FHA Mortgage Alternatives

Home Loan alternatives to the FHA Loan Program

When he was asked about why more FHA loan candidates in Florida and other states don't use the FHA home loan program, Bill Glavin, a HUD spokesperson, had this to say:

"We were kind of developing a reputation in the FHA for being slow, bureaucratic and hard to deal with, and some of those criticisms from the [mortgage and Real Estate] industry were kind of legitimate."

The South Florida Business Journal, May 18, 2007, quoted from an article about the current state of the FHA loan program and alternatives for Florida borrowers.

Well, at least he's honest.

For sure, there are shortcomings of the FHA home loan program that have frustrated Florida Refinance Loan applicants and potential home buyers in Boca Raton, Florida and beyond for many years.

And, for borrowers in no hurry, HUD is working on ways to improve the FHA loan program's record of taking 90-120 days to close home loans. In addition, they are working on loosening the very strict inspection and repair requirements that have made FHA loans so hard to close for so many Florida borrowers. Reform coming soon.

For Florida Home Buyers in the market right now, a loan today via an FHA Alternative home loan program may be better than waiting for planned reforms.

If you have less than perfect Credit and lack the down payment that qualifying for a traditional conventional mortgage requires, you are in for some good news.

Capital Lending Corp. can offer you an FHA Alternative Home Loan program that has the best features of an FHA loan without the restrictions, red tape, and burdensome requirements.

You will appreciate the speed and ease with which our Florida Lenders can get you from application and qualification to cleared to close and funded on your Florida FHA Alternative home loan.

You may want to speak to a Capital Lending Corp. loan representative about a FHA Alternative loan for your Florida home if you:

• Home buyers do not need to have the 3% Downpayment for a Florida home required under traditional FHA guidelines.
• Perfect for those who want to buy a Florida home more expensive than the FHA home loan limits, with limits that meet Jumbo Mortgage loan amounts
• Do you want to consider condominium living? (FHA does not generally approve Florida condo loans - this is due to strict association qualifying requirements) FHA alternative programs are available via Capital Lending Corp. and are an excellent financing option for condo buyers.
• Do you face difficulties in documenting your income because of self-employment or other reasons. Traditional FHA home loans require documentation of all sources of income used to qualify for the FHA loan. (It is, after all, a government program.) Once again, the FHA Alternative loan provides Florida borrowers with flexible stated income options.
• Need to close quickly. Despite efforts by HUD to improve the FHA home loan program, in Florida, few home buyers want to wait the extra time to close an FHA loan when such great FHA Alternative loans can close quickly and duplicate and exceed most features of an FHA loan.

An FHA Alternative home loan may be perfect for you if you are seeking an Affordable home loan option and do not have the FICO scores and deposit to qualify traditionally.

Call Capital Lending Corp. at 1-813-629-1111 to learn more about getting prequalified for an FHA Alternative loan in St. Petersburg, FL or any of the other great Florida communities we serve.