Florida FHA Mortgage, FLorida FHA loan, Florida Mortgage Lender

August 31st, 2010 by Bank Loan | No Comments | Filed in Loans
Loan
by Florida Community Loan Fund

Florida FHA Mortgage, FLorida FHA loan, Florida Mortgage Lender

Florida FHA Mortgage Loan

Providing Florida mortgage solutions for those looking for an FHA loan in Florida!

FHA loans have returned to the Florida home loan arena as a smart mortgage option for Florida first time home buyers and moving up Florida homebuyers with less than perfect credit. FHA Loans are often a better option for Florida buyers if you have a fair to good credit rating and are looking for a low down payment mortgage options.

Florida home buyers should know the many advantages of the FHA home loan compared to other mortgage loan programs. FHA loans were created to help increase home ownership. For the Florida mortgage applicant the FHA mortgage program can simplify the purchase of a home, making financing easier and less expensive than a conventional or subprime 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.

Generally, FHA standards are less strict when it comes to mortgage insurance, and while you likely will not qualify for conventional financing, an FHA Loan is your key to home ownership. Other reasons why Florida mortgage applicants prefer FHA home loans include:

1. Its Easier to Qualify - Because the FHA insures private Florida mortgage lenders against loss they are more willing to give home loans with lower qualifying requirements so it’s for Florida homebuyers to easier qualify.

2. Its Okay if You Have Less-than-Perfect Credit – Even if you’re a Bad credit applicant and have had credit problems, such as a past Florida bankruptcy, it is easier for you to qualify for an FHA Loan than a conventional loan.

3. You Can Make a Low Down Payment - FHA Loans have a 3.5% down payment requirement, which is much lower than the amount typically required for conventional financing options.

4. Fortunately, FHA Loans Cost Less - FHA Loans have competitive interest rates because the loans are insured by the Federal Government. Because they are insured, FHA loans allow for lower interest rates and other advantages not offered by conventional loans.

5. Help Yourself Keep Your Home - The Federal Housing Administration, (FHA) has been around since 1934 and goes the extra effort to help you keep your home when others will leave you on your own. Should you encounter hard times after buying your home, the FHA has many options for Florida homeowners to help keep you in your home and avoid a Florida foreclosure.

Thomas Martin
1st Continental Mortgage
Florida Mortgage

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

Florida FHA home loan

http://www.fhamortgageprograms.com

Always Teste applies for a loan. Special thanks once again to Tony Melchiorre for setting this one up. Also special thanks to our great sport Neal!! If you are a business owner in the Philadelphia Tri-State area and would like to have us film a hidden camera prank at your location, please let me know. Thanks!! Special Appearance by Cameron Bassmaster
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Florida FHA Mortgage, Florida FHA loan

August 31st, 2010 by Bank Loan | No Comments | Filed in Loans
Loan
by alexabboud

Florida FHA Mortgage, Florida FHA loan

Florida FHA Mortgage, Florida FHA loan             

Florida mortgage applicants should understand 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 mortgage program include:

Minimal Down Payment and Closing costs.

Down payment less than 3.5% 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 2 year after a Bankruptcy. FHA will allow a home purchase 3 years after a Foreclosure.

The advantages of a FHA mortgage loan to a homebuyer are tremendous. A Florida homebuyer may apply for a Florida FHA mortgage and purchase a home with little or no out of pocket expense! FHA mortgage insurances private Florida mortgage lenders to make mortgages for Florida first time homebuyers without risk. 

FHA/HUD guarantees Florida mortgage applicants the ability to obtain Florida mortgages with only 3.5% down payment. The down payment can come from a family member grant or non profit.

FHA mortgage loans feature low down payments and easy qualifying guidelines to make it easier and less expensive than any other Florida mortgage to qualify! FHA loans are popular with Florida first time home buyers and are equally attractive to Florida move-up buyers and homeowners in need of a rehabilitation loan. With an FHA loan Florida mortgage applicants can finance up to 96.5% of the purchase price. FHA mortgage loans are based on the purchase price or the appraised value, whatever is the lesser amount.

FHA is short for the Federal Housing Administration. FHA was created in 1934 to help stabilize the housing market during the great depression and get people buying homes again. Today FHA mortgage loans are doing the same.

There are no income minimums or limits to qualify for an FHA insured mortgage, so most anyone can qualify as long as they have stable predictable income have shown over the past 12 months the ability to pay their bills on time.

