHA Loan Miami 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 IN Miami Florida
* FHA Loan from 3.5% Down, HomeReady 3% Down.

#1 FHA Lender Miami -Best Rates and Terms!

HOME LOAN APPLICATION
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Welcome to CambridgeHomeLoan.com the number one lender for an FHA Loan Miami Florida- Florida’s #1 FHA loan lender. We help borrowers in Miami 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 Miami Florida

CambridgeHomeLoan.com provides FHA loan Miami Florida for purchases, refinancing and cash out refinancing.

FHA Loan Eligibility Requirements:

  • 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 Miami Florida. Use this application to pre-qualify and start shopping for your new home in Tampa today! Purchase, Refinance, Cash Out Refinance.

Benefits of Purchasing A Home With FHA Home Loan in Miami

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FHA Home Loan Are Easy As 1-2-3

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Discuss Loan Options

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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 MIAMI FLORIDA?

Miami, officially the City of Miami, is a coastal metropolis located in Miami-Dade County in southeastern Florida. With a population of 467,963 as of the 2020 census, it is the 44th-largest city in the United States and the core of the nation’s eighth-largest metropolitan area.

Schools in Miami, FL

Miami-Dade County Public Schools
1450 NE 2nd Ave · +1 305-995-1000

Miami-Dade County Public Sch
7007 SW 4th St · +1 305-995-3000

Miami Dade County Public School
2200 NW 57th St Apt-A

fha loan tampa

Why to Live in Miami, FL? – Boasting nearly 150 parks, gardens, playgrounds, and recreation areas, Miami is considered a Top 10 U.S. destination for both golf and deep-sea fishing, as well. Then, of course, there’s the coastline. From South Beach to Cape Florida State Park, some of the world’s most beautiful beaches can be found in Miami. Not just Tampa, we are serving all of FHA Loan Florida market.

First Time Home Buyer Miami Florida

Things To Do In Miami Florida

  • Vizcaya Museum & Gardens (Art, antiques & gardens on Biscayne Bay)
  • Pérez Art Museum Miami (Sleek venue showcasing global modern art)
  • Wynwood Walls (Outdoor museum with creative street art)
  • Fairchild Tropical Botanic Garden (Expansive park with a tram & events)
  • Miami Seaquarium (Popular attraction for sealife & shows)
  • The Bass (Art & artifacts from ancient to modern)

For the #1 FHA Loan Miami Florida you have come to the right place. 

To prequalify for a home loan in Miami whether a first time home loan with just 3% down or a super jumbo loan, we can help.

#1 Source for First Time Home Buyers or if you have not purchased a home in 3years you can qualify!

If you would like to get started or have a question on an FHA Loan call 800-826-5077.

 

Foreign National Loan Miami

FHA Loan and First Time Home Buyers Miami Florida

CambridgeHomeLoan.com is your premiere mortgage team located in Miami, FL. We pride ourselves on offering some of the lowest rates nationwide and make the loan process simple, straightforward and fast for borrowers seeking a mortgage in the Florida area. Whether you are first time home buyer, purchasing your dream home, refinancing an outstanding loan, or consolidating debt, our highly experienced team of Mortgage Loan officers can help you take that first step toward a financial solution. We can lend to both US Citizens and Foreign Nationals.

With over 27 years of experience, we know what we are doing and can get you to the closing table. We close on time, as promised – we can close as fast as 17 days! As Miami Florida #1 source for FHA Loans we alleviate the typically drawn-out loan process. We have the technology and people to make the process easier than they have ever imagined.

We are committed to providing our clients with the highest quality service for your mortgage needs. Combined with the lowest rate and multiple loan programs available in Miami Florida. Whether you are purchasing your dream home, first home, refinancing an existing loan, consolidating debt or purchasing your first or 20th investment property, our highly experienced team of loan officers can help you find the right loan program at the lowest rate possible.

Our ultimate goal is to create a lasting relationship with each of our clients that we may continue to provide excellent service for many years to come. 

fha loan miami florida, first time home buyer miami, foreign national loan miami flroida.
Now Nationwide!


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