FHA Direct Loans
Low Credit Score? We start at 550 !
WHEN BANKS SAY NO! WE SAY YES! ®
Call or Text Us 407-300-2558
Lowest Mortgage Rates
More FHA loan options than any bank
96.5% LTV with 580 Fico
Honest answers to your questions
Accepting Applications 24/7
Open 7 days a week
Carlos Matos - Founder
Not Sure What Loan Works Best for You? Click Here for more options
NO BROKER FEES ! NO LENDER FEES ! WE PAY CLOSING COST! *
Before you choose a Mortgage Broker or Bank for your FHA loan know this.
Also, most loan officers at Banks are overworked, under paid and usually have loans files sitting on their desks for weeks. Mortgage brokers charge fees that can increase the cost of your loan and slow it down, as a Direct Lender, we originate the majority of loan in our name and do not charge broker or lender fees.
HOW TO QUALIFY FOR A FHA LOAN
All FHA loans are insured by the Federal Housing Administration and are more lenient than conventional loans. These government-backed home loans have helped finance the American Dream since 1934. Low down payments and attractive qualifying guidelines put home ownership within reach for many who wouldn't otherwise be able to afford to buy a home with a conventional mortgage.
FHA loans are available with many different terms, so you can choose the length of the mortgage that works for you as well as the down payment depending on your credit score. The home you want to buy will have to meet the FHA’s minimum property standards.
If you are thinking of refinancing. An FHA adjustable rate mortgage are available and offer a low fixed rate.
Here are just a few of the advantages you can expect with an FHA home loan in addition to Straight forward Qualifying and No Penalty for Early Payoff
FHA LOANS HAVE MINIMAL AND NO DOWN PAYMENT OPTIONS:
The standard down payment for an FHA Loan is only 3.5% of the purchase price.
Gifts from family or Grants for down payment assistance and closing costs OK!
No reserves or future payments in account required.
Seller can credit buyers up to 6% of sales price towards buyers costs.
FHA regulates closing costs.
Minimum 580 middle credit score 96.5% LTV
Minimum 550 middle credit score up to 5% to10% Down Payment
TO QUALIFY FOR FHA LOAN AFTER MORTGAGE CREDIT EVENTS:
Bankruptcies: After a Chapter 7 bankruptcy, the waiting period is generally two years (exceptions for Chapter 13)
No Short Sale: in the last 3 years
Foreclosure: You must wait at least three years after the foreclosure. The three-year clock starts ticking from the time that the foreclosure case has ended and you name is removed from title.
FHA LOANS ALLOW HIGHER DEBT TO INCOME & EASIER JOB QUALIFYING
FHA allows higher debt ratio's than most other loan programs.
Less than two years on the same job is OK!
Self-employed buyers can also qualify for FHA.
Benefits of FHA Loans
FHA loans aren’t perfect for everybody, but they are an excellent fit in some situations. The main appeal is that they make it easy to buy property. But remember that these benefits always come with trade offs. The most attractive features include:
SMALL OR NO DOWN PAYMENT
FHA loans allow you to buy a home with a down payment as low as 3.5% percent. Other (conventional) loan programs may require a larger down payment, or they require high credit scores and high incomes to get approved with a small down payment.
If you have more than 3.5 percent available, you might be better off making a more substantial down payment. Doing so gives you more borrowing options like lower rates and saving money over the life of your loan.
No Down Payment: > Learn More
Gifts: It’s easier to use gifts for your down payment and closing costs with FHA financing.
Seller Credits: Sellers can pay up to 6 percent of the loan amount toward a buyer’s closing costs. You’re most likely to benefit from that in a buyer’s market, but even in strong markets, you can potentially adjust your offer price enough to entice sellers.
FHA are Assumable: A buyer can “take over” your FHA loan if it’s assumable. They pick up where you left off, benefiting from lower interest costs
Mortgage Credit Events are OK: With a recent bankruptcy, foreclosure or short sale in your history. FHA loans are still available with waiting periods depending on the hardship
Home improvement and repairs: Certain FHA loan programs can be used to pay for home improvement (through FHA 203k Rehab / Streamline programs). If you’re buying property that needs upgrades, those programs make it easier to fund your purchase and improvements with just one loan.
WELCOME TO FHA DIRECT LOANS / A 1st Florida Lending Corp Brand
At FHADIRECTLOANS.COM, our mission is to provide homeowners and future homeowners a variety of home financing options at competitive rates; fulfilling their needs in a manner that enhances their standard of living in realizing the American Dream.
Our loan specialist department works only with FHA Loans so we can help you maximize your benefits while ensuring the process goes as smoothly as possible and requires the least amount of effort from you.
We have streamlined the process to save you time and effort. You can start the no obligation FHA Home Loan process by answering a few questions to find out how much you can save. This does not obligate you in any way, but will allow us to help you determine your eligibility, qualification level, and interest rate.
We specialize in one thing- helping first-time home buyers maximize their benefits by obtaining a FHA Home Loan. We strive on being experts in every aspect of the FHA Loan process. This helps us ensure you get your loan quickly and with the least amount of effort, while still maximizing your benefits.
LOOKING FOR FHA DIRECT RATES ?
The rate on your FHA Loan will be determined by a variety of factors, including your credit history. Because each situation is different, we do not post rates on this site. Answering a few questions about your home and connecting with a FHA Loan Specialist is the best way to determine what rate you could get on your FHA Loan.
As you start the FHA Lending process, you will likely have a lot of questions. Our FHA Loan Specialists have all of the information and resources to help answer your questions and determine the loan option that works best for you.
POPULAR FHA DIRECT LOAN PROGRAMS
Traditionally, FHA loans have helped military families who return from war, the elderly, handicapped, or lower-income families, but really, anyone can get an FHA loan – they are not just for first-time home buyers.
30yr Fixed High Balance
FHA 203K Streamline
Combine repairs and home financing into one loan. The FHA 203k Streamline allows borrowers to finance the purchase or refinance of an existing home and make improvements or upgrades up to $35,000. $5,000 minimum repair costs required.
Fixed Rate: 15 through 30 Years
Adjustable Rate: 3/1 and 5/1 – 30 years
FHA 203k Streamline Refinance
FHA Streamline Refinance is a home financing solution for borrowers with an FHA Loan. This program offers lower total lender fees and reduced documentation compared to standard FHA loans.
30yr Fixed High Balance
FHA 203K Full Products
Combine repairs and home financing into one loan. The FHA 203k Full program allows borrowers to finance the purchase or refinance of an existing home and make improvements or upgrades up to 50% of the “subject-to” appraised value. The 203k Full program requires a HUD approved Consultant on all transactions.
FHA DIRECT LOANS REO REPAIR ESCROW "203(b) PRODUCTS
FHA REO Repair Escrow program is intended to allow uncomplicated rehabilitation to a HUD owned home. This program is only available for HUD owned homes.
30yr Fixed – High Balance
15yr Fixed – High Balance
WHO CAN GET APPROVED FOR AND FHA LOAN?
Everyone can apply for an FHA Loan! There are no location restrictions and no income restrictions. The FHA also has no credit score requirements. The lender making the loan sets the credit requirements, we lend down to a 500 credit score.