How To Qualify for a Florida FHA Home Loan

The Florida real estate market has cooled down. Here in St. Augustine, Florida, home prices have dipped down to more realistic prices. There is surely some excellent deals out there for home buyers that have done their homework. Sellers and real estate agents are anxious to sell their inventory of homes and you can get a great deal. Now, have you decided how you will be financing your home purchase? Well, unless you have deep pockets or a substantial amount of savings, due to the crash in the sub prime market recently, you might find some lenders requiring that you make a rather hefty down payment. Here is the good news. Many of us have a few credit bumps and bruises on our credit reports. Possibly you have been told that you don't qualify for a conventional mortgage home loan? Well, there is no doubts in my mind that an FHA mortgage is the best mortgage loan program available these days for home buyers that don't have a high credit score. The FHA insured mortgage is a full documentation loan program. The FHA documentation requirements are that you be able to document your income source for the last two years with two years of W2's, 30 days of pay stubs and your last 60 days of savings and checking account statements. The FHA insured mortgage only requires a three percent down payment. However, if the property seller is willing, they can give you the down payment as a gift simply by filling out a short FHA approved gift fund letter. There are numerous down payment gift programs available these days. One of the may rewards for obtaining an FHA insured mortgage is that you are not penalized by your credit score, should it be low. FHA insured mortgage rates have basically the same low fixed rate options as standard conventional conforming loans. The FHA loan provides terms from 15 to 30 years in length. When utilizing the FHA mortgage program to the fullest, many home buyers are able to buy their home with little to no money out of pocket. Owning a home is the American dream for all Americans. Getting FHA financing for your home can save you thousands of dollars over the years over sub prime lenders. A lender must be FHA approved in order to handle your FHA loan. If someone tells you that FHA is not for you, by all means get a second opinion. This little bit of time and effort could save you hundreds of dollars each month, as well as thousands of dollars over the life of your mortgage.

Glenn Keller is a veteran Florida mortgage broker and is associated with Bretlin Home Mortgage of Florida in Saint Augustine, Florida. To learn more about buying a home with an FHA mortgage, visit his website at http://www.bretlinfloridamortgage.com

Bretlin Home Mortgage of Florida - www.bretlinfloridamortgage.com  Call Toll Free 1-800-572-5964

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