Government Loan Broker

Florida Refinance with FHA mortgage, Florida FHA mortgage Refinance,

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

Cash-Out Refinance up to 95% for existing or new FHA mortgages.

Cash-Out up to 95% of your properties value. Consolidate first and second mortgages into single loan. Bill consolidation programs. Easier credit and income qualifications. FHA regulated closing costs.

Rate and Term Mortgage Refinancing up to 97% of your homes value.

Consolidate first and second mortgages into a single loan. No FICO score or credit score requirements 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.

FHA Secure Refinance with current mortgage lates.

Refinance your 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. Complete details of FHA Secure loan.

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

Florida Mortgage Refinance

As a Florida homeowner, eventually, you’ll consider refinancing your Florida mortgage. Before you decide to refinance, you should confer with an experienced Florida  Mortgage Lender. Our licensed mortgage pros work hard to stay current on the best refinance mortgage programs. Our training objectives are to help each of our clients achieve the best combination of interest rate, mortgage terms, and low home loan closing fees for a Florida refinance. Call today at 1-800-570-0448 or use our quick application to learn more!

For over a decade, 1st Continental Mortgage has been the Florida mortgage lender of choice in Florida because we deliver excellent Florida mortgage rates and superb white glove mortgage service to Florida homeowners. 1st Continental Mortgage loan officers are well equipped to make refinancing your Florida Mortgage a smooth and pleasant transaction from application to closing.

After conferring with one of our loan officers, you may find that refinancing your existing mortgage loan isn’t the most suitable way to meet your financial goals. In finance, there are often many ways to achieve a goal, and a conversation with a Florida mortgage expert can save you time in locating the homeowner loan that is going to work the best for your unique set of circumstances.

Why not call one of our friendly experienced loan officers today for a free review your financial situation and objectives. We’re confident that when you complete your phone interview, you’ll be certain you are applying for the best Florida refinance homeowner loan. A loan that will serve your long-term interests and not just the interest of the Florida mortgage originator you’re working with. Call 1-800-570-0448 today or use our quick application for a free, no-obligation consultation.

For most of our clients, getting a Florida refinance on their Florida Mortgage is the most important single financial transaction they will ever undertake. It’s actually more important than when you first decided to purchase your Florida home! It’s not something that most people do every day. In fact, some homeowners may only refinance two or three times in a lifetime.

Nevertheless, differences among Florida mortgage programs for refinancing that appear small can make a huge difference over the life of a typical Florida mortgage. The hard truth is, refinancing your home into the wrong loan can cost you tens of thousands of dollars or even put you at risk of losing your Florida home to foreclosure.

At 1st Continental Mortgage, we’ll listen carefully to your objectives for the refinance loan, ask the right questions, and use our experience to match you with the best program and lender from among the hundreds of Florida debt consolidation refinance programs we offer.

At 1st Continental Mortgage, we’re experts at identifying the small differences in competing refinance mortgage loan programs that can save our clients big dollars. We’ll be glad to share what we know to help you create the best refinance scenario for your situation. Call 1-800-570-0448 or use our secure online quick application to see how simple it is to refinance a mortgage in Collier County or any of the other Florida counties we serve.

Whether you are motivated to refinance your Florida home by a desire to lower your interest rate, lower your monthly payment, change your terms, or remove a former spouse from a mortgage, we will be happy to help. Over the last decade, we have heard our share of excellent reasons for making changes to an existing Florida mortgage.  We have excellent Florida refi solutions for all kinds of homeowners from interest only refinances for a newly single professional; to refinancing a Mobile Home on land with a low fixed rate FHA mortgage in Wesley Chapel, Florida; to helping a young family avoid the shock of dramatically higher mortgage payments from an ARM.

Florida Debt Consolidation Refinance

Cash Out Refi in Florida

For some Florida clients, the need to refinance is driven by debt consolidation. It’s not uncommon today for borrowers to feel that their credit card debt or other installment debt has taken on a life of its own. We know how to help you get the most for your hard-earned home equity when it comes to doing a cash out refinance for debt consolidation. Refinancing for debt consolidation can help free up hundreds of dollars a month and in some cases, the mortgage interest may be tax deductible. If you have home equity and need a fresh start, call 1-800-570-0448 or use our quick application. We think you’ll be glad you did!

We don’t recommend refinancing a first mortgage to every client as a vehicle to consolidate debt or get cash out. Sometimes a prepayment penalty on the first mortgage makes a Second Mortgage or home equity line of credit a better way to access home equity. In other cases, the first mortgage may have a desirable characteristic, such as a below market interest rate, that makes refinancing simply not worthwhile. We’ll be happy to help you generate a range of refinance program options and to choose the best from among them.

Why not call us today at 1-800-570-0448 or fill out our quick application to get a fast quote on refinancing your Florida mortgage!

Here are just a few of the reasons our past clients have expressed for refinancing their Florida homes:

Lower the interest rate on your present fixed rate mortgage; Convert a high risk Florida ARM to a stable 30 year fixed rate mortgage; Refinance out of a fully indexed Adjustable Rate Mortgage into a FHA fixed rate loan; Consolidate all your high interest credit card debts into a single monthly mortgage payment Refinance to pull cash out for hospital bills, college tuition, or to finance a wedding, honeymoon or exotic vacation; Escape a Florida bad credit mortgage program into a more permanent mortgage; Improve your cash flow with a refinance to an Interest Only mortgage.

