Why Do Florida homebuyers ask for FHA Loan over other mortgage loans?

Why Do Florida homebuyers ask for FHA Loan over other mortgage loans?

There are lots of reasons Florida homebuyers ask for an FHA loan instead of taking a conventional or an expensive and risky sub-prime mortgage loan. Many Florida homebuyers prefer to take advantage of the many benefits and protections that only come with FHA:

Less than Perfect Credit - Even if you have had credit problems, such as bankruptcy, its easier for Florida homebuyers to qualify for an FHA loan than a conventional loan.

Easier to Qualify – Because FHA insures your Florida mortgage, FHA mortgage lenders are more willing to give loans with lower qualifying requirements so its easier for you to qualify for a Florida home.

Low Down payment - We have a low 3% down payment, and that money can come from a family member, employer or charitable organization. Other mortgage loans do not allow this.

Costs Less – Many times, FHA loans have competitive interest rates because the FHA loans are insured by the Federal Government. Always compare an FHA loan with other loan types.

Help You Keep Your Home – The FHA has been around since 1934 and will continue to be here to protect you when the others walk away. Should you encounter hard-times after buying your home, FHA has many options to help keep you in your home and avoid foreclosure.

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 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.

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.

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

Easy 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 easier for you to qualify.

Minimal Downpayment Requirements – FHA mortgages can work with as little 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 assistance 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 move them to the end of the loan and in some instance will actually pay your past due payments for you. Options to save your home you’ll never get from a conventional loan! In an uncertain world, this is another excellent reason for you to get an FHA 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 good 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 assistance to applicants for FHA financing to purchase 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 purchase contract!

The FHA program offers excellent 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 purchase. Call 1-800-570-0448 to speak with an FHA mortgage expert before accepting any conventional mortgage quote as the best you can do!

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

Serving These Fine Florida Counties:

Alachua :: Baker :: Bay :: Bradford :: Brevard :: Broward :: Calhoun :: Charlotte :: Citrus :: Clay :: Collier
Columbia :: Dade :: DeSoto :: Dixie :: Duval :: Escambia :: Flagler :: Franklin :: Gadsden :: Gilchrist :: Glades
Gulf :: Hamilton :: Hardee :: Hendry :: Hernando :: Highlands :: Hillsborough :: Holmes :: Indian River :: Jackson
Jefferson :: Lafayette :: Lake :: Lee :: Leon :: Levy :: Liberty :: Madison :: Manatee :: Marion :: Martin :: Miami-Dade
Monroe :: Nassau :: Okaloosa :: Okeechobee :: Orange :: Osceola :: Palm Beach :: Pasco :: Pinellas :: Polk
Putnam :: Saint Johns :: Saint Lucie :: Santa Rosa :: Sarasota :: Seminole :: Sumter :: Suwannee :: Taylor :: Union
Volusia :: Wakulla :: Walton :: Washington

FHA :: Mobile Homes ::

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FHA home loans help Florida homebuyers with 97% Financing

FHA home loans help Florida homebuyers with 97% Financing

The Federal Housing Administration, generally known as “FHA”, is the largest government insurer of FHA home loans in the world. A part of the United States Department of Housing and Urban Development (HUD), FHA provides FHA mortgage insurance on single-family, multifamily, manufactured homes made by private FHA-approved mortgage lenders throughout. While FHA mortgage applicants must meet certain requirements established by FHA to qualify for the insurance, FHA lenders bear less risk because FHA will pay the lender if a mortgage applicant defaults on his or her FHA home loan. FHA has insured over 37 million FHA mortgages and 47,205 multifamily project mortgages since 1934. Currently, FHA has 5.2 million insured single-family FHA home loans and 13,000 insured multifamily projects in its portfolio. Clearly, the FHA mortgage provides a huge economic boost to the country in the form of home and community development, particularly in today’s challenging financial climate.

We offer 97% financing in all of Florida with a 530 Minimum FICO, Most banks and other lenders now require a 620.