The following is a SnapShot of the credit qualifying guidelines for FHA mortgage loans:

No credit history:  If a Florida mortgage applicant does not have a minimum of 3 trade lines on their credit report, alternative forms of credit may be used.  This would include items such as rental checks, auto insurance payment history, utility bills, etc. 

 

Included credit obligations:  Any installment loan (e.g. student loans, car loans, etc.) with less than 10 months remaining does not need to be included when qualifying for a Florida FHA mortgage loan.  However, consideration is given to a large debt of over 0 a month, regardless of the number of months remaining.  Furthermore, payments on auto leases with less than 10 months must be included in the qualifying ratios.  The minimum payment on all revolving accounts (credit cards) is also factored in.  If the Florida mortgage applicant has an open revolving account without a balance, per open account should be included when qualifying. Any loan where the borrower has co-signed for another party is included with their debts unless the borrower can prove that the the other party has made the payments on their own for a minimum of 12 months.

 

Chapter 7 Bankruptcy:  FHA requires a minimum of 2 years since the discharge of the Florida bankruptcy.  An explanation of the bankruptcy will be required.  Furthermore, the Florida mortgage applicant should have re-established credit (i.e. secured credit card) with no late payments.  

 

Chapter 13 Bankruptcy:  FHA will consider a Florida FHA mortgage application  still paying on a Chapter 13 bankruptcy if the payments to the court have been made for a minimum of 12 months on time payment history verified with the courts) and with the approval of the Florida court trustee.

 

Federal Debts:  Florida FHA mortgage applicants are not eligible for a FHA loan if he/she is delinquent or in default on any federal debts including HUD or VA mortgage, student loans, SBA loans or a tax lien against his/her property.  Florida mortgage applicants can become eligible by bringing any delinquent accounts current, making satisfactory repayment arrangements with the creditor (generally a 3 month history will be required), or paying the account in full.

 

Judgments:  Judgments must be paid or have a record of 12 months payment history.

 

Collection Accounts:  Collections do not need to be paid.

 

Foreclosure:  A Florida FHA mortgage applicant who has had a Florida property foreclosed upon, or who has given a deed-in-lieu of foreclosure within the previous 3 years, is generally not eligible for a Florida FHA mortgage loan.  However, if it was the Florida foreclosure was a result of extenuating circumstances beyond the applicants control (such as the death of a spouse, loss of employment, or serious long-term illness, etc.) and the Florida mortgage applicant has since re-established good credit, an exception may be granted.  However, extenuating circumstances do not include the inability to sell a house when transferring from one area to another.

 

Non-purchasing Spouse:  If a married Florida FHA mortgage applicant borrower is purchasing a property the credit obligations of the spouse must be included with the application and will be factored in with the borrower’s credit obligations and used to determine the financial capacity of the mortgage applicant.  Furthermore, the non-purchasing spouse may be required to sign a security instrument or documentation relinquishing all rights to the property.      

Florida FHA Mortgage Specialist
Thomas Martin

http://www.fhamortgageprograms.com/mortgage/fha-loan-program.shtml

http://www.floridamlshub.com/

http://www.fhaoutreach.gov/FHAFAQ/index.jsp

http://www.fhamortgageprograms.com/faq/fha.shtml

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Has anyone ever bought a house using a FHA loan or USDA loan?

August 31st, 2010 by Bank Loan | 2 Comments | Filed in Loans
house loan
by USDAgov

Question by Skyler F: Has anyone ever bought a house using a FHA loan or USDA loan?
I am looking into buying a house and have been approved for both the FHA and USDA home loans. I am having a really hard time choosing which way would be the best way for me to go. Has anyone ever had personal experience with these loans or does anyone have any information that could be helpful?

Best answer:

Answer by jenniferlemoine2007
I just got approved for a FHA loan. I don’t know about the USDA loan, but I would check into what they are offering… Low fixed interest, low % down or $ 0 down… If it’s all the same I guess it dosen’t matter. FHA I think is a bigger lender, and I know several people who have used FHA loans. We are in the process of making the bank an offer on our very first house!
I wish you all of good luck.

Know better? Leave your own answer in the comments!

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PriceMyLoan Announces Direct Interface with FHA TOTAL Mortgage Scorecard

August 30th, 2010 by Bank Loan | No Comments | Filed in Loans

Costa Mesa, CA (PRWEB) February 2, 2010

PriceMyLoan (PML) announced today that they have completed their interface with the Federal Housing Administration’s (FHA) TOTAL Scorecard loan approval platform. Lenders using PriceMyLoan’s automated underwriting and pricing engine now have direct access to FHA eligibility and credit scoring, providing a more efficient and cost-effective method for approving FHA loans.

