HUD Insured FHA Loan Programs

Few people realize that the FHA loan program was created when the Federal Government passed the National Housing Act in 1934 during the height of the Depression era. Little did anyone know that this small piece of landmark legislation would literally open the doors to home ownership for millions of families for decades to come via the FHA loan program.

The Federal Housing Administration or the FHA as it is popularly referred to, administers several home loan programs designed to assist low and medium income families in attaining home ownership. More importantly, the FHA loan program can help participants stay Home Owners until the mortgage is fully paid off. FHA's primary function is not to provide the funding for an FHA loan, but to fully insure the mortgages and facilitate the smooth processing of mortgages through accredited mortgage companies such as Hallmark Mortgage Services.

Florida FHA Housing Loans; Your Pathway to Home Ownership

What makes our Florida FHA home loan program such an incredibly attractive proposition and a "win - win" deal for everyone is that it is based on fundamentals that are easy to navigate and comprehend. Let us say that you were planning to buy a home but didn't have the ten percent of the home's purchase price you would generally need to put down as a down payment. For the Florida FHA single family home loan, you only need three percent of the total purchase price as a down payment. Moreover, this down payment amount can be a gift from parents, relatives, an NGO, a charity or even a close friend.

Our Florida FHA home loans are insured by the US Federal Government which means that if you are unable to meet your financial obligations due to reasons beyond your control, the lending institution that initially granted you the home loan does not have to incur any losses. Further, HUD offers you, the homeowner, far more opportunities to KEEP your home during financial difficulties versus what you would be granted via a traditional Florida home loan.

As long as you meet all of the eligibility criteria for an FHA insured mortgage, Hallmark Mortgage Services can process your loan documents and grant you a home loan. One of our qualified and experienced loan consultants can help you complete the application process and help organize your support documents. Why not call today 1-866-358-2898 or just use our quick mortgage application for more information.

General Eligibility Requirements for FHA Home Loans

Hallmark Mortgage Services offers several Florida FHA home loan programs to its customers. Since eligibility requirements vary depending on which loan program interests you, we recommend that you call and speak to one of our loan consultants at 1-866-358-2898 or use our quick mortgage application. General eligibility and pre-qualification requirements are as follows:

• A recent stable credit history and documented evidence of steady monthly income so that you can make your monthly mortgage payments in a timely manner
• Both short-term and long-term debt should not exceed 41% of monthly gross income
• Ability to pay 3% of the home's purchase price as down payment either through savings or through HUD approved means
• Ability to pay closing costs which may range from 3 to 6% of the home's purchase price either through savings, seller contribution or through other HUD approved means

Provisions of the Florida FHA Home Loan Program permit the home seller to pay almost all of the closing costs such as the loan processing fee, document preparation fees, home inspection costs, and other minor related expenses. Further, the Florida FHA loan program restricts the types of fee's you are responsible for as the home buyer. If you work for the US Army, Navy or Air Force, or if you qualify as US defense personnel, you may have to pay only 2.25% as your down payment instead of the customary 3% of the home's purchase price. At Hallmark Mortgage Services we determine the upper loan limit on a case by case basis in accordance with FHA guidelines. Why not call today at 1-866-358-2898 or use our quick mortgage application to find out the loan limits for your community!

Qualifying for FHA Home Loans with Poor Credit

Having filed for bankruptcy or having gone through a foreclosure does not necessarily disqualify you from applying for a Florida FHA home loan. In some instances, you will have to wait for a maximum of two to three years before you qualify. However, depending upon the circumstances, some Home Buyers may qualify in as little as 12 months after the date of bankruptcy discharge. Why not call today at 1-866-358-2898 or use our quick mortgage application to ask one of our Florida loan consultants to provide you with more information.

More Good News about FHA Home Loans

Lets assume for a moment that you qualify and are granted a Florida FHA loan to purchase your dream home. Once you pay off the mortgage in full, the FHA rewards you by refunding to you a small portion of the insurance premium in your escrow account. These premiums are part of what you originally paid in "Up Front MIP Insurance" that insured your mortgage against loss. This amount varies, but can be as much as $1,000.

The FHA Home Loan Bouquet

Here are some of the Florida FHA loan programs we can help you with. Please call us at 1-866-358-2898 or use our quick mortgage application for more information:

• 203K - Subsidized home improvement loan
• Access 2000 - Full financing of the mortgage through a Second Mortgage
• Cash-Out Refinance Loans - Up to 85% of the home's value during refinancing
• FHA Streamline Refinance Loan - Straight rate and term refinance of existing FHA loans.
• CHDAP - Full financing using a second mortgage
• CHFA Loans - Special loan program for those with limited income
• FHA Adjustable Rate Mortgage (ARM) Loan - Standard ARM loan
• FHA Buydown Loan - FHA 1/1 or 2/1 buy down loan
• FHA Reverse Mortgage - HUD reverse mortgage for senior citizens over 62 years
• Fixed Rate FHA Home Loan - Standard Fixed Rate loan and includes the financing of mobile home and land.
• Home Improvement Title - Second mortgage insured by the FHA
• Officer Next Door - 50% off on homes and financing for police personnel
• Single Family Home - Standard FHA loan also known as the 203(b) loan
• Teacher Next Door - 50% off on homes and financing for school teachers

The Federal Housing Administration, which is an agency of the US Department of Housing and Urban Development (HUD), has piloted what is believed to be by far the most successful and purpose-driven Federal program in U.S. history. Why not apply for a Florida FHA housing loan from Hallmark Mortgage Services and let us help you transform your dreams into reality? Call today at 1-866-358-2898 or just use our quick mortgage application to learn more.