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Current Zero and Low Money Down Mortgage Financing Solutions

Published on : 23 January 11
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Troy Mccarthy
in : VA Loan
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Current Zero and Low Money Down Mortgage Financing Solutions

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Home Page > Finance > Mortgage > Current Zero and Low Money Down Mortgage Financing Solutions

Current Zero and Low Money Down Mortgage Financing Solutions

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Posted: Oct 25, 2010 |Comments: 0
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It was not that many years ago that home buyers with just about any credit score could purchase a home with little to no money out of pocket. When those relaxed lending guidelines were coupled with depreciating real estate values, the result was hundreds of thousands of homeowners upside down in their mortgages and unable to refinance. To complicate the situation even more, a good percentage of these borrowers took out adjustable rate mortgages, many with 2 to 3 year introductory rates. And unlike many Freddie Mac and Fannie Mae agency products, there was likely no chance of these sub-prime mortgages’ rates remaining flat or even adjusting to a lower rate. Lending guidelines also tightened significantly for most products making borrowers who previously would have qualified for refinancing stuck in their current program.

FHA Loans

Today there are a few low and zero down mortgage products in the marketplace including FHA loans, VA loans, and USDA rural housing mortgages. FHA loans, run by the Federal Housing Administration, are insured against default by the FHA. Approved lenders are guaranteed that they won’t have to write off a mortgage if the borrower defaults on his or her loan. FHA does keep track of the default rates of the various FHA approved lenders and companies can lose their right to participate if they show a poor track record. Down payment requirements change periodically and currently many FHA products require a 3.5% down payment (subject to change). FHA loans are popular many reasons. First, unlike USDA loans, there are no income caps. Meaning you can make $200,000 and still obtain an FHA mortgage as long as all other qualifying criteria are met. FHA loans are also thought of as having slightly less strict underwriting guidelines. One downside to FHA loans is that loan limits may be lower than what would be available under Fannie Mae’s and Freddie Mac’s conforming loan limits. FHA loans also have an upfront private mortgage insurance (PMI) premium and recurring PMI payments are added to monthly payments for a set number of years even if one’s loan-to-value ratio drops below the 20% threshold where many lenders eliminate PMI.

VA Loans

VA loans are a zero down mortgage solution which are designed to help qualifying active duty servicemen and women, veterans, and surviving spouses purchase property with little to no money out of pocket. These are made available by approved lenders and are guaranteed by the United States Department of Veterans Affairs. Other benefits of VA loans may include no private mortgage insurance, less restrictive debt-to-income ratios, and more relaxed credit guidelines than would be found with agency conforming loan products. Eligibility requirements can be found on the U.S. Department of Veterans Affairs website (www.benefits.va.gov/homeloans).

USDA Rural Housing Loans

USDA Mortgages, administered by the United States Department of Agriculture Rural Development, are designed for lower income individuals who are looking to purchase homes in rural area of the United States. Eligibility is affected by both a borrower’s income and the property itself. According the USDA’s web site, applicants can only earn up to 115% of the median income for their area. Loan programs are for 30 years and there is no down payment required. Borrowers can search for a property by its address on the USDA site to see if the home is in a USDA eligible area.

While the aforementioned mortgage programs comprise the majority of low and no money down mortgage products being originated in today’s marketplace, there may be some banks, credit unions, or other lending institutions who are offering their own low down payment financing options. Most consumers should consider a fixed rate product when taking out a low money down mortgage as real estate prices are still heading lower in some areas of the country making the risk of being upside down in an adjustable rate mortgage a scary prospect. Be sure to seek the advice of a licensed mortgage professional before moving forward with any home loan decision.

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Nat Criss is a real estate and mortgage copywriter helping companies promote their brands and products, such as FHA mortgages and 100% mortgage programs, online.

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Fha Home Loan Program – 6 Advantages To Fha Loan Financing!

Published on : 03 December 10
by :
Troy Mccarthy
in : FHA Loan
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Fha Home Loan Program – 6 Advantages To Fha Loan Financing!