With more than 100 lender programs to draw upon, 1st Continental Mortgage loan officers have been delivering the right homeowner refinancing loans for over a decade to thousands of Floridians. Here is a partial list of the mortgage programs that we can help you with:

Fixed rate mortgage refinance with 10 year, 15 year, 20 year, 30 year and 40 year fixed rate terms; Interest only mortgage refi options; Debt consolidation refinance programs; Florida Jumbo mortgage and Super Jumbo mortgage refinancing programs; Bad Credit mortgage programs; Second mortgage, home equity loans, and home equity lines of credit options; Specialty mortgage products such as no income verification, no ratio, SISA and no doc mortgage programs.

The mortgage professionals of 1st Continental Mortgage are waiting to hear from you right now about your next Florida homeowner refinance opportunity. Just give them a ring at 1-800-570-0448 or apply securely online using our quick application. With so many excellent refinancing options for Florida homeowners, we’re certain to have a Florida refinancing mortgage program designed for you!

FHA Mortgage Checklist

Prepare for a Smooth Application Process with an FHA Mortgage

Before you start the FHA home loan process, be prepared to provide some information to your FHA loan officer. Have it ready now to save time later.

Address to your place of residence (past two years) Social Security numbers Names and location of your employers (past two years) Gross monthly salary at your current job(s) Pertinent information for all checking and savings accounts Pertinent information for all open loans Complete information for other real estate you own Approximate value of all personal property Current check stubs and your W-2 forms (past two years) Personal tax returns (past two years), current income statement and business balance sheet for self-employed individuals

In addition, you will need to pay for a credit report and FHA appraisal of the property

Down payment of most FHA approved loans is 3.5% down.

FHA Closing Costs

APPLY FOR AN FHA HOME LOAN AT  http://www.fhamortgagefhaloan.com/

Allowable Charges that Borrowers Need to Understand

While FHA defines which closing costs are allowable as charges to the FHA mortgage applicant, the specific costs and amounts that are deemed reasonable and customary are determined by each local FHA office. All other costs are generally not allowed and are usually paid by the seller when buying a new Florida home, or paid by the lender when refinancing your existing FHA loan.

Lender’s origination fee Deposit verification fees Attorney’s fees The appraisal fee and any inspection fees Lender’s origination fee Cost of title insurance and title examination Document preparation (by a third party) Property survey Credit reports (actual costs) Transfer stamps, recording fees, and taxes Test and certification fees Home inspection fees up to $200

Allowed in an FHA refinance loan are wire transfer fees, courier fees, reconveyance fees, and fees to pay off bills.

FHA Debt to Income Ratios

Comparing Your Debt to Your Income

In order to prevent Florida homebuyers from getting into a home they cannot afford, FHA guidelines have been set in place requiring mortgage applicants and/or their spouse to qualify according to set debt to income ratios. These FHA ratios are used to calculate whether or not the potential mortgage applicant is in a financial position that would allow them to meet the demands that are often included in owning a Florida home. The two ratios are as follows:

1) MORTGAGE PAYMENT EXPENSE TO EFFECTIVE INCOME Add up the total mortgage payment (principal and interest, escrow deposits for taxes, hazard insurance, mortgage insurance premium, homeowners’ dues, etc.). Then, take that amount and divide it by the gross monthly income. The maximum ratio to qualify is 31%. See the following example:

Total amount of new house payment:

$750

Borrower’s gross monthly income (including spouse, if married):

$2,850

Divide total house payment by gross monthly income:

$750/$2,850

Debt to income ratio:

26.32%

2) TOTAL FIXED PAYMENT TO EFFECTIVE INCOME. Add up the total mortgage payment (principal and interest, escrow deposits for taxes, hazard insurance, mortgage insurance premium, homeowners’ dues, etc.) and all recurring monthly revolving and installment debt (car loans, personal loans, student loans, credit cards, etc.). Then, take that amount and divide it by the gross monthly income. The maximum ratio to qualify is 41%. See the following example:

Total amount of new house payment:

$750

Total amount of monthly recurring debt:

$400

Total amount of monthly debt:

$1,150

Borrower’s gross monthly income (including spouse, if married):

$2,850

Divide total monthly debt by gross monthly income:

$1,150/$2,850

Debt to income ratio:

40.35%

Please note that the above indicators do not exclusively determine whether or not a candidate will qualify for an FHA loan. Other factors will be considered, including credit history and job stability.

 APPLY FOR AN FHA HOME LOAN AT  http://www.fhamortgagefhaloan.com/

FHA Credit Guidelines

What FHA Lenders Want to See When They Review Your Credit

NO CREDIT HISTORY

Two lines of credit are necessary to apply for an FHA loan. However, in the event a borrower does not have sufficient credit on their credit report the FHA will allow substitute forms.

CHAPTER 13 BANKRUPTCY

FHA mortgage lenders will consider approving a borrower who is still paying on a Chapter 13 Bankruptcy if those payments have been satisfactorily made and verified for a period of one year. The court trustee’s written approval will also be needed in order to proceed with the loan. The borrower will have to give a full explanation of the bankruptcy with the loan application and must also have re-established good credit, qualify financially and have good job stability.

CHAPTER 7 BANKRUPTCY

At least two years must have elapsed since the discharge date of the borrower and / or spouse’s Chapter 7 Bankruptcy, according to FHA guidelines. This is not to be confused with the bankruptcy filing date. A full explanation will be required with the loan application. In order to qualify for an FHA loan, the borrower must qualify financially, have re-established good credit, and have a stable job.

LATE PAYMENTS

During an underwriter analysis of borrower credit, the overall pattern of credit behavior is being reviewed rather than isolated cases of slow payments. If a good payment pattern has been maintained, regardless of a specific period of financial difficulty preceded it, the borrower may escape disqualification.

