FLORIDA FIRST TIME HOMEBUYER LOANS- Florida home buyers will find that a government guaranteed FHA, VA, or USDA loan is easier to qualify for than any other Florida first time home buyer loan program. Details of these First time Florida home buyer loans are listed below:

GOVERNMENT FIRST TIME FLORIDA HOMEBUYER LOANS INCLUDE:  

(FHA, VA, USDA) = MIN 580 FICO- SCORE! 

min credit score subject to change

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FHA LOANS-An FHA loan is a perfect first time Florida home buyer loan. FHA loans are insured by the Federal Housing Administration, a federal agency within the U.S. Department of Housing and Urban Development (HUD). The FHA does not loan money directly to FHA loan applicants, rather the FHA insures private FHA lenders approved against default through mortgage insurance (MIP). Available to first home buyers and moving up buyers the FHA loan program is designed to help creditworthy families with a small down payment purchase a home.

FHA loan programs are particularly beneficial to those buyers with little money available for down payment. The rates on FHA loans are generally market rates, while down payment requirements are lower than for conventional loans.

BENIFITS TO FHA LOANS FOR FLORIDA FIRST TIME HOMEBUYERS INCLUDE: 

• Only a 3.5 percent down payment is required.
• Sellers may contribute 6% towards closing costs
• Gifted funds may be used for down payment and closing costs
• Some closing costs can be financed.
• Lower monthly mortgage insurance premiums and, under certain conditions, automatic cancellation of the premium.
• More flexible underwriting criteria than conventional loans
• FHA regulated closing cost.
• Loans are assumable to qualified buyers.

FLORIDA FHA HOME LOANS WITH NO TRADE LINES OR NO CREDIT SCORE FOR FLORIDA FIRST TIME HOMEBUYERS-  NO PROBLEM!

VA LOANS FOR FLORIDA FIRST TIME HOMEBUYERS-VA guaranteed loans are perfect for first time Florida home buyers. VA loans are made by lenders and guaranteed by the U.S. Department of Veteran Affairs (VA) to active military and eligible veterans for the purchase of a home. The guaranty means the mortgage lender is protected against loss if you fail to repay the loan. In most cases, no down payment is required on a VA guaranteed loan and the borrower usually receives a lower interest rate than is ordinarily available with other loans.

OTHER FIRST TIME HOMEBUYER BENIFITS TO THE VA LOAN INCLUDE:
• 100% financing
• Seller can pay up to 4% of your closing cost with a VA loan.
• Low interest rates 
• Closing costs are comparable, and sometimes lower, than other types of financing.
• No private mortgage insurance (PMI) requirement. 
• Right to prepay loan without penalties
• The Mortgage can be taken over (or assumed) by the buyer when a home is sold.
• Counseling and assistance available to veteran borrowers having financial difficulty or facing default on their loan.

Although mortgage insurance is not required, the VA charges a funding fee to issue a guarantee to a lender against borrower default on a mortgage. The fee may be paid in cash by the buyer or seller, or it may be financed in the loan amount.

A VA loan can be used to buy a home, build a home and even improve a home with energy-saving features such as solar or heating/cooling systems, water heaters, insulation, weather-stripping/caulking, storm windows/doors or other energy efficient improvements approved by the lender and the Veterans Administration.

Veterans can apply for a VA loan with any mortgage lender that participates in the VA home loan program. A "Certificate of Eligibility" from the VA must be presented to the lender to qualify for the loan. Most other traditional loan documentation applies.
 
USDA-FLORIDA FIRST TIME HOMEBUYER LOAN- One of the most attractive and flexible mortgage The USDA Guaranteed Rural Housing Program is available to low- and moderate-income households in designated rural areas of Florida. Under this program 100% financing is available and no mortgage insurance is charged to the borrower, making it one programs available. The 2% Guarantee Fee may also be financed. In Florida, the maximum loan amount is $417,000.

Qualified applicants must have household income no more than 115% of area median household income and typically have a minimum credit score established by each lender. Borrowers must also lack sufficient assets to qualify for a conventional mortgage loan.
Properties must be owner-occupied and located in a rural community with a population of 10,000 or below. A community with 20,000 residents may also qualify if it is outside of a metropolitan statistical area. To find out if a property address qualifies, visit the USDA Rural Housing Service Property Eligibility site.

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NO CREDIT SCORE- FIRST TIME FLORIDA HOMEBUYERS- As a Florida mortgage company we are proud to help would be home buyers get approved for Florida home loans with No credit score or minimal trade lines. Unlike most Florida mortgage lenders we can approve no creditloan applicants using non traditional trade lines from direct service providers. Direct service providers include electric company, water company, insurance, cell phone ect.

BAD CREDIT - FIRST TIME FLORIDA HOME BUYER LOANS- Florida Bad credit first time home buyers that have suffered a bankruptcy or foreclosure in the past might qualify for a good Florida mortgage. Borrower must wait 3 years after a Foreclosure and 2 years after a chapter 7 bankruptcy to qualify for an FHA loan Otherwise the last resort for bad credit borrowers is a Florida hard money lender.

HARD MONEY -FIRST TIME FLORIDA HOME LOANS- Hard money Florida home loans  are granted based on the quick sale value of the Florida home. Private Florida investors base this number off the purchase price or appraised value, the lesser of the two. We have access to private Hard money mortgage lenders all over Florida. Florida hard money lenders charge 3-5 points upfront and interest rates range from 8-12%.

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