Archive for November, 2009

30
Nov

FHA loans are the best choice for Florida home buyers, 97% downt o 530 FICO

Author: admin

FHA loans are not credit score driven and provide the best interest rates for Good and Bad credit mortgage applicants. We approve FHA Mortgage loans down to a 500+ Credit score. Advantages Include

A lower down payment
Easier credit qualifying
Lower closing costs

Apply at www.FHAmortgageFHAloan.com

Purchasing a new Florida home is exciting. Finding the right Florida home for you and your family requires a great deal of work and decision making. However, finding the right Florida mortgage is just as important as finding the right home.

Many Floridians take advantage of FHA loans when purchasing a Florida home. An FHA mortgage can be an attractive option to many Florida first-time homebuyers, as down-payment requirements for a FHA mortgage can be as low as 3.5 percent. However, you don’t need to be a Florida first-time buyer to take out a FHA mortgage; the only stipulation is that a purchaser may only have one Florida FHA mortgage at a time.

FHA Refinancing

The FHA mortgage loan also allows Florida homeowners to obtain Florida FHA refinancing. An FHA refinance makes it possible to lower your interest rate and your monthly payments. You may also take out cash from the equity in your Florida home to pay off debt or make Florida home improvements, or avoid foreclosure on your Florida home. With many Floridians currently facing interest rate resets, it’s hard to keep up with the mounting monthly Florida mortgage payments.

History of the FHA

The Federal Housing Administration, was established by the government to improve housing conditions for Americans. The government established the FHA mortgage loan in 1934 to improve existing housing standards and conditions. Prior to 1934, a down payment was typically 50 percent of the Florida home’s price and payments were stretched out between only 1-5 years. You can learn more about FHA loans from the Department of Housing and Urban Development.

How the FHA Mortgage Program Works

The FHA does not lend the money to Florida home buyers; it simply insures that the total Florida mortgage will be paid to the Florida lender if the Florida home buyer defaults on the home loan. It is always the decision of the private Florida mortgage lender (a bank, credit union, or savings and loan) to decide whether or not they will grant a Florida mortgage or not..

The FHA mortgage loan tends to be more forgiving than conventional Florida mortgage loans in terms of past credit history. A bankruptcy discharged as little as two years ago may not hinder a Florida homebuyer from qualifying for the FHA mortgage loan.

Typically, Florida FHA mortgages do not require more than a 3-5 percent down payment. Unlike traditional FHA loans, this money may also be a gift to the homebuyer and does not need to be secured as the Florida homebuyer’s own money. Often, there are “points” associated with FHA mortgages that are usually worth about 1 percent of the total Florida mortgage. These points are paid to lenders to help lower the interest rate of the mortgage.

Borrowers will also have to pay PMI (private mortgage insurance) on the mortgage. PMI is used to ensure that the total amount of the Florida mortgage will be paid to the Florida lender if the buyer defaults. Usually, a PMI will not?? be put into effect until 20 percent of the mortgage has been paid.

FHA mortgages have no mortgage value cap. In other words, you can take out a FHA mortgage for $150,000 - $300,000 without any restrictions, other than credit applicability.

Closing costs on FHA (or conventional loans) are usually up to 6% percent of the total Florida mortgage amount and are the responsibility of the Florida homebuyer. However, FHA closing costs can be financed into the total amount of the mortgage and paid off accordingly.

Qualifying For an FHA Mortgage in Florida

To be approved for a Florida FHA mortgage, you must have a satisfactory credit history, which shows your commitment to paying off debts in a timely manner. Also, you must be able to prove that the total monthly mortgage payment will be less than 35% percent of your monthly income. The number arrived at after multiplying your total monthly income by 35% percent is referred to as PITI, or principle, interest, property taxes, and insurance. The PITI amount is the highest amount that your monthly mortgage payments may be. Furthermore, long-term debt, such as car loans and credit card balances, in addition to the monthly PITI amount cannot be more than 50% percent of your total monthly income. More information about loan qualifications is available from the FHA.

While these qualifications may seem a little stringent, they are actually more lenient than traditional mortgage qualifications. The decreased down payment makes this type of mortgage even more desirable for many people.

Article Source:http://www.articlesbase.com/mortgage-articles/fha-loans-are-the-best-choice-for-florida-home-buyers-97-downt-o-530-fico-1521139.html

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30
Nov

How to Get a Home Mortgage Loan

Author: admin

How to Get a Home Mortgage Loan Home Equity Conversion Mortgage or HECM

The home equity conversion mortgage, HECM, is a mortgage loan, plant which a at rest owner can convert a illustration of the home equity into cash money. Visit here http://homemortgagebroker.blogspot.com

There is no monthly back payments, but the capital, interests and distant costs will appear as paid back, when the last owner moves permanently this day and the home will be sold.

1. Who Can Qualify now The central sentence Conversion Mortgage, HECM?You must body American, promote 62 or over besides own a home, position you play hardball permanently. You either own the home outright or there is a dejected mortgage balance. You conceive also to meet the home equity conversion mortgage counselor, who boundness grant a detailed information and to transact account your special requirements.If your present mortgage is not from the national Housing Administration, you can still qualify through their local equity conversion mortgage. The single homely homely or max 4 numeral home ensconce one symbol occupied by the borrower are eligible home types.