FORECLOSURE

FHA insured mortgages are generally not available to borrowers whose property was foreclosed on or given a deed-in-lieu of foreclosure within the previous three years. However, if the foreclosure of the borrower’s main residence was the result of extenuating circumstances, an exception may be granted if they have since established good credit. This does not include the inability to sell a home when transferring from one area to another.

COLLECTIONS, JUDGEMENTS AND FEDERAL DEBTS

A collection is minor in nature usually does not need to be paid off as a condition for loan approval. It is stated as such in FHA guidelines. Any judgments will have to be paid in full prior to closing. Borrowers who are delinquent on any federal debt, such as tax liens, student loans, etc., are not eligible.

FHA home loans for Buying a Florida home.

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 home loan program can simplify the purchase of buying a  Florida home, making financing easier and less expensive than an other home loan program. 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 at www.FHAmortgageFHALoan.com

Common FHA Mortgage Questions Why should I apply for an FHA home loan?

There are lots of good reasons to choose an FHA home loan over other Florida mortgage programs, especially if one or more of the following apply to you:

You’re a Florida first-time homebuyer. You want to keep your monthly payments as low as possible. You’re worried about your monthly payments going up You don’t have a lot of money to put down on a house.   You’re worried about qualifying for a loan. You don’t have perfect credit.

If any of these things describe you, then an FHA home  loan may be right for you. Why? FHA home loans offer many benefits and a level of security that you won’t find in other loans including:

Low cost: FHA home loans have competitive interest rates because the federal government insures the loans for lenders.

Lower down payment requirements: FHA home loans have a low 3.5% down payment and the money can come from a family member, employer or charitable organization as a gift.

Easier qualification: Because FHA insures your mortgage, FHA mortgage lenders may be more willing to give you FHA home loan terms that make it easier for you to qualify.

Less than perfect credit: You don’t have to have perfect credit to get an FHA home loan. In fact, even if you have had credit problems, such as a bankruptcy, it’s easier for you to qualify for an FHA home loan than any other mortgage program.  

More protection to keep your home: The FHA has been helping people since 1934. Should you encounter hard times after buying your home, the FHA has many options to keep you in your home and avoid foreclosure.

FHA insures loans for lenders against defaults - it does not lend money or set interest rates. For the best interest rate and terms on a mortgage, you should compare mortgages from several different lenders. An FHA-approved lender can help you start the loan application process.

You may use an FHA-insured mortgage to purchase or refinance a new or existing 1- to 4-unit home, a condominium or a manufactured or mobile home (provided it is on a permanent foundation).

What kinds of FHA home loans does FHA offer?

Fixed-rate loans - Most FHA home loans are fixed-rate mortgages (loans). The advantage of a fixed-rate mortgage is that your interest rate stays the same during the loan period, so you know exactly how much your monthly payment will be.

Adjustable rate loans – First-time homebuyers can be a little stretched financially. With FHA’s adjustable rate mortgage (ARM), the initial interest rate and monthly payments are low, but these may change during the life of the loan. FHA uses the 1-Year Constant Maturity Treasury Index (CMT) to calculate the changes in interest rates. An index is a measure of interest rate changes that determine how much the interest rate on an ARM will change over time.

The maximum FHA home loan that the interest rate on your FHA home loan may increase or decrease in any one year is 1 or 2 percentage points, depending upon the type of ARM you choose. Over the life of the loan, the maximum interest rate change is 5 or 6 percentage points from the initial rate. The advantage of selecting an ARM is that you may be able to expand your house-hunting value range because your initial interest rate will be low, as will your payment. Click for a more in-depth explanation…

Purchase/Rehabilitation loans – Sometimes you might see a home you’d like to buy, but it needs a lot of work. FHA has a loan for rehabilitating and repairing single-family properties called the SF Rehabilitation Loan program (203k). You can get one loan which combines the mortgage and the cost of repairs. The mortgage amount is based on the projected value of the property with the work completed. The advantage of this loan is that you can buy a home that needs a lot of work, but have only one mortgage payment, and you can complete the repairs after buying the home.
Read more about these loans.

Indian Reservations and Other Restricted Lands – A family who purchases a home under this program can apply for financing through an FHA-approved lending institution such as a bank, savings and loan, or a mortgage company. To qualify, the borrower must meet standard FHA credit qualifications. An eligible borrower can receive approximately 97% financing and use a gift for the downpayment. Closing cost can be financed; covered by a gift, grant or secondary financing; or paid by the seller without reduction in value. More… 

How do FHA-insured loans compare to subprime loans?

Subprime loans are loans designed for homebuyers who don’t have a strong credit history or can’t qualify for a regular or prime loan. Lenders charge a high interest rate on subprime loans because the risk that a homebuyer may not make their payments is high. Because FHA insures the lender against this risk, the interest rates on FHA-insured loans are generally among the lowest in the market. Most subprime loans carry interest rates at least 3 percentage points higher than an FHA-insured loan. On a $100,000 mortgage, the monthly payment for a subprime loan would be over $200 a month higher than an FHA-insured loan.

The majority of subprime loans are also ARMs, where the interest rate can change a lot and greatly increase your monthly payments. Most FHA-insured loans are fixed-rate loans where the mortgage payment always stays the same. If you have an FHA-insured ARM loan, the rate can’t go up by more than one or two points in a year. The fees that lenders charge their borrowers for processing a subprime loan are also generally higher than on an FHA-insured loan.

Most subprime loans carry a heavy prepayment penalty that you must pay if you want to refinance your loan to a lower interest rate. These penalties can cost you hundreds or even thousands of dollars. There is never a prepayment penalty on an FHA-insured loan. You can refinance at any time and not worry about paying any penalties.

Unfortunately, because they don’t know these facts, many homebuyers who could qualify to buy a home with a fixed-rate FHA-insured loan only apply for subprime loans. Check out an FHA-insured loan before settling for a subprime loan!

