First Time Home Buyer
Boca Raton Florida

First Time Home Buyer Boca Raton Benefits:

  • 3% Down First Time Home Buyer Program
  • FHA Loan 3.5% Down
  • VA Loan – No Money Down
  • Gift Funds Ok
  • FICO as low as 580

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Boca Raton Florida’s best Rates and terms for First Time Home Buyers in Boca Raton. Helping borrowers in Boca Raton Florida qualify for the best First Time Home Buyer loan to meet their borrowing requirements. Some First Time Home Buyer loan programs in Boca Raton Florida are backed by the Federal Housing Administration (FHA). These popular first time homebuyer loans require lower minimum credit scores and down payments to make it easier to qualify. Non QM loans including statement loans and P&L loans for business owners looking to purchase a home. No DTI and low and no doc loans. Inquire today!

First Time Home Buyer Programs
Boca Raton Florida

CambridgeHomeLoan.com has a number of First time home buyer loan programs from simple W2 employees to full 2 year tax returns, self employed loans, Non QM loans and more with low down payments and fees. Contact us today to craft the loan that best fits your needs. Some qualifications below.

FHA First Time Home Buyer and HomeReady Program Terms

  • A credit score of at least 580 for a 3% 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 that is offset due to lower FHA interest rates than a conventional loan.
  • FHA Debt to income ratio of 50% or less

Qualify for a 3% down Home Loan in Boca Raton Florida. Use this application to pre-qualify and start shopping for your new home in Boca Raton Florida today! Purchase, Refinance, Cash Out Refinance.

Contact us to find out what the loan limits in the county you would like to purchase in. Call now 800-826-5077. 

Prequalify now to see how much of Loan you can qualify for. 

Benefits of Being A First Time Home Buyer In Boca Raton Florida

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Boca Raton is a city on Florida’s southeastern coast, known for its golf courses, parks and beaches. Large, oceanfront Red Reef Park is home to the Gumbo Limbo Nature Center with trails, a butterfly garden and a sea turtle sanctuary. Downtown, Boca Raton Museum of Art has modern and contemporary American and European collections, and a sculpture garden. Nearby Mizner Park Amphitheater hosts concerts and events.

Schools in Boca Raton, FL

Boca Raton High School
1501 NW 15th Ct · +1 561-338-1400

103 SW 1st Ave · +1 561-544-1700

School District-Palm Beach
103 SW 1st Ave · +1 561-338-1477

first time home buyer boca raton
Going by its local nickname of “Boca”, most residents feel this charming city is a great place to live. Along with its beautiful beaches and great Florida-style climate, Boca Raton is also known for its luxurious lifestyle and amazing shopping destinations. Not just Boca Raton, we are serving all of First Time Home Buyer Florida market.

Home Loan Boca Raton

Things To Do In and Around Boca Raton Florida

  • Morikami Museum and Japanese Gardens (Serene setting for art & culture)
  • Boca Raton Museum of Art (Eclectic works & a sculpture garden)
  • Butterfly World (Vivid, butterfly-filled botanical garden)
  • Gumbo Limbo Nature Center (Boardwalk, sea tanks & butterfly garden)
  • Red Reef Park (Oceanfront city park & nature center)
  • Sugar Sand Park (Kid-friendly city recreational facility)

Do FHA Loans Cost More Than Conventional Mortgages?

FHA loans generally cost more than conventional mortgage loans due to the requirement of purchasing mortgage insurance. Conventional mortgage loans tend to be less expensive because borrowers with good credit scores and a higher down payment are not obligated to obtain mortgage insurance. Mortgage insurance is an additional expense that aims to minimize the risk for lenders, enabling more borrowers to qualify for home purchases.

One significant difference between FHA loans and conventional mortgage loans is that with FHA loans, the mortgage insurance cannot be terminated even if sufficient equity is built in the home. However, borrowers with FHA loans may have the opportunity to qualify for a traditional home loan in the future and refinance their FHA loan, thereby eliminating the need for mortgage insurance.

To ensure affordability, it is crucial to find an experienced FHA lender like CambridgeHomeLoan.com for the lowest interest rates when considering an FHA loan. By combining the most competitive interest rate with appropriate loan options, borrowers on a tight budget can secure a payment plan that facilitates financial growth and a positive financial outlook.

How Do I Get FHA Loan Rates?

To obtain FHA loan rates, there are a few steps you need to consider. Firstly, it’s important to meet the straightforward requirements for approval. The minimum credit score you need is 580. However, the specific credit score you have will determine the minimum required down payment. For instance, if your credit score is below 580, you will be expected to provide a down payment of at least 10 percent. On the other hand, if your credit score is above 620, your down payment can be as low as 3.5 percent.

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FHA Loan Boca Raton Florida Loan Calculator

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Aside from satisfying the credit and down payment requirements, you must also be able to provide sufficient documentation of your income. This typically includes pay stubs and W-2 forms. 

But if you encounter difficulties in documenting your income due to being self-employed or having investment income, there are alternative options available. 

Stated income and bank statement programs, P&L -No doc programs, Asset Only utilization and other Non-QM loan programs are available that can help you qualify for the home loan you need. 

To explore these programs and obtain more information, it’s advisable to contact one of our loan specialists today at 800-826-5077. 

They can provide you with all the details and guidance you require.  Programs today for self employed borrowers, for jumbo loans and foreign nationals are stronger than ever before. There are even “no doc loans” for self employed borrowers.

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.

 

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