Posts Tagged ‘Fha Loan’

Why Do Florida homebuyers ask for FHA Loan over other mortgage loans?

January 19th, 2010

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Why Do Florida homebuyers ask for FHA Loan over other mortgage loans?

There are lots of reasons Florida homebuyers ask for an FHA loan instead of taking a conventional or an expensive and risky sub-prime mortgage loan. Many Florida homebuyers prefer to take advantage of the many benefits and protections that only come with FHA:

Less than Perfect Credit – Even if you have had credit problems, such as bankruptcy, its easier for Florida homebuyers to qualify for an FHA loan than a conventional loan.

Easier to Qualify – Because FHA insures your Florida mortgage, FHA mortgage lenders are more willing to give loans with lower qualifying requirements so its easier for you to qualify for a Florida home.

Low Down payment – We have a low 3% down payment, and that money can come from a family member, employer or charitable organization. Other mortgage loans do not allow this.

Costs Less – Many times, FHA loans have competitive interest rates because the FHA loans are insured by the Federal Government. Always compare an FHA loan with other loan types.

Help You Keep Your Home – The FHA has been around since 1934 and will continue to be here to protect you when the others walk away. Should you encounter hard-times after buying your home, FHA has many options to help keep you in your home and avoid foreclosure.

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 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 to find out more about the many FL mortgage programs we can make available. Or Apply now for a FL FHA home loan.

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.

FHA Home Loans for Purchasing 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!

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

Serving These Fine Florida Counties:

Alachua :: Baker :: Bay :: Bradford :: Brevard :: Broward :: Calhoun :: Charlotte :: Citrus :: Clay :: Collier
Columbia :: Dade :: DeSoto :: Dixie :: Duval :: Escambia :: Flagler :: Franklin :: Gadsden :: Gilchrist :: Glades
Gulf :: Hamilton :: Hardee :: Hendry :: Hernando :: Highlands :: Hillsborough :: Holmes :: Indian River :: Jackson
Jefferson :: Lafayette :: Lake :: Lee :: Leon :: Levy :: Liberty :: Madison :: Manatee :: Marion :: Martin :: Miami-Dade
Monroe :: Nassau :: Okaloosa :: Okeechobee :: Orange :: Osceola :: Palm Beach :: Pasco :: Pinellas :: Polk
Putnam :: Saint Johns :: Saint Lucie :: Santa Rosa :: Sarasota :: Seminole :: Sumter :: Suwannee :: Taylor :: Union
Volusia :: Wakulla :: Walton :: Washington

FHA :: Mobile Homes ::

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Will I Qualify For An FHA Program Refinance?

January 13th, 2010

Qualifying for an FHA program refinance may not be as easy as they would have you believe. The guidelines seem to contradict each other at times, and others are just downright confusing. Trying to figure out the positive and negative aspects of this government backed program may help in finding out if you can qualify for this type of refinance.

FHA refinances generally allow you to finance up to 95 percent of the value of your home, depending on certain factors. They also claim to offer the best available rates regardless of your credit score. However, judging by the guidelines that are put in place for qualifying for an FHA refinance, this doesn’t seem to be a valid claim.

New guidelines established in 2007 and taking effect as of July, 2008 did make it easier to qualify, but also don’t seem to provide the best rates “regardless of your credit score.” Borrowers who were delinquent on a non-FHA ARM can only qualify if they were 30 days late no more than twice or 60 days late one time in the previous 12 months. Borrowers can qualify for up to a 90 percent LTV refinance if they were no more than 30 days late three times or 90 days late one time prior to the rate being reset. This hardly means anyone can qualify “regardless of their credit score”.

To qualify for a refinance of a conventional loan of up to 95 percent loan-to-value, the borrowers current mortgage must not have been reported late in the last 12 months and must be current at the time of the refinance. Any late payments will bring the maximum loan value down to 85 percent of the appraised value.

Borrowers must also be living in the property and will not qualify for an FHA loan if they have not lived in the property for at least 12 consecutive months. Cash out refinances are not allowed on conventional mortgage refinances. There is a clause in FHA refinancing guidelines stating that cash out can be permitted on properties that are owned free and clear. However, if a property is owned free and clear, that would mean that there are currently no liens on the property. This would then not be a refinance but would actually become a new mortgage, so this clause doesn’t even seem to make sense.

In most FHA programs, there are also annual premiums and Up-Front Mortgage Insurance Premiums. Maximum loan-to-value ratios also vary by state depending on the average amount of closing costs for a particular state and the appraised value of the property. FHA refinances also offer streamline mortgage refinancing to existing FHA mortgage holders.

Having an expert explain the qualifications of an FHA refinance may be the best way to decide if this type of financing is what you are looking for. Like other government backed programs, things aren’t spelled out as well as many people would prefer them to be. Finding an experienced mortgage broker or rep will be the best way to find out if you would be able to qualify for an FHA refinance.

Rob K. Blake, home loan expert and author, educates mortgage shoppers on finding local providers by state like North Dakota Mortgage Brokers and Lenders and provides reviews of national companies like Accredited Home Lenders.