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Home Page > Finance > Mortgage > Fha Home Loan Program – 6 Advantages To Fha Loan Financing!

Fha Home Loan Program – 6 Advantages To Fha Loan Financing!

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Financing An Reo Home With An Fha Loan ? Great For First-Time Home Buyers

Published on : 14 October 10
by :
Troy Mccarthy
in : FHA Loan
Comments : 0 Comments

Heard of an FHA loan, but aren’t sure exactly what one is, how it’s different from a conventional loan or if it’s right for you? Maybe we can help.

So what is the FHA? The FHA, or Federal Housing Administration, is a group that manages the government home loan insurance program. The FHA insures loans granted to home buyers who might not otherwise qualify for a loan and assumes the risks associated with the loan for the lender.

FHA loans are a great option for first-time home buyers, mainly because an FHA loan is easier to get than a conventional loan. There are several reasons for this:

1.   Your credit score doesn’t have to be as high with an FHA loan, so it’s easier to qualify.
2.   Your required down payment will be less with an FHA loan.
3.   You can use money given to you by a family member, a government agency, or a non-profit organization for your down payment on an FHA loan.

A disadvantage to getting an FHA loan is that the loan limits with FHA loans are usually lower than with conventional loans. However, under the American Recovery and Reinvestment Act, FHA home loan limits will be raised to $271,050 for single family units in low-cost areas and to $729,750 for single family units in high-cost areas for credits issued from January 1, 2010 until December 31, 2010. Loan limits differ by state, so check the loan limits for your state on the FHA.com.

Another thing to keep in mind is that with an FHA loan, you’ll have to pay for mortgage insurance, which is approximately 1.75% of the loan amount of a 30-year loan. You can, however, wrap this into your mortgage payments, and the interest you pay on the mortgage for your primary residence is tax deductible.

For many home buyers, the benefits of an FHA loan definitely outweigh any disadvantages. And even though FHA loans are great for first-time home buyers, they aren’t the only ones who can benefit from an FHA loan. As long as you meet the loan requirements, you can qualify for an FHA loan, whether you’re buying a home for the first time or the fourth time and whether you’re purchasing or refinancing a home.

So how does an FHA loan apply to REO homes? With the FHA’s Section 203(k) loan program, home buyers can finance a home and the costs to renovate the home in one loan, the amount of which is based on the projected value of the home once the renovation is done. This is perfect for homes that may be in need of repair, as REO homes often are.

The FHA is part of the Department of Housing and Urban Development (HUD). You can find out more about qualifying for an FHA loan, what documents you’ll need to provide your lender, loan limits in your area, and more specific information about financing an REO home with an FHA loan when you visit the HUD website.

To get the best deals on REO homes for sale, try online bidding – the new, easy way for anyone to find an purchase REO properties across the country.

Real Estate Financing – Get The Facts First Before You Commit To A Home Mortgage

Published on : 28 September 10
by :
Troy Mccarthy
in : VA Loan
Comments : 0 Comments

Be sure to take all of your monthly obligations into account such as car payments, credit card payments, personal loan payments or student loan payments, etc. when you’re figuring out just what you can afford to pay each month for a house payment. As the real estate market continues to expand and new technology gains ground, widely accepted beliefs that were true just a few months ago may not be true today. You don’t want to jump into anything blindly or sign any real estate contract or home mortgage loan contract or any type of contract without completely understanding what you’re committing to.

Whenever the economy is flourishing it can lead to inflation which will send the interest rates up. When financing real estate it’s important to know that a low FICO credit score doesn’t mean that you won’t qualify for a home loan or home mortgage. There are many options available for those who have a few bad credit marks on their credit report. Finding the best loan program for your needs depends on a number of factors, including: how long you’ll stay in the home, how much money you want to put down and how you’ll finance the closing costs.

