FHA Home Loan
oldsmar forida

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FHA Home Loan Oldsmar Florida – CambridgeHomeLoan.com is proud to be Oldsmar Florida’s #1 FHA loan lender! We help borrowers in Oldsmar to qualify for the best FHA loan program to meet their borrowing requirements. FHA loans are popular of their low down payments and lower credit requirements. First time home buyer loans starting with just 3.5% down payment!

FHA Loan Oldsmar Florida

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

Benefits of Purchasing A Home With FHA Home Loan in Oldsmar

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Oldsmar is a city in Pinellas County, Florida, United States. As of the 2010 census, the city had a population of 13,591. The Oldsmar name dates to April 12, 1916 when automobile pioneer Ransom E. Olds purchased 37,541 acres of land by the northern part of Tampa Bay to establish “R. E. Olds-on-the-Bay”.

Schools in Oldsmar, FL

Oldsmar Elementary School
302 Dartmouth Ave · +1 813-855-7316

Forest Lakes Elementary School
301 Pine Ave N · +1 813-891-0785

Oldsmar Christian School
650 Burbank Rd · +1 813-855-5746

fha home loan oldsmar

Why to Live in Oldsmar, FL? – Oldsmar is in Pinellas County and is one of the best places to live in Florida. Living in Oldsmar offers residents a dense suburban feel and most residents own their homes. In Oldsmar there are a lot of restaurants and parks. Many families and young professionals live in Oldsmar and residents tend to lean conservative. Not just Oldsmar, we are serving all of FHA Loan Florida market.

FHA Loan Oldsmar FL

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. 

 

Things To Do In Oldsmar Florida

  • Empower Adventures Tampa Bay (Zip line)
  • Mobbly Bayou Wilderness Preserve (Natural setting for picnics & hiking)
  • Tampa Bay Downs (Thoroughbred horse racetrack)
  • R E Olds Park (Waterfront spot with a pier & playground)
  • Philippe Park (Waterside green space & historic site)
  • Upper Tampa Bay Park (Protected lands with canoeing & BBQ pits)

 

 

 

 

 

 

 

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