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Veteran Administration Loans

January 12th, 2010

Federal housing administration was founded after the Great depression in 1929, when millions of people lost their homes due to foreclosure, as a part of loan system reorganization. The main intent was to regulate interest rates and mortgage terms on the loans the administration insured.

The Federal Housing Administration is the largest government insurer of mortgages in the world. A part of the United States Department of Housing and Urban Development HUD, FHA provides mortgage insurance on single-family, multifamily, manufactured homes and hospital loans made by FHA-approved lenders throughout the United States and its territories. FHA’s main purpose consists in purchasing and insuring mortgages allowing banks to turn around and carry out another loan without putting out substantial capital of its own. While borrowers must meet certain requirements established by FHA to qualify for the insurance, lenders bear less risk because FHA will pay the lender if a homeowner defaults on his or her loan.

This new mortgage practice made home purchase available even for many different working people. Also FHA has become involved in areas such as financing the development of multi-family housing, the housing for the elderly, the handicapped, lower income people, inner city families and minorities. However, over the years the role of FHA diminished in today’s mortgage market mostly because people were attracted to more exotic mortgage packages. But due to the rising rate of foreclosures on this particular mortgage packages made people turn back to the safety of FHA loan. FHA is currently pushed by market demands to develop more flexible and suitable loan products.

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What is a Streamline Refinance?

January 8th, 2010

At the dawn of a new year, many homeowners are optimistic that 2010 will be a much better year than its predecessor. With housing prices back on the rise, many people are thinking that the worst is over. But if you already own a home, what is the best way to capitalize on the resurgence of the housing market. The answer is simple. A <a href=“”>streamline refinance</a>

is a refinance on your home that is called streamline for a few different reasons. It is hassle free and has no additional paper work saving you immense amounts of time and money. By getting the lowest interest rates available, you are able to save thousands on your mortgage. Imagine having your mortgage payment reduced each month by hundreds!. The best thing though, it is that it is fast, easy and inexpensive so it saves you time and money together. There are two major types of a streamline refinance, a FHA and a VA. A FHA Streamline Refinance is the fastest option to reduce your homes interest rate with the least amount of paper work, which in return saves you time and money.

The FHA streamline Refinance program began back in the 1980s when the government saw a need to make refinancing easier and more accessible. The program was set up specifically for a faster approval process using less documentation.

Because of this program anyone with an FHA home loan can lower their interest rates to the lowest rate possible, with no credit checks, additional paper work, or added hassle! It uses your existing FHA loan paper work, so instead of filling out mountains of new paper work, you just submit your existing documentation.

It is called a Streamline Refinance because it makes the process quick, easy, and fast, as fast as only 25 days! Both are simple and easy, and most importantly quick. It usually only takes 25 days to have everything completed. A refinance, is a great way to save money on your mortgage, have some extra spending money for home improvement products and is just a great way to capitalize on the resurgent housing market in 2010. To answer any questions on why this is a great option visit

David French is a man who enjoys helping people save on their mortgage. He spends his free time on

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FHA Mortgage Streamline Refinance Loans – Advantages and Qualifications!

January 6th, 2010

FHA Mortgage Streamline Refinance loans are available to homeowners that financed their homes with FHA Loans.

First a little history on FHA Refinance Loans. They have been available for a long time, all of the way back to the 1980’s. Because of the popularity of FHA Home Loans the FHA Streamline Refinance Program has at least 20% of the home refinance market and it is increasing at a steady rate.

The FHA Home Loan Program is very popular in today’s housing market because of the low 3.5% down payment and the lower credit scores needed to qualify for a loan. Most conventional and insured conventional loans require 20% down payment. The credit scores for FHA loans can be around 620.

There are many advantages for this type of refinancing.

The Advantages of FHA Mortgage Streamline Refinance Loans:

1. The homeowner can get a lower interest rate and this will help them to reduce their monthly mortgage payment.

2. They can change the terms of their existing loans such as the length of the loan.

3. Quick processing and reduced paperwork and documentation. This is how they get the name “streamlined”. It will take less time to close and you will spend less time trying to get all of the paperwork and information together.

4. Closing costs can be can choose to include them in the new loan if there is enough equity in the home or they can choose to have no closing costs but that may result in a higher interest rate.

5. The homeowner does not have to verify income or employment status.

Of course there are some qualifications that you will have to meet in order to get the Streamlined FHA Refinance loan.

FHA Mortgage Streamlined Refinance Loans Qualifications:

1. You can not be delinquent on your monthly mortgage payments within the last 12 months.

2. The new mortgage loan must reduced monthly payments or the length of the loan.

3. No cash-out option is available.

4. No credit qualifications.

Unfortunately things may be changing. FHA is considering changes to their loan program because of the cost of increased home foreclosures. Among the changes being discussed are the increase in mortgage insurance and higher credit scores to qualify for a mortgage.

If you are considering refinancing your home mortgage now is a good time to get more inofrmation on FHA Mortgage Streamline Refinance Loans before the changes take place!

Click here for more free advice about FHA Streamline Refinance Program where you get much more information on the different types of FHA loans.

Learn more about the FHA Home Loan Program Requirements And Guidelines.

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