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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 ::

Article Source:http://www.articlesbase.com/mortgage-articles/why-do-florida-homebuyers-ask-for-fha-loan-over-other-mortgage-loans-1745439.html

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FHA loan offers Florida homebuyers a low cost way to own a Florida home

January 14th, 2010

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Lowest costing FHA home loan.

Coming soon to FHA-mortgage loans will require Higher FICO scores and more cash at closing. The changes are needed to help keep the agency afloat.

FHA mortgage loans are about to become more expensive and harder to get for Florida FHA loan applicants.

The details will be revealed in late January. But this much already is clear: FHA Mortgage applicants will need higher credit scores and more cash at closing to get the lower interest rates and cheaper insurance of FHA mortgage loans and refinanced loans.

The rules are changing because the Federal Housing Administration is in a financial hole. It’s been paying out more to cover defaulted FHA mortgage loans than it’s taking in from mortgage-insurance premiums. The imbalance has drained agency reserves to 1.5% of the FHA mortgages it covers — below the 2% level required by law.

To cure the FHA insurance deficit President Barack Obama’s administration has announced it will tighten the FHA Loan requirements, making four changes that will hit consumers making it tougher to qualify:

Raising the minimum FICO score you need to qualify.
Increasing the cost of FHA mortgage insurance and possibly changing how premiums are collected.
Increasing the FHA down payment required for an FHA loan.
Decreasing the amount that sellers can pay toward a buyer’s FHA closing costs.

Why the FHA mortgage insurance exists

The FHA agency was created during the Depression to put builders and contractors back to work, keep the mortgage industry going and help keep homeownership affordable.

FHA mortgage insurance doesn’t make loans; it insures them. Anytime a mortgage applicants has a down payment smaller than 20%, lenders require mortgage insurance. FHA’s mortgage insurance is low-cost, and the agency will insure borrowers that private industry often won’t touch. Essentially, FHA mortgage insurance lets borrowers — especially first-time homebuyers — get homes with low down payments.

Other FHA Mortgage 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.

http://www.fhamortgagefhaloan.com/

The history of the FHA mortgage

When mortgages became hard to get a couple of years ago, the FHA “helped when no one else would, when everyone else buried their head in the sand”It’s fair to say the very survival of the housing sector in 2007-08 is thanks to FHA.”

As the housing bubble expanded, FHA mortgage loans took a back seat to cheap, quick, subprime loans, dropping to about 4% of market share in 2005 through 2007 for new mortgages and refinances combined. But once subprime products disappeared in the housing collapse, the FHA mortgage market share grew, to 21% in September 2009.

Here are the changes being discussed and what they could mean to FHA mortgage applicants:

1. FHA Mortgage insurance premiums

FHA Mortgage applicants pay two kinds of premiums for FHA mortgage insurance: an upfront lump sum that’s due when the loan closes (currently 1.75% and usually rolled into the loan amount and financed) and monthly payments (0.5% or 0.55% of the loan amount, depending on your down payment).

Here’s what you’d pay now in FHA mortgage insurance premiums on a $250,000 loan:

$4,375 (1.75%) at closing.
$1,250 to $1,375 (0.5 % or 0.55%) a year, broken into monthly installments.

An increase appears certain on at least the monthly charges, based on recent remarks to Congress by Housing and Urban Development Secretary Shaun Donovan.

There’s also speculation, says Lenders One’s Stern, that the FHA might require the upfront fee to be paid in cash and close off the option of rolling it into the loan.

Stern says that financing option is “one of the primary benefits of FHA.”

The cost to you: Higher mortgage insurance premiums will increase your monthly payments. And if you’re not allowed to finance the upfront insurance premium, you’ll have to produce the entire amount in cash at closing. (Your monthly payments would drop a bit, though, if you couldn’t roll the lump sum into your loan.)

2. FHA Down payment

Another big attraction of FHA loans is the low down payment requirement. You can get into an FHA-insured mortgage with as little as 3.5% down — that’s $8,750 on a $250,000 home.

That’s likely to increase, too. The idea would be to raise a borrower’s stake in the investment, reducing the chances you’d default.

The cost to you: Some in Congress want to raise the minimum down payment on an FHA-backed loan to 5% of the purchase price. That means you’d have to come up with $12,500 to buy a $250,000 home — $3,750 more cash than today. (Read “The end of the 0% down payment” and “How to come up with a down payment” to learn how down payments work.)

3. FHA LOW FICO Scores

During the housing boom you could get an FHA loan with a FICO score below 500. The government has been steadily raising the limit since mortgage lending has contracted.

Today, you need a minimum 600 FICO score to qualify for an FHA-backed loan. (Get a free credit score estimate here.) For many borrowers, that’s not really an issue, because their lenders require even higher scores. But a few lenders resell their loans directly to the FHA, not to loan aggregators or other banks. These lenders, for a price, will lend to borrowers with the FHA minimum FICO score, which means that today it’s still possible to get an FHA-insured loan with a FICO score of 600. That’s about to end.

