• FHA home loans make it Easy to BUY a Florida HOME, 97% down to 530 FICO

    Home Loans 28.03.2010 Comments Off
    FHA home loan Lender


    FHA home loans make it Easy to Buy a Florida Home!!

    Providing mortgage solutions for those looking for an FHA loan in Florida!

    Florida home buyers should know the many advantages of the FHA mortgage loan programs. FHA 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 purchase 2 years after a Foreclosure.

     To take advantage of the FHA program in Florida, give us a call 1-800-570-0448

    http://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.

    http://www.fhamortgagefhaloan.com/

     



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  • What You Should Know About Adjustable Rate Mortgages

    Home Loans 23.03.2010 Comments Off
    Terry


    Adjustable-rate mortgages, or ARMs, differ from fixed-rate mortgages in that the interest rate and monthly payment move up and down as market interest rates fluctuate.  Most have an initial fixed-rate period during which the borrower’s rate doesn’t change, followed by a much longer period during which the rate changes at preset intervals.

     Adjustable rates start low

    Rates charged during the initial periods are generally lower than those on comparable fixed-rate mortgages. After all, lenders have to offer something to make it worth their while to assume the risk of higher rates in the future.

    The initial fixed-rate period can be as short as a month or as long as 10 years. One-year ARMs, which had their first adjustment after one year, used to be the most popular adjustable, and were the benchmark. Recently the standard has become the 5/1 ARM, which has an initial fixed-rate period that lasts five years; the rate is adjusted annually thereafter. That type of mortgage, which mixes a lengthy fixed period with an even lengthier adjustable period, is known as a hybrid. Other popular hybrid ARMs are the 3/1, the 7/1 and the 10/1.

    These hybrid ARMs — sometimes referred to as 3/1, 5/1, 7/1 or 10/1 loans — have fixed rates for the first three, five, seven or 10 years, followed by rates that adjust annually thereafter.

    After the fixed-rate honeymoon, an ARM’s rate fluctuates at the same rate as an index spelled out in closing documents. The lender finds out what the index value is, adds a margin to that figure and recalculates the borrower’s new rate and payment. The process repeats each time an adjustment date rolls around.

    Most ARM rates are tied to the performance of one of three major indexes:

    ·       The weekly constant maturity yield on the one-year Treasury Bill:

    The yield debt securities issued by the U.S. Treasury are paying, as tracked by the Federal Reserve Board.

    ·       The 11th District Cost of Funds Index (COFI):

    The interest financial institutions in the western U.S. are paying on deposits they hold.

    ·       The London Interbank Offered Rate (LIBOR)

    The rate most international banks are charging each other on large loans.

    Sky’s not the limit

    Borrowers have some protection from extreme changes because ARMs come with caps. These caps limit the amount by which ARM rates and payments can adjust. Caps come in a couple of different forms. The most common are:

    ·       Periodic rate cap:

    Limits how much the rate can change at any one time. These are usually annual caps, or caps that prevent the rate from rising more than a certain number of percentage points in any given year.

    ·       Lifetime cap:

    Limits how much the interest rate can rise over the life of the loan.

    ·       Payment cap:

    Offered on some ARMs. It limits the amount the monthly payment can rise over the life of the loan in dollars, rather than how much the rate can change in percentage points.

     Interest-only ARMs

    Around the turn of the 21st century, lenders began to market interest-only mortgages to middle-class borrowers. Formerly the preserve of what lenders called “affluent clients,” interest only mortgages are usually adjustables. The borrower is required to pay only the interest for a specified period, often 10 years. After that, it adjusts to the going interest rate, as tracked by a specified index. After that, the loan amortizes at an accelerated rate. During the interest-only period, the borrower can choose to pay some principal, too. By providing flexibility in the size of monthly payments, interest-only mortgages often are a good match for people with fluctuating monthly incomes: salespeople who are paid by commission, for example.

    Variety of flavors

    Some ARMs come with a conversion feature that allows borrowers to convert their loans to fixed-rate mortgages for a fee. Others allow borrowers to make interest-only payments for a portion of their loan terms to keep their payments low. But no matter the exact terms, most ARMs are more difficult to understand than fixed-rate loans.

    To keep your financial options open, make sure to ask the mortgage lender if the ARM is convertible to a fixed-rate mortgage. Also, ask if the ARM is assumable, which means when you sell your home the buyer may qualify to assume your existing mortgage. That could be desirable if mortgage interest rates are high.

    Deciding between an ARM and a fixed-rate mortgage

    Which is the better mortgage option for you: fixed or adjustable?

    The low initial cost of adjustable-rate mortgages (ARMs) can be very tempting to home buyers, yet they carry a degree of uncertainty. Fixed-rate mortgages offer rate and payment security, but they can be more expensive.



    ARM advantages

    ·       Feature lower rates and payments early on in the loan term. Because lenders can use the lower payment when qualifying borrowers, people can buy larger homes than they otherwise could buy.

