FHA Home Mortgage Loans (2024)

Core Financial is proud to be known as the Florida experts in the area of FHA home loans. With our massive lender resources, we can help borrowers obtain FHA mortgages at the most competitive rates.

AnFHA mortgageis a government-backed home loan that has less stringent down payment and credit requirements than those for conventional loans.The program has been around since 1934 and has helped over 34 million people become homeowners.

Annual mortgage insurance premium – FHA borrowers are required to pay an annual mortgage insurance premium of up to .85% that will be added to the monthly mortgage payment. It varies based on the length of the loan, the amount borrowed and the initial loan-to-value ratio, or LTV.
Upfront mortgage insurance premium– The FHA also charges anupfrontmortgage insurance premium of 1.75% of the loan amount if the borrower’s down payment is less than 5%. This premium can be financed as part of the loan amount.

Core Financial will help you evaluate the different costs, interest rates and underwriting standards of FHA-approved lenders to make sure you get an FHA loan that’s the best fit for you.

If you are looking for a FHA Mortgage loan and you live in Naples Florida, Bonita Springs Florida, Fort Myers Florida or Cape Coral Florida, we have a Core Financial specialist here ready to work for you.

Click here for an online mortgage application to get started

An FHA mortgage may be a good fit if you have less-than-excellent credit or limited cash for a down payment, but there are other opportunities Core Financial can help you explore. One example Core can do a manual undewrite mortgage down to a 580 middle credit score.

Families with low to moderate incomes may qualify for down payment assistance programs offered by Florida’s housing finance agencies or other programs offered by city and county agencies. These programs may offer down payment and closing costs assistance to eligible borrowers to make your home more affordable.

And there’s more good news!In today’s mortgage market, there are other home loan programs that require little or no money down. Core Financial has the expertise to help you find the right lender to meet your unique needs.

If you are lucky enough to have a low debt-to-income ratio of 50% or less, you may actually qualify for a conventional mortgage.

For single-family home loans under $510,400 Fannie Mae and Freddie Mac offer fixed-rate mortgages that require only a 3% to 5% down payment.

If you are a current member of the U.S. militaryor a veteran, you may be eligible for aVA Home Loan with little or no down payment. Mortgage insurance is not required, and bankruptcy and other derogatory credit do not immediately disqualify you.

The U.S. Department of Agriculture also offers a 100%, no-down-payment mortgage.The program is formally known as a Section 502 mortgage, but it’s more commonly called a Rural Housing Loan or aUSDA Loan. And, it’s not just a “rural loan.” USDA loans are available to buyers in suburban neighborhoods, too!

Core Financial is the right choice if you are looking to purchase a home or refinance.

Our corporate headquarters is conveniently located in Florida. We have specialists in FHA loans and other mortgage packages standing by to take your call 24 hours a day and 7 days a week. Call us today at (239) 287-3691 for help finding home loans and mortgages at the most competitive wholesale rates.

NMLS ##25258- Rates, Programs, Guidelines are subject to change without notice.

This is not a commitment to lend or extend credit. Information and/or dates are subject to change without notice. All loans are subject to credit approval.

FHA Home Mortgages for first time homeowners

If you’ve got a question, we’re on call. Your mortgage broker will review your specific situation and find a mortgage lender and loan program that is tailored to match your needs. We’ll review each option with you in depth so that you can decide what’s best for you. Then we’ll make it happen. There’s never an mortgage application fee, so give us a try today.

We specialize in Home Mortgage loans such as FHA Home Mortgage Loans. Our offices are located in Naples Florida and Lehigh Acres Florida but we offer FHA Home Mortgage loans in Naples Florida, Marco Island Florida, Bonita Springs Florida, Fort Myers Florida, Cape Coral Florida, Lehigh Acres Florida, Sarasota Florida, Tampa Florida, Orlando Florida, Jacksonville Florida and Miami Florida.

Our mortgage brokers specialize in home mortgage loans such as USDA Home Mortgage, Conventional Mortgage Loans, FHA Mortgage Loans, VA Home Mortgage Loans, Jumbo Mortgage Loans, Refinance Mortgage Loans, and Reverse Mortgage Loans. Our mortgage offices are located in Naples Florida and Lehigh Acres Florida but we service the below Florida cities:

Mortgage Company offering FHA mortgage loans in Naples Florida

Mortgage Company offering FHA mortgage loans in Marco Island Florida

Mortgage Company offering FHA mortgage loans in Bonita Springs Florida

Mortgage Company offering FHA mortgage loans in Estero Florida

Mortgage Company offering FHA mortgage loans in Fort Myers Florida

Mortgage Company offering FHA mortgage loans in Cape Coral Florida

Mortgage Company offering FHA mortgage loans in Lehigh Acres Florida

Mortgage Company offering FHA mortgage loans in Sarasota Florida

Mortgage Company offering FHA mortgage loans in Tampa Florida

Mortgage Company offering FHA mortgage loans in Orlando Florida

Mortgage Company offering FHA mortgage loans in Jacksonville Florida

Mortgage Company offering FHA mortgage loans in Miami Florida.

