3 Steps to Finding Great Mortgage Loans

September 2, 2010 by admin  
Filed under Real Estate Financing

Just like many things in this world, not all mortgage loans are created equal. In fact, there are numerous loan offers that you might find scouring the Internet or by visiting with multiple mortgage loan consultants. The question is: How do you determine which mortgage loans are great mortgages? Well, as the saying goes, great things come in threes…or in this case, in three steps.

The first step to finding a great mortgage loan is to hire a quality mortgage consultant. In the real estate business, that means having a mortgage loan consultant who operates with transparency so you’ll know every fee that you’ll be assessed and the amount of each fee. A transparent mortgage loan consultant will also explain everything—even the things you don’t ask but need to know—in plain language so that you fully understand everything related to obtaining a mortgage.

The second step to finding a great mortgage loan is to find an appropriate mortgage loan. What does “appropriate” mean? It means that the mortgage consultant you’ve chosen to work with has located a mortgage loan that has a feasible interest rate for the payments you can afford; the lower the mortgage rate, the better. There is a catch: Mortgage loan consultants in Florida, California, New York, or anywhere else in the US can only offer you the mortgage loans that you are eligible for, which is based on the current  market rates and your credit score. Therefore, be sure to keep tabs on both.

The third step is to put on a pair of mortgage loan blinders. By that, I mean you need to narrow the scope of the types of loans you’ll entertain; only consider loans that are 100% buyer-friendly. Ideal buyer-friendly loans give you, not the lender or the mortgage broker the advantage. Buyer-friendly loans have flexible loan terms. For instance, the loan may be available as a one to ten year loan; it may be available as an open, closed, variable, or convertible mortgage. Another key sign of a buyer-friendly mortgage loan is that the mortgage allows you to have some control over the interest rate. If a mortgage loan consultant says that “points” is an option, it’s an offer worth considering. Mortgage loan points, in case you don’t know, allow you to decrease the interest rate on a given loan. Though buying points will increase your initial mortgage loan costs, it’ll save you money in the long run. That’s why it’s a great option to have, regardless of whether you utilize it.

If you follow the steps above as you begin hunting for your perfect mortgage loan, you won’t have any problems finding a loan that you can live with. Keep in mind that finding such a loan does take time. Be patient, plan ahead, and most importantly, find the right mortgage consultant or firm to help you along the way first!

Mauricio Navarro is writer and adviser to CompareMortgageQuotes.ca – A mortgage comparison website. CompareMortgageQuotes.ca is a one-stop online source for the most popular mortgages – mortgage loans for purchases, home loan refinancing, home mortgage rates, home loans for repairs, and more!

Income, Credit & Home Loans: Buying a House : Private Mortgage House Insurance (PMI) Tips

September 2, 2010 by admin  
Filed under Buying A House

Private mortgage insurance (PMI) tips & how it can determine how much house you can afford. Find out how in this video on buying a home.Expert: Brett Staggs Bio: Brett Staggs has been working in the mortgage industry for the past 6 years. He has worked for a title company, a credit reporting company, and two major banks. Filmmaker: Dana Glover

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FHA Mortgage loans- WHEN YOU ALREADY OWN A HOME

September 2, 2010 by admin  
Filed under Real Estate Financing

FHA Mortgage loans- WHEN YOU ALREADY OWN A HOME.

 IMPORTANT – EFFECTIVE WITH CASE NUMBERS PULLED ON OR AFTER 9-19-08

 DID YOU KNOW?

 Recently, FHA and others in the mortgage industry have observed an increasing number of homeowners who have chosen to vacate their existing principal residence and purchase a new residence. This has been occurring as some homeowners, given the rising price of fuel, are relocating to homes nearer their employment, or are taking advantage of other home buying opportunities arising in the marketplace. Due to FHA’s concern that some homebuyers in these transactions may attempt to provide misleading information regarding the rental income of the property being vacated to qualify for the new mortgage, FHA is instituting underwriting guidance designed to assure that the homebuyer can make payments on the full debt service of both mortgages. Consequently, beginning with case number assignments on or after 9-19-08 and until further notice, the underwriting analysis may not consider any rental income from the property being vacated except under circumstances described in this Mortgagee Letter. The exclusion of rental income from property being vacated is being instituted on a temporary basis while FHA further analyzes this situation to determine whether permanent measures may need to be taken. This will assure that a homeowner either has sufficient income to make both mortgage payments without any rental income or has an equity position not likely to result in defaulting on the mortgage on the property being vacated. In either case, this guidance is directed to preventing the practice known as “buy and bail” where the homebuyer purchases, for example, a more affordable dwelling with the intention to cease making payments on the previous mortgage. Although the property being vacated will not have a mortgage insured by FHA, surrounding properties may and, thus, FHA may be indirectly negatively affected should that property result in a foreclosure.