    ·       Allow borrowers to take advantage of falling rates without refinancing. Instead of having to pay a whole new set of closing costs and fees, ARM borrowers just sit back and watch the rates — and their monthly payments — fall.

    ·       Help borrowers save and invest more money. Someone who has a payment that’s $100 less with an ARM can save that money and earn more off it in a higher-yielding investment.

    ·       Offer a cheap way for borrowers who don’t plan on living in one place for very long to buy a house.

     ARM disadvantages

    ·      Rates and payments can rise significantly over the life of the loan. A 6 percent ARM can end up at 11 percent in just three years if rates rise sharply.

    ·       A borrower’s initial low rate will adjust to a level higher than the going fixed-rate level in almost every case even if rates in the economy as a whole don’t change. That’s because ARMs have initial fixed rates that are set artificially low.

    ·       The first adjustment can be a doozy because some annual caps don’t apply to the initial change. Someone with an annual cap of 2 percent and a lifetime cap of 6 percent could theoretically see the rate shoot from 6 percent to 12 percent 12 months after closing if rates in the overall economy skyrocket.

    ·       ARMs are difficult to understand. Lenders have much more flexibility when determining margins, caps, adjustment indexes and other things, so unsophisticated borrowers can easily get confused or trapped by shady mortgage companies.

    ·       On certain ARMs, called negative amortization loans, borrowers can end up owing more money than they did at closing. That’s because the payments on these loans are set so low (to make the loans even more affordable) they only cover part of the interest due. Any additional amount due gets rolled into the principal balance.



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  • Mortgage Lenders Finally Slash Mortgage Rates | Mortgage Expert

    Home Loans 18.03.2010 Comments Off
    Mark Aucamp


    In the wake of last weeks shock announcement by Bank of England of a 1½% interest rate drop from 4.5% down to 3%. This was not before time! Around 40 mortgage lenders withdrew their trackers rate products from the market and said they would be reviewing and relaunching their tracker products later this week. By last Friday afternoon the London Interbank Offered Libor (Rate) which shows the interest rate at which the banks are willing to lend money to each other finally fell to 4.49% from 5.56%.

    The main indicator and key driver when it comes to lenders pricing their new interest rate products is not the base rate but the three-month Libor rate. The Libor rate is still stubbornly high at 1.49% higher than the Bank of England Base rate. If mortgage rates are to regain any similarity with the base rate then the gap between the base rate and the three-month Libor rate needs to narrow. All we can do is wait and watch!

    This defiance by the banks not to reduce their Libor rate continues to reflect the banks continuing unwillingness to lend money to each other. The experts say that the banks are still looking for further signs of stability before the libor rate drops any further and this will be a slow process. Add to this that the banks are hoarding money in an effort to show better than expected end of year results and you now start to see why the banks have been reluctant about dropping their interest rates. The Government is currently applying pressure to those banks where they invested taxpayers’ money in order to get them to reduce their interest rates.

    In a strange turn of events last week the lender all withdrew their Tracker rate mortgages after the announcement by the Bank of England. Tracker rate mortgages are designed to benefit borrowers in the event of a Bank of England base rate cuts. The main reason for the base rate cut was to reduce the mortgage costs for borrowers and it was hoped that this would encourage homeowners to set about spending again in the run-up to Christmas and this would then stimulate the wider economy. Unfortunately things don’t work like this and these interest rate reductions will not affect every homeowner. As borrowers on fixed rate deals will not benefit until their penalty period has elapsed. First-time borrowers still need to find a minimum of a 5% deposits in order to buy their first home and there is currently only one lender at present willing to lend to first-time buyers. How are first-time buyers ever going to get on the housing market!

    Mortgage lenders will start to pass on their new lower interest rates over the next few weeks and months. So don’t rush out for a quick mortgage deal or a secured homeowner loan. Consider that just 1% saved on a £100,000 remortgage is the equivalent of a £83.33 less to pay monthly. So the lower the interest rate the bigger your savings will be. There is unquestionably more hope around with the interest rate cuts announced by the Bank of England and the London Interbank Libor Rate last week and today there is talk of the government now considering tax-cuts. Better Interest rates to come!



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  • How to Find Honest Advice About Colorado Mortgages

    Home Loans 16.03.2010 Comments Off
    1st American Mortgage


    How to Find Honest Advice About Colorado Mortgages

    It’s safe to say there are many places to find a deal for a Denver mortgage or Colorado mortgages these days. But the mortgage crisis has made things a little more complex. It’s not just about finding the best deal, but finding someone to work with who will give you honest advice and help you get into a mortgage that you can afford. But are there experts out there you can give you that sort of Colorado mortgage advice? Is there someone who will get you into the best Denver mortgage product, while still remaining ethical? The answer is yes.

