Florida FHA Mortgage, Eazy to Qualify!!
Florida FHA Mortgage, Eazy to Qualify!!
FHA Credit Guidelines for Purchasing a Florida home
What do Florida FHA Lenders Want to See When They Review Your Credit report?
Before approving a Florida FHA mortgage loan, the lender analyzes the integrity of the borrower’s past credit performance. Florida mortgage applicants who have a good credit history demonstrated by a solid track record of timely payments will likely be qualified for an FHA home loan. Potential borrower’s whose credit history reflects a consistent history of slow payments with sufficient explanation is not a good candidate for loan approval.
The following is a list of items concerning the borrower’s credit:
NO CREDIT HISTORY
3 lines of credit are necessary to apply for an FHA loan. However, in the event a borrower does not have sufficient credit on their credit report the FHA will allow alternate trade lines including a 12 month history of timely payment on items such as rental history, phone, cable, car insurance or any other 3rd party verified payment history.
CHAPTER 13 BANKRUPTCY
Florida mortgage FHA lenders will consider approving a Florida mortgage applicant who is still paying on a Chapter 13 Bankruptcy if those payments have been satisfactorily made and verified for a period of 12 months. The court trustee’s written approval will also be needed in order to proceed with the FHA home loan. The Florida mortgage applicant will have to give a full explanation of the bankruptcy with the loan application and must also have re-established good credit in order to qualify and must prove stable predictable income likely to continue.
CHAPTER 7 BANKRUPTCY
Florida mortgage applicants must wait at least two years since the discharge date of the borrower and / or spouse’s Chapter 7 Bankruptcy, according to FHA mortgage guidelines. This is not to be confused with the bankruptcy filing date. A full explanation will be required with the Florida mortgage application. In order to qualify for an FHA loan, the borrower must qualify financially, have re-established good credit history, and provide proof of a stable job.
LATE PAYMENTS
During an underwriter analysis of a Florida mortgage application, the overall pattern of credit behavior is being reviewed rather than isolated cases of slow payments. If a good payment pattern has been maintained, regardless of a specific period of financial difficulty preceded it, the borrower may escape disqualification.
FORECLOSURE
FHA insured mortgages are generally not available to borrowers whose property was foreclosed on or given a deed-in-lieu of foreclosure within the previous three years. However, if the foreclosure of the borrower’s main residence was the result of extenuating circumstances, an exception may be granted if they have since established good credit. This does not include the inability to sell a home when transferring from one area to another.
PAST COLLECTIONS, JUDGEMENTS AND FEDERAL DEBTS
Florida mortgage applicants A collection accounts do not need to be paid off as a condition for FHA mortgage approval. It is stated as such in FHA mortgage guidelines. Any judgments will have to be paid in full prior to closing. Florida mortgage applicants who are delinquent on any federal debt, such as tax liens, student loans, etc., are not eligible for an FHA home loan.
Thomas Martin
http://www.fhamortgageprograms.com/florida/
FHA home loan Florida, FHA mortgage Florida,
Category: Mortgage application
