FHA & VA Loans

FHA

Government loans offer an excellent opportunity for individuals with good income but little assets or limited credit. FHA guideline falls between Conforming and Alternative Lending using expanded ratios and use of gift funds. Many individuals that do not quite meet FNMA guidelines but are not "credit impaired" can take advantage of expanded government guidelines. It is often the property itself that precludes FHA financing and not the borrower. With as little as 3% down payment a borrower can move from renting to home-ownership!

Call for complete guideline which may affect your purchase prior to making an offer. A well structured offer can facilitate loan processing.
Up to 97% Financing!
Ratios used to qualify:
29% of income towards housing, 41% of income towards total debt.
Ability to build "alternative credit" by using utilities,telephone, auto insurance or any other items paid monthly that do not appear on a credit report.
90% of the rental income from a second unit of a duplex is credited as income.
Mortgage insurance is required on all loans except for loans on condos. MIP (mortgage insurance premium) is 1.5% of the base loan and may be financed.
Maximum loan amounts vary depending on the county in which the property is located. See below for Florida County loan limits.
There are items that an FHA borrower is not permitted to pay. These items total approximately $685. Contact me prior to making an offer for current fees and proper documentation needed for an FHA transaction.
Properties must be FHA approved. Single Family residences are automatically approved, but condo's or Planned Unit Developments must be approved by HUD. Usually, the builder applies to HUD for whole project approval, but "spot approval" is often possible.
100% of the funds needed for the transaction may be a gift from a relative.

FHA Loan Limits by Florida County:

Mortgage maximums as of Wednesday January 16, 2002
MSA Name County Name One-Family Two-Family Three-Family Four-Family Last Updated
GAINESVILLE, FL, (MSA) ALACHUA $144,336 $184,752 $223,296 $277,512 01/02/2002
NON-METRO BAKER $144,336 $184,752 $223,296 $277,512 01/02/2002
PANAMA CITY, FL, (MSA) BAY $144,336 $184,752 $223,296 $277,512 01/02/2002
NON-METRO BRADFORD $144,336 $184,752 $223,296 $277,512 01/02/2002
MELBOURNE-TITUSVILLE-PALM BAY, BREVARD $144,336 $184,752 $223,296 $277,512 01/01/2002
FORT LAUDERDALE, FL, (PMSA) BROWARD $172,425 $194,205 $235,950 $277,512 01/01/2002
NON-METRO CALHOUN $144,336 $184,752 $223,296 $277,512 01/02/2002
PUNTA GORDA, FL, (MSA) CHARLOTTE $144,336 $184,752 $223,296 $277,512 01/02/2002
NON-METRO CITRUS $144,336 $184,752 $223,296 $277,512 01/02/2002
JACKSONVILLE, FL, (MSA) CLAY $144,336 $184,752 $223,296 $277,512 01/01/2002
NAPLES, FL, (MSA) COLLIER $199,500 $224,700 $273,000 $315,000 01/01/2002
NON-METRO COLUMBIA $144,336 $184,752 $223,296 $277,512 01/02/2002
MIAMI, FL, (PMSA) DADE $161,500 $184,752 $223,296 $277,512 01/01/2002
NON-METRO DE SOTO $144,336 $184,752 $223,296 $277,512 01/02/2002
NON-METRO DIXIE $144,336 $184,752 $223,296 $277,512 01/02/2002
JACKSONVILLE, FL, (MSA) DUVAL $144,336 $184,752 $223,296 $277,512 01/01/2002
PENSACOLA, FL, (MSA) ESCAMBIA $144,336 $184,752 $223,296 $277,512 01/02/2002
DAYTONA BEACH, FL, (MSA) FLAGLER $144,336 $184,752 $223,296 $277,512 01/02/2002
NON-METRO FRANKLIN $144,336 $184,752 $223,296 $277,512 01/02/2002
TALLAHASSEE, FL, (MSA) GADSDEN $144,336 $184,752 $223,296 $277,512 01/02/2002
NON-METRO GILCHRIST $144,336 $184,752 $223,296 $277,512 01/02/2002
NON-METRO GLADES $144,336 $184,752 $223,296 $277,512 01/02/2002
NON-METRO GULF $144,336 $184,752 $223,296 $277,512 01/02/2002
NON-METRO HAMILTON $144,336 $184,752 $223,296 $277,512 01/02/2002
NON-METRO HARDEE $144,336 $184,752 $223,296 $277,512 01/02/2002
NON-METRO HENDRY $144,336 $184,752 $223,296 $277,512 01/02/2002
TAMPA-ST. PETERSBURG-CLEARWATE HERNANDO $144,336 $184,752 $223,296 $277,512 01/02/2002
NON-METRO HIGHLANDS $144,336 $184,752 $223,296 $277,512 01/02/2002
TAMPA-ST. PETERSBURG-CLEARWATE HILLSBOROUGH $144,336 $184,752 $223,296 $277,512 01/02/2002
NON-METRO HOLMES $144,336 $184,752 $223,296 $277,512 01/02/2002
NON-METRO INDIAN RIVER $144,336 $184,752 $223,296 $277,512 01/02/2002
NON-METRO JACKSON $144,336 $184,752 $223,296 $277,512 01/02/2002
NON-METRO JEFFERSON $144,336 $184,752 $223,296 $277,512 01/02/2002
NON-METRO LAFAYETTE $144,336 $184,752 $223,296 $277,512 01/02/2002
ORLANDO, FL, (MSA) LAKE $144,336 $184,752 $223,296 $277,512 01/01/2002
FORT MYERS-CAPE CORAL, FL, (MS LEE $144,336 $184,752 $223,296 $277,512 01/02/2002
TALLAHASSEE, FL, (MSA) LEON $144,336 $184,752 $223,296 $277,512 01/02/2002
NON-METRO LEVY $144,336 $184,752 $223,296 $277,512 01/02/2002
NON-METRO LIBERTY $144,336 $184,752 $223,296 $277,512 01/02/2002
NON-METRO MADISON $144,336 $184,752 $223,296 $277,512 01/02/2002
SARASOTA-BRADENTON, FL, (MSA) MANATEE $144,336 $184,752 $223,296 $277,512 01/01/2002
OCALA, FL, (MSA) MARION $144,336 $184,752 $223,296 $277,512 01/02/2002
FORT PIERCE-PORT ST. LUCIE, FL MARTIN $144,336 $184,752 $223,296 $277,512 01/01/2002
NON-METRO MONROE $227,050 $255,730 $310,700 $358,500 02/22/2001
JACKSONVILLE, FL, (MSA) NASSAU $144,336 $184,752 $223,296 $277,512 01/01/2002
FORT WALTON BEACH, FL, (MSA) OKALOOSA $144,336 $184,752 $223,296 $277,512 01/01/2002
NON-METRO OKEECHOBEE $144,336 $184,752 $223,296 $277,512 01/02/2002
ORLANDO, FL, (MSA) ORANGE $144,336 $184,752 $223,296 $277,512 01/01/2002
ORLANDO, FL, (MSA) OSCEOLA $144,336 $184,752 $223,296 $277,512 01/01/2002
WEST PALM BEACH-BOCA RATON, FL PALM BEACH $146,300 $184,752 $223,296 $277,512 01/01/2002

This is a listing of the FHA single family mortgage limits. This listing was downloaded from the Department's Computerized Home Underwriting Management System. Since mortgage limits are updated constantly, please contact the Homeownership Center if you believe this information is in error.

VA

VA financing is available only to Veterans and their spouses. Over 100% of the value of the home may be financed which allows for closing costs to be financed. Only one VA loan may be outstanding at any time for an individual and is for primary homes only.

A Certificate of Eligibility and DD-214 will be required prior to loan submission. If you plan on making a purchase you should request all documents from the Dept. of Veteran Affairs as soon as possible.
VA loans may be assumable to qualified borrowers.
There are several costs a Veteran is not allowed to be charged. Contact me prior to making your offer on amounts for which the seller is responsible.
A 2.25% funding fee is charged on all VA loans, which may be financed.