    Watch Out When Colorado Mortgage Experts Offer The World

    One of the problems that got so many people into a mortgage mess is that their Denver mortgage expert or Colorado mortgage expert made them an offer that would fix all of their problems. These mortgage experts put customers into deals that just didn’t work out and now people are liable to lose their homes. If you want to get into the right mortgage product now, then you need to look for someone who will look at the Colorado home loans available and tell you the ones you can’t have.

    Sounds strange, doesn’t it? But that’s the way you can tell a Denver mortgage lender with credibility from one who is more unethical.

    In the recent past, when it seemed like everyone was buying a home, too many Colorado mortgage professionals weren’t being honest with their clients and the result was bad loans that have turned into foreclosures. The lenders involved weren’t looking out for their clients, instead they were just interested in getting them started on a loan which may have been low at first, but now has turned into trouble. Instead, a mortgage pro has to look at what will happen to a customer now and in the future.

    How do Ethical Denver Mortgage Professionals Work?

    In the midst of this crisis, ethical Denver mortgage professionals are working hard to gain back the reputation lost by bad lenders. Unfortunately, the names of everyone working in the business were hurt by the people who worked on bad loans. It will take hard (and ethical) work to repair that.

    If you are a potential customer, then you need to be looking out for the professionals who are out there, coming up Colorado mortgages while fighting to be ethical. They have good products that will help a homeowner and they are working in that person’s best interest. Seek out the Colorado mortgage experts who are client-focused and who have been in business for a long time thanks to that philosophy. You want an expert whose business focuses on:

    • Selling reasonably priced Denver mortgage products

    • Finding many good options in Colorado mortgages for customers that will last throughout the years

    • Making sure the clients remain credit-worthy homeowners

    • Putting customer service first, so their business grows thanks to referred and repeat customers

    The mortgage crisis may have knocked some bad mortgage providers out of the business, but that doesn’t mean there aren’t still traps for customers. They need to keep looking for reliable home loan experts. The key is the kind of Denver mortgage advice you get and whether it’s honest enough to really tell you what kind of program you can get into. If an offer is too good to be true, it probably is.

    This article is written by J.B. of 1st American Mortgage and Loan, LLC, a Colorado mortgage lender who offers access to information on obtaining a Colorado mortgage loan as well as other information on loans in Colorado online mortgage quotes, and rates through his website TrueMortgageQuote.com http://www.truemortgagequote.com).



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  • FHA home loans for Buying a Florida home, ((97%w 540 FICO))

    Home Loans 15.03.2010 Comments Off
    FHA home loan Lender


    http://www.fhamortgagefhaloan.com/”>FHA home loans for Buying a Florida home.

    Florida home buyers should know the many advantages of the FHA mortgage loan programs. FHA loans were created to help increase home ownership. For the Florida home buyer the FHA home loan program can simplify the purchase of buying a  Florida home, making financing easier and less expensive than an other home loan program. 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 use our quick application at www.FHAmortgageFHALoan.com

     

    Common FHA Mortgage Questions Why should I apply for an FHA home loan?

    There are lots of good reasons to choose an FHA home loan over other Florida mortgage programs, especially if one or more of the following apply to you:

    You’re a Florida first-time homebuyer. You want to keep your monthly payments as low as possible. You’re worried about your monthly payments going up You don’t have a lot of money to put down on a house.   You’re worried about qualifying for a loan. You don’t have perfect credit.

    If any of these things describe you, then an FHA home  loan may be right for you. Why? FHA home loans offer many benefits and a level of security that you won’t find in other loans including:

    Low cost: FHA home loans have competitive interest rates because the federal government insures the loans for lenders.

    Lower down payment requirements: FHA home loans have a low 3.5% down payment and the money can come from a family member, employer or charitable organization as a gift.

    Easier qualification: Because FHA insures your mortgage, FHA mortgage lenders may be more willing to give you FHA home loan terms that make it easier for you to qualify.

    Less than perfect credit: You don’t have to have perfect credit to get an FHA home loan. In fact, even if you have had credit problems, such as a bankruptcy, it’s easier for you to qualify for an FHA home loan than any other mortgage program.  

    More protection to keep your home: The FHA has been helping people since 1934. Should you encounter hard times after buying your home, the FHA has many options to keep you in your home and avoid foreclosure.

    FHA insures loans for lenders against defaults - it does not lend money or set interest rates. For the best interest rate and terms on a mortgage, you should compare mortgages from several different lenders. An FHA-approved lender can help you start the loan application process.

    You may use an FHA-insured mortgage to purchase or refinance a new or existing 1- to 4-unit home, a condominium or a manufactured or mobile home (provided it is on a permanent foundation).

    What kinds of FHA home loans does FHA offer?

    Fixed-rate loans - Most FHA home loans are fixed-rate mortgages (loans). The advantage of a fixed-rate mortgage is that your interest rate stays the same during the loan period, so you know exactly how much your monthly payment will be.

