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10 benefits for Florida FHA Mortgage Applicants

Monday, December 28th, 2009

10 benefits for Florida FHA Mortgage Applicants

There are several major benefits for Florida home buyers choosing an FHA Mortgage Loan if you’re a Florida First-Time Home Buyer..

There have been several changes by HUD to the FHA Mortgage approval process over the years.

But, the main benefits that FHA provides Florida FHA mortgage applicants have remained consistent:

Max LTV 96.50% based on buy price – not including financed MIP (Mortgage Insurance Premium) Low monthly FHA mortgage insurance, with no adjustments due to low credit scores Less conservative credit requirements/scores, with no adjustments to interest rate Gift funds of 100% Flexible Asset Sources 6% seller contribution Non occupying co-borrowers allowed Most investors do not have declining market policy for buy and rate/term refinance Manual underwrite allowed

Florida home buyers should know the many advantages of the FHA mortgage loan programs. FHA loans were made to help increase home ownership. For the Florida home buyer the FHA program can simplify the buy of a home, making financing simpler 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.

Simpler Credit Qualifying Guidelines such as:

No minimum FICO score or credit score requirements. FHA will allow a home buy 1 year after a Bankruptcy. FHA will allow a home buy2 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.

APPLY NOW AT http://www.fhamortgagefhaloan.com/ Florida FHA Loan Programs

At one point and time many years ago, the FHA loan was the only alternative to local bank financing for 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 mortgage is becoming well loved again with Florida Home Buyers for its low rates and the real security it provides borrowers.

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 quick and simple quick application!

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

Simple 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 simpler for you to qualify.

Minimal Downpayment Requirements – FHA mortgages can work with as small 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 help 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 go them to the end of the loan and in some instance will really 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 brilliant 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 excellent 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 help to applicants for FHA financing to buy 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 buy contract!

The FHA program offers brilliant 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 buy. 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 simplest 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 quicker 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 part 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 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 buy 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 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 help can be used in Florida? It’s right! You could package your mobile home financing to make 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 starts. 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 want 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 well loved 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 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 buy 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 buy of the Florida real estate and renovation. FHA 203K financing can be used to buy a property on a site and go 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 excellent deal a Florida FHA home loan really is. Call 1-800-570-0448 today or simply use our quick application to find out more!

Tags: Applicants, benefits, conventional mortgage loan, fha home loan, FHA Loan Programs, FHA Loans, FHA Mortgage, fha mortgage insurance, fha mortgage loan, fha program, FICO score, first time home buyer, fl mortgage, florida, florida home buyers, max ltv, mortgage, mortgage applicants, mortgage approval, mortgage insurance premium, mortgage loan product, mortgage loan programs, Mortgage programs, score requirements, time home buyer

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FHA Loan Requirements About to Get Tighter

Thursday, December 24th, 2009

FHA Loan Requirements About to Get Tighter

The Federal Housing Administration (FHA) isn’t broke, but its monetary reserves aren’t quite where they’re supposed to be either.

FHA’s capital reserves are supposed to be at least 2 percent of outstanding mortgage loans. According to the actuarial review for fiscal year 2009, the reserves are a mere 0.5 percent. By the time you read this, FHA’s capital reserve requirements might have disappeared entirely, thanks to the increasing number of FHA foreclosures and banks going south.

All FHA mortgage applicants pay a mortgage insurance premium. These FHA insurance premiums go into the FHA’s capital reserves fund and are used to pay for loans that are foreclosed upon. As FHA home loans have become more and more well loved since the subprime crash, and unemployment numbers have skyrocketed, more of these FHA home loans have gone terrible, requiring more payments from the capital reserves.

Other FHA 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.

Simpler Credit Qualifying Guidelines such as:

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

Simpler 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

Unlike the Federal Deposit Insurance Corporation (FDIC), which recently proposed that banks pay three years of insurance premiums at once in order to replenish the FDIC’s reserves, FHA can’t require current FHA Mortgage borrowers to pay more. But it can change the rules going forward that will make it more hard to qualify for an FHA insured home loan.

According to a senior officials at the Department of Housing and Urban Development (HUD), conversations are ongoing to determine what will make the most sense for and prolong the stability of the FHA Mortgage program..

“Nothing will be taken off table,” the official said. “Everything needs to be assessed through the lens of the FHA core mission as well as the broad economic policies of the Administration with regard to stabilizing the housing market.”

There are at least six different ways FHA/HUD is looking at stabilizing FHA:

1. Increasing the minimum required down payment. FHA is looking at whether increasing the required minimum down payment from 3.5 percent to 5 percent (or more) will help stabilize defaults. If FHA mortgage applicants have more “skin in the game,” FHA officials wonder, will they be less likely to default on their FHA mortgage loans?

