FHA Lending in the State of Florida

If you own a mobile or manufactured home on a permanent foundation in the State of Florida you may be eligible for FHA Financing. You must own the land as well and the mobile home must been constructed after June 15, 1976. FHA financing allows for singlewide, doublewide, and triplewide financing.

FHA allows for financing just 2 years after the discharge of a Chapter 7 Bankruptcy, provided you have re-established good credit. You may refinance out of a Current Chapter 13 Bankruptcy payment plan provided you have the trustee's permission, a timely mortgage history, and a timely payment history on your bankruptcy. You must have had the payment plan for at least 1 year.

If you opt for a 15 Year Fixed Mortgage on an FHA loan, your monthly Mortgage Insurance is discounted at a loan-to-value of 90% or greater. If you are borrowing less than 90% of your homes appraised value, you will not be required to pay monthly MI. This works particularly well for those looking to consolidate debts on a manufactured home.

The FHA loan limits in Florida for a single family residence range from approximately $200,000 to $362,000 depending on the county where you live. 2-4 Unit properties have higher loan limits.

FHA loans are a great alternative to sub prime loans for borrowers who may have bad credit but have gotten their finances back on track. The FHA underwriters will often ask for proof of timely account payments. Alternative trades such as cell phone, cable TV and rent can be used to prove timely payments.

The FHA 203B is the most common used loan in residential financing. You don't need a credit score and depending on your underwriter, usually get by with 4-5 alternative sources of credit verification.

FHA does not automatically disqualify a recently listed property from qualifying for refinancing. This offers a great alternative for recently listed properties to refinance with an FHA loan in the State of Florida.

The president has called on Congress to pass FHA reform legislation that would increase FHA loan limits, lower downpayment requirements and offer more flexibility in pricing mortgage insurance premiums.

» DISCLAIMER: The information contained in this article on 'FHA Lending in the State of Florida' is a collection of contributions by licensed mortgage professionals and is not the opinion of Broker Outpost LLC. Always consult a licensed professional before applying for a mortgage.