How do FHA home loans compare to conventional loans?

Conventional loans usually require a larger downpayment than FHA and if you have less than perfect credit you may not qualify for an affordable mortgage with a low interest rate . The best thing to do is compare the cost of the conventional loan to an FHA-insured loan line-by-line. What are the fees for each? What is the interest rate? How much is the mortgage insurance? How much downpayment is required? For some borrowers, a conventional loan may be less expensive. For many others, getting an FHA-insured loan is the way to go.

Do you have to buy mortgage insurance on an FHA home loan?

Yes – as you will with most loans.

The Housing and Economic Recovery Act of 2008 provides for a one-year moratorium on the implementation of FHA’s risk-based premiums beginning October 1, 2008.  Consequently, effective with new FHA case number assignments on or after that date, FHA will no longer base its mortgage insurance premiums on a combination of credit bureau score and loan-to-value ratio.  The new premiums (upfront and annual) to be implemented for all loans for which a case number is assigned on or after October 1, 2008, are described below.  Mortgagee Letter 2008-16 is rescinded in its entirety.  Please note that certain parts of that mortgagee letter are retained and reiterated in the guidance that follows.

UFMIP= Upfront Mortgage Insurance Premiums:  FHA home loans will charge an upfront premium in an amount equal to the following percentages of the mortgage: 

Purchase Money Mortgages and Full-Credit Qualifying Refinances = 1.75 Percent Streamline Refinances (all types) = 1.50 Percent

Most home loans require mortgage insurance when your downpayment is less than 20% of the sales price. On conventional and subprime loans, mortgage insurance is provided by private companies. Whether private mortgage insurance is less than, equal to, or more than an FHA-insured loan’s insurance will depend upon the loan program and your qualifications.

Compare the cost of FHA home loan home loan compare  to subprime and conventional types of loans over the life of your loan. Then compare how much each one costs monthly. With the protection and value you get from an FHA home loan you will find it’s a very good deal.

 FHA Home Refinance Loans

Take advantage of the many benefits of FHA  refinancing your Florida home – from getting cash out, to lowering your monthly mortgage payment, to protecting your Florida home investment – our FHA mortgage refinancing programs give you financial breathing room up to 85% of your Florida  home’s value. FHA refinancing offers financial freedom, a federally insured Florida home loan, and the low fixed rate you are looking for. If you already have an FHA loan, you may be eligible for a FHA streamline refinance that doesn’t require an FHA appraisal, credit check, income verification, or a face-to-face application. visit http://www.fhamortgagefhaloan.com/ for more information

Florida FHA Mortgage Refinance

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

Cash-Out Refinance up to 95% for existing or new FHA mortgages.

Cash-Out up to 95% of your properties value. Consolidate first and second mortgages into single loan. Bill consolidation programs. Easier credit and income qualifications. FHA regulated closing costs.

Rate and Term Mortgage Refinancing up to 97% of your homes value.

Consolidate first and second mortgages into a single loan. No FICO score or credit score requirements 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.

FHA Secure Refinance with current mortgage lates.

Refinance your 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. Complete details of FHA Secure loan.

APPLY NOW AT  http://www.fhamortgagefhaloan.com/

Our FHA Home Refinance Loan Benefits:

Cash Out Refinancing: Tap your Florida home’s equity with Cash Out refinancing up to 85% of your home’s value. Lower Rate Refinancing: Lower your monthly mortgage payment by reducing the interest rate on your current Florida home loan. Current Florida Home owners with current FHA loans in good standing may further qualify for an FHA streamline refinance. FHASecure is a refinancing option that gives Florida homeowners with non-FHA adjustable rate mortgages (ARMs), current or delinquent and regardless of reset status, the ability to refinance into a FHA-insured mortgage. With FHASecure, you will not automatically be disqualified because you are delinquent on your Florida home loan, and you may be offered a second Florida mortgage to make up the difference between the value of your Florida home and what you owe.

FHA refinancing is only available to Florida homeowners who are currently using their Florida home as their principal Florida home. FHA mortgage  refinancing is available for Florida homeowners of single-family, multi-family homes, with verifiable income and who are able to make their Florida mortgage payment. Cash out is not available under FHA Secure.

Florida FHA Loan Qualifying

In General it’s easier to qualify for Florida FHA home loan compared to conventional loans and have lower down payment requirements. Unlike a conventional mortgage that is credit score driven; FHA loans do not have a minimum credit score requirement. This helps first time home buyers and other Florida buyers with bad credit qualify. The FHA loan limits in Florida vary deposing on the county and how much FHA will allow you to borrower depends upon your income. FHA loans typically will all a Florida mortgage applicant to spend up to 1/3 of his or her Gross monthly income towards the housing expense. So if you bring in $3000 per month before taxes. FHA loans allow you to spend up to $1000 or 1/3 of your gross monthly income (before taxes) on your Florida home expenses. The housing expense includes the mortgage payment plus the monthly taxes and insurance.  Not to worry so much about past credit issuers, you should have a reasonable credit history for the past 12 months and have stable predicable income likely to continue in order to qualify for a low FHA mortgage rate in Florida.

