Floirda FHA Mortgage Lender

For the Florida home buyer FHA Home loan programs have many advantages that Florida home buyers are unaware of. Not only can is an FHA Florida home loan the easiest to qualify for. But, Florida FHA borrowers who have suffered a financial hard ship have a much greater chance of not facing foreclosure compared to conventional mortgage borrower.

Homeowners who suffered a temporary hardship with an FHA mortgage can qualify for a Partial Claim. Under the FHA Partial Claim program available to Florida homeowners with an FHA mortgage. A lender will advance funds on behalf of a mortgagor in an amount necessary to reinstate a delinquent loan not to exceed the equivalent of 12 months Principal taxes and Insurance. The mortgagor will execute a promissory note and subordinate mortgage payable to HUD.

Currently, these promissory or Partial Claim notes are non interest baring and are not due and payable until the mortgagor either pays off the first mortgage or sells the home to payoff the note. In addition, to helping Florida homeowners Avoid Foreclosure, FHA mortgages have many features including,

1. Minimal Down Payment requirements and Closing Costs. Down payment less than 3% of Sales Price and 100% options available because the 3% can come from a friend family member or a non profit.

2. Easier for new Florida Homebuyers to qualify for because FHA requires no minimum credit score and FHA will allow a home purchase two years after a Bankruptcy and 3 years after a foreclosure.