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FHA mortgage Lender Florida offers ((FHA financing down to a 530 FICO))

September 5, 2010

FHA Mortgage Loans for Florida homebuyers

Why Should Florida homebuyers Consider an FHA mortgage Home to purchase a Florida home?

Good question, there are many reasons why Florida homebuyers to investigate an FHA home loan for their next Florida home purchase. Florida First time homebuyers should examine the FHA loan options because it’s easier and less expensive to qualify for an FHA home mortgage. Florida homebuyers can rest in confidence in knowing that an FHA home loan is guaranteed by the federal government, making your FHA mortgage application more attractive to more Florida home lenders. FHA mortgage first-time home loan applicants are usually young and at the beginning of their careers, chances are they still have student loans and other monthly debt obligations to deal with; an FHA home loan is often less expensive requiring only 3.5% down payment and is more forgiving of past credit issues. A summary of FHA Home loan guidelines:

Minimal Down Payment and Closing Costs.

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

Easier Credit Qualifying Guidelines such as:

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

Easier Debt Ratio & Job Requirement Guidelines such as:

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

www.FHAmortgagePrograms.com

FHA mortgage loans don’t require a big down payment to qualify. For Florida FHA mortgage applicants this can be a real plus; that typical borrower in the early stages of a new career often do not have a lot of money set aside specifically for purchasing a home. The FHA mortgage requires only 3.5% down payment, and that money can come from a friend, Family or Florida Grant..

For Florida first time buyers, closing costs are another issue that can be a burden, the typical closing costs for FHA mortgage loans are around 6% of the total Florida FHA mortgage. This is one advantage when taking out an FHA mortgage loan compared to other Florida mortgage programs.

FHA mortgage loans are not just for Florida first time home buyers. Florida homeowners can FHA refinance to get out of debt situations caused high interest credit cards or high interest mortgages. FHA home loan mortgage refinancing is a relief for those with adjustable rate mortgage who want to keep their homes and prevent a massive rate adjustment. There are several ways to get into an FHA mortgage for refinancing. FHA home loan advantages include a low fixed rate mortgages that are guaranteed by the Federal Housing Administration.

FHA mortgage loans also provide cash out refinancing for those who need financing for things such as home upgrades or emergency cash reserves. FHA cash out refinancing offers Florida mortgage applicants lower interest rates than traditional home equity mortgage loans; you may qualify for one of two FHA mortgage plans which offer cash-out plans. One offers FHA home loan amounts for up to 97.75% of the FHA appraised value of the home, another FHA cash out refinancing loan offers amounts up to 85% of the FHA appraised value. Each FHA mortgage program has its own specific FHA requirements and rules.

FHA mortgages should take up no more than 31% of your gross monthly income( before tax income), and your FHA loan officer will ask for verification of your income to make the calculation. While some FHA mortgage applicants are able to get conventional mortgage loans using exotic home loan requirements for the FHA mortgage applicant FHA refinancing loans require copies of your income tax returns to verify the actual amount of money you report to the government. If your job situation has changed since your last tax filing, you may be able to furnish proof of income through your new employer.

FHA mortgage loans require for income, debt-to-income ratios, maximum loan amounts and other details; each type of FHA loan is unique and must be applied for individually. Ask your FHA mortgage lender for assistance in learning which Florida FHA mortgage is right for you. If you aren’t satisfied with your current Florida mortgage lender, consider getting applying for an FHA mortgage with us.

www.FHAmortgageFHAloan.com

http://www.fhamortgagefhaloan.com/

http://www.trulia.com/blog/tommy_miller/2009/04/fha_home_loan_florida_pr

http://www.trulia.com/blog/phil_myers/2009/05/florida_fha_loan_florida

http://www.trulia.com/blog/tom_miller_2/2009/03/miami_fha_mortgage_miami

http://www.merchantcircle.com/blogs/1st.Continental.Mortgage.954-391-8387/2009/7/Florida-FHA-mortgage-Florida-FHA-loan-/286566

http://www.trulia.com/blog/john_miller_1/2009/05/jacksonville_fha_mortgag

http://www.trulia.com/blog/allen_rodgers/2009/05/clearwater_fl_mortgage_l

http://activerain.com/blogsview/1045148/Tampa-FHA-Home-loan-Tampa-FHA-mortgage-TampaFlorida-home-loans

http://www.FHAmortgagePrograms.com

http://www.fhamortgagefhaloan.com/

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Whos is Eligable for an FHA loan?

September 4, 2010

WHO IS ELIGABLE FOR AN FHA HOME LOAN?

FHA home 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 FHA mortgage insurance to insure private FHA mortgage lenders to protect them 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 mortgage loans insure private FHA lenders against loss for loans made to properly qualified FHA home loan mortgage applicants. So you’re likely to find FHA loans with terms that make it easier for you to qualify.

Minimal Down payment Requirements – FHA mortgage loan can work with as little as 3.5% 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 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 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.

Other FHA loan Advantages Include:

Minimal Down Payment and Closing Costs.

Easier Credit Qualifying Guidelines such as:

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

Easier Debt Ratio & Job Requirement Guidelines such as:

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

www.FHAmortgageFHAloan.com

(An exception shall be made for a seller on the GSA list when the property being sold is the seller’s principal residence.)

Although eligibility for an FHA-insured mortgage may be established by performing the actions described above, the overall analysis of the creditworthiness must include consideration of a borrower’s previous failure to make payments to the Federal agency in the agreed-to manner and must document its analysis of how the previous failure does not represent a risk of mortgage default.

