FHA Home Loans

FHA home loans were created to help increase the quantity of home ownership. For the Florida & Georgia home buyer, the FHA home loans program can simplify the purchasing process of a home. It allows financing to be easier and less expensive than a conventional mortgage loan.

Highlights of the Florida & Georgia FHA Home Loans Program Include:

  • Minimal Down Payment and Closing costs.
  • Down payment 3.5% of Sales Price (Gifts are allowed)
  • Seller can pay up to 6% of sales price towards closing and prepaid costs.
  • NO cash reserves required.
  • FHA regulated closing costs.
  • Easier Credit Qualifying Guidelines such as:
  • Higher debt-to-income ratio requirements; 55 percent vs. 50 percent for conventional
  • Lower minimum FICO score or credit score requirements 600 FICO or in some cases no credit scores at all VS. 620 FICO for Conventional.
  • FHA will allow a home purchase 2 years after a Bankruptcy vs. 3 yrs. for Conventional.
  • FHA will allow a home purchase 3 years after a Foreclosure / Notice of Default vs. 4 yrs. for Conventional.

For first time home buyers and other borrowers, the FHA home loans can have key advantages:

  • Low Down Payment of 3.5% of the purchase price
  • 85% of Appraised Value Cash-Out Refinance
  • Streamline Refinance - Lower your interest rate and/or shorten the term of the loan
  • NO Income Maximum Limits
  • Gift Funds: The down payment, closing costs, pre-paid expenses, and/or discount points can come from a CLOSE FRIEND, FAMILY MEMBER, EMPLOYER, OR NON-PROFIT
  • Seller CAN PAY UP TO 6% OF YOUR CLOSING COST!
  • NO Cash Reserves Required
  • Gap in Employment OK
  • Self Employed 2 Years OK
  • Permanent Alien OK
  • NO pre-payment penalty
  • We specialize in home loans for first time buyers

FHA Home Loans Are Fully Assumable with conditions***
Avrus Financial SM has been working with the FHA home loans program for over 20 years. We’re experts at assembling the proper paperwork and presenting your loan application to FHA approved lenders diligently and professionally. It’s one of the ways that we have earned our reputation for closing FHA home loans for first time buyers in Florida and Georgia on-time.

FHA Home Loans Offer the Convenience of Streamlined Refinance
An FHA streamline refinance is one of the most inexpensive, fastest and easiest home loans for borrowers. In most cases there is no appraisal needed, and since HUD approved you for the original FHA loan, the paperwork to refinance is minimal and the process is simple. This makes getting home loans for first time buyers fast and efficient.

If you have made Florida & Georgia FHA loan mortgage payments on time for the previous 12 months you will have the opportunity to lower your monthly payment. Under certain conditions, homeowners who might have been late on their FHA mortgage may still qualify for a streamline refinance. Contact your Avrus SM specialist to find out if you qualify.

Streamline Refinance Requirements

  • Your current mortgage must be an FHA mortgage.
  • You must have had your FHA Mortgage for at least 6 months.
  • You must have paid your mortgage on time for the most current 12 months.
  • Your FHA Streamline Refinance must lower the principal and interest portion of your mortgage payment by at least $50 or convert the mortgage from an ARM to a fixed rate FHA home loan.
  • You can’t get cash out on the FHA streamline refinance loan.
  • You must have an FHA appraisal if you are rolling the closing costs into the new FHA streamline refinance.
  • Any existing liens on your Florida or Georgia home must be subordinate to the new FHA mortgage.
  • Programs for Cashing Out Equity

A streamline refinance does not allow you to cash out equity. However, at Avrus Financial SM, we have a FHA home loan refinance program that is specifically designed for borrowers who want to cash out equity to consolidate debts, make home improvements or to access funds for other purposes.

Unlike many conventional loan programs, the FHA mortgage program does not adjust the loan rate based upon value or your credit score. You will find the FHA has very reasonable underwriting guidelines for cash out refinancing.

Avrus Financial SM has helped many clients borrow up to 85% of the appraised value of their homes and use the funds to consolidate debts, make home improvements or use it for other purposes. Qualified borrowers will have to look hard and far to find lower rates and better terms than the ones we offer at Avrus SM for Florida and Georgia FHA cash out refinancing!