    Adjustable rate loans – First-time homebuyers can be a little stretched financially. With FHA’s adjustable rate mortgage (ARM), the initial interest rate and monthly payments are low, but these may change during the life of the loan. FHA uses the 1-Year Constant Maturity Treasury Index (CMT) to calculate the changes in interest rates. An index is a measure of interest rate changes that determine how much the interest rate on an ARM will change over time.

    The maximum FHA home loan that the interest rate on your FHA home loan may increase or decrease in any one year is 1 or 2 percentage points, depending upon the type of ARM you choose. Over the life of the loan, the maximum interest rate change is 5 or 6 percentage points from the initial rate. The advantage of selecting an ARM is that you may be able to expand your house-hunting value range because your initial interest rate will be low, as will your payment. Click for a more in-depth explanation…

    Purchase/Rehabilitation loans – Sometimes you might see a home you’d like to buy, but it needs a lot of work. FHA has a loan for rehabilitating and repairing single-family properties called the SF Rehabilitation Loan program (203k). You can get one loan which combines the mortgage and the cost of repairs. The mortgage amount is based on the projected value of the property with the work completed. The advantage of this loan is that you can buy a home that needs a lot of work, but have only one mortgage payment, and you can complete the repairs after buying the home.

    Read more about these loans.

    Indian Reservations and Other Restricted Lands – A family who purchases a home under this program can apply for financing through an FHA-approved lending institution such as a bank, savings and loan, or a mortgage company. To qualify, the borrower must meet standard FHA credit qualifications. An eligible borrower can receive approximately 97% financing and use a gift for the downpayment. Closing cost can be financed; covered by a gift, grant or secondary financing; or paid by the seller without reduction in value. More… 

    How do FHA-insured loans compare to subprime loans?

    Subprime loans are loans designed for homebuyers who don’t have a strong credit history or can’t qualify for a regular or prime loan. Lenders charge a high interest rate on subprime loans because the risk that a homebuyer may not make their payments is high. Because FHA insures the lender against this risk, the interest rates on FHA-insured loans are generally among the lowest in the market. Most subprime loans carry interest rates at least 3 percentage points higher than an FHA-insured loan. On a $100,000 mortgage, the monthly payment for a subprime loan would be over $200 a month higher than an FHA-insured loan.

    The majority of subprime loans are also ARMs, where the interest rate can change a lot and greatly increase your monthly payments. Most FHA-insured loans are fixed-rate loans where the mortgage payment always stays the same. If you have an FHA-insured ARM loan, the rate can’t go up by more than one or two points in a year. The fees that lenders charge their borrowers for processing a subprime loan are also generally higher than on an FHA-insured loan.

    Most subprime loans carry a heavy prepayment penalty that you must pay if you want to refinance your loan to a lower interest rate. These penalties can cost you hundreds or even thousands of dollars. There is never a prepayment penalty on an FHA-insured loan. You can refinance at any time and not worry about paying any penalties.

    Unfortunately, because they don’t know these facts, many homebuyers who could qualify to buy a home with a fixed-rate FHA-insured loan only apply for subprime loans. Check out an FHA-insured loan before settling for a subprime loan!

    How do FHA home loans compare to conventional loans?

    Conventional loans usually require a larger downpayment than FHA and if you have less than perfect credit you may not qualify for an affordable mortgage with a low interest rate . The best thing to do is compare the cost of the conventional loan to an FHA-insured loan line-by-line. What are the fees for each? What is the interest rate? How much is the mortgage insurance? How much downpayment is required? For some borrowers, a conventional loan may be less expensive. For many others, getting an FHA-insured loan is the way to go.

    Do you have to buy mortgage insurance on an FHA home loan?

    Yes – as you will with most loans.

    The Housing and Economic Recovery Act of 2008 provides for a one-year moratorium on the implementation of FHA’s risk-based premiums beginning October 1, 2008.  Consequently, effective with new FHA case number assignments on or after that date, FHA will no longer base its mortgage insurance premiums on a combination of credit bureau score and loan-to-value ratio.  The new premiums (upfront and annual) to be implemented for all loans for which a case number is assigned on or after October 1, 2008, are described below.  Mortgagee Letter 2008-16 is rescinded in its entirety.  Please note that certain parts of that mortgagee letter are retained and reiterated in the guidance that follows.

    UFMIP= Upfront Mortgage Insurance Premiums:  FHA home loans will charge an upfront premium in an amount equal to the following percentages of the mortgage: 

    Purchase Money Mortgages and Full-Credit Qualifying Refinances = 1.75 Percent Streamline Refinances (all types) = 1.50 Percent

    Most home loans require mortgage insurance when your downpayment is less than 20% of the sales price. On conventional and subprime loans, mortgage insurance is provided by private companies. Whether private mortgage insurance is less than, equal to, or more than an FHA-insured loan’s insurance will depend upon the loan program and your qualifications.

    Compare the cost of FHA home loan home loan compare  to subprime and conventional types of loans over the life of your loan. Then compare how much each one costs monthly. With the protection and value you get from an FHA home loan you will find it’s a very good deal.