An adjustable rate mortgage used to be the best choice for homeowners who were purchasing their first home and planned to be in the property for three to five years and who planned to relocate in that period of time. But many people ended up in foreclosure when the subprime lenders started closing their doors or going bankrupt. I would be very cautious and give it much thought before would get an ARM.

Some lenders may impose limits on how much of your down payment can come from borrowing from outside sources. If a loan application isn’t approved for the first time, it can always be resubmitted after making some changes such as raising the amount of the down payment.

You want to get an estimate of your real estate financing or home mortgage closing costs from the lender you think you want to go with. And once the lender receives your application, by law, the lender is required to provide his statement to you within three days.

You can check with your CPA or accounting professional, you may be able to deduct the interest you pay on the mortgage loan and some of the financing costs of the home, such as the points on your income tax return. Insiders know that the advertised mortgage rates you find are not always what you’ll get from the lender; market fluctuations, economic news or many other reasons can influence the interest rates throughout the day.

If you’re having a problem getting a loan or home mortgage you might want to consider a lease-option. A lease-option on the real property will allow you to set a good purchase price now, and then apply a portion of the rent each month toward your eventual down payment, building up equity in the process.

You’ll more than likely get a conventional loan with a fixed rate mortgage. A fixed-rate mortgage means the interest rate and principal payments remain the same for the duration of the loan. The property taxes will change though. You may be given a choice whether to pay the taxes in your monthly payment or annually on your own. For an 80% loan you will probably have a choice. With adjustable rate mortgages the initial interest rate is usually lower than with a fixed-rate mortgage and the monthly payment would also be lower, but this has many risks associated with it. You may qualify for an FHA or VA mortgage too, ask your lender.

To sum up you also have to feel comfortable with the amount of the monthly payment on your house or any other real estate. Take your time, study all the home mortgage resources available online and offline and get lots of advice from several mortgage brokers, real estate brokers and other real estate professionals before you do any real estate financing, refinancing or investing.

For more info on bad credit real estate financing or finding the best home loan or home mortgage go to http://www.Real-Estate-Financing-Tips.com for real estate financing tips, trade secrets, help, quotes and resources including refinancing and creative financing

FHA Loans back in style for “Credit challenged Borrowers” & high LTV financing

Published on : 04 September 10
by :
Troy Mccarthy
in : FHA Loan
Comments : 0 Comments

FHA Loans back in style for “Credit challenged Borrowers” & high LTV financing

With Subprime Lenders options now more limited some are rediscovering FHA loans are the only way to get approved for a Florida FHA Mortgage. Here’s why:

PROS:

Better pricing and lower interest rates than most subprime programs Virtually NO FICO or Credit score Requirement Only 3% down for 1-4 units (O/O – required) Down payment can be gifted from seller to approved not for profit payable to buyer @ close Sellers may directly contribute up to 6% closing costs & ppd interest – (not down payment) Rental income payments valued @ 85% – (10% more than most cov financing) Cash Out Refinance up to 95% LTV Rate & Term Refinance up to 97.75% LTV No Income Cap No Cash Reserves Required DTI borrowing ratios up to 31/43% – manual underwriting can exceed w/compensating factors No Prepayment Penalties Non-occupying co-borrower income allowed Permanent disability income allowed

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 http://www.fhamortgagefhalon.com/

CONS:

Full Doc Program – Income must be verifiable Lending limits vary by county & lower than (some) other options – see below. Requires lump mortgage insurance Premium (MIP) payable @ close. Property tax escrows required on all loans – no waivers Must use FHA approved appraiser

