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With an FHA home loan anyone can own a Florida home. If you are a Florida first-time home buyer or have bought a Florida home before and have less than perfect credit you have come to the right place. At www. FHAmortgageFhaloan.com our FHA Home Loan Specialists will take you through the FHA loan process step-by-step. With an FHA home Loan Florida mortgage applicants can :

Purchase a Home with 97% financing. Refinance a home up to 95%. Remodel Your Florida Home Make Home Repairs Make Energy-Efficient Improvements

FHA Loans are guaranteed FHA mortgage loans, which means that Florida FHA mortgage lenders will offer you lower, more affordable rates. Even if you have less than perfect credit or are a Florida first time home buyer, an FHA Loan can help you save money on the home of your dreams.

About FHA Loans

FHA mortgage loans have historically allowed lower income Florida homebuyers to borrow money for the purchase of a home that they would not otherwise be able to afford. The FHA mortgage program originated during the Great Depression of the 1930s, when the rates of foreclosures and defaults rose were at their highest, and the FHA Mortgage program was intended to provide Florida FHA mortgage lenders with sufficient insurance. Some FHA mortgage loans were subsidized by the government, but the goal was to make it self-supporting, based on FHA mortgage insurance premiums paid by FHA mortgage applicants.

Over time, private mortgage insurance (PMI) companies came into play, and now FHA mortgage loans primarily serves Florida homebuyers who cannot afford a conventional down payment or otherwise do not qualify for PMI.

Florida home buyers should know the many advantages of the FHA mortgage loan programs. FHA loans were created to help increase home ownership. For the Florida home buyer the FHA program can simplify the purchase of a home, making financing easier and less expensive than a conventional mortgage loan product. Some highlights of the Florida FHA loan program include:

Minimal Down Payment and Closing costs.

Down payment less than 3% of Sales Price Gifts are allowed Seller can credit up to 6% of sales price towards closing and prepaid costs. 100% Financing available No reserves required. FHA regulated closing costs.

Easier Credit Qualifying Guidelines such as:

  No minimum FICO score or credit score requirements. FHA will allow a home purchase 1 year after a Bankruptcy. FHA will allow a home purchase2 years after a Foreclosure.

To take advantage of the FHA program in Florida, visit

http://www.FHAmortgageFHAloan.com

 The history of FHA mortgage loans

The National Housing Act of 1934 created the Federal Housing Administration (FHA), which was established primarily to increase home construction, reduce unemployment, and operate various loan insurance programs.The FHA makes no loans, nor does it plan or build houses. As in the Veterans Administration’s VA loan program, the applicant for the loan must make arrangements with a lending institution. This financial organization then may ask if the borrower wants FHA insurance on the loan or may insist that the borrower apply for it. The federal government, through the Federal Housing Administration, investigates the applicant and, having decided that the risk is favorable, insures the lending institution against loss of principal in case the borrower fails to meet the terms and conditions of the mortgage. The borrower, who pays an insurance premium of one half of 1 percent on declining balances for the lender’s protection, receives two benefits: a careful appraisal by an FHA inspector and a lower interest rate on the mortgage than the lender might have offered without the protection.

Until the latter half of the 1960s, the Federal Housing Administration served mainly as an insuring agency for loans made by private lenders. However, in recent years this role has been expanded as the agency became the administrator of interest rate subsidy and rent supplement programs. Important subsidy programs such as the Civil Rights Act of 1968 were established by the United States Department of Housing and Urban Development.

In 1974 the Housing and Community Development Act was passed.Its provisions significantly altered federal involvement in a wide range of housing and community development activities. The new law made a variety of changes in FHA activities, although it did not involve (as had been proposed) a complete rewriting and consolidation of the National Housing Act. It did, however, include provisions relating to the lending and investment powers of federal savings and loan associations, the real estate lending authority of national banks, and the lending and depositary authority of federal credit unions.

Further changes occurred in the 1977 Housing and Community Development Act, which raised ceilings on single-family loan amounts for savings and loan association lending, federal agency purchases, FHA insurance, and security for Federal Home Loan Bank advances. In 1980 the Housing and Community Development Act was passed; it permitted negotiated interest rates on certain FHA loans and created a new FHA rental subsidy program for middle-income families.

On March 6, 2008, the “FHA Forward” program was initiated. This is the part of the stimulus package that President Bush had in place to raise the loan limits for FHA.



By: Florida Mortgage

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