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The Florida FHA Loan Guide and More!

It's your lucky day to receive back-to-back food reviews for Boston restaurants! I ended up spending a few extra days up north, and with that, I had the pleasure of having brunch at Six West! It is located just over the Broadway Bridge at the entrance to South Boston, just minutes from downtown. They offer breakfast, lunch, dinner, and all-day light bites in an intimate setting and both indoor and outdoor seating (outdoor seating is seasonal, of course).

I started things off with an Espresso Martini. It was so good and had no cream (I wouldn't say I like cream). It was made just the way I like it! The Avocado Toast was great. There was a pleasant surprise of an over-easy egg, balsamic tomato glaze, and pecorino. This was my favorite dish; top-notch; I would highly recommend it! Next was the Gazpacho, which comes with tomato, cucumber, peppers, olive oil, and summer herbs. I'll be honest, it was fresh but could have used more flavor. The truffle French Fries are a must. McDonald's should steal their recipe; it's that good! They get an A for this as the fries were crispy, thin, and topped with parmesan. They nailed it! I ended my meal with the oysters. They were okay, but unfortunately, they didn't have the horseradish, which I like. They were nice and fresh but not outstanding. If it came with horseradish, this dish would have been fantastic.

If I only got the Martini, Avocado Toast, and Truffle Fries, this would have been an easy A. But the other dishes didn't live up to par, so I can't grade them as high as I'd like. For brunch, I would rate this a 7.2 out of 10. The service level was exceptional. The bartender was on point; they had a fantastic view and a great atmosphere. The food comes out fast, too! I would recommend this place to anyone, and take advantage of the incredible avocado toast!

Phil Foodie 729

Send me your recommendations!

This week's newsletter will discuss what you need to know about FHA loans. The FHA guarantees mortgages, thereby reducing risks for lenders and making it easier for institutions to finance eligible participants. The department's guarantee is why many lenders are willing to offer 96.5% financing and allow borrowers to put down as little as 3.5% on qualified homes. Otherwise, if it weren't for the FHA's backing, homeownership would still be a distant dream for many US citizens. We will focus on three critical aspects of an FHA loan.

  1. FHA Eligibility Requirements
  2. Low Down Payment
  3. Flexible Credit Requirements

1. FHA Eligibility Requirements

Borrowers must have a valid Social Security number, be lawful residents of the United States, and have peaked employment or income stability. They must also be of legal age to sign a mortgage in their state. Additionally, borrowers must have a minimum credit score of 580 to qualify for the reduced down payment option of 3.5%. If you have a credit score below 580, you can still qualify for an FHA loan but must make a down payment of at least 10%. Borrowers must also pay a mortgage insurance premium, which helps protect the lender in the case of default. An FHA loan can be an excellent option if you meet these requirements.

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2. Low Down Payment

The most significant benefit of an FHA loan is its low down payment requirements, typically at 3.5%. You can certainly put more than 3.5% down, so you are not stuck at that number. This is a tremendous advantage for first-time homebuyers, as well as buyers who have limited funds. Conventional loans typically require a 20% down payment to avoid mortgage insurance, so more cash upfront. Another benefit the FHA allows is using gift funds for a down payment. The gift must come from an immediate family and is relatively straightforward. Even if you do not have the cash to put down 3.5%, the FHA has made it doable to get done by obtaining gifts.

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3. Flexible Credit Requirements

Another benefit of FHA loans is the flexible credit requirements. If you have blemishes on your credit report, such as derogatory's or other harmful aspects on your credit report, you still have a strong chance of qualifying. If you have recently gone through a bankruptcy or foreclosure, an FHA loan could be a good option for those borrowers. As long as you can show that you've taken the necessary steps to improve your credit, you should still be able to qualify for an FHA loan. You also must have a valid social security number, be lawful residents of the United States, and have peaked employment or income stability. If you're worried that your credit might not be good enough for a traditional mortgage, an FHA loan could be an excellent option.

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Interested in learning about becoming a resident in Florida or moving there? Read more.

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