FAQs

What will disqualify you from an FHA loan? ›

The three primary factors that can disqualify you from getting an FHA loan are a high debt-to-income ratio, poor credit, or lack of funds to cover the required down payment, monthly mortgage payments or closing costs.

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Why would a house not pass FHA financing? ›

The FHA's three requirements are that a property must be safe, secure, and structurally sound to qualify for one of their loans. Properties cannot have adverse conditions that might imperil the homeowner, and must meet proper building codes. As a buyer, these standards protect you from buying an unsafe property.

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Are FHA loans difficult to get? ›

FHA loans are often recommended for first-time homebuyers or those with less-than-stellar credit histories because they're generally easier to qualify for, come with more affordable mortgage rates, and require less cash up front to get into a home.

What percentage of FHA loans are denied? ›

However, some loan programs have a higher denial rate than others. Here's how it breaks down. Federal Housing Administration loans: 14.4% denial rate. Jumbo loans: 17.8% denial rate.

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What will cause an FHA loan to fail? ›

The overall structure of the property must be in good enough condition to keep its occupants safe. This means severe structural damage, leakage, dampness, decay or termite damage can cause the property to fail inspection. In such a case, repairs must be made in order for the FHA loan to move forward.

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Why would an FHA loan not be accepted? ›

While some sellers may be hesitant to accept an FHA offer, it's important to understand the facts before making a decision. Some reasons a seller might refuse an FHA loan include misconceptions about longer closing times, stricter property requirements, or the belief that FHA borrowers are riskier.

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What are red flags for an FHA loan? ›

An FHA red flag is any safety hazard, health hazard, or deteriorating element of a home that would jeopardize financing. While one red flag might be linked with a home's backed-up sewage system, another home's red flag might be a crumbling foundation. At best, an FHA red flag can slow down the closing process.

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Why do sellers reject FHA loans? ›

Some sellers may believe that the added requirements and stricter appraisal standards cause FHA loans to take longer to close than conventional loans.

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What would disqualify a house from FHA? ›

Common issues appraisers look for in the exterior are damaged roofs, cracks in foundations and anything blocking access to the property. When it comes to the interior, they look for basic things like missing handrails or chipped and peeling paint that could indicate a lead hazard.

What is the downside to a FHA loan? ›

FHA Loan: Cons

Here are some FHA home loan disadvantages: An extra cost – an upfront mortgage insurance premium (MIP) of 2.25% of the loan's value. The MIP must either be paid in cash when you get the loan or rolled into the life of the loan. Home price qualifying maximums are set by FHA.

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How much will FHA approve me for? ›

The FHA approves loan amounts based on several factors, such as your monthly income and expenses, credit score, interest rate, the loan term and the value of the property. The maximum FHA loan in most areas of the country for a single-family home is currently $420,680 for 2022.

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What is better than a FHA loan? ›

A conventional loan is often better if you have good or excellent credit because your mortgage rate and PMI costs will go down. But an FHA loan can be perfect if your credit score is in the high-500s or low-600s. For lower-credit borrowers, FHA is often the cheaper option.

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What is the FHA 75% rule? ›

FHA Self Sufficiency Test – FHA Rule 75

Next, you will have to determine the market rate rents that can or are already being charge for each apartment, including the one you intend on living in. The total of these rents multiplied by 75% must be greater than your monthly mortgage payment.

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How often do underwriters deny FHA loans? ›

A mortgage underwriter typically denies about 1 in 10 mortgage loan applications. A mortgage loan application can be denied for many reasons, including a borrower's low credit score, recent employment change or high debt-to-income ratio.

What are the red flags for FHA appraisals? ›

Any musty smells coming from the attic, basem*nt, or crawl space that could indicate mold. Any rotten, broken, or missing deck boards. Broken cabinetry or hardware. Major appliances, furnaces, baseboard heaters, boilers, water mains, electric systems, or water heater that have been turned off or disengaged.

What is an FHA loan and who qualifies? ›

An FHA loan is a type of mortgage geared toward borrowers with lower credit scores or who otherwise don't qualify for a conventional loan. You can use an FHA loan to buy, build or renovate a home, or to refinance an existing mortgage.

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Can an FHA loan be denied after pre approval? ›

Even though pre-approval is a comprehensive, essential first step in buying, it isn't a done deal. A mortgage can be denied after pre-approval, and is one of the main reasons that property sales fall through.