Winter Haven, FL: 5 FHA Secrets You Need to Know

In my continued efforts to clear up some of the mystery that still seems to surround FHA lending here in Winter Haven, Florida – I’ve pulled together 5 “Quick Hit” FHA secrets you should keep handy as you do your home loan homework!

  1. When using a non-occupant co-borrower, such as parents, the occupant borrower is not required to have any income or assets of his/her own
  2. 2- to 4-unit owner-occupied properties are eligible for 97% financing at the same interest rate as 1-unit homes
  3. Mom and Dad can lend, not gift, some or all of the money for closing, and put a second lien against the home that exceeds 100% Loan to Value (LTV = Loan Amount / Home’s Value)  Note: The $7,500 First Time Homebuyer Tax Credit can be used to pay Mom and Dad back!
  4. 15 year loans at 90% LTV have ZERO monthly mortgage insurance requirements
  5. FHA has NO declining market policy reductions in LTV.  (Loans over $417,000 in declining markets use the lesser of two appraisals to determine value)

These are just a few things to keep in mind as you look into FHA loans to fund the purchase or refinance of your Winter Haven home.  If you’re considering a Winter Haven, Florida home purchase or refinance using an FHA loan, give me a call at 863-604-3019.  We’ll go over your financial situation and make sure things are in order.

Apply for a Florida FHA Home Loan Today


Kevin Sandridge
The Florida Mortgage Pro
Signature Home Funding
410 Laurel Cove Way
Winter Haven, FL 33884
Mobile: 863-604-3019
Fax: 888-496-0265

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MyFHAblog.com is a National group of FHA Mortgage professionals who share the same commitment to education, transparency and integrity in lending.

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Since the mortgage landscape is constantly changing with new lending laws, available loan programs and FHA mortgage guidelines, we can serve our local markets more efficiently by combining our resources and expertise.

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