• Florida Mobile home loan financing, up to 97% w 580 FICO

    Home Loans 30.01.2010 Comments Off
    FHA home loan Lender


     Florida FHA manufactured home loans, Florida Mobile home loans

    Florida Mobile home loan financing, up to 97% w 580 FICO

    Florida mobile or Florida manufactured home buyers should know the many advantages of the FHA mortgage loan programs. FHA loans were created to help increase Florida home ownership. For the Florida home buyer the FHA program can simplify the purchase of a home, making financing easier and less expensive than a conventional mortgage loan product. Some highlights of the Florida FHA loan program include:

    For Florida mobile or Florida manufactured home buyers FHA guarantees “eligible” Florida loan applicants the ability to obtain Florida mortgages on manufactured homes with No money or Little money down .FHA loans feature low down payments and flexible guidelines to make it easier to for Florida homebuyers to qualify! FHA loans are popular with Florida first time home buyers but they can be equally attractive to Florida move-up buyers and Florida homeowners looking for a home improvement loan. With an FHA loan you can borrow up to 97% of the purchase price of the Florida home. Please keep in mind that the FHA home loan will be based on the homes purchase price or the appraised value.

    Minimal Down Payment and Closing costs.

    Down payment less than 3% of Sales Price Gifts are allowed Seller can credit up to 6% of sales price towards closing and prepaid costs. 100% Financing available No reserves required. FHA regulated closing costs.

    Easier Credit Qualifying Guidelines such as:

      No minimum FICO score or credit score requirements. FHA will allow a home purchase 1 year after a Bankruptcy. FHA will allow a home purchase2 years after a Foreclosure.

    Apply Today for an FHA Home loan at

    http://www.fhamortgagefhaloan.com/

     Florida FHA mobile home loans

     FHA Mobile Home Lending Guidelines

    The Department of Housing and Urban Development (HUD) sets forth these guidelines for determining if a Florida mobile or manufactured home qualifies for an FHA mortgage loan in Florida:

    The Florida mobile or Florida manufactured home must be constructed in accordance with the Federal Manufactured Home Construction and Safety Standards. A red tag is attached to the rear of each section of homes that comply with the standards. The Florida home must be taxed as real estate by the local tax assessor’s office. The Florida mobile or Florida manufactured home must have been built after June 15, 1976. The Florida mortgage must have a term of at least 30 years from when amortization begins. The mobile home or Florida manufactured home must be on a permanent foundation. The axles and tongue must be removed from the Florida mobile or Florida manufactured home. The Florida mobile home or manufactured home must have adequate skirting and insulation, and the crawl space must have adequate ventilation.

    If you would like to determine if your Florida mobile or Florida manufactured home meets the guidelines for section 184 financing from FHA, call one of our Florida mortgage pros at 1-800-570-0448. We’ll be glad to help you determine if the property that you are interested in can be used as collateral for a  Florida FHA mobile home mortgage.

    Florida Manufactured  Home Loans

    http://www.FHAMortgagePrograms.com offers several options for Florida mortgage applicants looking for FHA financing for a Florida mobile or manufactured home with land. The truth is with Florida annual double digit appreciation on Florida homes and Florida payrolls lagging behind at 6% or less, traditional Florida homes are becoming far out of reach of the average Florida mortgage applicant. At we recognize the Florida housing trends and know that Florida manufactured homes offer great value with terrific per square foot pricing that today’s traditional Florida homes simply can’t compare. Refinancing a Florida Manufactured or Florida mobile home today is not nearly as difficult as you might think. visit www.FHAmortgagePrograms.com for more information.

    Years ago, Florida mobile homes were considered substandard and were not held in high regard by those who owned one. Today’s Florida manufactured homes sure has gone a long way to changing that opinion. Many Florida Manufactured homes offer great amenities that would cost you tens of thousands of dollars more to achieve with a traditional Florida home. Better still, today’s Florida mobile homes are actually built to a higher standard than those required for traditional block homes. For instance, in Florida , it is not uncommon to see a 1900 square foot middle class home on the market for over $300,000.00 dollars. A savvy Florida home buyer can purchase a quarter acre lot outside of Florida , and put a 1800 square foot Florida manufactured home for a package price of around $135,000.00 with typically far more featured built into their home. Now that’s buying up and a perfect option for Florida First Time Buyers!

    Historically, Florida manufactured and mobile homes were considered a poor investment for the mortgage market because of home depreciation concerns. After 30 years of data, this has simply been shown to be inaccurate. The typical Florida manufactured or mobile home loan secured by a Florida manufactured home tied to land appreciates using the same principles one applies to traditional stick built homes: Supply and demand. That’s why we believe a quality land and Florida mobile home mortgage package is really a good investment.

    Our Florida manufactured home loan terms allow for:

    ·         Very Competitive low Fixed Rate Loans ·         1/1 Adjustable Rate Mortgage option to Qualified Applicants ·         Up to 97% financing for Qualified Applicants ·         Streamline Refinance Loan program for reduced costs to improve your rate and terms ·         Single Wide mobile home financing ·         Double Wide manufactured home financing ·         Yes, we offer financing for Triple Wide mobile homes as well ·         You can even do a Cash Out Refinance for Qualified Borrowers ·         Down Payment Help programs are typically allowed ·         Up to 6% seller concessions are allowed to qualified home buyers ·         We can finance ANY Florida mobile homes built after June 1976 that bear the HUD required seal ·         All Florida manufactured homes financed must be tied to land. We cannot finance only the Florida mobile home without the land.  Florida FHA Mobile Home Loan For Mobile home W/Land

     You can finance a Florida manufactured or mobile home with land  using the low rate FHA loan. Getting a low interest rate Florida mobile or manufactured home loan is easy using the FHA mortgage program. The reality is that in many Florida communities, manufactured homes that are a Florida homebuyers primary residence is one of the most difficult types of Florida mortgage loans to get a competitive low interest rate home loan on. Enter the FHA mortgage program. Learn more. Call 1-800-570-0448 or inquire using our quick quote form!

    In many instances, the actual purchase price for of a Florida mobile or manufactured home with land is much lower than a conventional home and allows a wider range of prospective Florida home buyers to become home owners. The FHA mobile home loan allows for both Double Wide and Single Wide manufactured home financing under FHA underwriting terms and conditions (which can be reviewed here).

    You’ll get a high quality Fixed low rate mortgage on a Florida manufactured home, and in all cases, you will get a much higher loan-to-value than you will ever find in the conventional or secondary loan market.

    Best of all, motivated Florida sellers can contribute up to 6% towards the payment of your closing costs. Also, gifts from FHA/HUD qualified sources may be used to meet 100% of the minimum down payment requirements. Get started today with a low rate mobile home loan by calling 1-800-570-0448.