2. Changing the FHA mortgage insurance premiums. HUD officials are considering whether changing the way FHA mortgage insurance premiums are structured will keep more FHA Mortgage applicants from becoming delinquent. Should there be an extra fee up front? Should the FHA insurance premiums amount paid over time change for maximum stabilization? (FHA mortgage applicants currently pay an upfront fee and a monthly charge for mortgage insurance.)

3. Raising the minimum credit score required for an FHA mortgage loan. While credit scores have been lousy at predicting what happens to people with excellent credit who lose their jobs, they have been more accurate in identifying risky behavior. At the height of the housing boom, FHA mortgage loans approved FHA mortgage applicants with credit scores below 500. Discussions underway wonder whether the minimum acceptable credit score should be 620 or higher.

4. Dialing back how much money sellers can give FHA buyers. Right now under FHA loan guidelines the sellers can give buyers up to 6 percent to help cover closing costs and fees. Experts recommend reducing that to 3 percent.

5. Requiring FHA mortgage lenders to have more cash on hand. Like borrowers, FHA lenders need to have more “skin in the game.” Right now, FHA lenders need only have $250,000 in cash to cover fraud-related loan originations, but FHA loan officials want to see that amount rise to $2.5 million. That will reduce the number of FHA Mortgagee lenders that can offer FHA loans, and hopefully cut down on mortgage fraud.

6. Eliminating abusive FHA lenders. HUD is asking Congress for more power to prevent abusive lenders from making FHA loans. According to HUD Secretary Shaun Donovan’s testimony before the House Financial Services Subcommittee on Oversight and Investigations, FHA mortgage lenders will be required to “indemnify the FHA fund for their own failures to meet FHA requirements” and will be held accountable nationally for any improper activities. Donovan said that HUD “will also develop a FHA mortgage Lender Scorecard that will summarize the performance of lenders who do business with the FHA. This scorecard will be posted on (the department’s) Web site to ensure transparency and accountability for FHA lenders, borrowers and the market.”

FHA officials say the quality of the FHA mortgage portfolio has improved over the course of 2009. The typical FHA Mortgage applicants debt-to-income ratio has declined, meaning the FHA mortgage payment is a smaller part of the borrower’s monthly income.

While HUD officials are pleased to see borrowers with a stronger personal finance balance sheet, there are two huge concerns. First, the number of borrowers who are delinquent in paying their mortgages is growing. If those borrowers don’t figure out a way to make up their missing payments and start paying their FHA mortgage on time, more homes will fall into foreclosure, further depressing housing prices.

The second concern is rising unemployment. “If unemployment continues to track at high levels and goes to 11 or 12 percent, that’s a real struggle,” the senior HUD official said. “The huge risk is a stagnant, slow recovery that keeps unemployment rates high because there is no loss mitigation technique for that.”

In other words, if FHA Mortgage applicants lose their jobs and can’t find replacements that pay enough to cover their monthly expenses, the FHA’s capital reserves fund sinking into the red will be the least of the government’s problems.

Tags: About, capital reserves, debt ratio, deposit insurance corporation, easier-debt, federal deposit insurance, federal deposit insurance corporation, federal deposit insurance corporation fdic, Federal Housing Administration, FHA Foreclosure, fha home loans, fha insurance, fha loan requirements, FHA Mortgage, fico credit score, home loan programs, insurance premiums, loan, mortgage applicants, mortgage borrowers, mortgage insurance premium, mortgage loans, requirements, Tighter, unemployment numbers

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5 Rules for an Fha Streamline Refinance

Wednesday, December 23rd, 2009

Looking to refinance your current FHA mortgage? You may have the opportunity to qualify without any income verification or appraisal, using an FHA streamline refinance.

FHA will streamline a refinance in order to reduce the documentation and underwriting normally required. That means no tax returns, W-2 forms, or pay stubs, and no bank statements to verify assets. Also, FHA does not require a credit report, but some lenders may require one for pricing the rate. A verification of mortgage is required to determine if the loan is delinquent, which is not allowed.

Another potential benefit of an FHA streamline refinance is that an appraisal may not be needed. So, in addition to not verifying income or assets, this loan can also eliminate verifying the home value as an obstacle, even in a declining housing market.

As with all government programs, there are certain rules and limitations that determine if a refinance will fit into the FHA streamline guidelines, including the following:

1. The current mortgage to be refinanced must already be FHA loan

2. The subject property must be the borrower’s primary residence

3. The current mortgage to be refinanced should not be delinquent

4. The streamline refinance only allows a maximum of $500 cash out

5. The refinance must result in reducing principal and interest payments

When getting an FHA streamline refinance without using a new appraisal, the maximum loan amount is determined by using the lesser of the following two calculations:

1. The original principal balance of the existing FHA mortgage, plus the new up front mortgage insurance premium, which is currently 1.5% on a streamline refinance.