 Exceptions:

Rental income on the property being vacated, reduced by the appropriate vacancy factor may be considered in the underwriting analysis under the following circumstances:

 •Relocations: The homebuyer is relocating with a new employer, or being transferred by the current employer to an area not within reasonable and locally recognized commuting distance. A properly executed lease agreement (i.e., a lease signed by the homebuyer and the lessee) of at least one year’s duration after the loan is closed is required. FHA recommends that underwriters also obtain evidence of the security deposit and/or evidence the first month’s rent was paid to the homeowner.

 •Sufficient Equity in Vacated Property: The homebuyer has a loan-to-value ratio of 75 percent or less, as determined by either a current (no more than six months old) residential appraisal or by comparing the unpaid principal balance to the original sales price of the property. The appraisal, in addition to using forms Fannie Mae1004/Freddie Mac 70, may be an exterior-only appraisal using form Fannie Mae/Freddie Mac 2055, and for condominium units, form Fannie Mae1075/Freddie Mac 466.

Advantages to Using an FHA loan to purchase your next home include:

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

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Income, Credit & Home Loans: Buying a House : Down Payment Assistance For Buying a House

September 2, 2010 by admin  
Filed under Real Estate Financing

Down payment assistance can help determine how much house you can afford. Find out how in this video on buying a home.Expert: Brett Staggs Bio: Brett Staggs has been working in the mortgage industry for the past 6 years. He has worked for a title company, a credit reporting company, and two major banks. Filmmaker: Dana Glover

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FHA Mortgage loans for Condos and Town homes

September 2, 2010 by admin  
Filed under Real Estate Financing

FHA Mortgage loans for Condos and Town homes

Eligible FHA mortgage Applicants:

Any creditworthy potential owner-occupant who meets FHA home loan underwriting criteria and will make the condominium unit their principal residence is eligible for a mortgage insured under this program.

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 Condo or townhome 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.

To take advantage of the FHA program in Florida, give us a call 1-954-667-9110 to find out more about the many FL mortgage programs we can make available. Or Apply now for a FL FHA home loan.

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FHA Mortgages for Townhomes Condominium Units

The FHA mortgage insures the FHA home  loan for a person who purchases a unit in a an association including Town homes and condos

One of the many purposes of FHA mortgage including the purchase of a Florida townhome or condo. FHA  encourages FHA approved lenders to make affordable mortgage loans  credit available for different forms of ownership. FHA Condominium and townhome loans, in which the owners of the condo or townhome units jointly own the development’s common areas and facilities. FHA mortgage Insurance for condominiums, such as is provided through Section 234C, can be important for low- and moderate-income renters who wish to avoid being displaced by the conversion of their apartment building into a condominium.

Type of Assistance:

This program insures an FHA mortgage  loan for as many as 30 years to purchase a unit in a condominium building — which must contain at least four dwelling units and can be detached or semidetached, a row house, a walk-up, or an elevator structure. The FHA mortgage loan is made by a FHA approved lending institution, such as http://www.fhamortgagefhaloan.com mortgage company, bank, or savings and loan association, and is insured by HUD’s FHA loan program.

Most of the features of FHA’s Section 234C FHA mortgage insurance are the same as those governing HUD’s basic FHA mortgage insurance program, FHA Mortgage Insurance for 1-4 family Section 203B. For example, down payment requirements can be low as only 3.5% because FHA insurance allows homebuyers to finance about 96.5 percent of the home’s cost through their FHA mortgage. In addition, some seller paid closing costs can be financed, reducing up-front costs. And, FHA limits some fees that FHA approved mortgage lenders charge-for example, the FHA loan origination charge. FHA sets limits on the size of the FHA mortgage loan that vary with location and the number of units being purchased.