FHA’s Technology Open to Approved Lenders (TOTAL) Mortgage Scorecard is a system developed by the U.S. Department of Housing and Urban Development (HUD) that evaluates borrower creditworthiness for FHA loans. PriceMyLoan’s approval to interface with FHA’s TOTAL Mortgage Scorecard gives lenders a fast and cost-effective way of approving FHA loans.

With the interface to FHA’s TOTAL Mortgage Scorecard, PriceMyLoan becomes an all-in-one platform for lenders to originate, underwrite and price FHA loans. All aspects of the approval process – FHA insurance eligibility, investor guideline eligibility and real-time pricing – are handled through a single, web-based interface.

“PriceMyLoan’s ability to interface with HUD for FHA decisions is important both for lenders and borrowers,” said Gigi Campbell, national sales director for PriceMyLoan. “FHA’s decision to allow more vendors like us to interface with TOTAL Scorecard makes FHA lending more accessible. Lenders can use our technology to improve the speed and accuracy of their FHA loan decisions, and borrowers benefit from lower costs and faster approvals.”

About PriceMyLoan

PriceMyLoan is a proprietary product of Insight Lending Solutions (ILS). Founded in 2002, ILS provides web-based application service for the mortgage lending industry and software as a service (SaaS) to its clients to enhance productivity, reduce IT dependency, and accelerate time-to-value for mortgage companies. Combining advanced technology development using XML and MISMO standards with high-quality service, ILS provides its clients with solutions that result in reduced loan cycle times, improved pull through rates, and a lowered total cost of software ownership. For more information, please visit www.pricemyloan.com.

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Key Benefits Of USDA Home Loans

August 30th, 2010 by Bank Loan | No Comments | Filed in Loans
house loan
by Fibonacci Blue

Key Benefits Of USDA Home Loans

The United States Department of Agriculture (USDA) has introduced USDA home loan program to benefit people planning to buy or construct homes in rural areas. Lenders approved by the USDA offer these loans. These loans are offered to buy a resale home, buy a new home, construct a house, and for the renovation of an already owned home.

Some Of The Benefits Of USDA Home Loans:

No Down Payment

This is one of the few home loan programs that offer you 100-percent financing. This means it is not mandatory to have a down payment for buying a home under this loan scheme. You can get up to 102-percent finance for the appraised value of the home.

No Ceiling On The Value Of Home

According to the USDA loan guidelines; there is no maximum limit on the value of home that a borrower can purchase under this home loan scheme. The repaying capacity of a borrower is checked while deciding the amount of loan he is eligible for.

Lowest Interest Rates

Lenders providing USDA loans offer lowest fixed interest rates on 30-year loans. As these loans are guaranteed by the United States Department of Agriculture, lenders have minimal risks and can afford to offer lowest interest rate home loans. These loans are quite inexpensive as compared to FHA and conventional loans.

No Need Of Mortgage Insurance

For getting this loan, you do not need to buy expensive mortgage insurance that otherwise adds substantially to monthly mortgage installments.

Flexible Eligibility Requirements

To qualify for this home loan, you need to have at least a FICO credit score of 620. However, this limit is flexible and even people with bad credit score sometimes qualify for loans.

No Prepayment Penalty

Another useful feature of this loan is that you do not have to pay prepayment penalty in case you intend to repay your loan before time.

Includes Cost Of Repairs

If you want to buy a home that needs to be renovated, you do not have to worry about arranging funds for repairs. You can get the cost of repairs included in your home loan.

Eligibility Criteria For US Housing Loan

To Avail Of This Home Loan, You Should Fulfill The Following Conditions.

1.You should be a US citizen.
2.You should purchase property in an open country or an area having population less than 10,000. In a few cases, properties at outskirts of cities and towns also qualify for this loan. You should consult the rural department for more details in this regard.
3.The home should be used as a primary residence.
4.You should not already own a home in the same area.
5.You should fulfill income requirements as per the eligibility requirements of your State.

If you are planning to own a home in a rural area, this is a fantastic opportunity for you. Not only the interest rate of this home loan offer is the lowest, but also the eligibility conditions are also quite flexible. The USDA has come up with this scheme to help financially weak people own homes. Also it is a one step forward toward developing the rural areas.

Now you too can fulfill your dream of owning a beautiful house in a rural area. Usda home loans will help you to avail all the benefits like low interest rates and flexible conditions.

