First Time Home Buyer Florida
First Time Home Buyer Florida
First Time Home Buyer Florida Program:
As low as 3% Down
FICO as low as 580
Fast Close!
FHA Loan, First Time Home Buyer 3.5% Down,
HomeReady Loan 3% Down
VA Loan Zero Down!
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First Time Home Buyer Florida Programs
CambridgeHomeLoan.com can help guide you to setup the best first time home loan to meet your families needs.
* HomeReady loans starting at 3% Down
* FHA Loans as low as 3.5% Down
* FICO scores as low as 550 for 10% Down
* FICO 580 for 3% Down -HomeReady!
* Fast Closing for first time home buyers!
Explore our dedicated pages for FHA Loan Florida, FHA Loan Maryland and First Time Home Buyer Maryland and apply online.
Income limits in order to qualify for first-time homebuyer programs from Florida Housing, HUD and other agencies, as well as to how expensive the home can be.
- 550 or higher credit score
- The property must be in Florida
- It must be the buyer’s primary residence.
- Last 30 days paystubs
FHA Loan Program
FHA guidelines for Employment history and loan income requirements?
A two-year employment and income history is required for both employees and self-employed borrowers by way of pay stubs, tax returns and W2s or 1099s.
Borrowers with court ordered alimony and child support must document receipt of the income for a minimum of three (3) months and proof that it will continue for at least three (3) years.
FHA Loan Income Requirement
FHA guidelines for Employment history and loan income requirements?
A two-year employment and income history is required for both employees and self-employed borrowers by way of pay stubs, tax returns and W2s or 1099s.
Borrowers with court ordered alimony and child support must document receipt of the income for a minimum of three (3) months and proof that it will continue for at least three (3) years. FHA Loans are one of the most popular loans in Orlando and around the country today due to the low credit requirement and downpayment necessary to purchase a home.
FHA Loan Credit Requirement
What is the minimum credit score required for FHA loans and first time home buyers?
A mortgage or Bank FICO with middle credit score of at least 620. Depending on overall credit, sometimes borrowers are able to qualify with middle scores or FICO as low as 580.
In some instances, where a co-borrower does not have any credit scores, FHA will consider approval so long as the primary borrower meets the minimum credit score requirements and has more than 50% of the qualifying income with a minimum of 3 tradelines active for last 24 months.
Regardless of what your credit scores is, FHA still evaluates overall credit history to determine if borrower gets approved eligible findings that meet FHA approval guidelines. It is also important to note that your consumer FICO is not the same as your mortgage FICO or Bank score. Banks use a different calculation and you should contact your loan officer to understand the difference between the consumer and bank scores.
FHA Loan Maximum Seller Credit Allowed
What is the maximum seller contributions/concessions for FHA loans?
Seller Credit and other third party contributions are limited to a max of 6% of the sales price. For VA Loans the maximum seller contribution is 4%. It always pays to try to get the maximum seller contribution that you can .
Florida HomeReady Mortgage
Low down payment HomeReady® Home Loan
HomeReady Mortgage confidently serves today’s low-income credit worthy home borrowers.
The HomeReady® loan is a low down payment home loan program that for offer 3% down. Credit scores however are higher than FHA loan with starting requirements for a FICO at 620 vs 580. This may be offset by the lower capital contribution required of 3% vs 3.5% . Cash for a down payment can come from multiple sources including grants, gifts and community seconds with no minimum requirement to use your personal funds. The program is great for developer built new home loans.
The HomeReady® home loan mortgage program requires you to take a quick course about home ownership. You can check the education requirements for this program HERE.
EXPERT FIRST TIME HOME BUYER GUIDE
What is the FHA Loan waiting period for borrowers with previous bankruptcy?
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 plan.
How does the FHA treat charge-offs for credit card and installment loan?
Charge-off accounts are not included in borrowers’ debt.
How does FHA treat the collection accounts on my credit report?
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.
Can I still qualify for an FHA loans if I have delinquent child support?
Delinquent child support must be paid current or in a payment plan.
What are the FHA guidelines for delinquent federal tax debt?
Borrowers with delinquent tax debt are ineligible unless currently in payment plan.
Can you get an FHA loan if you have a tax lien?
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:
The borrower must have made a minimum of 3 months of scheduled payments and documentation of the payments is required.
The payment must be included in the DTI / Debt to income calculation.
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.
What are the FHA loan guidelines for borrower with previous foreclosure and deed-in-lieu?
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.
HUD treats the foreclosure and Bankruptcy independently, not as a single event.
What are the FHA guidelines for borrowers with previous short sale and/or pre-foreclosure?
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.
What are the FHA guidelines for DTI or Debt-to-Income ratio?
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.
How does FHA treat deferred student loans?
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.
FHA Property Requirements For Florida and Nationwide
What are FHA Loan property types?
Single-family Homes
Two to Four planned unit development (PUDs)
Condos
Modular or pre-fabricated properties (single-unit only)
Mixed use must conform to residential nature of the neighborhood, and commercial use cannot exceed 25% of the gross living area.
Florida’s #1 First Time Home Buyer Program By City
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