     To take advantage of the FHA program in Florida, give us a call 1-800-570-0448 or use our quick application to find out more about the many FL mortgage programs we can make available. Or Apply now for a FL FHA home loan.

    When analyzing a Florida mortgage applicant credit report, it is important to focus upon the general pattern of credit behavior rather than isolated occurrences of late payments.  Often times, Florida mortgage applicants will experience a period of financial difficulty in the past and does not necessarily translate into an unacceptable risk.  Reasonable explanations of the credit derogatory and evidence of offsetting factors (such as a new job or promotion with greater stability and pay, for example) will be necessary.  All derogatory credit information must be explained, in writing, by the borrower.

    The following is a brief synopsis of the credit underwriting guidelines for FHA mortgage loans:

    Lack of credit history:  If a Florida mortgage applicant does not have a minimum of 3 trade lines on their credit report, alternative forms of credit may be used.  This would include items such as auto insurance payment history, utility bills, etc. 

    Included credit obligations:  Any installment loan (e.g. student loans, car loans, etc.) with less than 10 months remaining does not need to be included when qualifying for a FHA home loan.  However, consideration is given to a large debt of over $100 a month, regardless of the number of months remaining.  Furthermore, payments on auto leases with less than 10 months must be included in the qualifying ratios.  The minimum payment on all revolving accounts (i.e. credit cards) is also factored in.  If the borrower has an open revolving account without a balance, $10 per open account should be included when qualifying. Any loan where the borrower has co-signed for another party is included with their debts unless the borrower can prove that the the other party has made the payments on their own for a minimum of 12 months.

    Chapter 7 Bankruptcy:  FHA requires a minimum of 2 years since the discharge of the bankruptcy.  An explanation of the bankruptcy will be required.  Furthermore, the borrower should have re-established credit (i.e. secured credit card) with no late payments.  

    Chapter 13 Bankruptcy:  FHA will consider a borrower still paying on a Chapter 13 bankruptcy if the payments to the court have been made for a minimum of 1 year in a satisfactory manner (as verified with the courts) and with the approval of the court trustee.

    Federal Debts:  A Florida mortgage applicant is not eligible for a FHA loan if he/she is delinquent or in default on any federal debt (such as a HUD or VA mortgage, student loans, SBA loans or a tax lien against his/her property).  Borrowers can become eligible by bringing any delinquent accounts current, making satisfactory repayment arrangements with the creditor (generally a 3 month history will be required), or paying the account in full.

    Judgments:  Judgments must be paid or have 12 months of arranged payment history

    Collection Accounts:  Collections do not need to be paid  (LOX) needed

    Foreclosure:  A borrower who has had a property foreclosed upon, or who has given a deed-in-lieu of foreclosure within the previous 3 years, is generally not eligible for a FHA home loan.  However, if it was the result of extenuating circumstances beyond the borrower’s control (such as the death of a spouse, loss of employment, or serious long-term illness, etc.) and the borrower has since re-established good credit, an exception may be granted.  However, extenuating circumstances do not include the inability to sell a house when transferring from one area to another.

    Non-purchasing Spouse:  If a married borrower is purchasing a property by himself/herself, the credit obligations of the spouse must be included with the application and will be factored in with the borrower’s credit obligations and used to determine the financial capacity of the borrower.  Furthermore, the non-purchasing spouse may be required to sign a security instrument or documentation relinquishing all rights to the property.    

    To Learn more about FHA financing visit the links below   

     



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  • Miami FHA home loan, Miami FHA mortgage, Miami FHA loan,

    Home Loans 28.01.2010 Comments Off
    FHA home loan Lender


     

     

    Miami FHA Mortgage Loans – Buying a Miami Home using a FHA Loan

    The FHA mortgage loan program was created to help increase homeownership. The  FHA program makes buying a home easier and less expensive than other Miami FL mortgage loan programs. Just  few key advantages to FHA home loans are

    Minimal Down Payment and Closing Costs.

    Down payment less than 3.5% of Sales Price 100% Financing options available Gift for down payment and closing costs allowed. No reserves or required. FHA regulated closing costs. Seller can credit up to 6% of sales price towards buyers costs.

    Easier Credit Qualifying Guidelines such as:

    Minimum FICO credit score of 530. FHA will allow a home purchase two years after a Bankruptcy. FHA will allow a home purchase  three years after a Foreclosure. 

    Easier Debt Ratio & Job Requirement Guidelines such as:

    Higher Debt Ratio’s than other Miami mortgage loan programs. Less than two years on the job is allowed. Self-Employed individuals o.k.

    These advantages of the FHA loan program has made it one of the best options for most Miami FL first time home buyers as well as move-up home buyers.

    You do not have to be a first time buyer in Miami Fl to obtain a FHA loan, anyone in Miami  may use a FHA loan to purchase a home as long as you do not have more than one FHA mortgage loan at any one time.

    FHA Home Loans for Purchasing a Miami Florida Home

    Although Miami Florida FHA home loans require additional paperwork, the reality is that applying for an FHA mortgage loan in Miami Florida is not much different from applying for conventional financing. In fact, for many Miami FL borrowers the small amount of extra time turns out to be an exceptional mortgage bargain because they save thousands of dollars over the life of their Miami Florida Mortgage.

    We have been working with the FHA program for many years. We’re experts at assembling the proper paperwork and presenting your loan application to FHA approved Miami FL lenders diligently and professionally. It’s one of the ways that we have earned our reputation for closing FHA home loans in Miami Florida on-time.

    You may be surprised at how flexible sellers are in the current market and how many programs there are that provide Down payment assistance to applicants for FHA financing to purchase Miami Florida homes, Miami condos, and Miami townhouses. The fact is, seller can pay up to 6% towards your closing costs. This means, no closing costs for you when negotiated during the purchase contract!

    The FHA program offers excellent fixed rate options and never a prepayment penalty. If other Miami mortgage lenders are quoting you subprime rates, you owe it to yourself to look into Miami FHA mortgage loans to  to compare the costs of getting an FHA home loan for your home purchase.

    For first time Miami home buyers and other Miami borrowers, the FHA home loans can have key advantages:

    Easy Qualification – The FHA loan insures Miami FL lenders against loss for loans made to properly qualified FHA home loan borrowers. So you’re likely to find FHA mortgage loans with terms that make it easier for you to qualify.

    Minimal Downpayment Requirements – FHA mortgages can work with as little as 3% down and those funds can come from a family member, charity, or your employer. Although the Miami FL FHA loan does not have a zero down mortgage option yet, you will find a local grant or other Downpayment assistance programs that work well with Miami Florida FHA home loans.