Donovan told Congress that the administration intends to raise the minimum FHA requirement “for the time being” to weed out risky borrowers. He didn’t say by how much. Speculation ranges from 620 to 640. It’s possible that the new requirements will be multilayered, letting borrowers balance a lower credit score with, say, a bigger down payment.

“Of all these things, that will have the biggest impact, because there are so many borrowers who fall below the 620 score,” says Dale Vermillion, author of “Navigating the Mortgage Maze: The Simple Truth About Financing Your Home.” “Today, a lot of people have had credit issues, and their credit scores have gone down. When you combine the two (insurance and down-payment increases), it’s certainly going to have an impact on purchases.” (If your credit score is low, see “Raise your credit score to 740.”)

Raising FHA’s minimum score changes the playing field, says Stern. While private lenders usually do require higher credit scores, they can drop their limits quickly when lending safety has improved. A higher minimum FHA requirement means lost flexibility for retail lenders and their homebuying customers.

The cost to you: Buyers with FICO scores under the new minimum, be it 620 or 640, will be shut out of loans. The rules probably will become more rigid than they are today.

4. HomeSeller contributions to closing costs

Sellers sometimes agree to help pay a buyer’s closing costs. It’s a way to help a cash-poor buyer make a purchase. Currently, the FHA lets sellers contribute as much as 6% of the house price. The administration is considering reducing that to 3%.

“Three percent is what conventional loans allow, industrywide,” says Chad Bergman, a mortgage banker with Frost Mortgage in Littleton, Colo.

The history of the FHA

The cost to you: Probably nothing. In practice, a reduction to 3% probably won’t matter to most FHA buyers, at least today, Bergman says. Closing costs are based in part on loan amounts and interest rates, and they were considerably higher several years ago, when home prices and interest rates were higher. Today, closing costs average just $2,732 nationally on a $200,000 loan (they vary from state to state), according to a study by Bankrate.com.

If you were buying a home for $210,000, borrowing $200,000 and your closing costs were $4,000, currently the seller could pay up to $12,600 (6% of the home’s price) toward your closing costs — more than enough to cover the whole bill. If the seller’s allowed “concession,” as it’s called, dropped to 3%, your seller could pitch in up to $6,300 — still plenty.

‘Still the best mortgage for Florida homebuyers out there’

Taken together, the upcoming changes will make buying a Florida home harder for individual consumers, no question about it. And the FHA administration says it intends to back out of its expanded role once FHA mortgage lenders start making more loans again.

But, FHA still has the lowest down payment in the industry, still has unbelievably low interest rates and still is doing fixed-rate 30-year amortization mortgages. It’s still the best mortgage loan out there.

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

Article Source:http://www.articlesbase.com/mortgage-articles/fha-loan-offers-florida-homebuyers-a-low-cost-way-to-own-a-florida-home-1721965.html

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General FHA home Loan Underwriting Guidelines

January 1st, 2010

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General FHA home Loan Underwriting Guidelines

Disclaimer: These guidelines are to be considered standard or general. FHA will, from time to time, change their guidelines such as loan limits or debt-to-income ratio requirements. In times when 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 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 FHA Mortgage applicant 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 FHA 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 FHA Mortgage.
Foreclosure: An FHA Mortgage applicant 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.

FHA Mortgage 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 now at www.FHAmortgageFHALoan.com or all 954-667-9110

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.
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: FHA Mortgage applicant 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 FHA Mortgage applicant: 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.
Chapter 7 Bankruptcy: Will not disqualify a FHA Mortgage applicant if at least two years have passed since the bankruptcy was discharged
Chapter 13 Bankruptcy: An FHA Mortgage applicant 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
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 FHA Mortgage applicant income. The same rules apply for determining using it as a part of qualifying.
Extended Absence from Workforce: In some cases, the FHA Mortgage applicant 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.
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 FHA Mortgage applicant, 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.

http://www.fhamortgageprograms.com/florida/Pompano-Beach/
http://www.fhamortgageprograms.com/florida/Port-St-Lucie/
http://www.fhamortgageprograms.com/florida/Punta-Gorda/
http://www.fhamortgageprograms.com/florida/Homosassa-Springs/

Article Source:http://www.articlesbase.com/mortgage-articles/general-fha-home-loan-underwriting-guidelines-1653538.html

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100% Florida FHA Loans – FHA Mortgage accepts down payment assistance

January 1st, 2010

1 comment

Florida FHA loans are very popular right now as they allow first time Florida home buyers and people with challenged credit access to low cost secure fixed rate mortgage. Most other banks and lending institutions require a middle score of 620 for any FHA loan, however at we are still able to extend FHA loans to anyone with a middle credit score of 580 or higher. For those with credit scores worse then 580 other Florida hard money options may have to be considered if your score can’t be boosted into the 580 range.

100% Florida FHA Loans – FHA Mortgage accepts down payment assistance gifts on all Florida FHA loans. We specialize in helping our clients structure their purchase so that they have to come to closing with little to no money out of their pockets!