Benefits of FHA loans are:

Only 3.5% down payment requirement or $3500 down payment per every 100K. Seller can pay up to 6% of your prepaid taxes, insurance, doc stamps mortgage stamps, intangibles, title insurance and all other closing coast associated with your home purchase. No Income Minimum or Limits Tax deductible interest write-off payments on mortgage when you file Acquire equity in you home over time FHA loan closing costs are regulated Lenient credit criteria

The Ins and Outs of a Florida FHA Mortgage

FHA/HUD approved private Florida FHA mortgage lenders like www.FHAMortgagePrograms.com to originate FHA aka Federal Housing Administration (FHA) loans in Florida. Florida FHA mortgages are popular with first time homebuyers and Florida buyers with less than perfect credit because under current FHA guidelines FHA does not even consider credit as a factor when approving Florida FHA loan. Florida FHA loans are based on the lower of purchase price or the appraisal value. Federal housing Administration loan limits are based on the location of the property. FHA loan limits vary in Florida, depending on the county and are available at fixed interest rates of either 15 or 30 year terms.  

Benefits of Florida FHA loans:

No Min FICO! Low down payments Minimal closing costs Gifts and Down payment assistance OK Liberal credit requirements No cash reserves required

The Federal Housing Administration (FHA) in Florida administers education to homeowners in Florida. These FHA Mortgage programs operate through lending institutions approved by FHA. FHA/HUD and the Florida Mortgage Association conduct a training programs and loss mitigation seminars to reduce the amount of Florida FHA loan defaults.

Florida FHA Loan

First time homebuyers and moving up buyers with good or bad credit can take advantage of FHA home loans in Florida. FHA Home Loans to help Florida homebuyers overcome financial barriers that prevent most from purchasing a Florida home. FHA home loans are easier and less expensive for Florida mortgage applicants with less than perfect credit.

FHA credit underwriting make it easy to obtain a Florida FHA loan:

Judgments don’t have to be a paid off. Lack of credit history. If you do not have a minimum of 3  trade lines in the credit report, you may use an alternative credit form. These include rental history, utility bills, auto insurance payment history etc. Bankruptcy. If you are in bankruptcy, you have to wait for 2 years in order to obtain FHA loans in Florida. The bankruptcy must be offset by credit being reestablished with no late payments. Foreclosure. Ensure you do not have a property foreclosure in the previous 3 years. However, a FHA home loan in Florida may be granted, if the foreclosure is the result of extenuating circumstances. Non-purchasing spouse. The credit obligations of a non-purchasing spouse should be included with the application. A non-purchasing spouse also may be asked to sign a security instrument. Federal debt. Ensure you do not have any federal debts. Federal debts include VA mortgage, student loans and SBA loans.

Florida FHA mortgage Loans

The FHA mortgage loan program was created to help increase homeownership in FLorida. The FHA mortgage loan makes buying an Florida home easier and less expensive than other types of Florida real estate mortgage. Here are just some Examples of how FHA can help you buy a Florida  home,

Minimal Down Payment and Closing Costs.

Down payment less than 3.5% of Sales Price 100% Financing options available 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:

No minimum FICO score or credit score requirements. 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 today at www.FHAmortgagePrograms.com

FHA guarantees Florida FHA mortgage applicants the ability to obtain Florida mortgages with only 3.5% down payment. FHA loans can be very easy to qualify for. Florida Loan limits vary depending upon where the Florida home is located.

FHA loans feature flexible  guidelines and low 3.5% down payment payments to make it easier to buy a Florida home! FHA loans are popular with Florida first time home buyers and move up buyers.. With an FHA mortgage loan you can borrow up to 96.5% of the purchase price of the Florida home. Florida mortgage applicants need to keep in mind that the new FHA loan will be based on the purchase price or the appraised value, the lesser amount.

FHA is short for the Federal Housing Administration. FHA/HUD was created during the great depression of  1934 to help stimulate the economy and help Floridians achieve the dream of Homeownership. .    

The advantages of the FHA mortgage loan insured to a Florida weight out way the advantages of any other Florida mortgage.. A Florida FHA mortgage applicant may apply for a FHA insured mortgage and purchase a Florida home with only 3.5% down payment or no out of pocket expense! FHA mortgage insurance permits FHA mortgage lenders to make FHA mortgages for first time Florida homebuyers without risk. 

The advantage FHA Home loans offer Florida homebuyers is that FHA home loans  are not as strict as Fannie mae  or Freddie Mac home loan approval guidelines.. Florida mortgage applicants who may have had past credit issues  should not have a problem obtaining FHA an FHA mortgage loan in Florida.. Also, FHA home loans are fully assumable, allowing a person to take over the FHA home loan without obtaining new financing. In addition, FHA mortgages allow the seller to pay up to 6% of the Florida homebuyers closing cost. And, 100% of the down payment and closing costs can be grant, friend or family

Florida FHA Mortgage Programs

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 3.5% 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 1 year after a Bankruptcy. FHA will allow a home purchase 2 years after a Foreclosure

http://www.fhamortgagefhaloan.com/

Florida FHA Fixed Rate Mortgages

 FHA fixed-rate mortgages, or Section 203(b), are the most common and popular type of Florida FHA mortgage. The interest rate does not change with a fixed-rate mortgage. A fixed-rate Florida FHA mortgage insures the Florida mortgage lender for the total amount of the Florida mortgage in case the buyer defaults. This type of Florida mortgage requires a smaller down payment than a conventional mortgage would require. The typical down payment for a fixed-rate mortgage is 3.5 percent of the total amount borrowed. A fixed-rate Florida mortgage can offer a lower interest payment if the mortgage is taken out during a period of low-interest rates. A fixed-rate mortgage can also offer stability; your monthly payments will be the same for the life of the mortgage. Fixed-rate mortgages can be taken out for a period of  15, or 30 years.