     

     



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  • What happens to a second mortgage when a home is purchased at a foreclosure auction?

    Renting & Real Estate 12.03.2010 5 Comments
    buad0118 asked:


    I am going to bid on a house at foreclosure and it has a 1st mortgage of $280K and a second of $70K. The lender on the first two mortgages is Decision One Mortgage. The lender at foreclosure is Countrywide. Does this mean that if I buy this house at foreclosure that I will own additional money to the second mortgage or just the first mortgage and back taxes?

    Backlinks

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  • Change Your Life with an FHA Home Loan

    Home Loans 11.03.2010 Comments Off
    FHA home loan Lender


    Change Your Life with an FHA Home Loan

    If you are a Florida first-time home buyer or have bought a Florida home before and have less than perfect credit you have come to the right place. At http://www.FHAmortgageFHALoan.com our FHA mortgage Loan Specialists will take you through the FHA home loan process step-by-step.

    With an FHA mortgage Loan you can:

    Purchase a Home with only 3.5% down payment. Remodel Your Home Make Home Repairs Make Energy-Efficient Improvements

    FHA Loans are guaranteed loans, which means that FHA mortgage lenders will offer you lower, more affordable rates. Even if you have less than perfect credit or are a Florida first time home buyer, an FHA Loan can help you save money on the Florida home of your dreams.

    FHA mortgage Florida , FHA loan Florida

      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. 

    Higher Debt Ratio’s than other home loan programs.

    Less than two years on the job is allowed. Self-Employed individuals o.k.

    APPLY NOW AT http:/www.fhamortgagefhaloan.com/

    FHA Loan Programs Florida

    At one point and time many years ago, the FHA loan was the only alternative to local  bank financing for Florida home buyers. In the fashion world, there is a saying: Wait long enough, and everything comes back into style. That rule applies just as well to Florida FHA mortgage program. Long-overlooked, the FHA home loan is becoming popular again with Florida Home Buyers for its low rates and the real security it provides Florida mortgage applicants.

    For Florida banks and other mortgage lenders, FHA mortgage loan financing offers the security of a government insured Mortgage. Win/Win! To learn more, call today at 1-800-570-0448 or just use our fast and easy quick application!

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

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

    Minimal Downpayment Requirements – FHA loans can work with as little as 3.5% 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 mortgage 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 mortgage rates are extraordinarily competitive. FHA’s lower risk to the lender means a better rate for the borrower.

    Safeguards for FHA Mortgage applicants Who Get Behind – The Florida FHA  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 FHA Mortgage 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 home loan.

    Manufactured Housing – Under certain conditions, you can even finance a Mobile Home or manufactured home using a Florida FHA home 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 Mortgages Are Fully Assumable – When you are ready to sell your Florida 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.

    FHA Home Loans for Purchasing or Refinancing a Florida Home

    Although Florida FHA home loans require additional paperwork, the reality is that applying for an FHA mortgage loan in Florida is not much different from applying for conventional financing. In fact, for many 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 Florida Mortgage.

    At 1st Continental 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 lenders diligently and professionally. It’s one of the ways that we have earned our reputation for closing FHA home loans in Florida on-time.

    You may be surprised at how flexible sellers are in the current market and how many programs there are that provide Downpayment assistance to applicants for FHA financing to purchase Florida homes, condos, and 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 mortgage lenders are quoting you subprime rates, you owe it to yourself to make the call to 1st Continental Mortgage to compare the costs of getting an FHA home loan for your home purchase. Call 1-800-570-0448 to speak with an FHA mortgage expert before accepting any conventional mortgage quote as the best you can do!

    FHA Home Loans Offer the Convenience of Streamlined Refinance

    An FHA streamline refinance is one of the easiest home loans for Mortgage Lenders and borrowers. Since HUD approved you for the original FHA loan, the paperwork to refinance is minimal and the process is simple.

    So long as you have made your FL FHA loan mortgage payments on time for the previous 12 months, you can lower your monthly payment if interest rates go down with minimal out of pocket expense. Even if you have been late on your FHA mortgage, you might still qualify for an FHA streamline refinance in Florida under very specific conditions.

    Less documentation and no appraisal are just two of the reasons a FHA streamline refinance is cheaper and faster for the borrowers who qualify.

    FHA Mortgage Loan Streamline Refinance Requirements

    When your 1st Continental Mortgage lender helps you get a streamlined FHA refinance on your existing mortgage loan, he or she will make certain that you meet these conditions:

    Your current mortgage must be an FHA mortgage. You must have had your FHA Mortgage for at least 6 months. You must have paid your mortgage on time for the most current 12 months. Your FHA Streamline Refinance must lower the principal and interest portion of your mortgage payment by at least $50 or convert the mortgage from an ARM to a fixed rate FHA home loan. You can’t get cash out on the FHA streamline refi. You must have an FHA appraisal if you are rolling the closing costs into the FHA streamline refinance. Any existing liens on your Florida home must be subordinate to the new FHA mortgage. FHA Mortgage Loan Refinance Programs for Cashing Out Equity

    Although a streamline refinance does not allow you to cash out equity, we have a FHA loan refinance program that is specifically designed for borrowers who want to cash out equity to consolidate debts, make home improvements or to access funds for other purposes.

