Tag Archives: FHA loan

No Down Payment for this FHA Loan

fha-203h-hurricane

You’ve heard about the standard FHA loan, or the 203(k). But what about the FHA 203(h)?

After Hurricane Irma ravaged Florida, this program will be enticing to many people who live in an area with a Major Disaster Declaration.

The 203(h) helps both renters and homeowners recover by making it easier to purchase a new home if their existing home (that they own or rent as a tenant) is affected by the disaster. This program requires NO DOWN PAYMENT and may be used to finance the purchase of a single-family home that will be a primary residence.

The counties listed below were declared by FEMA (https://www.fema.gov/disaster/4337):

Alachua, Baker, Bradford, Brevard, Broward, Charlotte, Citrus, Clay, Collier, Columbia, DeSoto, Dixie, Duval, Flagler, Gilchrist, Glades, Hardee, Hendry, Hernando, Highlands, Hillsborough, Indian River, Lafayette, Lake, Lee, Levy, Manatee, Marion, Martin, Miami-Dade, Monroe, Nassau, Okeechobee, Orange, Osceola, Palm Beach, Pasco, Pinellas, Polk, Putnam, Sarasota, Seminole, St. Johns, St. Lucie, Sumter, Suwannee, Union, Volusia

FHA Lowers Monthly Mortgage Insurance Premiums

FHA just announced a change that not only lowers the payments for home buyers, but also allows them to qualify for a greater loan amount with the same income.

The monthly MIP (Mortgage Insurance Premiums) required on FHA loans will be decreasing for new loans that close on or after Jan. 27, 2017. Typically, the MIP for a $200,000 FHA loan with a minimum down payment would be $141.66 per month. Now, the exact same loan would only cost $100 per month (29% decrease) for monthly MIP.

Call us with with any of your questions (813-707-6200) about this, or click here for general information about FHA loans.

Acceptable Types of Income for FHA Loans

Anyone who works in the financial sector has had a client or two who are quick to state how much money they make. Problem is, sometimes that number doesn’t match their tax returns, and the days of stated income are a distant memory. Specifically, when it comes to FHA loans, projected (or hypothetical) income is also not acceptable for getting approved for a home loan. However, there are exceptions for this kind of income if it comes from: Continue reading Acceptable Types of Income for FHA Loans