Based on mortgage and housing news over the past couple of years - it's not surprising that most Florida mortgage loan borrowers are looking at the home purchasing landscape as well... something pretty close to the Wild Wild West... or at minimum - the Wild! Good thing that Florida FHA mortgages are still the best way to go for first time homebuyers in Central Florida.

One of the things that caused a whole lot of trouble within the mortgage marketplace was the manner in which banks verified homebuyer bank statements to - oh, I don't know... see if they actually have MONEY IN THE BANK! (Sorry, channeled Sam Kinison there for a moment.)

Um Dude... FHA Downpayment Cash Can't Like... Magically Appear

See, with FHA mortgages in Florida and across the nation, it's always been the FHA's policy to want to see that home buyers have the required downpayment amount (now 3.5% of the home's purchase price) in the bank. The concept here is that if buyers have enough to cover this amount going back two bank statement's worth (60 days), then they have a statistically higher chance of properly attending to their mortgage. If the FHA Underwriter finds any monkey business going on over the past 60 days - large deposits for example - there's Gon' Be Son 'Splaynin' to do as to the reason and a need to document the source of the funds.

One of the great things about FHA loans for Florida homebuyers is that 100% of the money for closing can come from a family member or close friend. These are called gift funds and they're counted as your own money on FHA loans - so long as the proper paperwork and paper-trail is established.

Do NOT Let Me See 'Dat Bounce-da-Bounce!

Another thing FHA Underwriters are on the lookout for is any indication of Non-Sufficient Funds (NSFs) on your past 2 bank statements.  They see this and they'll know that you've written some rubber paper.  While the FHA does not maintain a laser focus on your actual credit score - they do like to know that you're "credit worthy."  Bounced checks make the FHA feel that you may not be that great at managing your cash - something that raises and eyebrow where a monthly mortgage payment is concerned.

With Florida FHA Mortgages - Experience Matters

Because FHA mortgages are government home loans, they can be quite difficult to pull together. For this reason, you really do need to work with an FHA expert if you want to increase your chances of getting approved.

Choose your Florida mortgage broker wisely.  Ask questions.  If they balk, move on.  Your First Home is too precious to mess around with.