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Florida FHA Loans, Florida FHA Mortgage, Florida FHA Lenders, 97% Financing

August 30th, 2010 by Bank Loan | No Comments | Filed in Loans
Loan
by aldoaldoz

Florida FHA Loans, Florida FHA Mortgage, Florida FHA Lenders, 97% Financing

Florida FHA LOAN

What are FHA Loans?
FHA stands for Federal Housing Authority. The (FHA) Federal Housing Authority home loan provides low-cost insured home mortgage loans that suit a variety of Florida home purchasing options. Whether you’re buying a Florida home or want or refinance your  Florida mortgage, FHA loans might be right for you. If you’re unsure about your credit rating, or have concerns about a down payment, a Florida FHA loan can give you piece of mind with super low closing costs and flexible payment options.

What factors determine if I can qualify for an FHA Loan in Florida?
To be eligible for an FHA mortgage in Florida  , your monthly housing expense including  (mortgage principal payment and interest, 1/12th property taxes, and 1/12 insurance) must be no more than 35% of your gross monthly income. Your credit for the last 12 months will be reviewed to determine your willingness to pay debt. You must be able to make a of 3.5%, and be able cover closing costs and have enough income to pay your monthly obligations.

What is the maximum amount that I can borrow?
The maximum amount for an FHA loan is determined by the Florida FHA lending limits:

Maximum FHA Loan Amount in Florida: The maximum loan amount allowed for Florida FHA loans vary from county to county in FL. The highest maximum FHA loan right now in Florida is 3,750 in Miami Dade, Broward, and Palm Beach Florida.

Maximum financing: In Florida , the maximum FHA financing will be 97.75% of the appraised value of the home or its selling price, whichever is lower.

How much money will I need for the down payment and closing costs? Florida FHA loans require the Florida home buyer to invest at least 3.5% of the sales price in cash for the down payment and closing costs. If the sales price is 0,000 for example, the home buyer must invest at least ,500. However, the home buyer can use gifts from family, funds from local, state or government agencies, or other sources for the down payment.

Are Closing cost more with a FHA Loan?                                                               NO in fact the seller can pay up to 6% of your closing cost including prepaid taxes and insurance.

What property types are allowed for FHA Loans in Florida?
While FHA Guidelines do require that the property be Owner Occupied (OO), they do allow you to purchase condos, planned unit developments, manufactured homes, and 1-4 family residences, in which the Florida home loan applicant intends to occupy one part of the multi-unit residence.

What types of refinance programs does FHA offer in Florida ?
There are three main types of FHA Refinance loans available in Florida.

Some advantages of using a FHA mortgage for your mortgage refinance are as follows:

Florida Cash-Out Refinance up to 85% for existing or new Florida FHA mortgages.

Cash-Out up to 85% of your properties value. Consolidate first and second mortgages into single loan. Bill consolidation programs. Easier credit and income qualifications. FHA  regulated closing costs.

Refinance your Rate and Term Mortgage Refinancing up to 96.5% of your homes value.

Consolidate first and second Florida mortgages into a single loan. No FICO score OK or min. 530 credit score. Competitive rates for borrowers with a Bankruptcy older than two years. Competitive rates for borrowers with a Foreclosure older than three years. Easier credit and income qualifications. FHA regulated closing costs.

FHA Streamline Refinance for existing FHA loans only.

No Cost Interest Rate Reductions programs. No Income or Credit Qualifications*. Zero cost refinance options available. Easily switch amortization for adjustable to fixed or vice versa. Easily shorten or lengthen term of your existing loan. Easier credit and income qualifications.

FHASecure Refinance with current mortgage lates.

Refinance your Florida mortgage at competitive rates even if you have a mortgage late on your credit that is directly due to adjusting mortgage. Qualify for refinance even if currently in foreclosure.

Seniors Refinance Your Mortgages with a FHA reverse mortgage and Eliminate Your Mortgage Payments

If you are over 62 years old, you maybe able to refinance your existing Florida home loan  and get rid of those monthly mortgage payments. View current FHA reverse mortgage refinance guidelines.

Florida Mortgage refinancing with a FHA loan is easy and advantageous for most homeowners. If you currently own a home and would like to discover your refinance your Florida mortgage visit

( www.FHAmortgagePrograms.com )

Apply now at http://www.fhamortgageprograms.com/florida/

http://www.fhamortgageprograms.com/florida/Broward-County/

http://www.fhamortgageprograms.com/florida/Palm-Beach-County/

http://www.fhamortgageprograms.com/florida/Dade-County/

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

On this edition of Peter Lavelle’s CrossTalk, he asks his guests whether Greece is being bailed out or is it the bankers.
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FHA loan v.s Convention loan: higher mortgage insurance & closing cost?