    Less than A-1 Credit is Okay – The Miami Florida FHA home loan program exists to expand the pool of home buyers. Even borrowers with prior bankruptcies or mortgage lates get approved every day for Miami FL FHA mortgages to buy or Refinance homes.The FHA loan program uses credit quality, not credit score!

    Lower Cost Over the Life of the Loan – The Miami Florida FHA home loan rates are extraordinarily competitive. FHA’s lower risk to the Miami FHA mortgage lender means a better rate for the Miami FL home buyer.

    Safeguards for Borrowers Who Get Behind – The Miami Florida FHA loan mortgages also allow the lender more options in helping borrowers who fall behind keep their homes are get current again: special forbearance, workouts, even free Miami mortgage counseling. Further, FHA/HUD can allow the lender to take past due payments and move them to the end of the loan and in some instance will actually pay your past due payments for you. Options to save your home you’ll never get from a conventional loan! In an uncertain world, this is another excellent reason for you to get an FHA mortgage in Miami FL.

    Options for Manufactured Housing – Under certain conditions, you can even finance a Miami FL Mobile Home or manufactured home using a Miami Florida FHA mortgage loan.

    FHA Loans Are Fully Assumable – When you are ready to sell your Miami FL home, you can offer buyers FHA financing! All Miami FHA loans can be assumed by qualified buyers.

    The FHA program has evolved since it started in 1934 and now has options for HUD insured loans that fit a variety of different Miami FL mortgage applicants and situations.



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  • Federal Funds Rate and My Finances

    Home Loans 21.01.2010 Comments Off
    Manuel Davis Jr.


    Lately there has been a lot of talk about the federal funds rate. This is something that dominates headlines whenever there is a change in this rate. Most recently the Federal Reserve made a huge rate drop. The 1st drop was 3/4ths of a percent, then shortly after by another ½ percent bringing the rate all the way down to 3%. Why such the hype? How does this affect individuals finances?

    What is the Federal Funds Rate?

    The federal funds rate is the interest rate that banks lend balances to other depository institutions, usually overnight. This rate is the rate that banks can borrow from the Federal Reserve, or in other words, it is the lowest possible rate that banks can charge on interest. Changing this rate is one of the primary tools that the Federal Reserve uses to regulate the supply of money in the US economy.

    The Effect of lowering the Federal Funds Rate

    By lowering the rate, borrowing becomes cheaper for banks and with competition among the banks they will pass this savings onto their customers. This will make borrowing cheaper for individuals because the rate at which banks can lend is less and the default risk also goes down because there is not as much interest to pay by the individual. The purpose of lowering the Federal Funds rate is to create a domino effect that will eventually stimulate the economy. The cycle it is suppose to follow is this: the Federal Reserve lowers rates, banks lower rates, individuals will borrow more money, the borrowed money buys goods, the sellers of the goods make more money and deposit into banks, banks have more money to lend, then repeat this cycle and the economy is stimulated.

    What this means to most individuals in the near and distant future?

    This will help out many individuals with their credit card interest rates because the prime rate, which directly influences credit card interest is highly correlated to the Federal Funds rate. From the domino effect, credit card lenders are also able to obtain a lower borrowing rate and therefore competition will force them to decrease their rates. This is one thing that individuals that carry balances on their credit card should be aware of because sometimes the lender will keep charging the same rate. An individual who is aware of this can most of the time, contact the credit card company and demand a lower rate.

    The lowering of the federal funds rate will also decrease the interest earned in savings accounts and in CDs. This can force many individuals to seek better investment options for their funds because the interest earned in savings accounts and CDs is very minimal, most likely not even enough to keep up with inflation. This can also be good for the stock market because this can cause higher demand for publicly traded stocks, therefore driving up the prices and increase returns. (Also returns can go up from the domino effect created from the dropping of the fed rate, which also explains why there is a sudden surge in stock prices when there was an unexpected decrease of the federal funds rate)

    One misconception about the fed lowering the Federal Funds rate is that it directly influences mortgage rates. Mortgage rates are much more complex in how they are determined than just by the Federal Funds rate. Mortgage rates are based on long term rates, while federal funds rate is a short term rate. Mortgages are priced like the stock market, if there is a expected drop in the federal funds rate, the mortgage rate will price it into the rate before the rate drop even happens. An unexpected rate drop can influence mortgage rates, but only by a small amount. The fed rate is an indirect factor in determining the long term rates. Even though it is only a small indirect factor, long term interest rates are very low right now and locking in a safe, low fixed rate at the current time may be a good idea.

    Overall, the rate cut is a good thing for credit card interest and other short term loans, but on the negative side, savings accounts will not earn as much interest. If all goes as planned the economy will get the extra boost it needs to stay out of a recession, while also indirectly making a positive influence on long term interest rates and keeping inflation in check.



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  • For Florida homebuyers the FHA home loan just makes good sense

    Home Loans 20.01.2010 Comments Off
    FHA home loan Lender


    FHA Mortgage Loan for Florida Homeowners

    Take the proper Steps to Get Your FHA Mortgage today

     Other FHA loan Advantages Include:

    Minimal Down Payment and Closing Costs.

    Down payment less than 3.5% of Sales Price Gift for down payment and closing costs allowed. No reserves or required. FHA regulated closing costs. Seller can credit up to 6% of sales price towards buyers costs.

    Easier Credit Qualifying Guidelines such as:

    Minimum FICO credit score of 540. FHA will allow a home purchase 2 years after a Bankruptcy. FHA will allow a home purchase  3 years after a Foreclosure. 

    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 o.k.

    Apply for an FHA mortgage at

    www.FHAmortgageFHAloan.com

     

    For Florida first time home buyers and other borrowers, the FHA home loans can have key advantages:

    Easy Qualification – The FHA loan insures lenders against loss for loans made to properly qualified FHA home loan borrowers. So you’re likely to find FHA mortgage loans with terms that make it easier for you to qualify.

    Minimal Downpayment Requirements – FHA mortgages can work with as little as 3% down and those funds can come from a family member, charity, or your employer. Although the FHA loan does not have a zero down mortgage option yet, you will find that your 1st Continental Mortgage loan officer can point you to many Downpayment assistance programs that work well with Florida FHA home loans.

    Less than A-1 Credit is Okay – The Florida FHA home loan program exists to expand the pool of home buyers. Even borrowers with prior bankruptcies or mortgage lates get approved every day for FHA mortgages to buy or Refinance homes in Hillsborough County or any of the other Florida counties we serve. The FHA loan program uses credit quality, not credit score!