    Unlike many conventional loan programs, the FHA mortgage does not adjust the rate based upon loan to value or credit score. You will find the FHA has very reasonable underwriting guidelines for cash out refinancing.

    We have helped many clients borrow up to 85% of the appraised value of their homes and use the funds to consolidate debts or to make home improvements and other purposes. Qualified borrowers will have to look hard to find lower rates and better terms than they can get on Florida FHA cash out refinance right now!

    Call 1st Continental Mortgage today at 1-800-570-0448 or use our quick application to apply for an FHA refinance on your home in Sumter County or any of the other Florida counties we offer FHA mortgages in.

    FHA Home Loans For Mobile Homes with Land

    Although some conventional lenders in Florida shy away from making a loan on Mobile Homes or manufactured homes, many FHA mortgage loan lenders do not.

    In fact, mobile homeowners fortunate enough to connect with a Florida FHA mortgage lender, who is well schooled in how FHA loans work for mobiles and manufactured homes, can get a better interest rate, better terms, and a lower monthly payment by going FHA in nearly every case.

    If you’re shopping for financing to buy a mobile or manufactured home on land in Sumter County or any of the other 66 counties in Florida that we serve, call 1-800-570-0448 and let us give you a quote for an FHA mortgage loan to purchase your mobile or manufactured home.

    It only takes a few minutes to get an FHA loan mortgage quote on your Florida mobile home. We’ll wager that the savings on your monthly mortgage payments will make it some of the highest paid work you’ve ever done.

    Few people realize that the FHA mortgage loan uses the same underwriting criteria for single and double wide mobile homes and manufactured housing as it does for traditional site built block or stick homes. In addition, FHA is one of the very few programs that can offer up to 97% financing on mobile homes on land. In addition, did you know that the seller can contribute up 6% toward your closing costs on an FHA mobile home loan and that down payment assistance can be used in Florida? It’s true! You could package your mobile home financing to create a real no money down loan with unbelievably low rates.

    Call 1-800-570-0448 or use our secure online quick application for a free no obligation quote on financing your manufactured or mobile home using an FHA mortgage loan.

    FHA Mobile Home Lending Guidelines

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

    The mobile or 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 home must be taxed as real estate by the local tax assessor’s office. The mobile or manufactured home must have been built after June 15, 1976. The mortgage must have a term of at least 30 years from when amortization begins. The mobile home or manufactured home must be on a permanent foundation. The axles and tongue must be removed from the mobile or manufactured home. The 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 mobile or 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 an FHA mobile home mortgage.

    FHA 203k Mortgages For Florida Homeowners Making Home Improvements

    The FHA 203k loan program is nothing more than a specialized FHA home loan designed to help homeowners make home improvements. It is especially popular in neighborhoods with properties in need of rehabilitation.

    The FHA 203k loans work in Florida communities in much the same way as Construction loans for home improvement. Eligible borrowers can use the proceeds from these FHA mortgage to renovate and improve their primary residences.

    Qualifying for a 203k FHA mortgage uses the same guidelines as a standard FHA mortgage for the purchase of a Florida home.

    Target Borrowers for FHA 203K Mortgages

    This specialized FHA mortgage is for Floridians who wish to buy a home that needs repairs or renovations. Just as is the case with a conventional construction loan, a single FHA 203k loan covers both purchase of the Florida real estate and renovation. FHA 203K financing can be used to purchase a property on a site and move it to a new foundation on the mortgaged property and rehabilitate it.

    In addition, Florida homeowners can also use a 203k FHA mortgage to refinance existing debt when they finance one or more home improvements using the FHA 203k mortgage program.

    Many borrowers are finding out what a good deal a Florida FHA home loan really is. Call 1-800-570-0448 today or simply use our quick application to find out more!

     



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  • Mortgage Plain-talk: What’s the Difference Between "amortization" and "term"?

    Home Loans 11.03.2010 Comments Off
    The House Team Of Mortgage Intellingence


    There are many stresses associated with home buying – both financial and emotional. And frankly speaking, it doesn’t help that the process comes with its very own foreign language. While your mortgage broker can help de-mystify these terms, it helps to have a bit of a primer on what some of these terms mean. After all, it’s your money and your home we’re talking about; as a Mortgagor, you have a right to understand what you’re reading. (You didn’t know you were a mortgagor? Read on…)

    We’ll start with Amortization” and “Term”. Both refer to periods of time in the life of your mortgage, and you’ll want to be sure that you understand the difference.

