First Time Home Buyer
Programs In Florida

First Time Home Buyer Florida Program:
* As low as 3% Down
* FICO as low as 550
* Fast Close!
* First Time Home Buyer Florida 3% Down, 
* FHA Loan 3.5% Down!
* VA Loan Zero Down!
* Foreign National and ITIN Loans
* Business Owners No Doc Loans!

#1 First Time Home Lender Florida

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Welcome to your gateway to homeownership with CambridgeHomeLoan.com, delivering the best rates and terms for home buyers in the Sunshine State! Let’s unlock the door to your new chapter, where every search leads you closer to the perfect place to call home.

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.
First Time Home Buyer Florida Loan Programs:
* 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 FloridaFHA Loan Maryland and First Time Home Buyer Maryland and apply online, HERE.

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. 

  • FICO 550 or higher credit score
  • The property must be in Florida
  • It must be the buyer’s primary residence.
  • Last 30 days paystubs

Home Loans For Business Owners: (Non QM Loans)
* Statement Only
* P&L Only Loans
* Asset Depletion
* Jumbo and Super Jumbo
To qualify Fill out the application to the right and a loan officer will contact you with the programs you can qualify for.

Best Mortgage Rates Florida  
Start with knowing the right program that best fits your needs. Contact CambridgeHomeLoan.com to find out today!

  • Conventional mortgage Florida – Fannie Mae and Freddie Mac both back the Conventional mortgage program, which only requires 5 percent down Click Here to qualify.
    Like most conventional low-down payment mortgage programs, the borrower is also required to pay for (PMI) Private Mortgage Insurance, which will be an additional cost with their monthly mortgage payment.

  • HomeReady mortgage – Fannie Mae’s HomeReady mortgage program also requires just 3 percent down (with PMI, although it might be less expensive), and offers more flexible underwriting.

  • Home Possible mortgage – Freddie Mac’s Home Possible mortgage program is similar to the HomeReady mortgage, with a 3 percent minimum down payment.

  • FHA Loan Florida (Federal Housing Administration): FHA loans are government-backed loans designed for first-time homebuyers with lower credit scores. They require a smaller down payment (3.5%) but come with mortgage insurance premiums.

    FHA 203k Loan Florida (Federal Housing Administration): FHA loans are government-backed loans designed for first-time homebuyers with lower credit scores. They require a smaller down payment (3.5%) but come with mortgage insurance premiums.

    VA Loan Florida (Department of Veterans Affairs): VA loans are available to eligible veterans, active-duty service members, and certain surviving spouses. These loans offer 100% financing and generally have competitive interest rates.

     USDA Loans (United States Department of Agriculture): USDA loans are intended for rural and suburban homebuyers with low to moderate incomes. They provide 100% financing and often have lower interest rates.

    Jumbo Loan Florida: Jumbo loans are used for high-value properties that exceed conventional loan limits. They typically require larger down payments and have stricter credit requirements.

Reverse Mortgages: Reverse mortgages are designed for seniors aged 62 and older. They allow homeowners to convert home equity into cash, with loan repayment deferred until the homeowner sells the home, moves out, or passes away.

Non-Qualified Mortgage (Non-QM) Loans: Non-QM loans are for borrowers who don’t meet conventional mortgage standards are self employed or do not have a w2 to possibly tax return to show income. Various types include:

Florida Profit and Loss Home Loan (P&L) Loans:  Suitable for self-employed individuals who may have fluctuating income. Closest thing to a no doc loan.

Statement Loans: Based on bank statements rather than tax returns, beneficial for those with non-traditional income documentation.

Foreign National Loans: Tailored for non-U.S. citizens or non-permanent residents.

Asset Depletion Loan: Uses assets like retirement savings, trust funds, treasuries, etc.,  to qualify you for a loan.

DSCR Loans: A DSCR loan Florida is typically used when purchasing under an LLC or company and can provide up to 85% LTV. The DSCR loan is based on the assets income and not focused primarily on the borrower. There is no borrower income or employment requirement.

Fix and Flip LoansFix and flip loans are short-term financing options for real estate investors purchasing, renovating, and reselling properties. These loans often have higher interest rates but shorter terms. The can close in as fast as 5 days and provide up to 90% LTV. For more information contact CambridgeHomeLoan.com.

FREE MORTGAGE CALCULATOR FLORIDA

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FLORIDA HOME LOAN APPLICATION

FHA Loan Program For First Time Home Buyer Florida

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 an FHA loan Florida?

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 FLORIDA GUIDE

FHA Loan Florida and HomeReady programs starting at just 3% Down, VA Loans (Active military, Retired, National Guard and their families) at no money down, Statement Only and other Non-QM Home Loan Programs Available

What is the FHA Loan Florida 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 Florida 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 Florida 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 Florida Program By City

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