 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.

Easier Credit Qualifying Guidelines such as:

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

Easier Debt Ratio & Job Requirement Guidelines such as:

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

APPLY NOW AT www.FHAmortgageFHAloan.com

Summary of FHA Home loan advantages for Florida Homebuyers

Summary of FHA Home loan Advantages for Florida Home buyers.

Florida Mortgage,  Florida FHA Loan, FHA home loan,  FHA mortgage refinance

For the Florida mortgage applicant the FHA mortgage program can simplify the purchase of a home, making financing easier and less expensive for Florida mortgage seekers. 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 2 year after a Bankruptcy.

FHA will allow a home purchase 3 years after a Foreclosure.

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

Many Florida mortgage applicants are confused about what types of FHA mortgage programs are available to them. In the Florida real estate market that has been hit with large declining values, this is especially true. So, let me try to help you understand what is available to the average Florida home owner or purchaser as far as FHA mortgage loans in Florida are concerned.

In a market such as Florida, FHA works great because even with the declining values that Floridian property owners have experienced, a Florida FHA buyer can borrow up to 97% of the Florida home’s appraised value or purchase price -whichever is less. Apply now for a FL FHA home loan with a HUD approved Florida FHA lender.

The maximum loan amount varies by which county in Florida the property is located. The FHA mortgage may be used to purchase or refinance a single family home, 1-4 unit projects, Condos, PUDS, Modular and Manufactured homes.

The FHA mortgage is available to U.S. Citizens, permanent resident aliens, and non permanent resident aliens may qualify too, so talk to your licensed Florida loan officer to check your eligibility.

The income ratios allowed are up to 31% for housing and up to 43% total payments, but may vary depending on compensating factors. So again, make sure you ask your licensed Florida loan officer. Florida is considered a high closing cost state, which means the costs are at or above 2.1% of the sales price. One of the reasons for this is that Florida has a 1% Mortgage tax; even on a refinance, the state of Florida requires you to pay tax of 1% on the new mortgage amount.

FHA Loans in high closing cost states such as Florida can have a loan to value on a purchase of up to 98.75% if the property is valued at less than ,000, and 97.5% for a value of ,000, up to 5,000. For all values above 5,000, the rate is 97.15%.

FHA mortgages are insured with up front mortgage insurance, referred to as (UFMIP) and monthly mortgage insurance (MIP). UFMIP is 1.50% of the base loan amount excluding UFMIP, which can be rolled into the loan or paid all in one shot at close. FHA/HUD charges an annual premium which is split into 12 payments – this is what is known as MIP.

Some Florida borrowers may be entitled to a partial refund of the UFMIP, if their loan closed on or after January 1, 2001, to pay off or refinance an FHA loan within five to seven years of its original closing date.

When making a decision on taking out a Florida FHA mortgage on your purchase or refinance of a home, you must make sure that you can qualify for this type of loan. So again, make sure that you work with an experienced FHA licensed Florida loan officer.

FHA loans require full documentation of income and assets. You will be required to show 2 months most recent pay stubs, 2 years W-2s and/or tax returns, a written verification of employment, as well as 2 most recent statements for all checking, savings, 401k, and like accounts with a verification of deposit from your bank. Also required is a 4506 form, which gives the IRS permission to verify your taxes.

You will also have to show verification of rent or previous mortgage history, and depending on your underwriter, you may have to show cancelled checks for the last 6 months to one year of rent or mortgage payments made. Due to the tremendous amount of fraud that has occurred in Florida, expect that all FHA loans underwritten on Florida homes will be scrutinized.

 http://www.fhamortgagefhaloan.com/

 

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For Florida homebuyers the FHA home loan just makes good sense

FHA Mortgage Loan for Florida Homeowners

Take the proper Steps to Get Your FHA Mortgage today

 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.