    The amortization” of your mortgage is the length of time that would be required to reduce your mortgage debt to zero, based on regular payments at a specified interest rate. The amortization period is typically 15, 20 or even 25 years, although it can be any number of years or part-years. You could establish that you are able to make a certain payment each month of say $950 for your $130,000 mortgage at 5.5%. In this case, your amortization period will be just under 18 years. Or you could tell your broker that you’d like to be mortgage-free in just 10 years. With an amortization period of 10 years at the same interest rate, your $130,000 mortgage will cost you about $1,407 per month. That’s a tougher monthly payment, but you would save thousands of dollars in interest. (More than $35,000, in fact.) As you arrange your mortgage, then, keep in mind that your amortization period may be fairly long — although the shorter you can make it, the less you’ll wind up paying for your home in the long term.

    The “term” of your mortgage will typically be shorter. The “term” is the duration of your mortgage agreement, at your agreed interest rate. This will be a very specific length of time, although you will have several choices. A 6-month mortgage is a very short-term mortgage. A 10-year mortgage will be one of the longest terms, generally with a higher rate of interest to represent the higher degree of uncertainty in the economic outlook. After your mortgage term expires, you will need to either pay off the balance of the mortgage principal, or negotiate a new ontario mortgage at whatever rates are available at that time.

    Now, back to the term “Mortgagor”. This is one of three very similar terms: “Mortgagee”, “Mortgagor”, and “Mortgage”. A Mortgagee is the lender of the money: a bank, company, or individual. A Mortgagor is the borrower: the person or persons (or company) that is borrowing the money, and who will pay it back to the mortgagee. The Mortgage, of course, is the legal document that pledges the property as a security for the debt.

    Still confused? Speak with a mortgage professional. Get the best mortgage suited to your needs and all your questions answered in plain talk.



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  • Chess Rating Calculation In Fide (World Chess Federation)

    Home Loans 06.03.2010 Comments Off
    Bohdan Vovk


    You may know the name of the famous chess player Garry Kasparov who hit the highest rating in the history of FIDE at 2849. You must also know that the FIDE rating is calculated by the Elo rating system. But do you know how?

    The Elo Rating System

    The Elo system is named after Dr. Arpad Elo who improved the original system developed by Kenneth Harkness. It has been in use in the USA since 1960 and was taken on by FIDE in 1970. The Elo system is twofold:

    1. It shows how strong the player is: Player A rated 2400 is stronger than Player B rated 2300.

    2. The system also calculates the results of a game, tournament, or chess event as numerical Elo results.

    Originally designed as a chess rating system, nowadays it is also being used in a number of other sports and computer games.

    The Main Elo Idea

    Each chess player has chance to win a game. The stronger player, the more chances to win. FIDE uses a special winning probability table for a game which is based on the rating difference between the two opponents. If the rating difference between the two is 0, each player has equal chances to win, and his or her winning probability is 0.50. If the rating difference is 100, the stronger player has the winning probability 0.64 while the weaker 0.36. Please remember 100, 0.64, and 0.36.

    Let’s imagine that Player A rated 2400 and Player B rated 2300 are to officially play 100 games. The rating difference being 100, the expected result for Player A is therefore 0.64 and for Player B 0.36. And now the main Elo idea follows… If Player A is really playing as strong as 2400 and Player B as 2300, at the end of the event Player A will score 64 and Player B 36 for sure. If Player A scores only 55 (but not expected 64) and Player B 45 (more than expected 36), the Elo system will change their new ratings.

    The K-factor

    The Elo rating system uses the K-factor which is necessary for Elo calculation. The K-factor is assigned to the chess player, and its possible values in FIDE are 10, 15, and 25 as follows:

    * 25 for players new to the rating list, until they have completed events with a total of at least 30 games.

    * 15 for players with a rating under 2400.

    * 10 once the player has reached 2400 and been registered for at least 30 games. Thereafter it remains permanently at 10, even if the player’s rating is under 2400 at a later stage.

    Calculating the Rating Change

    The current rating of the chess player changes after each game. The one-game Rating Change depends on:

    * The player’s K-factor.

    * The player’s score (1, 0.5, or 0).

    * The player’s Expected Result for a game.

    Example 1. With the K-factor 10, Player A rated 2400 defeated Player B rated 2300. The Rating Change for Player A is therefore calculated as this:

    Rating Change = K-factor x (Result – Expected Result)

    Rating Change = 10 x (1 – 0.64) = 10 x 0.36 = 3.6

    Example 2. With the K-factor 10, Player A rated 2400 lost to Player B rated 2300. In this case, the Rating Change for Player A is calculated as this:

    Rating Change = K-factor x (Result – Expected Result)

    Rating Change = 10 x ( 0 – 0.64) = 10 x (- 0.64) = – 6.4

    Example 3. With the K-factor 10, Player A rated 2400 made a draw with Player B rated 2300. The Rating Change for Player A is now calculated as this:

    Rating Change = K-factor x (Result – Expected Result)

    Rating Change = 10 x (0.5 – 0.64) = 10 x (- 0.14) = – 1.4

    Conclusion

    The new rating of the chess player is calculated based on the rating change. Updated, the FIDE rating list is available online on 1 January, 1 April, 1 July, and 1 October… To learn more on the topic, you are welcome to Chess Rating and More.



