Florida Choice Mortgage
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FHA  FINANCING

Whether you are a first-time homebuyer or have owned a home before, you can purchase a Primary Home with FHA Financing.  Purchasing a home for the first time or at any time, can be an overwhelming process for some.  That is why we make sure to walk you through the process from beginning to end and answer any questions you may have.

An FHA loan is a specific mortgage product insured by the Federal Housing Administration and there are many advantages to an FHA loan such as:

  • Credit Scores as low as 500 are acceptable with 10% down
  • Credit Scores as low as 580 are acceptable with minimum 3.5% down 
  • Interest rates lower than Conventional Financing programs
  • Up to 6% seller contributions towards buyer's closing costs allowed
  • Gift of funds are allowed, if needed for down payment and/or closing costs.

FHA Financing
Waiting periods AFTER a Foreclosure, Short sale or Bankruptcy

After a Foreclosure - waiting periods to purchase/refinance are as follows...

  • 3 years from date the foreclosure's Certificate of Title was recorded in Public Records

After a Short Sale - waiting periods to purchase/refinance are as follows...

  • 3 years from date the short sale closing took place

After a Bankruptcy 7 - waiting periods to purchase/refinance are as follows...

  • 2 years from discharge date
 Money

CONVENTIONAL FINANCING

With Conventional Financing, you can purchase/refinance a primary, 2nd home or Investment home.

There are many advantages on a Conventional loan such as:

  • Scores as low as 620
  • 3% minimum down payment for first time home-buyers
  • Property taxes and property insurance escrows may be waived up to 95% Financing
  • Mortgage Insurance may be waived when financing over 80% (some restrictions apply)
  • Up to 6% seller contributions towards buyer's closing costs allowed
  • Gift of funds are allowed, if needed for down payment and/or closing costs

Conventional Financing
Waiting periods AFTER a Foreclosure, Short sale or Bankruptcy

After a Foreclosure - waiting periods to purchase/refinance are as follows...

  • 7 years from the date when the foreclosure's Certificate of Title was recorded in Public Record
  • If included in a BK 7, then the waiting period is 4 years from the BK discharge date

After a Short Sale or Deed in Lieu - waiting periods to purchase/refinance are as follows...

  • 4 years from the date of short sale closing
  • 4 years from date Deed in Lieu was recorded in Public Records

After a Bankruptcy 7 - waiting periods to purchase/refinance are as follows...

  • 4 years from the BK 7 discharge date
 Florida Home

Please feel free to contact us and we can discuss your current situation in further detail
and also discuss financing options available to you.