Here are some of the prime benefits of an FHA loan:

Low down payment of 3.5%.
No approved zoning requirements
Mobile Homes loans are allowed
95% loan to value on cash out
No reductions to loan amount for declining markets
Not credit driven (low credit scores receive the same great rates as high credit scores)
No need to pay off medical or small collection accounts (letters of explanation are used)
Resident aliens are allowed
Very low mortgage insurance coverage (typically 50%-75% lower than conventional mortgage insurance)
Co-signers (including non occupant co-signers) are allowed
No income limitations at all
No prepayment penalties EVER
Security of a 30 year fixed mortgage
6% seller contribution are allowed for closing costs (no money out of pocket for buyer!)
Ability to use non tradition trade lines to qualify (phone bills, light bill, electric bill, cell phone bill, etc..)
High debt to income ratios up to 42% and up to 50% with compensating factors
Compensating factors such as length of time on the job or funds in reserves help overlook negative factors
No reserves required from buyer
Gifts are allowed from family, friends, work, or other interested parties
Down Payment Assistance Programs allowed

Apply at http://www.fhamortgagefhaloan.com/

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Article Source:http://www.articlesbase.com/mortgage-articles/100-florida-fha-loans-fha-mortgage-accepts-down-payment-assistance-1652996.html

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Mortgage financing

December 25th, 2009

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Mortgage financing or FHA Refinance Loans – FHA Refinance Loans Are Quick again Easy!

Are you looking to refinance your home and don’t know where to form? Visit here now http://mortgage-loan-broker.blogspot.com

Look into FHA Refinance Loans as they are perfect for almost fraction situation.There are crowded types of FHA loans and home refinancing for them has innumerable advantages. scrutinize the various types to see which will force best for you. Here I will just apportion a basic overview of each one.What are your goals in terms of refinancing your home? Whether you are looking to consolidate debt, lower your interest rate or cash exterior on some of your equity, FHA Refinance Loans can help you. Let’s look at each one individually.If you credit less than perfect credit you can rural refinance your mortgage bury a Poor persuasion Refinance. You can get more information by clicking on the links at the keel of this article.Types Of FHA Refinance Loans

1. Rate & Term refinance loans are for those who accredit a champion interest proportion on an latest loan. This loan must serve a sub unequaled mortgage loan seeing you to qualify. folks who have this loan again regard nonpareil mindset again this will engage you to decrease your interest rate and scandal sheet payment.

2. For those who need to eliminate some debt and have only unique register payment, choose debt consolidation FHA Refinance Loans. The loan specialists who assistance you will cause payoff of your existing debt and you won’t have to deal with the high interest rates any longer.

3. Many just enthusiasm to capital superficial of their home equity and use the money however they gang up. This possibility is available whereas a cash-out refinance.

4. If you wanting to refinance an existing FHA loan to reduce your rate also payments, get together the FHA Streamline Loan possibility. No credit check is required also the specific condition is that you have unreal your monthly payments on time for the past year.As you burden see, there is a loan available whereas everyone and every situation.There are many advantages to choosing an FHA loan. FHA Refinance Loans are very accessible to qualify for now a exclusive bank does not have to insure the loan. The FHA takes care of this.By having the government insure the loan, the FHA is besides telling to offer incredibly low prevail rates. higher advantage of this type of loan is the lonesome remuneration of this type of loan is recurrently only 3.5 percent. This amount is very blue identical to other mortgages and makes it more affordable for inimitably people to receive the loan. now those with bad credit, the FHA is also willing to work with you to enable you to refinance to a more valuable scale also payment.As you can see, choosing from the available FHA Refinance Loans will help you in a interpolate of ways. Definitely put this on the top of your list of people to contact when refinancing. You won’t be sorry!Visit here now http://mortgage-loan-broker.blogspot.com

Visit here now http://mortgage-loan-broker.blogspot.com

Article Source:http://www.articlesbase.com/mortgage-articles/mortgage-financing-1624149.html

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

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

FHA Home Loans for Purchasing a Florida Home

FHA loan offers Florida homebuyers a low cost way to own a Florida home

Self-Employed individuals o.k.

http://www.fhamortgagefhaloan.com/

General FHA home Loan Underwriting Guidelines

General FHA home Loan Underwriting Guidelines

100% Florida FHA Loans – FHA Mortgage accepts down payment assistance

Mortgage financing

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Reduce Your Mortgage Online

Archive

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

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

FHA Home Loans for Purchasing a Florida Home

FHA loan offers Florida homebuyers a low cost way to own a Florida home

Self-Employed individuals o.k.

http://www.fhamortgagefhaloan.com/

General FHA home Loan Underwriting Guidelines

General FHA home Loan Underwriting Guidelines

100% Florida FHA Loans – FHA Mortgage accepts down payment assistance

Mortgage financing

Search The Web

Popular Posts

Related Sites

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Recommended Hosting

Categories

Archives

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