FHA home loans make it Easy to BUY a Florida HOME, 97% down to 530 FICO
Posted by US Home Loans | Posted in Home Loan | Posted on 26-12-2009
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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/
Watch the video related to home loan
Simple example of borrowing from equity to fuel consumption
Help answer the question about home loan
What kind of home loan interest rate could I get with a bankruptcy on my record?I have a chapter 7 bankruptcy on my record from 2003, but I have no debt and a credit score of about 700. And I have $20,000 for a down payment. If I got a home loan, would the bankruptcy make a huge difference in the interest rate? How big a difference?
There are various ways to obtain debt consolidation loan. You could apply for personal loan or any unsecured loan with reasonable and lower interest rate as compare to your current debt's interest rate and consolidate your debts into this loan. But, to obtain an unsecured loan, you need to have a good credit score else you loan application most probably will be rejected.
The best way to consolidate your credit card debts or any other high interest debts is using a home equity loan. Of cause, you need to own a home in order to apply for a home equity loan. Home equity is ideal for you to consolidate your credit card debts because the interest is much lower interest rate than credit card and other unsecured loan. And the best part is it normaly have different terms or repayment periods for you to choose from. The longer the repayment terms, the lower the monthly payment is. If your current financial is tight, you could choose the longer repayment term and pay more when you are at better financial situation. Read more about it at: http://www.credit-card-gallery.com/article/134,Consolidate_Credit_Card_Debt_And_Eliminate_Debt_With_A_Home_Equity_Loan
To have a mortgage loan you must have land involved, so no trailer park rentals. Lender's are not fond of mobile homes because they lose value – unlike a stick-built home which will appreciate in value. You are unlikely to find 100% financing for a mobile home. 90% or less is the norm and that is with good credit. Your interest rate will be higher as well.
If you are buying this as an investment (in your own future-not as an investment property) you should look into a modular home. Anything but a mobile. You won't get out what you put into a mobile. That said, there are some very nice mobile homes out there.
Ampedee, I’m a mortgage broker and banker. I used to work for one of the largest banks in the country and to be honest our fees and costs were so much higher than brokers. Large banks spend money on advertising and pay salaries.
What is the Key disfavors by Having Your Mortgage
realmortgagepaid.blogspot. com
Getting approved in a different state should not be a problem, as long as the job you're moving to is in the same field that you are currently in.
You can go to a nationally licensed broker if you prefer that, rather than a local broker, since they are sometimes limited.
If you want a little more advise, contact me, or check out our website.
Baconshmals@yahoo.com
http://aapexfund.com
Hey Bank of America! You didn’t do squat for me and my husband. You promised the world but delivered nothing. So why don’t you get off this website and go do somethingproductive??? Like….get an education!
mortgageartist. com
The best thing you can do is arm yourself with knowledge, even better if it’s free. a little time and a few clicks now could save you years and thousands of dollars later.
the choices you make today define your tommorow.
hoyl hell this guy is a good sales man, but being in the mortgage industry my sell i see right through alot of his bulshit. GETTING YOUR LOAN THROUGH A BROKER MEANS UR GOING TO PAY MORE IN FEES, BECAUSE THAT LOANS GOING TO JUST END UP AT ONE OF THE BIGGER BANKS IN THE LONG RUN ANWAYS…..
No, there are no loans for more then 96.5% of the sales price, that is as high as it is possible to go.
if the seller is asking more for the house than what the lender thinks its
worth they won't give you the loan. the lender you are going to use
will appraise the house and if the price you are paying for the house is the same or less than the appraisal they will loan you that amount. if their
asking more for the house than it appraises your not going to get a loan.
your not going to borrow more money than what the value of the home
is. if the asking price is 200,000 and it appraises for that, that's how much you will get, not any more. you won't see any of the money, your
lender will pay directly to the title holder of the house.
very professional response b of a.
John Paul,
First, I hope you contacted a good, reputable loan office BEFORE putting an offer on a home. And I hope you are getting good professional guidance through the process. The home buying process can be a thorny one if not handled properly…and the same is true of the home loan process.