August 29th, 2010 by Bank Loan | No Comments | Filed in Loans
insurance loan
by Ron Sombilon Gallery

Question by Ok D: FHA loan v.s Convention loan: higher mortgage insurance & closing cost?
I heard different stories from different people. Some said FHA loan you have to pay mortgage insurance, but convention loan you don’t have to pay mortgage insurance, and FHA’s closing cost is higher than convention loan. Some said convention loan if your downpayment is less than 20%, you still need to pay mortgage insurance. What’s the truth?

Best answer:

Answer by Bob S
fha loans are better. smaller closing costs. (1% regulated by the government) plus your normal closing cost fees which you can’t avoid. but you do have to pay mortgage insurance. Conventional loans can get costly especially if you get a mortgage broker because they add all their hidden fees in there (be carefull). Advantage to fha loan because once your in you can always refinance with out all the paperwork in the future, email me if you want to find out who i used because i did a lot of research. I wanted to use a smaller bank who didnt owe the government tons of tart money! i found one and got a great rep, i told him i would put him out there because of the job he did for me.

Give your answer to this question below!

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Manufactured Home Loans in Condo Park Communities

August 29th, 2010 by Bank Loan | No Comments | Filed in Loans
insurance loan
by Ron Sombilon Gallery

Manufactured Home Loans in Condo Park Communities

Park communities represent the most popular setting for manufactured homes. For loan purposes, lenders generally require that the owner of the home also own the land upon which the home sits. Until recently the park also had to be classified as a owner-owned Subdivision or a Planned Unit Development in order for manufactured homes to qualify for FHA-insured loans.
Many mobilehome parks and manufactured home communities began as land lease developments but as residents desired a greater control over their living situation and costs associated with their residences, many parks converted to resident ownership. Most of these used the process of the condominium conversion. Unfortunately, because of the classification,this property type was ineligible for FHA-insured loans including Reverse Mortgages or HECM. Fortunately, the Housing and Economic Recovery Act of 2008 (HERA) granted authority to add individual manufactured housing units located in condominium projects to HUD for FHA nsurance but the process from Congressional authority to actual loan processing is still unraveling.
Recently with the issuance of Mortgagee Letter 2009-16 Manufactured Housing Policy Guidance http://www.hud.gov/offices/adm/hudclips/letters/mortgagee/, condo parks have now been eventually neglared eligible for FHA-insured financing. Or at least according to HUD they are now eligible! But one shouldn’t jump to fast! First, lenders have not yet announced they are ready to accept the product and thusfar there are no announced guidelines or underwriting procedures for handling these loans. Remember, even though FHA is accepting the product for insurance, FHA is not the actual funding source, only the insurance entity. Until there is clarity from the individual lenders how they will process the loans, everything remains at a standstill. Lenders may impose additional guidelines above and beyond what is required by HUD.
HUD’s announcement states that until they can send out updated condominium project approval guidelines for manufactured condominium projects, that the project approval is subject to the requirements found in HUD Manual 4150.1, Chapter 11. The Mortgagee Letter goes on to specify that their “Spot Loan Approval” process is not available (as outlined in Mortgagee Letter 1996-41) and that all manufactured housing condominium projects must obtain full approval by the applicable Home Ownership Center (HOC) for HUD that has authority over the geographical area where the project is located. Since none of the condo projects are on a HUD approved list, the approval process may take months.
Chapter 11 of the 4150.1 manual is approximately 32 pages long and encompasses everything from owner occupancy requirements, to common facility completion requirements; legal review of the condominium documents to phasing eligibility; review of the insurance of the project to management agreements and operating budgets and much more. Different things are required depending on the age of the project. In addition to the 4150.1 for condominium projects, the property also has to meet HUD’s guidelines for manufactured housing which, per HUD guidelines, includes:
# Must have a floor area of not less than 400 square feet.
# Must be classified and subject to taxation as real estate.
# Must be built on and remains on a permanent chassis.
# Must be above the 100 year return frequency flood elevation.
# Must be built after June 15, 1976.
# The foundation system must meet the guidelines published in the Permanent Foundations Guide for Manufactured Housing, dated September 1996.
A certification attesting to compliance must be obtained from a licensed professional engineer.
# The manufactured home must not have been installed or occupied previously at any other site or location.
# Additions or structural modifications must not put the home at risk.
This is a time for borrowers to carefully explore their options and to find companies that specialize in the manufactured home loan process and will not move forward with appraisals, engineer’s certifications or other steps until all the stars align in favor of the homeowner and borrower. The Manufactured Home Lending Source website: www.themanufacturedhomelendingsource.comwill be an ongoing resource for update information for homeowners and realtors.