    Lower Cost Over the Life of the Loan – The Florida FHA home loan rates are extraordinarily competitive. FHA’s lower risk to the lender means a better rate for the borrower.

    Safeguards for Borrowers Who Get Behind – The Florida FHA loan mortgages also allow the lender more options in helping borrowers who fall behind keep their homes are get current again: special forbearance, workouts, even free mortgage counseling. Further, HUD can allow the lender to take past due payments and move them to the end of the loan and in some instance will actually pay your past due payments for you. Options to save your home you’ll never get from a conventional loan! In an uncertain world, this is another excellent reason for you to get an FHA mortgage.

    Options for Manufactured Housing – Under certain conditions, you can even finance a Mobile Home or manufactured home using a Florida FHA mortgage loan. Call 1-800-570-0448 to get pre-approved for a Florida FHA loan for manufactured housing or just use our quick application to learn more!

    FHA Loans Are Fully Assumable – When you are ready to sell your home, you can offer buyers FHA financing! All FHA loans can be assumed by qualified buyers.

    These are just seven of the many good reasons to apply for an FHA mortgage. Call 1-800-570-0448 to speak with a friendly Florida FHA loan specialist now!

    The FHA program has evolved since it started in 1934 and now has options for HUD insured loans that fit a variety of different borrowers and situations.

     Purchasing a Florida home is one of life’s major landmarks and for some, it is even a dream come true. At FHAmortgageFHAloan.com we understand the importance of this decision and it is our goal to make your acquisition into home ownership memorable. Regardless of whether this is your first Florida home or your third Florida  home purchase we will do our best to ensure that getting you into your new Florida home is a pleasant and memorable experience.

    When you begin to seriously consider purchasing a new Florida home it is important that you follow some simple steps to make sure that the Florida home process goes smoothly.

    The first thing you should do is an analysis of your debt to income ratio. This important step will let you know what type of Florida home you can afford and how much your current obligations will allow you the apply for  based on your monthly income and expenses.

    The next important step in purchasing a new Florida FHA home loan is to get pre-approved for an FHA  home loan. The peace of mind that comes with knowing that your FHA mortgage loan and credit report have been approved will allow you to shop for your new FHA home with confidence. And when you find a Florida home and are ready to make an offer the fact that you have already been pre qualified for your FHA loan amount will give the seller confidence in you as a serious buyer.

    About FHA Mortgage Loans

    FHA guarantees eligible Florida home  loan applicants the ability to obtain FHA home loans with 3.5% down payment. FHA mortgage  loans can be fully assumable. FHA mortgage loan limits apply depending upon where the Florida home is located 

    FHA mortgage loans provide for  low down payments and the easiest qualifying guidelines to make it easier for Florida homebuyers  qualify! FHA home loans are popular with Florida first time home buyers but are equally liked by  moving up buyers and Florida homeowners looking for a  Florida Rehabilitation loan. With an FHA Mortgage  loans you can borrow up to 96.5% of the purchase price of the Florida home.

    The advantages of a FHA insured mortgage product to a Florida first time home buyer are many. A Florida homebuyer may apply for an FHA mortgage loan to purchase a Florida home with little money out of pocket. FHA home loan insurance permits FHA mortgage lenders to make mortgages for Florida first time homebuyers without risk. 

    With an FHA home loan here are no income limitations or minimum  credit score requirements when FHA insured mortgage. This is why FHA loans are among the easiest mortgage loan to qualify for and almost  anyone can qualify as long as they have a reasonable credit history and can afford the monthly FHA mortgage payments. You can also combine FHA home loan programs with many Florida first time homebuyer down payment programs.

    FHA Streamline mortgage Refinancing

    The FHA mortgage has permitted FHA streamline refinances on FHA insured  home loans since the early 1980′s. The FHA streamline refinance  refers only to the amount of documentation and underwriting that needs to be performed by the FHA mortgage lender, and does not mean that there are no costs involved in the transaction.

    The basic requirements of a “streamline FHA mortgage refinance”  include:

    The FHA mortgage loan  to be refinanced must already be insured by  FHA. The refinance is to result in a “lowering” of the borrower’s monthly principal and interest payments. No cash may be taken out on mortgages refinanced using the “streamline” refinance process. The FHA mortgage to be refinanced should be current (not delinquent).

    FHA mortgage Lenders may offer FHA streamline refinances and include the closing costs into the new FHA mortgage loan amount. This can only be done if there is sufficient equity in the Florida. FHA Streamline refinances can also be done without appraisals, but the new FHA home  loan amount cannot exceed what is currently owed, that is  FHA closing costs may not be added to the new FHA mortgage with those costs either be paid in cash or through the premium rate as described above.

     



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  • FHA mortgage and FHA Home loan Guidelines make it easy to qualify

    Home Loans 20.01.2010 Comments Off
    FHA home loan Lender


    FHA Mortgage Loans for Buying a Home or FHA Mortgage Refinances are Fast and Easy with FHA Mortgage Loans

    FHA home loans allow first time home buyers and current home owners buy a home with less than 4% down payment or FHA home mortgage refinance up to 97.75% of the homes value. learn about FHA loan programs which will help you buy  a home with no money down,

    Other FHA loan Advantages Include:

    Minimal Down Payment and Closing Costs.

    Down payment less than 3.5% of Sales Price Gift for down payment and closing costs allowed. No reserves or required. FHA regulated closing costs. Seller can credit up to 6% of sales price towards buyers costs.

    Easier Credit Qualifying Guidelines such as:

    Minimum FICO credit score of 540. FHA will allow a home purchase 2 years after a Bankruptcy. FHA will allow a home purchase  3 years after a Foreclosure. 

    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 o.k.

    www.FHAmortgageFHALoan.com

    General FHA home Loan Underwriting Guidelines

    Disclaimer:  These FHA underwriting guidelines are to be considered standard and  general.  FHA will, from time to time, change their home loan guidelines such as loan limits or debt-to-income ratios.  In times when FHA guidelines change frequently, we are not able to update the guidelines immediately, therefore, we cannot guarantee that the guidelines outlined here will be in effect at the time of your FHA home loan  application but is provided to give you the basic idea of the requirements of the FHA mortgage.