There is no question that there are some great deals out there…and some great rates. But you have to think of the online deals as "big tent" offerings … while they may well apply to your particular circumstance … they also very well may not. Every lender, online or off, has their pool of offerings … some broader than others. Each has certain criteria that must be followed in securing that loan. And not every loan is available for every borrower. Are you self employed? Do you have a regular salary? Do you get hourly pay? How long have you been working for your current employer? What other fixed debts do you have? Do you pay child support or allimony? Do you have any positive or negative offsetting factors? What are your credit scores? These things, and many other factors, impact what type of loans you may qualify for … and what types may not be available to you at all.
I've never been a fan of "shopping rates" for the simple reason that they don't tell the whole story. I remember a buyer of one of my listings "got a great deal" from a particular lender (which he happened to find online). Problem was when he got to closing NOTHING in the loan package bore any resemblance to the loan he THOUGHT he was getting! He thought it was a fixed rate loan … it was not. The rate he'd been quoted was not the rate he actually got. He'd never heard of "negative amortization", and his loan had it. He never gave any thought to a "prepayment penalty" … his loan had that, too! With a lot of work we were able to get the prepayment penalty waived (this is a BIGGIE because the penalty was over $7,000 in the event he sold his home or refinanced within the FIRST 3 YEARS of the loan!) Even though the terms were horrible, he DID close on his purchase … and went right out and immediately refinanced his new home!
My point is that WHAT YOU DON'T KNOW can cost you big time. This is not something to "wing it" with. Talk to friends & coworkers & family who've dealt with reliable lenders in the past and ask for recommendations. Most certainly if you are working with a real estate agent, ask them for recommendations as well. We deal with lenders all the time and if the agent is experienced, they have an assortment of lenders they know are professional, reliable, ethical people … and they also know who to avoid!!!! Talk to a few recommended lenders … have them prequalify / preapprove you, making recommendations on programs they think your financial profile best fits. As long as the rates they offer are "in line" with with the market in general, I wouldn't worry about getting the best "deal". When you're looking at just raw numbers, you don't know what is being "cut" to get to that number. Quite often it's reliability and/or service.
By the way, my preference is to ALWAYS deal with a lender who will shephard you through the process from application to closing on your purchase. As the process moves along, you want to have a real live person you can call to answer questions, follow up to be sure all the proper steps are being taken, and to hold accountable if/when they're not.
Good luck! I know this is an exciting time and I hope all goes well for you!
FDIC is great and all, but it has almost nothing to do with lending. FDIC means that they have a Federal Deposit Insurance Company protecting your deposits (checking, savings, CDs, IRAs, etc) in the case of the bank going belly up. If the bank ends up getting in trouble, they will sell your loan off to another bank or financial institution for the capital. This can happen in large banks as well as small banks, especially the way the economy is right now.
To test this small bank for their federal guidelines, when you walk in next time ask them where they have posted their Community Reinvestment Act public notice. If they look at you like they have to no idea what you are talking about, walk back out the door and don't look back. If they have one, take a seat!!
That is a great video, you break it down very well.
A good mortgage is like a work of art.
mortgageartist. com
Your path to the best free mortgage information resource around.
lots of info here
I am not sure what you refered to when you said "clearing the home."
On the EMIs, I hope you are referring to PMI. If you owe 80% or less, you can demand the mortgage company to move the PMI with an acceptable appraisal report to that bank showing that the value truly is higher.
they may more bills now than they did have when purchasing. The housing ratios should be around 29% of gross wages (principal + interest + taxes monthly + insurances monthly) the total expense ratio for all other accounts reporting in your credit file should be around 43% with the new purchase included. This is how the loan must be structured or less ratios if so desired by you the buyer. So if you buy less then your ratios will be less. You also when making your statement do not know what types of loans these people have. Some may have qualified on an interest only note when it was possible to do so several years back. So there is no way for me to give you a best answer with out knowing all the facts
I am a mortgage banker in TN & KY
What is your concept about jumbo loans? I think these loans is the answer for your question.