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FHA Loans

Buying your first home?

If you are a first-time home buyer or have bought a home before and have less than perfect credit you have come to the right place. At Orlando Financial Center our FHA home loan specialists will take you through the loan process step-by-step.

The FHA loan program was created to help increase homeownership. The FHA program makes buying a home easier and less expensive than other types of real estate mortgage home loan programs. Some highlights of the FHA loan program are:
Minimal Down Payment and Closing Costs.

  • Down payment is  3.5% of sales price.
  • A gift for the down payment and closing costs is allowed.
  • No reserves are required.  
  • Seller can credit up to 6% of sales price towards buyers costs.
Easier Debt Ratio & Job Requirement Guidelines such as:
  • Higher Debt Ratio's than other home loan programs.
  • Less than two years on the job is allowed.
  • Self-Employed individuals ok.
In most cases, when you obtain an FHA Loan, lenders can offer you lower, more affordable rates. This is possible because the FHA insures lenders, so they have less risk by taking you on as a borrower. FHA loans are funded by financial institutions such as mortgage centers or banks. The Federal Housing Administration is a branch of the Department of Housing and Urban Development and provides lenders with insurance on your loan. The FHA is here to help you become a homeowner.



Is FHA financing complicated?

Years ago, FHA financing was more complicated than conventional financing. However changes over the years have streamlined the FHA loan process and in many cases, FHA home loans are easier than conventional financing.

Who qualifies for a FHA home loan?

The program is open to virtually everyone. There are a few restrictions placed upon credit and residency that may preclude someone from obtaining a FHA home loan.

Is there a maximum amount I can borrow?

Yes, FHA regulates the maximum mortgage amount. The current limit is $314,827 for the following e Central Florida Counties:

Orange County    
Osceola County    
Seminole County  
Volusia County     
Lake County         
Polk County          

Is it true that the down payment can be gifted?

Yes. Current FHA guidelines permit a relative, a governmental agency, or approved non-profit organization to gift the borrower's down payment. A gift, according to HUD, is just that--a gift. HUD does not permit the borrower to repay the gift as a stipulation of giving the gift.

What is the minimum amount of money I need to buy a home with a FHA mortgage?

The National Housing Act requires the minimum cash investment to be 3.5% of the sales price. 

I have had a bankruptcy in recent years. Can I get a FHA loan?

Generally a bankruptcy will not preclude a borrower from obtaining a FHA loan. Ideally, a borrower should have re-established a minimum of two credit accounts (such as a credit card, car loan, etc.) and wait 2 years since the discharge of a Chapter 7 bankruptcy or have a minimum of 1 year of repayment with a Chapter 13 (the borrower must also seek permission of the courts to allow this). Furthermore, the borrower should not have any late payments, collections, or credit charge-offs since the discharge of the bankruptcy.

Are copies of tax returns required for a borrower with self-employment or commission income?

For self-employed borrowers, the lender must obtain complete individual federal income tax returns for the most recent 2 years, including all schedules. The borrower’s business tax returns for the most recent 2 years must also be obtained unless the following criteria are met:
• individual federal income tax returns show increasing Self-Employment Income over the past 2 years;
• funds to close are not coming from business accounts; and
• the mortgage to be insured is not a cash-out refinance. 

A year-to-date Profit and Loss (P&L) statement and balance sheet must be obtained if more than a calendar quarter has elapsed since date of most recent calendar or fiscal year-end tax return was filed by the borrower. A balance sheet is not required for self-employed borrowers filing Schedule C income. If income used to qualify the borrower exceeds the 2 year average of tax returns, an audited P&L or signed quarterly tax return must be obtained from the IRS. 

For Commission Income less than or equal to 25 percent of the borrower’s total earnings, the lender must use traditional or alternative employment documentation.  For Commission Income greater than 25 percent of the borrower’s total earnings, the lender must obtain signed tax returns, including all applicable schedules, for the last 2 years.  


If you have any questions with regards to FHA loans, please call 407-839-6060 or Email:

Office:  (407) 839-6060
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