 Florida FHA Adjustable-rate loans

FHA adjustable-rate Florida mortgages, or Section 215, have interest rates that increase and decrease, depending on the current federal index. An adjustable-rate Florida mortgage, or ARM, is attractive because interest rates are initially lower than interest rates on a fixed-rate Florida mortgage. Several factors are used to calculate an ARM, all of which can affect the interest rate. Typically, an ARM is most appealing to Florida homebuyers who don’t intend to stay in the purchased house for more than a few years, as interest rates tend to increase over time. An ARM is convenient if current interest rates are high, as ARM rates are lower than fixed rates. It may be more appealing to use an ARM once interest rates have peaked, as the subsequent interest charged over the life of the mortgage will most likely reduce, rather than increase, monthly payments.

FHA Teacher Next Door

HUD also know as The Department of Housing and Urban Development,, directly offers Florida Teacher-Next-Door program to approved teachers in the United States to purchase housing that has been acquired by FHA/HUD at a 50 percent discount. Typically, these Florida homes are offered in areas of revitalization, or areas found in low- and moderate-income neighborhoods that may have increased crime rates and many vacant houses but have been identified as good candidates for redevelopment efforts. Through HUD and FHA, teachers are able to purchase Florida homes at a 50 percent discount and are required to make only a $100 down payment if the house is financed with a FHA home loan.

FHA loan  for the Officer Next Door

 This special program is identical to the Teacher Next Door program, but it is for approved law enforcement officers of the United States. To qualify for the program, law enforcement agents must live in the purchased property for a minimum of three years.

FHA 203KRenovation Mortgages

 The FHA 203K Renovation Mortgage allows Florida homeowners to borrow money to extensively renovate their Florida home. As much as 110% of the costs needed to repair and renovate the Florida home can be financed. There are restrictions as to what types of repairs or renovations can take place, and the minimum amount of the 203(k) is $5000.

Special FHA Program: FHA Bridal Registry Program

Like a bridal registry for specialty and department stores, the FHA Bridal Registry program allows a couple to register with a Florida FHA  lender. Friends or family of the couple can make gift payments into an account that bears interest. The money gifts earn interest, and can be used as a down payment towards a FHA mortgage on a new Florida home.

 Miami FHA Home  Loans -((97% W/530 FICO)) Buying a Miami Home using a FHA Mortgage

Miami Dade County Mortgage

Providing mortgage solutions for real estate buyers and owners throughout the Miami Dade county area.

Like many home buyers and homeowners looking for a mortgage in Miami and Dade county, 1st Continental Mortgage has weathered the storm and come out stronger and wiser. With a keen focus on core principles and products like the FHA home loan, we’re ready and able to make a broad range of real estate loans throughout Miami Dade County.

Mortgage Programs With Minimal Down payment and Closing Cost

Down payment less than 3% of Sales Price 100% Financing options available Seller can credit up to 6% of sales price towards buyers costs. No cash or bank reserves are required. FHA regulated closing costs.

Easier Credit Qualifying Guidelines

No minimum Credit Score or credit score requirements. FHA will allow a home purchase 1 year after a Bankruptcy. FHA will allow a home purchase 2 year after a Foreclosure.

Apply now at www.FHAmortgagePrograms.com

A Dade County Mortgage Lender with Years of Experience!
Experience counts when choosing a mortgage lender, especially in the current Dade County real estate market where home values have slipped and lenders are scrutinizing loan applications far more closely.

It is especially important for first-time home buyers in Dade County communities like Miami Beach and Coral Gables to work with a knowledgeable, service-oriented, and experienced residential loan expert like the ones at 1st Continental Mortgage. Call today at 1-800-570-0448.

Dade County’s FHA Home Loan Boom

As experts in Dade County FHA loans, 1st Continental home loan specialists have helped first time home buyers in communities such as Aventura and West Miami, FL secure the funding necessary to buy homes.

With low interest rates and a glut of homes on the market in Dade County, it’s an excellent time for renters to become first time home buyers in Miami-Dade communities from Bal Harbor to Virginia Gardens.

Because FHA home loans are government backed, lenders making loans on property in Dade County can qualify buyers who have less than perfect credit so long as they have a stable employment history, have a modest down payment, and meet the other FHA home loan requirements.

In the last 6 months, we have seen record numbers of applications for FHA financing from Dade County from cities like Opa-Loca, Pinecrest, and Miami Gardens.

To learn more about the FHA home loan program or to apply for an FHA mortgage in Dade County cities such as North Miami or North Miami Beach, call 1st Continental Mortgage at1-800-570-0448.

Working with experienced Dade County FHA lender will help you get the right home loan. You will have a broker with substantial experience in FHA mortgages, government guaranteed VA home loans, and other special mortgage programs for which you may qualify helping you secure the right loan to buy your Dade County home.

Very few things are worse for you as a home buyer than working with a mortgage broker without enough experience in FHA loans to properly prepare and document a loan application. At a minimum, it delays getting your financing approved. At worst, it can result in your missing your closing date, losing out on a home you want, or not getting approved for an FHA loan at all.

Preparing to Buy a Home in Dade County: Mortgage Pre qualification and Mortgage Pre approval

When a home priced below market in Sunny Isles Beach, FL or Miami Springs, FL comes on the market, it doesn’t last. The selling agent is going to accept the best offer from a pre-approved buyer because he or she does not want to tie up the property with a Home Buyer who can’t get the mortgage financing to close the deal.

Many Dade County real estate agents insist on getting a pre-approval letter with any offer. Because some Dade County mortgage brokers were doing pre qualification letters on nothing more than a conversation with a potential buyer – no credit check, no verification of employment or assets – many Dade County Realtors now require more than a pre qualification letter to accompany any offer to buy.

What does that mean to you?

Get a mortgage pre approval before you look at any homes in Bay Harbor Islands, FL or Florida City or anywhere in Dade County. You will know exactly how much home you can afford, and selling agents will be more likely to accept your offer because you have demonstrated your ability to get financing for your Dade County home.