http://www.fhamortgageprograms.com/florida/N-Miami-Beach/

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

http://www.fhamortgagefhalon.com/

http://www.FLoridamortgagehome.com

http://www.fhamortgageprograms.com/

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

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

http://www.FHAmortgagePrograms.com

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

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

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

http://www.fhamortgageprograms.com/florida/Ormond-Beach/

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

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

http://www.fhamortgageprograms.com/florida/Palm-Bay/

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

http://www.fhamortgageprograms.com/florida/Fort-Pierce/

http://www.fhamortgageprograms.com/florida/Ft-Lauderdale/

http://www.fhamortgageprograms.com/florida/Ft-Myers/

http://www.fhamortgageprograms.com/florida/Ft-Walton-Beach/

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

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

http://www.fhamortgageprograms.com/florida/Homosassa-Springs/

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

http://www.fhamortgageprograms.com/florida/Key-West/

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

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

http://www.fhamortgageprograms.com/florida/Boca-Raton/

http://www.fhamortgageprograms.com/florida/Boynton-Beach/

Florida FHA Loan, Florida FHA home loan, 97% Financing

Published on : 28 August 10
by :
Troy Mccarthy
in : FHA Loan
Comments : 0 Comments

Whether you are purchasing a new Florida home, renovating a house, or simply making your current home more energy efficient, the FHA home loan can be the solution to monetary concerns or problems. Since being established in the early 1930s during the great depression, the Federal Housing Administration has aimed to assist all people to live in their dream homes, be it in Florida or any other Florida county we serve including Miami Dade, Broward and Palm Beach Florida. Time tested and government backed, there are few excuses to pass up a FHA loan.

The largest percentage of a person’s life is spent in their Florida house. An FHA loan provides comfort and makes sure that time is well spent. FHA does not lend money to Florida mortgage applicants, however serves as insurance to lenders so you can obtain a mortgage or loan to renovate or purchase a Florida house. With a down payment equipment untouchable by any other mortgage program of 3.5% of the purchase price of the home, and some programs that require no money down, the benefits of an FHA loan outweigh its costs.

Florida is a beautiful state full of beautiful homes. The dream of owning a Florida home may seem difficult at first, but with thanks to the Federal Housing Administration, that dream is not an impossible. FHA mortgage programs can help you become a homeowner with the help of an easy, hassle-free FHA mortgage loan.

Like many home buyers and homeowners looking for a Florida mortgage, 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 Florida. Other advantages to the FHA Home loan include:

Mortgage Programs With Minimal Down payment and Closing Cost

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

Thomas Martin
FLorida FHA mortgage specialist

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

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

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

FHA mortgage loans, FHA home loan mortgage Lenders provide easy financing

Published on : 18 August 10
by :
Troy Mccarthy
in : FHA Loan
Comments : 0 Comments

Let FHA Loans Help You Buy a Florida HOME.

Did you know, the FHA mortgage program provides more security to Florida homeowners than ANY other FHA mortgage program today? In cases of financial difficulty, you have a higher probability of NOT losing your Florida home if you have an FHA mortgage Vs. those who have a conventional or Sub-Prime Florida home loan. Plus, all FHA home loans are FULLY assumable — adding one more layer of protection for you and your family!

Florida home buyers should know the many advantages of the FHA home loan programs. FHA loans were created to help increase Florida home ownership. For the Florida home buyer the FHA program can simplify the home buying process, making financing easier and less expensive than a conventional mortgage loan product. Some highlights of the Florida FHA loan program include:

Minimal Down Payment and Closing costs.

Down payment less than 3% of Sales Price Gifts are allowed Seller can credit up to 6% of sales price towards closing and prepaid costs. 100% Financing available No reserves required. FHA regulated closing costs.

Easier Credit Qualifying Guidelines such as:

No minimum FICO score or credit score requirements. FHA will allow a home purchase 1 year after a Bankruptcy. FHA will allow a home purchase2 years after a Foreclosure.

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

FHA loans have been helping Florida homebuyers become homeowners since 1934. How do we do it? (FHA) aka the Federal Housing Administration – which is part of HUD – insures the FHA home loan, so your Florida mortgage lender can offer you a better deal.

Low down payments Low closing costs Easy credit qualifying

What does FHA have for you?

Buying your first home?
FHA might be just what you need. Your down payment can be as low as 3.5% of the purchase price, and most of your closing costs and fees can be included in the loan. Available on 1-4 unit properties.