Exceptions to this rule may be granted under the following situations: If the FHA mortgage applicant sold the property, with or without a release of liability, to an FHA mortgage applicant who subsequently defaulted, the borrower is eligible, provided he or she can prove the loan was not in default at the time of assumption. However, if a claim was paid on a mortgage in default prior to the divorce, the FHA mortgage applicant is not eligible. When the property was included in a bankruptcy that was caused by circumstances beyond the FHA mortgage applicant control (such as the death of the principal wage earner or serious long-term uninsured illness), the FHA mortgage applicant may be eligible if the FHA mortgage applicant meets the requirements in Paragraph 2-3 E.

While FHA may delete erroneous information regarding a FHA mortgage applicant falsely indicated as having defaulted on a FHA mortgage, such as incorrect social security number reporting, it will not remove correct CAIVRS information even if the borrower is judged eligible under the conditions described above.

FHA mortgage Lenders may not rely upon a clear CAIVRS approval when in possession of independent evidence of delinquent federal obligations and must document the resolution of any conflicting information. If the FHA mortgage lender has reason to believe the CAIVRS message is erroneous or needs to establish the date of claim payment, the FHA mortgage lender must contact the appropriate HOC for instructions or documentation to support the FHA mortgage applicant eligibility. The appropriate HOC can provide information when the three-year waiting period will elapse or if the social security number in CAIVRS is erroneous. The HOC will also provide instructions to lenders regarding processing requirements for other HUD-related defaults and claims (e.g., Title I loans).

FHA cannot alter or delete CAIVRS information reported from other Federal agencies, such as the Department of Education, Veterans Affairs, etc. The FHA mortgage applicant and/or the FHA mortgage lender must contact those agencies to correct or remove erroneous or outdated information. We do not require a “clear” CAIVRS authorization number as a condition for mortgage endorsement, but the lender must document and justify its approval based on the exceptions described above.

http://www.FHAmortgagePrograms.com

http://www.fhamortgagefhaloan.com/

http://www.fhamortgageprograms.com/florida/Bradenton/

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http://www.fhamortgageprograms.com/florida/Deltona/

http://www.fhamortgageprograms.com/florida/Destin/

http://www.fhamortgageprograms.com/florida/The-Villages-County/

http://www.fhamortgageprograms.com/florida/Ft-Myers/

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Down Payment Assistance with FHA loans Nehemiah & Genesis

September 3, 2010

Down Payment Assistance with FHA loans Nehemiah & Genesis banned starting October 1st. HR 3221 housing bill

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LA/OC home prices back at Nov. ’08 level

September 2, 2010

LA/OC home prices back at Nov. ’08 level
Local home prices were on the mend when tax breaks were still in play. The Standard & Poor’s/Case-Shiller home-price indexes for June say this about real estate conditions in Los Angeles and Orange counties … June marked the highest L.A./O.C….

Latest FHA Auctions

September 1, 2010

Hey, check out these auctions:

Future Homemakers of America (SING WITH FHA)

US $0.99 (1 Bid)
End Date: Sunday Sep-05-2010 15:10:23 PDT
Bid now | Add to watch list

FHT FUTURE HOMEMAKERS TEXAS - Sterling Silver FHA PIN

US $14.99
End Date: Sunday Sep-05-2010 18:15:33 PDT
Buy It Now for only: US $14.99
Buy it now | Add to watch list

Cool, arent they?

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How long before I can sell a recently purchased property to an FHA buyer?

August 31, 2010

I had a recently purchased property under agreement with an FHA buyer. I have owned the property for 6 weeks and was 5 days from closing when her mortgage company said they can’t close because I have not owned the property for 90 days. My problem is we have been under agreement for 6 weeks with a closing date and this comes up. Is this a new rule or an oversight on the mortgage company. The property is in Mass.

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Compare FHA, Conventional 90% LTV and 80% LTV loans

August 30, 2010

www.realpro.la FHA, VA, Conventional Comparisons and the buyer’s closing costs. TheREALPRO for Windows program will accurately calculate these details for you, the real estate or mortgage loan professional, and your client. http The down payment, loan, total payment and closing costs are calculated, including the APR REALPRO is the only computer/software made exclusively for the Real Estate/Lending Industry to give you exact figures – anywhere you need them! Throw away your pencils, papers, calculators and charts!! REALPRO answers your client’s financing questions in a matter of moments … and prints them out, too! The REALPRO System is preprogrammed to calculate these important functions and is the best way of plugging into the information that keeps you at the cutting edge of the Real Estate/Lending Industry. Loan Rep Advantages Calling on Real Estate Offices * Prequalify borrowers in seconds whether in your office, the real estate office, or out in the field * Quote in print – any loan, FHA, VA, Conventional, whether fixed, adjustable or graduated payment – in seconds, along with a buyers cost sheet, without ever looking up a chart * Amortize your various loans when asked, without complicated charts * Prequalify homes for your real estate agents so they know what income to look for when holding an open house * Enhance your professional image so that agents have enough confidence in you to involve you in the transaction * Show the type of instant service and …

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Do you have to hook up to public water to refinance with FHA?

August 29, 2010

We have well water and are refinancing our house with FHA. The appraiser said we may be required to hook up to public water. I need to know if it is required in a refinance. We do not currently have an FHA loan, we are refinancing with FHA. She didn’t know if it was required since it was a refinance and not a new purchase. Thanks.

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