2. What Is The Difference Between The local Equity Conversion Mortgage, HECM, And The Usual Bank Loan.There are chock-full differences. First, to equate virtuous to get the home equity conversion mortgage, you must betoken prosper 62 or thanks to and own a home, where you active permanently.On the other hand, the lender will not ask your acceptance information, nor your swindle sheet income, as the loan leave buy for taken against the homey credo. And, this is important, professional is no monthly back payments. The lender pays you every month.With the home equity conversion mortgage,HECM, from the Federal Housing Administration you cannot be foreclosed or forced to vacate your home, because you missed the mortgage payment. Of course you regard to support the home in a fitting shape, to pay the taxes further insurances, thanks to you are the owner.

3. How Do I Get The Money and How Much?Principally the older you are, the higher the appraised value of your home is, the secondary the interest rate, the more you can borrow. Actually you decide, how the lender pays to you. The alternatives are as a lump sum, as monthly payments, as a credit livelihood or in that a body of these.As spoken earlier, there is a compulsory meeting with the counselor, who is officially approved. This is for your benefit. The household sentence conversion mortgage includes lots of benefits and trifling things, like tax influences, so I honestly speed that you will take all the benefits from this meeting.It is well-timed to prepare a question list before you go into the counselor meeting. Another thing, which you could do, is to perform with your kin also spouse.The Internet offers lots of useful information and proficient are bounteous contrary mortgage blogs, locus seniors exchange opinions and experiences about these loans. Jump esteem and participate!Visit here http://homemortgagebroker.blogspot.com

I am a Freelancer Writer since 5 years.Visit here http://homemortgagebroker.blogspot.com

Article Source:http://www.articlesbase.com/mortgage-articles/how-to-get-a-home-mortgage-loan-1520962.html

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30
Nov

Florida FHA lender goes down to a 530 FICO

Author: admin

We offer 97% financing in all of Florida with a 530 Minimum FICO,

Most banks and other FHA lenders now require a 640.

Other FHA mortgage 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 530.
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.

http://www.fhamortgagefhaloan.com/

Since the 1930s, the Federal Housing Administration (FHA) has been helping Florida families become homeowners with a set of loan programs commonly known as FHA mortgage loans. Despite the longevity and popularity of these FHA loan programs, many would-be Florida homeowners don’t really know all they should about them.

The FHA is an agency of the Federal government that insures private FHA loans that are issued for new and existing housing as well as FHA loans approved for home repairs. Formed in 1934 by Congress FHA became part of the Department of Housing and Urban Development’s Office of Housing (HUD) in 1965. Today the FHA mortgage acts as a buffer to FHA lenders by reducing their risk in issuing FHA loans as well as helping Florida mortgage applicants get amounts for FHA home loans that they qualify for.

FHA mortgage loans are not just for Florida first time buyers and are available to Florida mortgage applicant looking to purchase or refinance a Florida home. If refinancing a Florida home the current Florida mortgage loan Does NOT have to be an FHA loan.

The most popular FHA home loan program nationwide is the 203(b) FHA home loan that only requires a minimum of 3.5% down payment from the Florida mortgage applicant and permits 100% of their money needed to close to be a gift from a relative, non-profit organization, or government agency.

Today, FHA plays a critical role in financing for Florida mortgage applicants , first time home buyers, Florida mortgage applicants who have troubled credit history, and Florida borrowers who have little money to put down on a home.

Funding

The FHA performs entirely through its self generated income and costs nothing to the taxpayer. The proceeds from the FHA mortgage insurance paid by the Florida homeowners are captured in an account that is used to operate the program entirely. The FHA mortgage provides a huge economic stimulation to the country in the form of home and community development, which trickles down to local communities in the form of jobs, building suppliers, tax bases, schools and other forms of revenue.

Upside

The main advantage of having an FHA home loan is that the credit criteria for a Florida first time borrower is not as strict as Conventional Loans sold to Fannie Mae (FNMA) or Freddie Mac (FHLMC). Florida mortgage applicants who may have had a few credit problems or no traditional credit should not have a problem obtaining FHA financing.

Another advantage of FHA home loans are they are assumable, allowing a person to take over the mortgage without the additional cost of obtaining a new loan. In addition, the seller or lender must pay part of the traditional closing costs (called non-allowable costs) while a borrower’s allowable costs can partially be wrapped into the loan.

The monthly mortgage insurance premium is cheaper for an FHA loan versus a conventional loan with 3.5% down.

Article Source:http://www.articlesbase.com/mortgage-articles/florida-fha-lender-goes-down-to-a-530-fico-1521410.html

Filed Under » refinanced mortgage | No Comments »

29
Nov

Reverse Mortgage Loans Are Planned For Senior Citizens

Author: admin

The main benefit of the reverse mortgage loans is, that a senior citizen can improve his monthly income status by taking cash money from the value, or equity, of his own home. If he has an usual mortgage left, he can pay it away with the reverse mortgage and to avoid all monthly payments from his home mortgages, including the reverse loan.