However, Section 203 C condo loans have some unique restrictions. If the apartment is in a building that was converted from rental housing, no insurance may be provided under Section 234C unless: (1) the condo conversion occurred more than one year before the application for insurance; (2) the potential buyer or co-buyer was a tenant of that rental housing; or (3) the conversion of the property is sponsored by a tenant’s organization that represents a majority of the households in the project. Eighty percent of FHA-insured mortgages in the project must be made to owner-occupants.

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FHA mortgage Florida, Florida mortgage, FHA mortgage loan , Florida FHA loans

September 2, 2010 by admin  
Filed under Real Estate Financing

FHA mortgage FLorida, FHA Loan Florida, FHA Loan for Florida homebuyers

FHA mortgage  Florida,  Florida mortgage, FHA mortgage loan  , Florida FHA loans

FHA Loan for Florida homebuyers FHA loans are backed by the Government and insured by HUD, the FHA loan program is a safe secure way to buy a Florida home!

FHA loan Program Overview

Easier qualification than any other home loan! Lowest down payment’s! Only 3.5% down required! You do NOT have to be a Florida  first time home buyer to use the FHA mortgage program! Government Backed Mortgage! HUD Insured! Higher debt ratios for home buyers. Low Interest fixed rate and adjustable interest rates. No income restrictions! Finance single family, condo, town house and mobile homes. Seller able to pay up to 6% closing costs. Down payment gifts and grants allowed!

Apply today at http://www.fhamortgagefhaloan.com/

Have Questions? Fill out a Quick Response form or Call 954-667-9110 or (Apply Now) and get Approved Today. 

The FHA loan program was designed  for Florida first time home buyers and current homeowners to help keep dream of home ownership alive. The FHA loan is a godsend for many people who would never have thought they would qualify for the purchase of a Florida home. If you’re in the market to purchase a new Florida home or existing Florida home, the FHA loan is a great program for you to consider.

The government FHA Loan is insured by HUD and is designed to make the dream of home ownership more affordable for all Florida home seekers. The FHA loan has underwriting guidelines that are designed to make it easier to qualify for than conventional Florida loans. Since the FHA mortgage is government backed and insured, is comes with lower interest rates and terms that are designed to protect you.

The greatest advantage with the FHA mortgage is the fact it does not ask that you have a great credit score to get the best rate and maximum amount financed. In fact,  under FHA  guidelines mortgage applicants credit score should not be used as a factor in underwriting an FHA loan. What does this mean for the Florida homebuyer? People with lower credit scores can use the Florida FHA mortgage program to attain 96.5% financing and a great low interest rate! Have great credit? That’s OK, you’ll still get a great low interest rate and you’ll be able to finance up to 96.5% of the purchase price, you wont find that with a conventional Florida home purchase!

So what types of Florida properties may be purchased using an FHA mortgage? Almost any – single family homes, mobile&modular homes, condominiums, town homes To learn more about properties you can finance with our many FHA loan programs, call 1-954-667-9110

Take a look the full range of benefits you receive as a Florida  FHA Loan applicant:

Lower down payment options as low as 3% Easier qualification Up to 6% in seller concessions towards closing costs Credit score not a factor – only credit quality 30 year and 15 year mortgage financing terms Higher debt ratios than conventional loans Fully assumable Non-occupying co-borrowers permitted Streamline refinance at a later date Low interest rates compared to conventional mortgage programs Adjustable and fixed rate loan options 2/1 buy down option Everyone is eligible Lowest down payment for an open ended mortgage program – as low as 3.5% (USDA has income caps and significant property restrictions) Rehab a property with a 203k loan Reverse your mortgage during retirement

We are experts in the government backed HUD insured Florida FHA  loan and can help guide you through the process of becoming a Florida homeowner! Contact us today to get started! Have Questions? Fill out a Quick Response form or Call 954-667-9110 or (Apply Now) and get Approved Today.

 

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FHA Loans Backed by the Government and insured by HUD, the FHA mortgage loans is a safe secure way to buy a Florida home!

September 2, 2010 by admin  
Filed under Real Estate Financing

FHA Loan FloridaFHA Mortgage Florida
FHA Loans Backed by the Government and insured by HUD, the FHA mortgage loans is a safe secure way to buy a Florida home!