How Having the Right Mortgage Lender Helps You

Many Dade County home buyers focus on finding the perfect home, not on finding the right mortgage lender to help them get the best loan to finance it. As a result, they pay higher-than-necessary interest rates and get home loans with less than ideal terms.

A good mortgage lender will help you by doing these things:

Doing the preliminary work to give you an accurate picture of the price range of Dade County home that you can afford: Whether you are qualifying for a Jumbo loan to buy a luxury condo in South Miami or a manufactured home loan to buy a lot and home in Homestead, Florida, you need to know how large a loan you can get before you start home shopping in Dade County; Identifying the best mortgage program to use to buy your home in Doral or Key Biscayne or any other Dade County community: The team of mortgage brokers from 1st Continental Mortgage will be happy to help you compare Dade County mortgage programs to assure you of getting the best combination of rate and terms on your home purchase or refinance; Explaining the documentation required to get your Dade County home loan: Your licensed FL mortgage broker will assemble your loan package and check that you have met your lender’s requirements before he submits your loan package to the lender; Giving you an accurate good faith estimate on your Dade County home loan: Some Dade County brokers are notorious for playing games with the numbers on their good faith estimates. They underestimate insurance costs or taxes or omit line items to make the bottom line on their good faith estimates come in lower than those of other Dade County mortgage brokers. These shady mortgage brokers count on the fact that their deception will not become apparent to the home buyer until the HUD arrives right before the closing. Then, the home buyer will pay the difference just to avoid having to start over with another mortgage broker and Florida mortgage lender. It’s unethical, but mortgage brokers in Miami, FL and Miami Shores Village, FL do it all the time. It’s no way to earn a reputation as a competent and customer-focused mortgage broker in Dade County. Expect a properly prepared good faith estimate and white glove service from 1st Continental Mortgage, whether you are buying a home in Hialeah, Miami Springs or any of the other cities in Dade County. Keeping you updated on the progress of your lender in approving your financing for your Dade County home: 1st Continental Mortgage will be proactive in keeping you informed of the status of your Dade County home loan and in dealing with any issues that might delay the closing of your Dade County FHA loan in Hialeah Gardens or any other Dade County neighborhood. Whether you are refinancing an ARM in South Bay Village or getting a mobile home loan in Pahokee, we will give you the best combination of interest rates and terms on your Dade County mortgage. Coordinating the activities of the many professionals who play a role in getting your Dade County home loan closed: Your 1st Continental Dade County mortgage specialist will be your liaison in dealing with Realtors, appraisers, home inspectors, underwriters, title company representatives, etc. You can relax knowing that your mortgage broker is taking care of the details so that your closing will happen on-time and without any surprises.

1st Continental Mortgage’s mortgage pros will be your single point of contact for your mortgage in Biscayne Park or El Portal or any other Dade County city. Call them today at 800-570-0448.

Dade County Pre foreclosure and Bank Owned Properties Attract Miami Real Estate Investors

Prices that are much lower than a year or two ago and the high rate of foreclosure on sub-prime mortgages has created strong interest in Dade County real estate among real estate investors. Many of our best repeat mortgage customers in Dade County are real estate investors purchasing pre-foreclosure homes in cities like Medley, FL or South Miami or rehabbers buying and flipping REOs in Surfside or Sweetwater.

Seasoned real estate investors recognize that now is an excellent time to be bargain hunting in Dade County’s real estate market. With the long term prospects for continued population growth and with good prospects for the Dade economy, now may be the right time to buy investment property in Dade County.

FHA 203b home loans allow qualified home buyers to borrow 100% of the purchase price of a home and up to $5000 to make repairs on Fannie Mae foreclosures. FHA home loans and specialized home loans such as the FHA 203b loan have been popular home loans for investing in Miami Dade County real estate.

Whether you are buying a first home with an FHA mortgage in North Bay Village, building a custom luxury home in Islandia, or looking to buy a bargain priced pre foreclosure using a conventional mortgage in Indian Creek Village, you should start now by calling 1st Continental Mortgage at 1-800-570-0448. Don’t miss the best opportunity to buy a home in Dade County in decades.

Is an FHA Home loan Mortgage Right for You?

The days of putting just  little money down to buy a home are not over

After many years of risky home loans backed up by small down payments, most lenders aren’t underwriting mortgages without a large sum money for a  down payment and a high credit score. But a loophole can still put home buyers in a Florida home for little or no money down. FHA Mortgages insured by the Federal Housing Administration (FHA) allow Florida mortgage applicants  to get approved with a low down?payment as small as 3.5% of the purchase price and you  don’t require a high credit score.

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 1-954-667-9110 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.

www.FHAmortgageFHAloan.com

As millions of Florida homebuyers have come to realize, getting into a Florida home for little money down has its disadvantages. Borrowers who’ve invested little money down on their home are often more willing to walk away from it during tough times rather than struggle with tough payments; this risk is further elevated when Florida home values are declining and troubled Florida mortgage applicants are unable to refinance or sell their Florida  home at a price that covers their losses.

Still, FHA home loans are far less risky than a subprime?or hard money loan that lenders originated before the housing bubble. FHA-insured mortgage loans require documentation and verifiable proof that the borrower is capable of making their mortgage payments. (In the past lenders didn’t require such proof.)

The looser terms of FHA home loans have helped make them more for Florida homebuyers. Today, FHA home loans  make up about 30% of the mortgage Florida mortgage market, up from 5% in 2005, The FHA commissioner David Stevens said in a speech earlier this month. In June, of  FHA insured over 200,000 FHA home loans – the highest monthly total in the agency’s history, according to Stevens. For fiscal year 2009, the dollar amount of FHA home loans  are likely to reach 30% of mortgage originations, up from around 5% in 2005 and 2006, says Stu Feldstein, the president of SMR Research, a mortgage-data tracking firm.