    Neither the lack of traditional credit history nor the lifestyle of the borrower may be used as a basis for rejection Collections: Based upon the surrounding circumstances, and as determined by our underwriter, these do not necessarily have to be paid. Judgment: Are required to be paid off before the mortgage loan is eligible for insurance. However, exceptions can be made if the borrower has been making regular timely documented payments and the creditor is willing to subordinate the judgment to the insured mortgage. Foreclosure: A borrower whose previous residence or other real property was foreclosed on, or who has given a deed-in-lieu of foreclosure with the previous three years is not generally eligible. Exceptions can be made based upon extenuating documented circumstances. Chapter 7 Bankruptcy: Will not disqualify a borrower if at least two years have passed since the bankruptcy was discharged Chapter 13 Bankruptcy: A borrower paying off debt under Chapter 13 may also qualify if at least one year of the pay out period has elapsed with satisfactory payment performance and the court approves the borrower entering into a mortgage transaction. Aliens: FHA will insure mortgages made to lawful permanent resident aliens under the same terms and conditions as a US citizen. No Income Restrictions Higher Ratios: HUD’s standard ratio guidelines are 31% (maximum exception of 36%) of your gross income for housing and 43% (maximum exception of 50%) of your gross income for housing plus other creditors. Borrowers may, at the underwriters discretion, be allowed to extend beyond these ratios based upon sufficient compensating factors. Down Payment: The minimum down payment is approximately 3%. While credit quality can affect this qualifying requirement, the typical borrower only needs the standard HUD guideline of 3% to be approved. Gifts: 100% gift funds are acceptable. The donor may be a relative of the borrower, the employer or labor union, a governmental agency, a not for profit private organization, or close friend with a clearly defined interest in the borrower. No repayment of any gift may be expected or implied. Sellers are allowed to pay all closing costs on behalf of the borrower up to 6% of the purchase price. Reserves: There are no reserve requirements for one and two-family until residences. Three months reserves are required for three and four-family unit residence’s. Multifamily: Three and four family unit residences, regardless of occupancy status, must be self-sufficient. The maximum mortgage is limited so that the ratio of the mortgage payment divided by the monthly net rental income does not exceed 100%. The net rental income is the appraiser’s estimate of fair market rent from all units (including the unit chosen by the borrower for occupancy) less the allowance for vacancies and maintenance which is 15%. 85% of the rental income that is expected from the non-occupied units is added to the borrower’s income for qualifying purposes. Down Payment is calculated the same as single-family units. Overtime, Bonus and Part-time Income: Overtime and/or bonus income received for a period of less than two years is acceptable where the underwriter determines that there are reasonable expectations of it’s continuance. An earning trend over the period of time of receipt must be established and analyzed. Part-time income means income from jobs taken in addition to the normal regular employment to supplement the borrower’s income. The same rules apply for determining using it as a part of qualifying. Extended Absence from Workforce: In some cases, the borrower may have recently returned to the work force after an extended absence. The borrowers income may be considered effective and stable provided the borrower has been employed in the current job for 6 months or more and the borrower can document a 2 year work history prior to the absence from the work force. Rental Income: Rental income from relatives residing on the premises is acceptable provided the rental income is shown on the borrower’s tax returns. Cash Saved at Home: Borrowers who meet the “cash borrower” profile (no traditional credit, no bank accounts, etc.) who have saved cash at home and are able to adequately demonstrate the ability to do so are permitted to have this money included, with satisfactory explanation, as an acceptable source of funds to close a mortgage loan. Child care expenses are NO LONGER included as debt. Non Occupant Co Borrowers: When there are two or more borrowers, but one or more will not occupy the property as a principal residence, the maximum mortgage is usually limited to 75% loan to value. However, maximum financing is available for borrowers related by blood or for unrelated individuals that can document evidence of family type, long-standing and substantial relationship not arising out of the loan transaction. Qualifying is determined by the underwriter. Assumable: All FHA loans are assumable Electronic/Online Payroll: 1st Continental Mortgage, and the industry as a whole, recognize that some employers use online payroll for pay stubs and W-2′S. These types of documentation are acceptable. Rate Adjustments: There are no interest rate adjustment “penalties” for higher loan to values with FHA fixed rate loans. The rate, is the rate, is the rate. Secondary Financing: Secondary financing is not allowed with an FHA loan. The only acceptable second mortgage is with an approved HUD gifting agent such as down payment assistance provided by a gov’t agency in the form of a “silent” second mortgage. Piggie Back seconds/HELOCS are simply not allowed. Home Inspection: A home inspection may or may not be required on a property based upon various factors. Typically you will find it is not required, but is recommended on any existing residence. Pest Inspection: A termite inspection is required for all existing properties. Closing Costs: Closing costs charged to the borrower are restricted and may in fact be less than conventional closing costs dependent upon your lender or broker.

     

     Apply for an FHA home loan at http://www.fhamortgagefhaloan.com/



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  • Types Of Mortgage Rates

    Home Loans 18.01.2010 Comments Off
    Maitreyee Chowdhury


    Types of Mortgage Rates

     

    A mortgage loan is basically taken against a property. In case you own a property you can keep the house as collateral and avail a loan to help you in times of financial crisis. Though a property with a good value can guarantee you a good mortgage loan, rates of the loan are often dependent on various factors like your credit ratings, personal assurance, etc. We take a look at the various mortgage rates that are usually available to the customer and the advantages or disadvantages of each.   

      

    Mortgage rates may vary depending on the type of loan and the duration of the loan. There are basically three types of mortgage rates, these are-

     

    # Adjustable Mortgage Rate

    # Fixed Interest Rate

    # Variable Interest Rate

    There are numerous mortgage companies which offer refinance that involves obtaining a new mortgage loan on a property that is already owned – and that is often to replace existing loans against the property. It is a good time to refinance when the mortgage rates are low.

    One of the major benefits involving refinancing is the fact that it can save the monthly payment of an existing loan. Lock-in rates are another very interesting schemes these companies offer.

    The interest rate of a mortgage loan is fixed and that does not change, and based on the changes of an underlying interest rate index, a variable interest rate moves up and down.

     An interest rate may change in case of an ARM based mortgage loan; which is usually in response to changes in the Treasury bill rate or prime rate. The mortgage holder gets the protection by a maximum interest rate, which is called a ceiling; that is usually reset annually. Adjustable mortgage rates or ARM usually starts with better rates than fixed rate mortgages.

     

     

    Two most common mortgage interest rates are the adjustable rate mortgage and fixed rate mortgage-

     

    Fixed Mortgage Rates:

    In case of ‘fixed mortgage rates’, the monthly payments and the principle for interest do not change throughout the entire tenure of the loan. The interest rates remain the same as long as the borrower is in a fixed term agreement. The borrowers can keep a track of the exact amount of their payments, which is an advantage of this type of mortgage interest rate.

     This way, through a fixed mortgage rate, borrowers can manage their personal budget very easily.

     

    It is also advisable to have a fixed rate mortgage to protect oneself from the rising loan interest rate. The borrower cannot be sure that the loan rates will remain the same in the future, however, deciding on a fixed rate mortgage can save a lot of future headaches.