Florida home buyers are learning the many advantages of the FHA loan programs. FHA loans were created to help increase Florida home ownership. For the Florida home buyer the FHA program can simplify the purchase of a Florida 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.

To take advantage of the FHA program in Florida, give us a call 1-800-570-0448 begin_of_the_skype_highlighting 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.

FHA Loan Program To Buy A Florida Loan Overview

Low, low down payment’s! Only 3.5% down required!
Finance Florida single family, Florida condo, town Florida house and mobile Florida homes.
Seller able to pay up to 6% closing costs.
Down payment gifts and grants allowed!
Easier qualification!
You do NOT have to be a first time home buyer to use the FHA mortgage program!
Government Backed Mortgage! HUD Insured!
Higher debt ratios for home buyers.
Low Interest fixed rate and adjustable interest rates.
No income restrictions!

Florida home buyers can make the dream of home ownership a reality for many people who would never have thought they would qualify for the purchase of a Florida home. If you’re in the market to purchase a new or existing Florida home, the FHA home loan is a great program choice to consider.

Still not convinced? Take a look the full range of benefits you receive as a Florida home buyer just for using the FHA loan program:

Easier qualification
Low interest rates compared to conventional mortgage programs
Adjustable and fixed rate loan options
2/1 buy down option
Everyone is eligible
Lowest down payment for an open ended mortgage program – as low as 3.5% (USDA has income caps and significant property restrictions)
Up to 6% in seller concessions towards closing costs
Credit score not a factor – only credit quality
30 year and 15 year mortgage financing terms
Higher debt ratios than conventional loans
Fully assumable
Non-occupying co-borrowers permitted
Streamline refinance at a later date
Rehab a property with a 203k loan
Reverse your mortgage during retirement

We are experts in the government backed HUD insured Florida FHA mortgage program and can help guide you through the process of becoming a homeowner! Contact us today to get started!

This government mortgage program is insured by HUD and designed to make home ownership more affordable for everyone. The FHA mortgage program has underwriting guidelines that are designed to make it easier to qualify for than conventional loans. Since the the FHA home loan is government backed and insured, is comes with low interest rates and terms that are designed to protect you.

One of the most important features of the FHA loan program is the fact it does not ask that you have a great credit score to get the best rate and maximum amount financed. In fact, HUD guidelines state that a credit score should not be used as a factor in underwriting an FHA loan. What does this mean? People with lower credit scores can use the Florida FHA mortgage program to attain 96.5% financing and a great low interest rate! Have great credit? That’s OK, you’ll still get a great low interest rate and you’ll be able to finance up to 96.5% of the purchase price or appraised value, whichever is less. Try doing that with a conventional home purchase!

So what types of properties may be purchased using an Florida FHA mortgage? Almost any – single family homes, mobile & modular homes, condominiums, town homes and more. To learn more about properties you can finance with our many Florida mortgage programs.

Serving These Fine Florida Communities:

Arcadia :: Boca Raton :: Boynton Beach :: Bradenton :: Brandon :: Cape Coral :: Clearwater :: Clewiston
Crestview :: Daytona Beach :: Deerfield Beach :: Deland :: Delray Beach :: Deltona :: Destin :: Englewood
Fort Pierce :: Ft. Lauderdale :: Ft. Myers :: Ft. Walton Beach :: Gainesville :: Hollywood :: Homosassa Springs
Jacksonville :: Key West :: Kissimmee :: Lake City :: Lakeland :: Lynn Haven :: Marathon :: Marco Island
Melbourne :: Miami :: Miami Beach :: North Fort Myers :: North Miami Beach :: Naples :: Ocala :: Okeechobee
Orlando :: Ormond Beach :: Osprey :: Palatka :: Palm Bay :: Palm Beach :: Palm Coast :: Panama City :: Pensacola
Pompano Beach :: Port St. Lucie :: Punta Gorda :: Santa Rosa :: Sarasota :: Sebastian :: Sebring :: Springhill
St. Augustine :: St. Petersburg :: Tallahassee :: Tampa :: The Villages :: Titusville :: Venice :: Vero Beach
Wauchula :: Wesley Chapel :: West Palm Beach :: Winter Park

 

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