New year, new decade––make it a year to remember with a new home! Whether you’re ready to give up the renter life or you’ve outgrown your current home, the latest FHA financing updates are making more homes attainable, as the maximum home price to qualify has increased from $369,990 to $386,990. Forget about renewing your lease or settling for a home because your budget is limited––owning your dream home in South Florida will certainly be possible with the help of this distinctive, federally backed loan. But before you start scrambling online for the best home options, it’s important to remember other must-know FHA qualifications and limits. These include:
- Credit score of at least 580 to qualify for a down payment of 3.5%
- Maximum debt-to-income ratio of 43%
- Steady employment and proven income
- Mortgage insurance is required
- Property must meet FHA minimum safety standards– Lennar will take care of that part, of course!
- Maximum loan amount is $373,500
Ideal for first-time buyers, though not exclusive to them, these new FHA requirements will allow you to afford more home without having to show a seemingly higher credit score or give a hefty down payment upfront. This is especially useful when you consider other home-buying costs, such as taxes, closing costs, and moving.
Now that you have a little bit more information on FHA requirements, it’s time to find the space that’s right for your family. Keep reading to learn more about three brand-new, up-to-code, and newly eligible home designs within some of Lennar’s Miami-Dade communities that now have a seat at the FHA table.
AquaBella, a lakefront Lennar community in Hialeah, features the enviable Bloom Collection, offering lovely new townhomes, among them the new Tiffany floorplan. Free-flowing interiors, four bedrooms, a private patio, and 1,905 square feet of air-conditioned space, this two-story haven is a great choice for your first home. An exceptional value that embraces contemporary needs, the Tiffany (like every new Lennar home) is Wi-Fi CERTIFIED™ for your convenience and comfort.
Two luxurious clubhouses will add to the temptation of living in AquaBella, with resort-style amenities such as sparkling pools, sundecks with luxurious cabanas, and a kids’ water park. A fully equipped fitness center removes the need for a separate gym membership, with the added convenience of being able to exercise in your community. Party rooms and outdoor grilling stations are also available, offering an array of backdrops for everything from casual get-togethers to professional meetings and over-the-top celebrations. You might be shocked that all of this can be yours to enjoy for a relatively low price––make sure you take advantage!
If you wish to upgrade your home and still benefit from enticing community amenities, Campo Bello in Miami is a great choice, now that all its new single-family homes meet FHA requirements! While we’re talking about savings, you’ll benefit tremendously from Lennar’s standard Everything’s Included®package, which equips all new Lennar homes with value-driven features and finishes. A complete stainless steel appliance package, personalized choices for cabinets, flooring, and finishes, and much more are all accounted for in the price of your home! Choose from three accessibly priced floorplans and discover home as it should be: prepare delicious homemade treats in your chef-inspired kitchen, share precious family moments in your lavish common areas, and enjoy being conveniently located near everything your family will need
A third community with newly FHA-qualifying floorplans is Portovita. Surrounding a glistening lake, this new community of estate homes in Homestead boasts several impressive home designs that are ideal for modern families. An excellent example is the Harbor, a two-story estate with 2,527 square feet of air-conditioned space. Inside this desirable home, every turn is met with smartly designed spaces for comfortable, yet connected living. And, steps from your home, the exquisite Portovita clubhouse will ensure your new lifestyle is one of recreation and leisure, where you can mingle with neighbors while the kids make new friends.
With FHA limits stacked in your favor and many newly eligible floorplan designs to choose from, 2020 is the perfect year to seal the deal on your dream home. Come visit one of our Welcome Home Centers and unlock the key to a wonderful future!
Disclaimer: FHA statements are based on currently available information from https://www.eaglehm.com/home-loan-options/fha-loan, and on current market conditions and should never be relied upon. Market rates are based on market trends and other factors that can cause predictive statements to differ materially. This statement is no guarantee of the present or future market conditions and market values. You should consult your own accounting, legal and tax advisors to evaluate the risks, consequences and suitability of any real estate transaction. Financing available through seller’s affiliate Eagle Home Mortgage, (See Affiliated Business Arrangement Disclosure), but use of Eagle not required to purchase a home. FHA program requires a minimum of 3.5% down payment. Eagle Home Mortgage, LLC -NMLS # 1058, Mortgage Lender/Servicer License # MLD549. Features, amenities, floor plans, elevations, and designs vary and are subject to changes or substitution without notice. Items shown are artist’s renderings and may contain options that are not standard on all models or not included in the purchase price. Availability may vary.Square footage is estimated; actual square footage will differ. Garage/bay sizes may vary from home to home and may not accommodate all vehicles. Price is subject to change without notice. Please see your New Home Consultant and/or home purchase agreement for actual features designated as an Everything’s Included feature. This is not an offer in states where prior registration is required. Void where prohibited by law. Copyright © 2020 Lennar Corporationand Eagle Home Mortgage, LLC. Lennar, the Lennar logo, Eagle Home Mortgage, the Eagle logo, Everything’s Included, the Everything’s Included logo, Next Gen, and the Next Gen logo are U.S. registered service marks or service marks of Lennar Corporation and/or its subsidiaries. Date 01/20.
For information about the Wi-Fi Alliance® program guidelines for Wi-Fi CERTIFIED™ Home Designs, see the Wi-Fi Alliance® website at www.wi-fi.org. Features, amenities, floor plans, elevations, and designs vary and are subject to changes or substitution without notice. Items shown are artist’s renderings and may contain options that are not standard on all models or not included in the purchase price. Availability may vary. Sq. ft. is estimated; actual sq. ft. will differ. Please see your New Home Consultant and/or home purchase agreement for actual features designated as an Everything’s Included feature. Plans to build out this neighborhood as proposed are subject to change without notice.