     

    Adjustable Rate Mortgage:

    On the basis of an index, the mortgage interest rates of an adjustable rate mortgage are adjusted from time to time. When there is a downward fluctuation in the interest rates, it is advisable to go for adjustable mortgage rates. For example, there might be a scenario when the adjustable mortgage rate is much lower than the fixed rate mortgage. In the above scenario, it is much better for a borrower to apply for an ARM mortgage rate, as the monthly payment would decidedly become much lower.

     



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  • FHA home loans are a Great alternative for your next Florida home purchase

    Home Loans 17.01.2010 Comments Off
    FHA home loan Lender


    FHA home loans are alternatives to conventional financing for your next Florida  home purchase. The FHA (Federal Housing Administration) helps to make low cost home loans available to thousands of new and current Florida homeowners every year. FHA home loans require minimal down payments of only 3.5% and the interest rate is typically slightly lower than prevailing conventional Florida rates.

    The FHA currently guarantees  more than 1,000,000 mortgage loans. This agency has helped originate more than 30 million since its creation in 1934 as part of the New Deal. The FHA does not fund the home loans itself. However, It does insure private FHA approved mortgage lenders against loss. In this way, FHA mortgage lenders are encouraged to make loans to low and middle income borrowers who have less than perfect credit and would not otherwise qualify for a home loan.

    Florida home Buyers of single family homes can put as little as 3.5% down payment when obtaining an FHA mortgage loan. Good credit history is not necessary, although is definitely a “PLUS.” Income to loan payment, and to total monthly payment, ratio requirements are less stringent than for conventional mortgage loans. The FHA home loan will sometimes help finance your closing cost up to 6%. Ask your FHA mortgage lender about this.

    Florida home buyers should know the many advantages of the FHA mortgage loan programs. FHA home loans  were created to help increase home ownership. For the Florida home buyer the FHA program can simplify the purchase of a home, making financing easier and less expensive than a conventional mortgage loan product. Some highlights of the Florida FHA loan program include:

    Minimal Down Payment and Closing costs.

    Down payment less than 3% of Sales Price Gifts are allowed Seller can credit up to 6% of sales price towards closing and prepaid costs. 100% Financing available No reserves required. FHA regulated closing costs.

    Easier Credit Qualifying Guidelines such as:  

    No minimum FICO score or credit score requirements. FHA will allow a home purchase 1 year after a Bankruptcy. FHA will allow a home purchase2 years after a Foreclosure.

    To take advantage of the FHA program in Florida, give us a call 1-800-570-0448 or visit http://www.fhamortgagefhaloan.com/

      For first time home buyers and other borrowers, the FHA home loans can have key advantages:

    Easy Qualification – The FHA loan insures lenders against loss for loans made to properly qualified FHA home loan borrowers. So you’re likely to find FHA mortgage loans with terms that make it easier for you to qualify.

    Minimal Downpayment Requirements – FHA mortgages can work with as little as 3% down and those funds can come from a family member, charity, or your employer. Although the FHA loan does not have a zero down mortgage option yet, you will find that your 1st Continental Mortgage loan officer can point you to many Downpayment assistance programs that work well with Florida FHA home loans.

    Less than A-1 Credit is Okay – The Florida FHA home loan program exists to expand the pool of home buyers. Even borrowers with prior bankruptcies or mortgage lates get approved every day for FHA mortgages to buy or Refinance homes in Hillsborough County or any of the other Florida counties we serve. The FHA loan program uses credit quality, not credit score!

    Lower Cost Over the Life of the Loan – The Florida FHA home loan rates are extraordinarily competitive. FHA’s lower risk to the lender means a better rate for the borrower.

    Safeguards for Borrowers Who Get Behind – The Florida FHA loan mortgages also allow the lender more options in helping borrowers who fall behind keep their homes are get current again: special forbearance, workouts, even free mortgage counseling. Further, HUD can allow the lender to take past due payments and move them to the end of the loan and in some instance will actually pay your past due payments for you. Options to save your home you’ll never get from a conventional loan! In an uncertain world, this is another excellent reason for you to get an FHA mortgage.

    Options for Manufactured Housing – Under certain conditions, you can even finance a Mobile Home or manufactured home using a Florida FHA mortgage loan. Call 1-800-570-0448 to get pre-approved for a Florida FHA loan for manufactured housing or just use our quick application to learn more!

    FHA Loans Are Fully Assumable – When you are ready to sell your home, you can offer buyers FHA financing! All FHA loans can be assumed by qualified buyers.

    These are just seven of the many good reasons to apply for an FHA mortgage. Call 1-800-570-0448 to speak with a friendly Florida FHA loan specialist now!

    The FHA program has evolved since it started in 1934 and now has options for HUD insured loans that fit a variety of different borrowers and situations.

     

     

     



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  • Four Benefits of a Fixed Rate Mortgage

    Home Loans 15.01.2010 Comments Off
    Adrienne Rockwell


    With all of the unconventional mortgages that lenders are offering these days, it’s good to know that you can still get a fixed-rate mortgage. Fixed-rate mortgages have several advantages over adjustable-rate mortgages, interest-only mortgages and other non-traditional loans that are getting people in trouble. Following is four benefits that you can enjoy if you qualify and choose a fixed-rate mortgage for your next home loan.

    Inflation Protection


    With a fixed-rate mortgage, you do not need to worry about the market’s interest rates fluctuating or the rate of inflation. You can plan on the same mortgage payment each month regardless of what happens with inflation or interest rates. In addition to having the security of knowing your rate will be the same for the next 30 years, rates are at a historically low rate due to the current state of the economy. If there is ever a time to say “now is a good time to buy a home”, NOW is that time…

    Budgeting


    When you know exactly how much your mortgage payment is going to be each month, it’s easier to make a budget and live by it. Many home owners use a budget so they can set aside money each month for savings or retirement. With a fixed-rate mortgage, you can plan ahead and know how much money you can put toward other things every month.

    Flexible Terms

    
As with many adjustable-rate loans, you can choose from a variety of repayment terms to fit your needs and your budget. The most popular is a 30-year fixed rate mortgage, but you can choose a 25, 20, or 15 year fixed rate mortgage if you want to pay off your home quicker or build up equity in less time.

    Peace of Mind


    With today’s unstable economy, it seems like anything could happen at any minute. With a fixed-rate mortgage, however, you know you can still stay financially secure by keeping the same interest rate even if the stock market crashes or if another major economic catastrophe occurs. Sometimes, peace of mind is worth the extra half-point in percentage rates that you pay with a fixed-rate mortgage.