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  • The FHA home loan Process Four easy steps to your FHA loan!

    Home Loans 06.03.2010 Comments Off
    FHA home loan Lender


    The FHA home loan Process Four easy steps to your FHA loan!

    1. Applying for an FHA home loan.

    Applying for an FHA home loan through FHAmortgageFHAloan.com is simpler than ever before. We have combined the speed and ease of the Internet with the hands on approach that our FHA home loan applicants have come to expect. Once you apply online for an FHA home loan, you are entered into our database where your FHA home loan is processed. Within 24 hours, your assigned FHA home loan officer will contact you, via e-mail or phone, to schedule your interview.

    2. The FHA home loan Interview

    During your FHA home loan interview your FHA home loan officer will go through your FHA home loan application to determine your eligibility. If you are unable to be pre-qualified at the time of application, your FHA home loan officer will offer you advice on how to improve your credit situation so that you may become eligible within weeks time. Within 20 minutes you will know the determination of your FHA home loan application! The FHA home loan telephone interview also serves as an excellent opportunity to get acquainted with your FHA home loan officer. Your FHA home loan officer plays an important role throughout the FHA home loan process. Good communication with your FHA home loan officer will increase your chances of FHA home loan pre-approval and speed the processing of your FHA home loan!

    3. FHA FHA home loan Processing

    The processing of an FHA home loan involves the gathering of documents to verify all information inputted in your FHA home loan application. This includes, but is not limited to; W2′s, paystubs, credit report, bank statements, etc. When your FHA home loan pre-qualification is sent to you (after your interview) it will include a checklist that is specific to your file. This checklist will state all the items that you must submit to your FHA home loan officer in order to receive your FHA home loan commitment!

    4. Closing your FHA home loan

    The closing is the “end of the line” in obtaining a FHA home loan. At the closing you will sign all FHA home loan documents and take possession of your new home. If you are refinancing, you will not take possession of a new home, but you will get a lower interest rate, cash out, or both!

    Apply Now at

    http://www.fhamortgagefhaloan.com/

     

    FHA loans make it Easy to buy a Florida home.

    FHA loans have been helping Florida homebuyers become homeowners since 1934. How does FHA help? The Federal Housing Administration (FHA) – which is part of (HUD), provides mortgage insurance to insure private lenders against loss. The mortgage insurance allows private Florida lenders to lend up to 97% of the purchase price and allows financing with No Minimum credit score requirement for Florida homebuyers.

    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 loans with terms that make it easier for you to qualify.

    Minimal Down payment Requirements – FHA loan can work with as little as 3% down and those funds can come from a family, grant , or your employer. Although the FHA loan does not have a zero down mortgage option yet, you will find that there are many Florida down payment assistance programs to help you with the down payment.

    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 loan lates get approved every day for FHA loans to buy or Refinance homes in. The FHA loan program uses credit quality, not credit score!

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

    Safeguards for Borrowers Who Get Behind – FHA loans 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 loan.

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

    FHA Loans Are Fully Assumable – When you are ready to sell your Miami home, you can offer buyers FHA financing! All 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 borrowers and situations.

    Serving These Fine Florida Communities:

    Arcadia :: Boca Raton :: Boynton Beach :: Bradenton :: Brandon :: Cape Coral :: Clearwater :: Clewiston, Crestview :: Daytona Beach :: Deerfield Beach :: Deland :: Delray Beach :: Deltona :: Destin :: Englewood, Fort Pierce :: Ft. Lauderdale :: Ft. Myers :: Ft. Walton Beach :: Gainesville :: Hollywood :: Homosassa Springs, Jacksonville :: Key West :: Kissimmee :: Lake City :: Lakeland :: Lynn Haven :: Marathon :: Marco Island, Melbourne :: Miami :: Miami Beach :: North Fort Myers :: North Miami Beach :: Naples :: Ocala :: Okeechobee, Orlando :: Ormond Beach :: Osprey :: Palatka :: Palm Bay :: Palm Beach :: Palm Coast :: Panama City :: Pensacola,  Pompano Beach :: Port St. Lucie :: Punta Gorda :: Santa Rosa :: Sarasota :: Sebastian :: Sebring :: Springhill, St. Augustine :: St. Petersburg :: Tallahassee :: Tampa :: The Villages :: Titusville :: Venice :: Vero Beach, Wauchula :: Wesley Chapel :: West Palm Beach :: Winter Park

    Answers to Mortgage Questions Whether Refinancing or Buying, We

    Deliver Good Answers to Great Questions!

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