Want a Florida fixer-upper?
FHA has a loan that allows you to buy a home, fix it up, and include all the costs in one loan. Or, if you own a home that you want to re-model or repair, you can refinance what you owe and add the cost of repairs – all in one loan.

FHA Financial help for seniors
Are you 62 or older? Do you live in your home? Do you own it outright or have a low loan balance? If you can answer “yes” to all of these questions, then the FHA Reverse Mortgage might be right for you. It lets you convert a portion of your equity into cash.

Want to make your Florida home more energy efficient?
You can include the costs of energy improvements into an FHA Energy-Efficient Mortgage.

How about Florida manufactured housing and mobile homes?
Yes, FHA has financing for mobile homes and factory-built housing. We have two loan products – one for those who own the land that the home is on and another for mobile homes that are – or will be – located in mobile home parks.

http://www.FHAmortgagePrograms.com

http://www.fhamortgagefhaloan.com/

http://www.fhamortgageprograms.com/florida/The-Villages-County/

http://www.fhamortgageprograms.com/florida/Ft-Myers/

http://www.fhamortgageprograms.com/florida/Key-West/

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

http://www.fhamortgageprograms.com/florida/Vero-Beach/

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

http://www.fhamortgageprograms.com/florida/Wesley-Chapel/

http://www.fhamortgageprograms.com/florida/west-palm-mortgage.shtml

http://www.fhamortgageprograms.com/florida/Winter-Park/

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

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

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

http://www.fhamortgageprograms.com/florida/Fort-Pierce/

http://www.fhamortgageprograms.com/florida/Ft-Lauderdale/

Va Home Loans With 100% Financing for Veterans and Active Military Members

Published on : 17 August 10
by :
Troy Mccarthy
in : VA Loan
Comments : 0 Comments

I thought it would be prudent to discus some of the outstanding benefits of the VA home loan program at the time when the banks in our country are going through an exceptionally difficult time thereby, hindering numerous home buyers from obtaining mortgage financing without perfect credit and a down payment. Currently the VA home loan as I like to say is “the last of the Mohicans” in regards to 100% financing for home purchase and now refinance. In the past few years we’ve seen both conventional loans and FHA loans tighten their credit and down payment requirements. At the time of this article both programs require 3% down as a minimum down payment. FHA will begin to require 3.5% down starting in January 1, 2009. Not only that but each require expensive monthly mortgage insurance premiums to insure the lenders in case of loan default (think of it as foreclosure insurance), with premiums on the rise.

That takes us back to some of the main advantages of the VA home loan.

The VA mortgage loan is 100% financing with no down payment required.
As of the middle of 2008 the maximum loan amount is now dependant on the Freddie Mac county specific loan limits. Some high cost counties in California and New York for example can have limits as high as $729,500 with zero down.
No monthly Mortgage Insurance Premiums. This is a huge benefit and can save veteran’s possibly hundreds of dollars a month depending on loan size and credit score.
No prepayment penalty.
Credit flexibility – perfect credit isn’t required but poor credit borrowers will still have obstacles
Interest rates are competitive with conventional loans
New – VA refinance cash out rules have just been updated so that homeowners can refinance up to 100% of the value of their home. Previous to this it had been capped at 90%.

There several advantages and really too many to list, but if you are an eligible veteran and thinking of purchasing or refinancing your existing mortgage. You need to at least explore the VA home loan
option before you make your mortgage decision. I suggest you speak with a VA Lender that specializes in VA financing. Many lenders out there may have the ability to close a VA loans but the underwriting guidelines are very confusing and problems can arise with inexperience loan officers.

Josh is one of the top VA loan officer’s in the nation. He has close in excess of $50,000,000 (328 units) in the past 6 years. He currently work for BMS, a subsidiary of 1st national Bank.

