Getting An FHA Mortgage With Below 600 Middle Score

First, lets talk about what exactly is an florida reverse mortgage because you are probably thinking this sounds too good to be possible

In FL, florida fha lenders (http://www.fivestarsmortgage.com) are extremely popular. Little down payment is needed and you don’t need perfect credit. The best part… you STILL get the low interest rates! Let me tell you what you need… First, let’s talk about what exactly is an florida reverse mortgage because you are probably thinking this sounds too good to be possible. An FHA mortgage is issued by Hud approved financial institutions and insured by the Federal Housing Administration. That means that they are government loans just like USDA & VA. To get a USDA you must be zoned agricultural and VA you have to be a veteran to be eligible. Unlike the other 2, FHA is for everyone! So, what is required by the lenders to get an FHA home loan you ask? You need 2 years worth of documented employment history. That means you have to be able to prove it with W2’s. It doesn’t have to be two years at the same company, but it does help if its 2 years in the same line of place. Lenders are sometimes able to look past it if you were in college and you now employer with your degree. Credit. That’s a bad word for many folks. You walk into a banks with anything under a 620 credit score… well, you pretty much get thrown out! FHA is a bit more forgiving. We have a note[/spin program that allows you to have a 580 or higher middle score (that means out of the three credit bureaus, not the highest nor the lowest… the one in the middle) So, what can you have on your credit? [spin]banks are pretty strict when it comes to other government mortgage must be at least three years old. Chapter 13 bankruptcies are allowed as long as clients have made 12 months payments regularly. Down payments are a necessity when it comes to buying a home. Most brokers for typical financing require 20% down. That’s a lot of money. If the loan you are trying to get is $100k, well, then you need to bring 20 thousand dollars to the mortgage!!! Who has that now days with this economy? FHA only requires you to bring 3.5% down. That’s a significant difference. You are probably thinking that with all of these benefits, that there has to be a down fall. Right? It has to be in the rates… right? Well, you are not correct. FHA has the same low rates as bank! You can get FHA mortgage right now for as low as 4.875% on a 30 year fixed (which I forgot to mention, all FHA loans are 30 year fixed.

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About Five Stars Mortgage: Five Stars Mortgage provides residential and commercial mortgage programs in Florida. Apply online or use our free calculators on the website at http://www.fivestarsmortgage.com