    Fixed-rate mortgages are usually more difficult to acquire because the lenders are loaning money at an interest rate that may increase. As such, they are giving up the chance to get higher payments from you, the home owner, each month. Fixed-rate mortgages offer the mortgage payer a sense of security and peace of mind that other unconventional mortgages simply can’t offer. If you’re considering your first home or your next home, try to get a fixed-rate mortgage. In the long run, it’s really the best option.

    When you are checking with your lender, it is always a good idea to see how much less expensive an adjustable rate is, but with fixed rates as low as they already are, it’s probably not worth the risk. (As a rule of thumb, you shouldn’t consider a 5 or 7 year arm unless the interest rate is at least a percent lower than the fixed rate, and with current rates already at historical lows of 4.75%, it’s pretty unlikely an adjustable rate will be low enough to justify the risk.



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  • Miami FHA Home Loans -((97% W/530 FICO)) Buying a Miami Home using a FHA Mortgage

    Home Loans 12.01.2010 Comments Off
    FHA home loan Lender


     Miami FHA Home  Loans -((97% W/530 FICO)) Buying a Miami Home using a FHA Mortgage

    Miami Dade County Mortgage

    Providing mortgage solutions for real estate buyers and owners throughout the Miami Dade county area.

    Like many home buyers and homeowners looking for a mortgage in Miami and Dade county, 1st Continental Mortgage has weathered the storm and come out stronger and wiser. With a keen focus on core principles and products like the FHA home loan, we’re ready and able to make a broad range of real estate loans throughout Miami Dade County.

    Mortgage Programs With Minimal Down payment and Closing Cost

    Down payment less than 3% of Sales Price 100% Financing options available Seller can credit up to 6% of sales price towards buyers costs. No cash or bank reserves are required. FHA regulated closing costs.

    Easier Credit Qualifying Guidelines

    No minimum Credit Score or credit score requirements. FHA will allow a home purchase 1 year after a Bankruptcy. FHA will allow a home purchase 2 year after a Foreclosure.

    Apply now at www.FHAmortgagePrograms.com

    A Dade County Mortgage Lender with Years of Experience!

    Experience counts when choosing a mortgage lender, especially in the current Dade County real estate market where home values have slipped and lenders are scrutinizing loan applications far more closely.

    It is especially important for first-time home buyers in Dade County communities like Miami Beach and Coral Gables to work with a knowledgeable, service-oriented, and experienced residential loan expert like the ones at 1st Continental Mortgage. Call today at 1-800-570-0448.

    Dade County’s FHA Home Loan Boom

    As experts in Dade County FHA loans, 1st Continental home loan specialists have helped first time home buyers in communities such as Aventura and West Miami, FL secure the funding necessary to buy homes.

    With low interest rates and a glut of homes on the market in Dade County, it’s an excellent time for renters to become first time home buyers in Miami-Dade communities from Bal Harbor to Virginia Gardens.

    Because FHA home loans are government backed, lenders making loans on property in Dade County can qualify buyers who have less than perfect credit so long as they have a stable employment history, have a modest down payment, and meet the other FHA home loan requirements.

    In the last 6 months, we have seen record numbers of applications for FHA financing from Dade County from cities like Opa-Loca, Pinecrest, and Miami Gardens.

    To learn more about the FHA home loan program or to apply for an FHA mortgage in Dade County cities such as North Miami or North Miami Beach, call 1st Continental Mortgage at1-800-570-0448.

    Working with experienced Dade County FHA lender will help you get the right home loan. You will have a broker with substantial experience in FHA mortgages, government guaranteed VA home loans, and other special mortgage programs for which you may qualify helping you secure the right loan to buy your Dade County home.

    Very few things are worse for you as a home buyer than working with a mortgage broker without enough experience in FHA loans to properly prepare and document a loan application. At a minimum, it delays getting your financing approved. At worst, it can result in your missing your closing date, losing out on a home you want, or not getting approved for an FHA loan at all.

    Preparing to Buy a Home in Dade County: Mortgage Pre qualification and Mortgage Pre approval

    When a home priced below market in Sunny Isles Beach, FL or Miami Springs, FL comes on the market, it doesn’t last. The selling agent is going to accept the best offer from a pre-approved buyer because he or she does not want to tie up the property with a Home Buyer who can’t get the mortgage financing to close the deal.

    Many Dade County real estate agents insist on getting a pre-approval letter with any offer. Because some Dade County mortgage brokers were doing pre qualification letters on nothing more than a conversation with a potential buyer – no credit check, no verification of employment or assets – many Dade County Realtors now require more than a pre qualification letter to accompany any offer to buy.

    What does that mean to you?

    Get a mortgage pre approval before you look at any homes in Bay Harbor Islands, FL or Florida City or anywhere in Dade County. You will know exactly how much home you can afford, and selling agents will be more likely to accept your offer because you have demonstrated your ability to get financing for your Dade County home.

    How Having the Right Mortgage Lender Helps You

    Many Dade County home buyers focus on finding the perfect home, not on finding the right mortgage lender to help them get the best loan to finance it. As a result, they pay higher-than-necessary interest rates and get home loans with less than ideal terms.

    A good mortgage lender will help you by doing these things:

    Doing the preliminary work to give you an accurate picture of the price range of Dade County home that you can afford: Whether you are qualifying for a Jumbo loan to buy a luxury condo in South Miami or a manufactured home loan to buy a lot and home in Homestead, Florida, you need to know how large a loan you can get before you start home shopping in Dade County; Identifying the best mortgage program to use to buy your home in Doral or Key Biscayne or any other Dade County community: The team of mortgage brokers from 1st Continental Mortgage will be happy to help you compare Dade County mortgage programs to assure you of getting the best combination of rate and terms on your home purchase or refinance; Explaining the documentation required to get your Dade County home loan: Your licensed FL mortgage broker will assemble your loan package and check that you have met your lender’s requirements before he submits your loan package to the lender; Giving you an accurate good faith estimate on your Dade County home loan: Some Dade County brokers are notorious for playing games with the numbers on their good faith estimates. They underestimate insurance costs or taxes or omit line items to make the bottom line on their good faith estimates come in lower than those of other Dade County mortgage brokers. These shady mortgage brokers count on the fact that their deception will not become apparent to the home buyer until the HUD arrives right before the closing. Then, the home buyer will pay the difference just to avoid having to start over with another mortgage broker and Florida mortgage lender. It’s unethical, but mortgage brokers in Miami, FL and Miami Shores Village, FL do it all the time. It’s no way to earn a reputation as a competent and customer-focused mortgage broker in Dade County. Expect a properly prepared good faith estimate and white glove service from 1st Continental Mortgage, whether you are buying a home in Hialeah, Miami Springs or any of the other cities in Dade County. Keeping you updated on the progress of your lender in approving your financing for your Dade County home: 1st Continental Mortgage will be proactive in keeping you informed of the status of your Dade County home loan and in dealing with any issues that might delay the closing of your Dade County FHA loan in Hialeah Gardens or any other Dade County neighborhood. Whether you are refinancing an ARM in South Bay Village or getting a mobile home loan in Pahokee, we will give you the best combination of interest rates and terms on your Dade County mortgage. Coordinating the activities of the many professionals who play a role in getting your Dade County home loan closed: Your 1st Continental Dade County mortgage specialist will be your liaison in dealing with Realtors, appraisers, home inspectors, underwriters, title company representatives, etc. You can relax knowing that your mortgage broker is taking care of the details so that your closing will happen on-time and without any surprises.