2. The existing FHA mortgage, plus closing costs, prepaid taxes, insurance, interest, and the new up front mortgage insurance premium. Subtract refund of ancient premium.

When using a new appraisal for an FHA streamline refinance, the maximum loan amount will be determined by the lesser of the following two calculations:

1. The appraised value multiplied by the maximum loan to value percentage, which usually ranges from 97% to 97.75% depending on the state and the loan amount.

2. The existing FHA mortgage, plus the closing costs, prepaid property taxes, hazard insurance, up to 30 days interest, and subtract any refund of insurance premium.

If there is a line of credit or second mortgage on the home, the lien holder must agree to re-subordinate their loan regardless of the combined loan to value. The total amounts of the first and second mortgages can exceed the normal loan to value and the maximum mortgage limit.

Written by Rick Smith: Rates and information on home financing, additional information on FHA home loans

Tags: bank statements, closing costs, current mortgage, delinquent, fha loan, FHA Mortgage, fha streamline refinance, government programs, home value, housing market, income verification, interest payments, maximum loan, mortgage insurance premium, obstacle, principal and interest, principal balance, refinance, rules, streamline, stubs, subject property, tax returns, verification of mortgage

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Is there a mortgage insurance premium charge at closing for conventional loans?

Thursday, September 10th, 2009

I know there is a mortgage insurance premium around 1.5% when you close on a FHA loan, but I was wondering if the same charge apply when you close on a conventional loan

(more…)

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Floirda FHA Loan Programs offer many Benifits to Floirda buyers and Homeowenrs

Friday, August 21st, 2009

Florida FHA Loan Programs

Florida FHA Mortgage Insurance Program
Florida FHA Programs that help low and moderate income families achieve homeowners by lowering some of the costs of their Florida mortgage.

Florida FHA Mortgage Insurance Costs
An FHA loan the borrower will be charged a mortgage insurance premium equal to 1.75% of the buy price of the property and a renewal premium of .55% in subsequent years.

Florida FHA Escrow Refunds
If you have ever paid off a home loan backed by FHA mortgage, you may have money owed to you.

Florida Down Payment Gifts for FHA Loans
FHA allows 100% of the down payment on your next Florida home to be a gift from friends, family or other sources.

Florida FHA Mortgage Closing Costs
Closing costs can also be financed to reduce the up front cost of buying a Florida home.

Florida FHA Streamline Refinance Loan
A program that reduces the amount of documentation and underwriting that needs to be performed by the mortgage company.

Florida FHA Single Family Rehab Mortgage – Section 203k to buy a Florida Fixer upper home
An FHA single family home rehabilitation program that enables you to finance both the buy or refinance of a Florida house and/or the cost of its rehabilitation through a single mortgage.

Florida FHA Single Family Mortgage Insurance for Outlying Areas – Section 203(i)
A single family Florida mortgage program that provides Florida mortgage insurance for a person to buy a principal residence in a rural area.

Florida FHA Adjustable Rate Mortgage
A single family adjustable rate mortgage that provide mortgage insurance for a person to buy or refinance a principal residence at a lower initial interest rate.

Florida FHA Property Improvement Loan Insurance – Title I
A program that makes it simpler for consumers to obtain affordable home improvement loans by insuring loans made by private lenders to improve properties that meet certain requirements.

FHA Energy Efficient Mortgage
A program that provides mortgage insurance for the buy or refinance of a principal residence that incorporates the cost of energy efficient improvements into the loan.

Florida FHA/HUD Reverse Mortgage
A program for homeowners 62 and older who have paid off their mortgages or have only small mortgage balances remaining. The program allows homeowners to borrow against the equity in their homes in a lump sum, on a monthly basis for a fixed term or for as long as they live in the home, or on an occasional basis as a line of credit.

Tags: adjustable rate mortgage, Energy Efficient Mortgage, family mortgage, family rehab, FHA Loan Programs, FHA Loans, fha mortgage insurance, FHA News, fha programs, florida mortgage, home improvement loans, home rehabilitation program, initial interest rate, moderate income families, mortgage closing costs, mortgage florida, mortgage insurance premium, mortgage insurance program, mortgage program, mortgage section, private lenders

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Posts Tagged ‘mortgage insurance premium’

10 benefits for Florida FHA Mortgage Applicants

FHA Loan Requirements About to Get Tighter

5 Rules for an Fha Streamline Refinance

Is there a mortgage insurance premium charge at closing for conventional loans?

Floirda FHA Loan Programs offer many Benifits to Floirda buyers and Homeowenrs

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