Easier Credit Qualifying Guidelines such as:

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

Easier Debt Ratio & Job Requirement Guidelines such as:

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

Apply for an FHA mortgage at

www.FHAmortgageFHAloan.com

 

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

Easy 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 easier for you to qualify.

Minimal Downpayment Requirements – FHA mortgages can work with as little 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 assistance 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 move them to the end of the loan and in some instance will actually pay your past due payments for you. Options to save your home you’ll never get from a conventional loan! In an uncertain world, this is another excellent reason for you to get an FHA 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 good 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.

 Purchasing a Florida home is one of life’s major landmarks and for some, it is even a dream come true. At FHAmortgageFHAloan.com we understand the importance of this decision and it is our goal to make your acquisition into home ownership memorable. Regardless of whether this is your first Florida home or your third Florida  home purchase we will do our best to ensure that getting you into your new Florida home is a pleasant and memorable experience.

When you begin to seriously consider purchasing a new Florida home it is important that you follow some simple steps to make sure that the Florida home process goes smoothly.

The first thing you should do is an analysis of your debt to income ratio. This important step will let you know what type of Florida home you can afford and how much your current obligations will allow you the apply for  based on your monthly income and expenses.

The next important step in purchasing a new Florida FHA home loan is to get pre-approved for an FHA  home loan. The peace of mind that comes with knowing that your FHA mortgage loan and credit report have been approved will allow you to shop for your new FHA home with confidence. And when you find a Florida home and are ready to make an offer the fact that you have already been pre qualified for your FHA loan amount will give the seller confidence in you as a serious buyer.

About FHA Mortgage Loans

FHA guarantees eligible Florida home  loan applicants the ability to obtain FHA home loans with 3.5% down payment. FHA mortgage  loans can be fully assumable. FHA mortgage loan limits apply depending upon where the Florida home is located 

FHA mortgage loans provide for  low down payments and the easiest qualifying guidelines to make it easier for Florida homebuyers  qualify! FHA home loans are popular with Florida first time home buyers but are equally liked by  moving up buyers and Florida homeowners looking for a  Florida Rehabilitation loan. With an FHA Mortgage  loans you can borrow up to 96.5% of the purchase price of the Florida home.

The advantages of a FHA insured mortgage product to a Florida first time home buyer are many. A Florida homebuyer may apply for an FHA mortgage loan to purchase a Florida home with little money out of pocket. FHA home loan insurance permits FHA mortgage lenders to make mortgages for Florida first time homebuyers without risk. 

With an FHA home loan here are no income limitations or minimum  credit score requirements when FHA insured mortgage. This is why FHA loans are among the easiest mortgage loan to qualify for and almost  anyone can qualify as long as they have a reasonable credit history and can afford the monthly FHA mortgage payments. You can also combine FHA home loan programs with many Florida first time homebuyer down payment programs.

FHA Streamline mortgage Refinancing

The FHA mortgage has permitted FHA streamline refinances on FHA insured  home loans since the early 1980’s. The FHA streamline refinance  refers only to the amount of documentation and underwriting that needs to be performed by the FHA mortgage lender, and does not mean that there are no costs involved in the transaction.

The basic requirements of a “streamline FHA mortgage refinance”  include:

The FHA mortgage loan  to be refinanced must already be insured by  FHA. The refinance is to result in a “lowering” of the borrower’s monthly principal and interest payments. No cash may be taken out on mortgages refinanced using the “streamline” refinance process. The FHA mortgage to be refinanced should be current (not delinquent).

FHA mortgage Lenders may offer FHA streamline refinances and include the closing costs into the new FHA mortgage loan amount. This can only be done if there is sufficient equity in the Florida. FHA Streamline refinances can also be done without appraisals, but the new FHA home  loan amount cannot exceed what is currently owed, that is  FHA closing costs may not be added to the new FHA mortgage with those costs either be paid in cash or through the premium rate as described above.

 

Texas Mortgage Info: How your mortgage person structures your loan is more important than the getting a low rate. www.mylendingplace.com
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