    1st Continental Mortgage’s mortgage pros will be your single point of contact for your mortgage in Biscayne Park or El Portal or any other Dade County city. Call them today at 800-570-0448.

    Dade County Pre foreclosure and Bank Owned Properties Attract Miami Real Estate Investors

    Prices that are much lower than a year or two ago and the high rate of foreclosure on sub-prime mortgages has created strong interest in Dade County real estate among real estate investors. Many of our best repeat mortgage customers in Dade County are real estate investors purchasing pre-foreclosure homes in cities like Medley, FL or South Miami or rehabbers buying and flipping REOs in Surfside or Sweetwater.

    Seasoned real estate investors recognize that now is an excellent time to be bargain hunting in Dade County’s real estate market. With the long term prospects for continued population growth and with good prospects for the Dade economy, now may be the right time to buy investment property in Dade County.

    FHA 203b home loans allow qualified home buyers to borrow 100% of the purchase price of a home and up to $5000 to make repairs on Fannie Mae foreclosures. FHA home loans and specialized home loans such as the FHA 203b loan have been popular home loans for investing in Miami Dade County real estate.

    Whether you are buying a first home with an FHA mortgage in North Bay Village, building a custom luxury home in Islandia, or looking to buy a bargain priced pre foreclosure using a conventional mortgage in Indian Creek Village, you should start now by calling 1st Continental Mortgage at 1-800-570-0448. Don’t miss the best opportunity to buy a home in Dade County in decades.



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  • Why Should I Consider an FHA Home loan to purchase a home?

    Home Loans 10.01.2010 Comments Off
    FHA home loan Lender


    FHA home loan Florida, FHA Mortgage Florida, Florida home loan,

     Why Should I Consider an FHA Home loan to purchase a home?

     Purchasing a Florida home is one of life’s major landmarks and for some, it is even a dream come true. Securing an FHA mortgage is the most important piece of the Florida home loan puzzle.

    The FHA loan program was created to help increase homeownership. The  FHA home loan 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:

    Other FHA loan Advantages Include:

    Minimal Down Payment and Closing Costs.

    Down payment less than 3.5% of Sales Price Gift for down payment and closing costs allowed. No reserves or required. FHA regulated closing costs. Seller can credit up to 6% of sales price towards buyers costs.

    Easier Credit Qualifying Guidelines such as:

    Minimum FICO credit score of 540. FHA will allow a home purchase 2 years after a Bankruptcy. FHA will allow a home purchase  3 years after a Foreclosure. 

    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 o.k.

    APPLY TODAY AT www.FHAmortgageFHALoan.com,

     Homeowners enjoy the benefits of investing in their Florida home year after year. For some, there comes a time when that investment can come in handy. Refinancing your home loan with FHA can prove to be an effective way to put that equity in your Florida home to work.

     Florida has FHA loan limits these FHA loan limits were established to define how much you can borrow for FHA home loan. Each state has different FHA loan  limits, so be sure to look up your state to understand what is available for your FHA home loan.FHA home loans are easier and less expensive than other home loan programs.

     There are many reasons for Florida homebuyers to investigate an FHA home loan for their next purchase. First time Florida homebuyers should explore FHA loan options because it’s easier to qualify for an FHA loan than qualifying for a conventional mortgage..  FHA mortgage loans are guaranteed by the government, making your home loan application more appealing to FHA approved  lenders. Since the typical first-time FHA mortgage applicant is young and just starting out their careers, chances are they still have student loans and other credit card debts to content with; The FHA  mortgage loan  costs less and is more forgiving of youthful indiscretions with credit and payments.

    FHA mortgage loans don’t require a big down payment. For most Florida  first-time homebuyers this can be an advantage; that typical Florida mortgage applicant in the early stages of a new career often doesn’t have a large down payment set aside specifically for purchasing a Florida home. Luckily the  FHA mortgage only requires a low 3.5% down payment, and that money can come from a variety of sources including an FHA down payment assistance program including Florida Grants.

    For Florida first time buyers, closing cost can be another issue to contend with. For the Florida homebuyer typical closing costs for FHA home loans are around 6% of the purchase price. One of the biggest advantages with an FHA Loan is that the seller can pay up to 6% of the  Florida homebuyers closing cost and prepaid

     FHA mortgage loans  are not  just for Florida first-time home buyers. Florida homeowners use FHA refinance mortgages to  help people get out of sub-prime adjustable rate mortgages with interest rates on the brink of a huge increase. Florida homeowners on the brink of foreclosure with a conventional mortgage loan are finding that  FHA home mortgage refinancing is a godsend for those who want to keep their Florida  home.. The advantages of using an FHA mortgage include a low fixed rate mortgage guaranteed by the FHA. This means, predictable FHA mortgage payments over the life of the loan and lower interest rates making it easer for mortgage applicants to qualify with lower payments..

    FHA also provides cash-out refinancing for those who need to use equity built up in their Florida home for unexpected expenses. FHA cash-out refinancing mortgage may offer lower interest rates than traditional home equity loans; you may qualify for one of two FHA mortgage plans which offer cash-out refinancing. One offers loan amounts for up to 97.75% of the appraised value of the home, another FHA refinancing loan offers amounts up to 85% of your Florida homes  appraised value. Each FHA mortgage loan has its own requirements;

     FHA home loans should take up no more than 35% of your Gross monthly income ( income before taxes) , and your FHA loan officer will ask for verification of your income to make the calculation. While some Florida mortgage applicants  are able to get conventional loans using “stated income”, requirements for FHA home loans such as FHA refinancing loans require copies of your income tax returns to verify the actual amount of money you report to the government. If your job situation has changed since your last tax filing, you may be able to furnish proof of income through your new employer.

    FHA mortgages have specific requirements for income, debt-to-income ratios, maximum FHA  loan amounts and other details; each type of FHA mortgage loan is unique and must be applied for individua



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