Looking for an FHA Mortgage Loan in Florida?
We create personalized mortgage solutions for our clients at the industry’s best pricing. If you’re purchasing or refinancing a home anywhere in the state of Florida, we’ll help guide you through the process and find the loan that best fits your needs.
Florida’s Best FHA Mortgage Rates
At Streamline Mortgage Solutions, we’re the mortgage experts that will help you get the funds you need to buy your dream home at the lowest rates possible. We were recently ranked among the top two percent of mortgage professionals in Central Florida, as recognized by Orlando Magazine.
What makes us a Top-Rated Florida Mortgage Lender?
- Low Rates – We’ll get you the industry’s best prices to save you money.
- Over 1,500 Loans Closed – We are experienced and knowledgeable.
- No Application Fees – We won’t charge you application fees.
- The Streamline Process – We’ll help you through every step of the process from pre-approval to closing.
What is an FHA Loan?
FHA loans are mortgages that are insured or backed by the Federal Housing Administration. The purchase loan programs are geared towards first-time home buyers who may be a bit more cash-sensitive, and will benefit from the reduced down payment requirements and interest rates that are lower than other loan types. FHA refinance loans allow for interest rate and payment savings, but also offer the option to take cash out of the equity of the home, up to 85% loan-to-value.
How Does an FHA Loan Work?
FHA loans can be used to purchase or refinance your primary home or eligible condominium. Lenders who are approved by the FHA and the Department of Housing and Urban Development offer loans directly to borrowers. Since FHA loans are backed by the government rather than purchased by Fannie Mae or Freddie Mac, they are underwritten to FHA lending guidelines rather than the requirements set forth by these GSEs.
What Are the Overall Benefits of an FHA Loan?
FHA loan interest rates are often lower than the rates for conventional mortgages and depending on the loan-to-value and credit profile, they may have less expensive mortgage insurance premiums as well.
FHA minimum down payments are as low as 3.5%. Other than VA loans and certain USDA loans that allow for 100% financing, this is less than most other loan programs available.
FHA purchase loans will allow up to a 6% seller contribution towards the closing costs of the loan — this is twice as much as conventional loans, and it can really make a difference for you as a homebuyer.
FHA loans are assumable, meaning that a buyer could potentially purchase the property and take over the existing loan terms as long as they meet the FHA’s criteria. This is especially beneficial for you in a rising interest rate environment, where market rates could be much higher than the original loan.
Types of FHA Loans:
- FHA Purchase — With minimum down payments of as little as 3.5% and fixed mortgage insurance premiums not based on individual credit profiles, this is a great option for many first time homebuyers.
- FHA Refinance — Either a rate-and-term refinance or a cash-out refinance can be done through an FHA loan program, with cash-out being capped at 85% loan-to-value.
- FHA Streamline Refinance — This loan type was designed to allow current FHA borrowers to take advantage of lower interest rates and monthly payments while offering a simplified underwriting process (including appraisal waivers and non-credit qualifying refinances).
- FHA 203k — Also known as a rehabilitation loan, the 203k program can be used to renovate and improve the functionality, habitability, or safety of the property.
How We Can Help You With Your FHA Loan
At Streamline Mortgage Solutions, we’re mortgage experts when it comes to creating personalized mortgage solutions for our clients at the industry’s best pricing. If you’re purchasing or refinancing anywhere in Florida, we’ll be here to guide you through the process and find the best-fit loan option. We’ve closed over 1,500 loans, including Conventional, Jumbo, FHA, VA and FHA Streamline mortgages. WE ARE STEP ONE. Take your first step with us today!
FHA Loan Requirements
Since the FHA doesn’t make loans directly, relying on approved lenders to deliver FHA loans to borrowers, they set individual loan requirements based on the type of loan (purchase, refinance, cash-out refinance, rehabilitation or streamline) as well as general guidelines for all products.
|Florida’s Best FHA Mortgage Rates||Income vs. Debt||Minimum income requirements suggest a debt-to-income ratio of ≤43% with specific exceptions available up to 50% and above with strong compensating factors.|
|Assets and Gift Funds||Assets for down payment or closing costs must come from an eligible source account. Gift funds are allowed if they are adequately documented.|
|Loan-to-Value or Equity Stake||Property value determined through independent appraisal or automated valuation system. Purchase with 3.5% down payment.|
|Credit Scores||Minimum 580 FICO score for streamlined processing. For scores below 580 more stringent manual underwriting is required. FHA specific waiting periods for derogatory credit events like bankruptcy, short sale, or foreclosure.|
|Down Payment||3.5% minimum down payment requirement. Mortgage insurance is required, no matter how much of a down payment is made.|