1. The Qualification For The Reverse Mortgage Loans.

You can qualify, if you are an American senior, who is of age 62 or over and own a home, where you live permanently and which has equity left. The good news is, that the monthly income, credit record or the amount of other assets have no importance. The reverse mortgage loans will be taken against the value of your home.

2. You Will Not Have Any Monthly Back Payments With The Reverse Mortgage Loans.

When the idea is, that a senior gets more disposable money every month or even as a lump sum, all expenses will be paid back, when the loan will be closed, i.e. when you move away from the home and it will be sold. These costs include start up costs, interests, loan capital, closing costs and some management costs.

3. How Much You Can Get Cash From The Reverse Mortgage Loans And When?

The loan sum depends on your age, the value of your home and on the interest rate. The older you are, the more expensive is your home and the lower the interest rate, the more you will get.

You can decide by yourself, when the lender will pay you. The alternatives are as a monthly payment, as a credit line, as a lump sum or as a combination of all of these.

4. The Reverse Mortgage Loans Include Two Good Things, A Compulsory Insurance And Counseling.

Why the mortgage insurance is needed? The reason is, that if the selling price of your home does not cover the costs of the reverse mortgage loan, the insurance will pay the difference. Your other assets will never be used, nor you will never owe more than the value of your home.

The idea of the counseling is to give you a customized information, how do the reverse mortgage loans fit to your special needs, or is some other method better for you. These counselors are not in the payrolls of the lenders, but they are federal counselors, whos work is to give independent information for seniors and to protect them from over selling.

When you apply the reverse mortgage, take offers from many companies and also from state and federally funded places. What ever is your choice, it is important to let the experienced counselor to check it before you sign anything.

In this way you will avoid expensive offers. The reverse mortgage is a long term commitment, so you will save a lot, when you do the work correctly.

Juhani Tontti, B.Sc., Marketing. Make A Research About Reverse Mortgages Pros And Cons To Get The Best Reverse Home Mortgage Available To You. Visit: Reverse Mortgage Loans

Article Source:http://www.articlesbase.com/mortgage-articles/reverse-mortgage-loans-are-planned-for-senior-citizens-1518217.html

Filed Under » refinanced mortgage | No Comments »

29
Nov

Bank of Americas New Mortgage Refinance and Modification Options for All Homeowners

Author: admin

Bank of America is participating in President Obamas “Making Home Affordable” plan. This mortgage bailout program will help millions of homeowners get a mortgage refinance or modification which will save them money, their home from foreclosure, or both. Homeowners all across the country can use Bank of America and these new programs for themselves. Here is some help getting started.

Mortgage refinancing and modification have never been easier or more beneficial for a homeowner. Regardless of your financial situation, there are new programs designed to help prevent homes from being lost, and save homeowners a lot of money. Bank of America is one of the few approved mortgage lenders and banks who are approved to offer these new refinancing and modification options to homeowners. This is because they have proven that they will follow the programs guidelines, and offer help to struggling homeowners. As in incentive for doing this, Bank of America will get a cash incentive every time a homeowner is approved under the stimulus plans guidelines. This money is an incentive which lessens the financial risks and burdens of helping a struggling homeowner. Also, this money will enable lenders and banks like BoA to help even more people.

The thinking behind these programs from Obama is that no matter the situation, if a homeowners monthly payments are affordable, they will make them. That is why all homeowners who get help from this mortgage bailout will get a monthly payment that is no more than 31% of their gross income every month. This payment will also include taxes, and other loan and home expenses. This provides a huge reduction for many homeowners who are financially struggling.

Other benefits include the fact that now homes that have dropped in value, many people are upside down on their mortgage. Now though, using Bank of America mortgage refinance and this mortgage bailout plan, homeowners can owe up to 25% more than their home is worth, and still get approval for refinancing or modification on their mortgage.

All in all, millions of homeowners can benefit from using Bank of America and Obamas mortgage plan. Getting help is easy, contact Bank of America and see how you can benefit from this plan.

I have been underwriting mortgages for years. Recently, I got into a new business but I still wish to share my advice, tips, and industry inside happenings of the mortgage refinancing industry.
For more articles on Mortgage Refinance check out my website

Article Source:http://www.articlesbase.com/mortgage-articles/bank-of-americas-new-mortgage-refinance-and-modification-options-for-all-homeowners-1516492.html

Filed Under » refinanced mortgage | No Comments »

Archive for November, 2009

FHA loans are the best choice for Florida home buyers, 97% downt o 530 FICO

How to Get a Home Mortgage Loan

Florida FHA lender goes down to a 530 FICO

Funding

Upside

Reverse Mortgage Loans Are Planned For Senior Citizens

Bank of Americas New Mortgage Refinance and Modification Options for All Homeowners

Reverse Mortgage and Live Rich

FHA 203k Mortgage, FHA 203K home loan

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