First Time Home Buyers use FHA Mortgage and Seller Paid Closing Costs to Buy Real Estate Now. Best Market Conditions for Foreclosures and Small Sales in Decades. Go To realestatemarketingthisweek.com Part 2 (Excerpt) How having the Seller pay your closing costs can quadruple your money On the other hand if you roll that into the loan it’s going to take you 160 months to break even on that. 160 months which is a small over 13 years, that is the antithesis of the Velocity of Money that we talk about on the show every week, so I am not convinced that its the right deal for the masses, but something that should be considered is what is the opportunity cost of taking the money out of Account X and the type of account you taking it out of has some impact too. If it’s from a brokerage account then you experience the market loss in that account and youre selling at these low price levels, I reckon the markets are going to turn and the opportunity costs over 160 months, youre talking about a substantial amount of money. And the additional mortgage payment is insignificant. Obviously no one is going to allow you to pay more than the house is worth, that’s not what were suggesting. What were suggesting is merely to look at instead of simply making a lower offer than you would normally make, I’m suggesting that you consider the closing costs and what the real closing costs are in this example. Assuming that the house is already attractively priced, one of the things that this buyer …
Posts Tagged ‘mortgage’
Real Estate Conditions 2 – Mortgage & First Time Home Buyer Dec08 Seller to pay Closing Costs
Friday, March 19th, 2010Florida FHA mortgage lender ((down to 580 FICO))
Friday, March 19th, 2010Florida FHA Mortgage Programs
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.
Simpler Credit Qualifying Guidelines such as:
http://www.fhamortgagefhaloan.com/
Florida FHA Fixed Rate Mortgages
FHA fixed-rate mortgages, or Section 203(b), are the most common and well loved type of Florida FHA mortgage. The interest rate does not change with a fixed-rate mortgage. A fixed-rate Florida FHA mortgage insures the Florida mortgage lender for the total amount of the Florida mortgage in case the buyer defaults. This type of Florida mortgage requires a smaller down payment than a conventional mortgage would require. The typical down payment for a fixed-rate mortgage is 3.5 percent of the total amount borrowed. A fixed-rate Florida mortgage can offer a lower interest payment if the mortgage is taken out during a period of low-interest rates. A fixed-rate mortgage can also offer stability; your monthly payments will be the same for the life of the mortgage. Fixed-rate mortgages can be taken out for a period of 15, or 30 years.
Florida FHA Adjustable-rate loans
FHA adjustable-rate Florida mortgages, or Section 215, have interest rates that increase and decrease, depending on the current federal index. An adjustable-rate Florida mortgage, or ARM, is attractive because interest rates are initially lower than interest rates on a fixed-rate Florida mortgage. Several factors are used to calculate an ARM, all of which can affect the interest rate. Typically, an ARM is most appealing to Florida homebuyers who don’t intend to stay in the bought house for more than a few years, as interest rates tend to increase over time. An ARM is convenient if current interest rates are high, as ARM rates are lower than fixed rates. It may be more appealing to use an ARM once interest rates have peaked, as the subsequent interest charged over the life of the mortgage will most likely reduce, rather than increase, monthly payments.
FHA Teacher Next Door
HUD also know as The Department of Housing and Urban Development,, directly offers Florida Teacher-Next-Door program to approved teachers in the United States to buy housing that has been bought by FHA/HUD at a 50 percent discount. Typically, these Florida homes are offered in areas of revitalization, or areas found in low- and moderate-income neighborhoods that may have increased crime rates and many vacant houses but have been identified as excellent candidates for redevelopment efforts. Through HUD and FHA, teachers are able to buy Florida homes at a 50 percent discount and are required to make only a $100 down payment if the house is financed with a FHA home loan.
FHA loan for the Officer Next Door
This special program is identical to the Teacher Next Door program, but it is for approved law enforcement officers of the United States. To qualify for the program, law enforcement agents must live in the bought property for a minimum of three years.
FHA 203KRenovation Mortgages
The FHA 203K Renovation Mortgage allows Florida homeowners to borrow money to extensively renovate their Florida home. As much as 110% of the costs needed to repair and renovate the Florida home can be financed. There are restrictions as to what types of repairs or renovations can take place, and the minimum amount of the 203(k) is $5000.
Special FHA Program: FHA Bridal Registry Program
Like a bridal registry for specialty and department stores, the FHA Bridal Registry program allows a couple to register with a Florida FHA lender. Friends or family of the couple can make gift payments into an account that bears interest. The money gifts earn interest, and can be used as a down payment towards a FHA mortgage on a new Florida home.
Florida FHA Mortgage, Eazy to Qualify!!
Friday, March 19th, 2010What do Florida FHA Lenders Want to See When They Review Your Credit report?
Before approving a Florida FHA mortgage loan, the lender analyzes the integrity of the borrower’s past credit performance. Florida mortgage applicants who have a excellent credit history demonstrated by a solid track record of timely payments will likely be qualified for an FHA home loan. Potential borrower’s whose credit history reflects a consistent history of slow payments with sufficient explanation is not a excellent candidate for loan approval.
The following is a list of items concerning the borrower’s credit:
3 lines of credit are necessary to apply for an FHA loan. But, in the event a borrower does not have sufficient credit on their credit report the FHA will allow alternate trade lines including a 12 month history of timely payment on items such as rental history, phone, cable, car insurance or any other 3rd party verified payment history.
Florida mortgage FHA lenders will consider approving a Florida mortgage applicant who is still paying on a Chapter 13 Bankruptcy if those payments have been satisfactorily made and verified for a period of 12 months. The court trustee’s written approval will also be needed in order to proceed with the FHA home loan. The Florida mortgage applicant will have to give a full explanation of the bankruptcy with the loan application and must also have re-established excellent credit in order to qualify and must prove stable predictable income likely to continue.
Florida mortgage applicants must wait at least two years since the discharge date of the borrower and / or spouse’s Chapter 7 Bankruptcy, according to FHA mortgage guidelines. This is not to be confused with the bankruptcy filing date. A full explanation will be required with the Florida mortgage application. In order to qualify for an FHA loan, the borrower must qualify financially, have re-established excellent credit history, and provide proof of a stable job.
During an underwriter analysis of a Florida mortgage application, the overall pattern of credit behavior is being reviewed rather than isolated cases of slow payments. If a excellent payment pattern has been maintained, regardless of a specific period of financial difficulty preceded it, the borrower may escape disqualification.
FHA insured mortgages are generally not available to borrowers whose property was foreclosed on or given a deed-in-lieu of foreclosure within the previous three years. But, if the foreclosure of the borrower’s main residence was the result of extenuating circumstances, an exception may be granted if they have since established excellent credit. This does not include the inability to sell a home when transferring from one area to another.
Florida mortgage applicants A collection accounts do not need to be paid off as a condition for FHA mortgage approval. It is stated as such in FHA mortgage guidelines. Any judgments will have to be paid in full prior to closing. Florida mortgage applicants who are delinquent on any federal debt, such as tax liens, student loans, etc., are not eligible for an FHA home loan.
Thomas Martin
http://www.fhamortgageprograms.com/florida/
FHA Mortgage Limits.mp4
Thursday, March 18th, 2010
This is a fantastic video to watch to find out what FHA Mortgages Limits are in your area for the amount your are looking to buy.
Mortgage Loan Tips.
Thursday, March 18th, 2010Why Some People Nearly Always Get The Lowest Interest Rate On Their Mortgage – For The Least Points – And No Junk Fees!
Mortgage Loan Tips.
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