Hello readers, this week I completed my required continueing education for my State of Florida real estate broker's license, and I took a four hour course in FHA financing.
Enjoy a new home surrounded by nature on Pine Island, Florida
I was glad to learn the ins and outs of FHA financing from Scott Digregoria at Primary Residential Mortgage (http://www.ftmyersmortgageexpert.com/). At least half of the homes for sale on Pine Island right now qualify for FHA financing...right now the financing limit is $356,250 in Lee County, but soon (probably this December) will be rolled back to $271,000. Even so, at least 80 single family homes on Pine Island will qualify for FHA financing, even when the allowed amount of financing is rolled back.
In order to qualify for an FHA loan, the basics for a buyer are:
* Home is to be purchased will be primary residence
* US Citizen or Permanent Resident Alien
* Credit Score 640 or better
* Three Years Continuous Income
* Debt to Income Ratio no more than 59.9%
Single family homes, attached townhouses and duplexes (or up to four units in one building) qualify, but generally speaking, condominiums do not. (There are exceptions, but none on Pine Island.)
FHA loans make it easier to qualify for a loan, because a down payment of as little as 3.5% of the purchase price is required. For more information about Pine Island, Florida homes that will qualify for FHA financing, please contact me, Erika Foye, Real Estate Broker for All Island Realty, Inc. at erikafoye@embarqmail.com. I am an accredited buyers representative.
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