FHA Loan In
Sarasota

FHA Loan in Sarasota 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 Sarasota

* FHA Loan from 3.5% Down, HomeReady 3% Down

The Best FHA Loan Rates in Sarasota

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FHA Loan Sarasota Florida- Florida’s Best FHA loan lender. We help borrowers in Sarasota 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 Sarasota 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 Sarasota Florida. Use this application to pre-qualify and start shopping for your new home in Sarasota today! Purchase, Refinance, Cash Out Refinance.

The FHA along with Fannie Mae provide the best loans for first time home buyers. 

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Benefits of Purchasing A Home With FHA Home Loan in Sarasota Florida

FHA Home Loan Sarasota Are Easy As 1-2-3

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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 AN FHA HOME LOAN SARSOTA FLORIDA?

Sarasota is a city south of Tampa on Florida’s Gulf Coast that was once the winter home of the Ringling Brothers Circus. Today, it hosts a number of cultural institutes, notably the Ringling Museum of Art, which showcases old masters and modern art. It’s also the gateway to miles of beaches with fine sand and shallow waters, such as Lido Beach and Siesta Key Beach.

Sarasota FL Housing Market Insights- Homes for sale in Sarasota, FL have a median listing home price of $450,000. There are 1904 active homes for sale in Sarasota, FL, which spend an average of 51 days on the market. Some of the hottest neighborhoods near Sarasota, FL are Rotonda Lakes, Rotonda Heights, Lido Key, Arlington Park, Section 65. You may also be interested in single family homes and condo/townhomes for sale in popular zip codes like 34242, 34243, or three bedroom homes for sale in neighboring cities, such as Bradenton, Venice, North Port, Englewood, Palmetto.

fha loan sarasota

Why to Live in Sarasota, FL?Beautiful beaches, warm weather, and enviable recreational and cultural amenities earn Sarasota a spot on “best of” lists almost every year. In 2020, U.S. News and World Report honored the city as the best place to live in the U.S. for retirees, naming superb restaurants and shopping among its many attractions. Not just Sarasota, we are serving all of FHA Loan Florida markets.

First Time Home Buyer Sarasota

Things To Do In Sarasota Florida

  • The John and Mable Ringling Museum of Art (Antiquities to modern works on display)
  • Siesta Key Beach (Fine white sand that stays cool)
  • Mote Marine Laboratory & Aquarium (Aquarium starring stingrays & sharks)
  • Marie Selby Botanical Gardens Downtown Sarasota campus (Green oasis along Sarasota Bay)
  • Sarasota Jungle Gardens (10 acres of gardens & exotic animals)
  • Lido Key Beach (Concessions, picnic areas & a pool)

Non-QM Loans in Sarasota -Best for Business Owners

Best Places To Live in Sarasota Florida

Downtown Sarasota: The Heart of the City

One of the most sought-after neighborhoods in Sarasota is Downtown. As the heart of the city, Downtown Sarasota offers a vibrant and cosmopolitan lifestyle. It’s a place where you can live, work, and play all within walking distance. The neighborhood is characterized by its modern high-rise condos, overlooking Sarasota Bay, and a myriad of amenities right at your doorstep.

Siesta Key: Beachfront Paradise

If you’re dreaming of living by the beach, Siesta Key is the neighborhood for you. Located just southeast of Downtown Sarasota, Siesta Key is a barrier island known for its pristine white sand beaches, turquoise waters, and laid-back atmosphere. In fact, Siesta Key Beach has been consistently ranked as one of the best beaches in the United States.

Lakewood Ranch: Family-Friendly Community

If you’re looking for a family-friendly neighborhood with plenty of amenities, Lakewood Ranch is an excellent choice. Located just east of Sarasota, Lakewood Ranch is a master-planned community spanning over 8,500 acres. It offers a wide range of neighborhoods, top-rated schools, championship golf courses, and a variety of recreational activities.

For more information on the best places to live in Sarasota Florida. CLICK HERE!


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Learn more about our investment and commercial financing at CambridgeCapital.org

FHA Loan Sarasota, First Time Home Buyer Sarasota, Non-QM Loan Sarasota, First time home buyer Sarasota