Florida FHA Loan and Down Payment Assitance Programs
What are Down Payment Assistance Programs?
If you are looking to buy a home, Down Payment Assistance (DPA) programs are there to help you obtain a mortgage while also helping you with your new home’s initial down payment. It’s not always easy to raise the entire amount on your own that you need to purchases a home, with many other finances under your belt or little wiggle room.
If you live in Florida, California (or Illinois – I am licensed in all three states) and you feel this way, you aren’t alone and I can help you get the Florida FHA loan you need. Although the funding for such programs are limited, it’s still possible for you to qualify for and obtain the needed help. However, you shouldn’t wait until it’s too late and the money has gone dry.
Why are Florida FHA Loan necessary for mortgage DPA in FL?
You see, things didn’t exactly pan out as anticipated by the FHA (Federal Housing Administration) and the HUD (Department of Housing and Urban Development) when the programs were brought to the table for homeowners. This was because many of the homeowners who did qualify defaulted on their mortgage loans.
One integral aspect of qualifying to receive mortgage DPA in Florida (or any state for that matter) is that you have to obtain a Florida FHA loan (or your respective state), which means it is a mortgage loan that is also insured by the FHA. Because of this, all of those defaulted FHA loans and debt fell on the FHA.
So Can I Still Get a Florida FHA loan and enroll in a mortgage DPA program in FL?
The reality is that after the circumstances the administration was left with, they re-evaluated how much funding would be available and really considered whether offering the assistance was generally good for the country and economies – from federal to local levels. However, there still are programs and funds available in Florida. This is why you should try to obtain your Florida FHA loan as soon as possible.
Besides a Florida FHA loan what else do I need to get my DPA?
Besides obtaining a Florida FHA loan what other requirements are needed to qualify when you apply?
- Your chances will increase tremendously if you are buying for the first time
- Having an income that is not any greater than 80 percent of your area’s median income level
- You will be given a minimum FICO score requirement
- Lastly, you also need to be an owner-occupier, meaning that you are the actually individual to reside in the purchased home
This mortgage blog post has been updated on May 5, 2015.