First Time Home Buyers Bad Credit Florida Mortgage Guidelines

This BLOG On First Time Home Buyers Bad Credit Florida Mortgage Guidelines Was Updated On December 3rd, 2018

What are Florida Mortgage Guidelines

Florida was one of the hardest hit states in the nation by the 2008 Real Estate Meltdown.

  • Cities like Miami, Boca Raton, Naples, Tampa, Palm Beach, Orlando, Sarasota, Jacksonville has been hit hard by the Great Recession of 2008
  • Home values in Florida has been increasing double digits from late 1990’s every year until the real estate market crash put an end to it
  • Florida real estate values started plummeting like never in state history
  • Florida was one of the most disastrous free fall in real estate history
  • Countless of Floridians filed bankruptcy, lost their businesses, lost their jobs, lost their homes
  • Countless of Florida homeowners were left with homes with Negative Equity

In this article, we will discuss and cover how first time home buyers can qualify for a mortgage with bad credit.

Recovery Of Florida Housing Market

Right around 2010 is when the Florida Housing Market has started to recover.

  • Good news is that every year since the recovery of the Florida housing market, there does not seem like there will be a correction
  • Many Florida homeowners who cling on to their Florida homes with underwater mortgages have recovered
  • Many who thought they could never sell their Florida homes after the market collapse saw that now they have options to sell their homes

Homebuyers who purchased homes in Florida in 2010 have seen high appreciation.

Buying Home In Florida With Bad Credit

how to buy a home in florida with a bad credit

FHA Loans are the most popular residential home loan program for home buyers with bad credit.

Buying a home, especially First time home buyers bad credit, can be very confusing and intimidating after bankruptcy and/or foreclosure.

  • Applying for a Florida mortgage is a simple task
  • Homebuyers need to be organized and involves accumulating a lot of documents
  • Homebuyers can qualify for FHA Loans with bad credit
  • Minimum credit score requirements for FHA Loans is 580 FICO
  • Minimum down payment on FHA Loans is 3.5% down payment
  • Unpaid collections and charge off accounts do not have to be paid in order to qualify for FHA home loans

We have a large variety of first time home buyer programs and resources to help our clients make the right choices.

First Time Home Buyers Bad Credit Prep Program

Our free first time home buyers bad credit education program was designed to give home buyers the confidence and knowledge to attain home buying goals. Borrowers can qualify with minimal problems while saving money and taking the stress out of the mortgage process.

  • In most cases, you will be able to receive a 1 one 1 session with one of our home buying education specialists

This program was designed to promote homeownership for first time home buyers bad credit Florida.

FAQ By First Time Home Buyers

What are frequently asked questions from home buyers for the first time

The following are some of the many frequently asked questions by first time home buyers:

  • How much home can I afford?
  • How to overcome credit problems
  • How to buy a first home with bad credit
  • What’s the difference between FHA, Conventional, Jumbo,  and NON-QM mortgage loans?
  • What type of mortgage is best: fixed or adjustable?
  • Are all FHA Lenders the same?
  • What are FHA Lender Overlays
  • The pros and cons of using a buyer’s real estate agent
  • Should you use one?
  • How to know if you have REALLY found the right home

Most sessions can be held via telephone, email, or in person and last only as long you wish them to.

To schedule a session with one of our first time home buyer education specialists, please contact us at .

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