Ray Henke elucidates about loans on manufactured homes. Visit themanufacturedhomelendingsource.com get assistance on manufactured house lending,mobile home purchase or refinances and FHA loans mobile homes.

Senate and House Democrats detail student loan bill that will be part of the budget vote to pass health insurance reform.
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Guide to Florida FHA Mortgage loans

August 29th, 2010 by Bank Loan | No Comments | Filed in Loans
Loan
by olishaw

Guide to Florida FHA Mortgage loans

Guide to Florida FHA Mortgage loans

If your thinking of buying a Florida home, or you’re relocating to Florida from another location, or you may be a long-time Florida homeowner who is looking to either refinance your current mortgage or cash out refinance for home improvements. Regardless of your situation, it’s important that you educate yourself on Florida FHA home loans before shopping for a home and/or your next Florida  mortgage. This article explains what you will need to know before seeking a FHA home loan in Florida:

Florida home buyers should know the many advantages of the FHA mortgage loan programs. Florida 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.

Apply for FHA financing in Florida at     (  http://www.FHAmortgagePrograms.com)

Florida’s FHA mortgage specialist.

The median price of a home in Florida is 6,000,. And, recently the value of homes in Florida have been appreciating at astronomical rates . Infact well above the national average. As a result, income levels in many parts of Florida are too low to purchase a Florida home with a conventional loan. Although average interest rates for Florida FHA loans  are below the national average, Florida has one best levels of home affordability in the entire nation.

In Florida, before a buyer submits an offer on a Florida home, their real estate agent is required to present them with a completed Real Estate Transfer Disclosure Statement. The disclosure statement finished by the seller  disclosures all material facts that may affect the value of the home. The document requires the seller to list  all of the property that will be included in the purchase of the home including but not limited to the  fans, blinds, refrigerator, microwave, stove, alarm system, etc. and rate certain aspects of the conditions of both the included property and of the home itself. This document requires the seller to disclose any potential problems or hazards that may discourage the Florida  buyer from putting an offer in on the home.  

Florida’s Civil Code Provision of the Real Estate Act regulates the issuance of variable interest rates for the purchase of real estate. Therefore, borrowers who are issued large mortgage amounts are guaranteed a fixed rate FHA mortgage loans. Florida law also prohibits the charging of interest more than one day prior to the recording of the mortgage even if the borrower received the loan prior to that time.

In July of 2002, Florida law enacted a set of anti-predatory lending laws in order to help protect Florida mortgage applicants from predatory lenders. Some of the provisions of this new set of laws include the prohibition of a lender charging points and fees in excess of 8% of the total principal financed amount, the prohibition of a FHA mortgage company issuing a loan to a borrower in an amount that the borrower could not reasonably afford to repay, and the prohibition of the financing of single-premium credit insurance, among others.

If you’re buying a Florida home, you first want to look at the Florida FHA Loan. First-time home buyers qualify for Florida FHA loans with below-market interest rates, and, depending on their eligibility, may also qualify for a loan in order to cover down payment and/or closing costs. Teachers and other professionals who work in an educational capacity may qualify for Florida’s Extra Credit Teacher Home Purchase Program, a down payment assistance loan with forgivable interest.

In addition to Florida FHA mortgage loans offers comparable programs to persons with disabilities or persons who live with and care for persons with disabilities. The state also offers several unconventional loans designed to aid homebuyers with the costs of their monthly mortgage payment. For example, Florida’s Interest Only PLUS loan provides qualified homebuyers with a 100% financing 35-year loan that only requires payments toward the accrued interest on the mortgage for the first five years of the loan — borrowers do not have to pay toward the principal amount borrowed until after the first five years. The individual requirements of each of these Florida FHA mortgage loan vary depending on the Florida county in which you are buying a house. Specific requirements can be obtained through the Florida FHA Housing Finance Agency.

 

Apply for FHA financing at http://www.fhamortgageprograms.com/florida/

http://www.fhamortgageprograms.com/mortgage/fha-loan-program.shtml

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

http://www.fhamortgageprograms.com/faq/fha.shtml

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