“FHA-insured?home loans  are one of the only games in town, especially if you can’t qualify for a traditional Florida mortgage,” says Thomas Martin, the chairman of the which trains and certifies mortgage lenders and brokers. “Now that the subprime market is gone, the FHA home loan is filling the void.

Here’s how to determine if an FHA-insured mortgage is right for you.

Do you meet the FHA home loan qualifications?

Most Florida mortgage applicants of FHA-insured mortgages have stable predicable income likely to continue with their credit history and debt load than a conventional mortgage loan might allow,

“When analyzing an FHA mortgage applicants  credit, we expect FHA mortgage lenders to examine the overall pattern of credit behavior rather than isolated occurrences of poor performance or relying solely on a credit score, This includes a borrower’s rental or mortgage payment history, debts, collections, previous foreclosures and bankruptcies. Borrowers with a credit score less than 500 must make a 10% down payment to  qualify.

Today, over 80% of FHA-insured purchase-mortgages belong to first-time Florida home buyers, thanks to looser requirements and the comparatively small 3.5% down payment, (Another perk is that borrowers are permitted gift assistance for the down payment from their friends, a family, employer or a government entity, but not the seller.)

Can you afford the costs?

Now, FHA mortgage  interest rates  and non-FHA mortgages aren’t much different. A 30-year fixed-rate FHA-insured mortgage had an average rate of 5.25% for the week ending Aug. 20, compared to an average rate of 5.44% for a 30-year fixed rate non-FHA mortgage,

However, there are unique fees that accompany an FHA mortgage. A mortgage applicant is required to pay 1.75% of the loan amount upfront, or that fee can be financed into the mortgage. FHA-insured mortgages also require a 0.55% annual premium based on the outstanding FHA  loan balance and financed into the mortgage. These fees pay for the FHA insurance that makes the loan possible,

A borrower who has a high credit score – typically a minimum of 720 – and a 20% down payment is often better off with a traditional non-FHA mortgage, which includes fewer fees. However, the math gets tricky when a borrower has a high credit score but a down payment less than 20%; in those cases, the borrower will have to pay for private mortgage insurance (PMI). Depending on your situation, PMI can cost less, the same or more than FHA mortgage fees.

What protections are in place for the FHA mortgage lender?

FHA mortgage Lenders are comfortable providing FHA mortgages because they don’t bear the loss if a mortgage applicant defaults on their payments and goes into foreclosure – the FHA does.

In such a scenario, the FHA pays the lender an insurance claim equal to the sum of the unpaid principal balance of the loan, foregone interest and a portion of the foreclosure expenses, The FHA pays for these losses by dipping into its insurance fund, which holds the insurance fees borrowers pay.

Florida First Time Home Buyer Loans

Every Florida home buyers should know the many advantages that come with an FHA mortgage loan. FHA loans were created during the great depression to help increase home ownership. For the Florida mortgage applicant the FHA program can simplify the purchase of a Florida home, making financing easier and less expensive than a conventional or subprime mortgage loan. 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 or visit http://www.fhamortgageprograms.com/florida/ to find out more about the FHA mortgage program in Florida

FHA mortgage Loans insured by the Federal Housing Authority  and are designed to help Florida homebuyers realize the dream of owning a Florida home. And they’re ideal for Florida first-time home buyers! Because the FHA insures these Florida home loan mortgages, Florida FHA mortgage lenders can offer Florida mortgage applicants a better deal and work with Florida applicants to qualify regardless of past credit problems, collections, past bankruptcy filings, or higher than average debt-to-income ratios

Applying for an Florida FHA loan

Applying for a Florida  FHA home loan through www.FHAmortgagePrograms.com is easy. As a Florida mortgage lender we have combined the speed and ease of the Internet with a hands on approach help Florida mortgage applicants qualify for FHA financing.. Once you apply online, we enter your information into our FHA mortgage database and quickly approve your Florida home loan request. And, Within  hours we will contact you for your Florida FHA home loan approval.

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

The FHA Interview

During the FHA loan consolation and phone interview, your Florida FHA mortgage consultant  will go through your application to determine your eligibility. If you don’t pre today for an FHA home loan we will make recommendations, and provide you with a road map to FHA loan approval. So as some point you will be approved for a home loan. The FHA loan interview is also a great chance to get acquainted with your Florida FHA  loan officer, who plays an important role guiding your towards approval. . Good communication with your Florida FHA  loan officer will increase your chances of get pre-approved for an FHA home loan in Florida.

FHA Loan Processing

We provide in-house processing for Florida FHA loan applicants so we know where you loan is throughout the entire approval process. with one phone call all Florida applicants will know how close they are towards obtaining the home of their dream. Processing an FHA home loan involves gathering documents to verify the information in your application. Documents may include (but are not limited to) W-2 forms, pay stubs, credit reports, and bank statements. After your phone interview, you’ll receive an FHA pre-qualification letter that includes a checklist of FHA documentation needed to submit your home loan request. This checklist will itemize all of the necessary items the Florida FHA mortgage lender will need to finalize and close your FHA loan request.

Closing your FHA mortgage loan

The closing is the “end of the line” in obtaining an FHA mortgage. At the FHA mortgage closing, you will sign all of the required FHA mortgage documents. If it’s a new FHA mortgage loan, you’ll then take possession of your new home. If it’s an FHA refinance, you’ll start to enjoy the benefits of a low FHA mortgage rate, cash out, or both..

FHA frequently asked questions  http://www.fhamortgageprograms.com/faq/fha.shtml