For starters, what is a Florida FHA Loan? I’m sure there are many questions running through your head. A Florida FHA Loan is a loan backed by the Federal Housing Administration. Loans backed by the FHA insure you a loan so that a Florida mortgage lender, such as NSH Mortgage, can offer other loan products.
Pinellas County, Florida FHA Loan
Pinellas County alone has Florida FHA Loan limits ranging from $271,050 for a Single and $521,250 for a Four-plex. Being able to get a loan for this much money while having a bad credit score is somewhat scary. A person can continue to get thousands upon thousands of dollars regardless of what their home is actually worth today.
Due to Florida being ranked 15th out of 50 states by FICO score, the state has multiple programs for people to achieve an FHA Loan. And unfortunately, being this close to number 1 is not an accomplishment. Florida has the 15th worst FICO score in the country.
Florida FHA Streamline Refinance
In the state of Florida, FHA Streamline Refinances is reserved for homeowners with existing FHA mortgages, and are the quickest, as well as easiest method for FHA insured homeowners to refinance their mortgages.
Being that Florida has an average credit score of 659.3, it is necessary for banks to make programs like this possible for the state’s economy. Imagine the average person in Florida, especially Pinellas county, not being able to own a home. This would tear the state, banks, and people apart. It would be nearly impossible for those with bad credit to thrive.
How To Aquire A Florida FHA Loan Or A FHA Streamline Refinance
An FHA Streamline Refinance is easy to acquire. A person barely has to show proof of identity in order to obtain such a loan.
- The FHA Streamline Refinance program is so attractive to people with bad credit scores because it does not require a home appraisal.
Rather than proving what your home is truly worth, you are allowed to revert back to the original purchase price and state that as your home’s current value. This program actually roots for those individuals that have underwater mortgages. For those who are unfamiliar with what this is, it simply means that a person’s home purchase loan has a higher balance than the free-market home value.
Being in such a situation prevents the homeowner from selling the home unless they have cash to cover the loss, out of pocket. Even if you owe twice what your home is worth, the FHA will agree to refinance your home with no penalty or added costs.
- The FHA Streamline does NOT require verification of income, employment, or credit score.
So basically, you can have no money to your name, sit around all day, and have a horrific credit score and still be approved for a loan. What business does a person meeting this criterion have in owning a home? Like previously stated, this has to be done. Imagine Florida flooded with tourism, but nobody can own a home… that simply isn’t feasible.
It Is Much Harder To Pitch On Shark Tank Than It Is To Acquire A Florida FHA Loan
Florida FHA Loan Helps Bad Credit Buyers Get Mortgages
The Housing Market Crash of 2007 contributed to why the FHA Streamline Refinance program guidelines are so lenient. The Housing Market Crash of 2007 was a time when banks were giving loans to people who could not afford houses and passing the risk onto another bank, then in turn granting… yet again, another risky loan to someone else. Housing prices during the crisis plummeted.
Foreclosures in Florida were astronomical. Banks had copious amounts of open properties and nobody to take care of them, so programs like the FHA Streamline Refinance were implemented more than before to rebuild the market and bring money back to Florida and the economy.
This is allowing a second chance for most Florida home buyers with bad credit trying to receive a mortgage. With a Florida FHA Loan, you will be able to get eligible for buying a home with a lower credit score than ever before.
NSH Mortgage Is A Lender Who Can Help Bad Credit Buyers
Right now, this is a buyer’s market. Not everything has to be seen as negativity. The FHA Streamline Refinancing Loan is not made for people to fail. Programs like this are set up to rebuild an economy, it has been failing because homeowners don’t make wise decisions. Yes, we can criticize the loan institutions, but buyer’s play just as much of a role. Buyers need to know what they can and cannot afford.
Florida is always going to be a hot destination, for people from all over the world. According to FHA Government Loans; In the beginning of 2016, Florida FHA Loan Borrowers can now finance 96.5% of the purchase price, while only having to put 3.5% down. Combined with other loans, in some instances, your down payment could be nothing.
Because of the low down payments, easy credit qualifying, and low closing costs, Florida FHA Mortgage Lenders truly want buyers to do well. They are giving homeowners a chance that many other lenders do not. They understand that everyone makes mistakes and you shouldn’t be penalized solely for those. They provide you with safeguards for borrowers who get behind, The FHA Streamline Refinance program is truly made to assist those who normally would not be given the chance.
Take Advantage & Make Smart Decisions When Receiving A Mortgage With Bad Credit In Florida
The thing that homeowner’s need to take advantage of, is the leniency. Go out and get yourself a loan, that you can actually foresee yourself paying off in the near future and make good choices. If buyer’s in the state with bad credit, make smart financial decisions, they can truly prosper.
You don’t always have to have the biggest, fanciest mansion on the beach. Starting with something in your range and working toward the finer things is a reward. Build your credit, show proof of income, employment, and soon enough you can acquire a loan that is better for your situation. Something that helps you boost your FICO number along the way and making your payments on time.
Florida FHA Loans Can Be Provided By NSH Mortgage Lender
Making sure you can afford the house and not buying something out of your league, is an absolute key. So many people go into bankruptcy because they want to live out of their means, but realizing that you can have nice things and actually be able to afford it is the nicest reward of all when receiving a Florida FHA Loan.
NSH Mortgage lender in Florida can help you receive a Florida FHA Loan even if you currently have bad credit. We have helped countless home buyers be able to get a mortgage with bad credit. The FHA Loan and FHA Streamline Refinance is set up to help bad credit buyers turn their mortgages around, and start making the right decisions today.
Contact NSH Mortgage Lender In Florida Today!
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