Josh is one of the top VA loan officer’s in the nation. He has close in excess of $50,000,000 (328 units) in the past 6 years. He currently works for BMS, a subsidiary of 1st National Bank with the ability to lend nationwide. His bank also sponsors a website www.smartvaloans.com that is a resource for VA mortgage benefits.

FHA loans for Florida home buyers, 97% Financing down to a

Published on : 15 August 10
by :
Troy Mccarthy
in : Conventional Loan
Comments : 0 Comments

FHA loans for Florida home buyers, 97% Financing down to a <530 FICO SCORE> The FHA loan program is a mortgage Florida loan program designed to assist every qualified and eligible Florida homebuyer with having the opportunity to own their own Florida home. Insured by FHA/HUD the FHA loan program provides prospective Florida mortgage applicants with a tremendous opportunity to own a Florida home. FHA loans offer the best Florida mortgage rates and are traditionally lower than conventional Freddie/Fannie home loan programs, the FHA program is fast becoming the Florida mortgage loan of choice for many Florida Home Buyers.

Purchases (Min 530 score)

12 months cancelled checks or Management VOR Must have 3 open and active tradelines for last 12 mths Payment shock limited to 1.5 times 35/45 Max DTI No late’s or collection in last 12 months NO late’s after BK

No Score Borrowers

3 Alt tradelines 0×30 with 12 month history Management VOR or 12 months cancelled checks Max ratio 31/43

NO collection other than medical

APPLY NOW AT http://www.fhamortgageprograms.com/florida/

Using the FHA loan program to attain a Florida mortgage just makes good sense.

Welcome to our FHA home loan financing section. We’re very excited that you’ve elected to give the FHA home loan consideration. The benefits of an FHA loan far outweigh any other Florida mortgage program. Did you know, that the FHA loan program provides more security to Florida homeowners than ANY other Florida home loan mortgage? When Florida homeowners face financial difficulty they have a higher probability of NOT losing their home if you have an FHA mortgage Vs. those Floridians that choice who have a conventional or risky Sub-Prime Florida home loan. Plus, all Florida FHA home loans are FULLY assumable — adding one more layer of protection for Florida homeowners and their families The fact is, For Florida homebuyers there are a wide range of FHA home loans available to qualified mortgage applicants. And the real truth is, FHA loan programs do not consider your credit score. Many Florida homebuyers people find this very difficult to believe, but it is in fact dictated by under FHA guidelines that credit scores cannot be considered.. This gives Florida homebuyers who might not otherwise have the ability to secure a low fixed interest rate FHA mortgage Did you know the FHA Mortgage program typically only requires a 3.5% down payment and allows 6% seller-paid Closing cost. You wont find these benefits with any other mortgage progrm. Florida FHA mortgage programs vary; to learn more, Here is a just a few FHA loan products to help Florida homeowners achieve their goals. Using the FHA home loan to purchase a Florida home is really no different than obtaining a conventional loan. Only difference is that FHA home loan some additional documentation, but these are actually blown out of proportion by other Florida mortgage lenders who cannot originate the FHA mortgage loans and want to push you into a conventional or subprime Florida l mortgage loan. Refinancing an existing Florida FHA home loan is actually called an FHA streamline refinance. However, streamline only applies to Florida homes for which you are refinancing to change your rate and term only. If taking cash out, or refinancing with an FHA home loan, you will have to go through the traditional FHA refinance process. Amazingly enough, you can finance Florida mobile home and land with the FHA home loan. In some instances, you can even get up to 96.5% of the purchase price, and much lower rates than you will get through any other Florida mortgage loan program available today! The FHA reverse mortgage program is designed for Florida Seniors wishing to cash-out their equity in their home or create a monthly income stream to supplement their income. In both cases, you make NO monthly payments and it’s backed by the Federal Government! The FHA 203K Mortgage program is perfect to purchase a Florida Fixer home– the one that’s perfect for you, in the perfect location, but just needs a little rehabilitation. For those Florida homebuyers can’t qualify for the traditional FHA home loans, in some areas, we can help with an FHA Credit Flex mortgage . This FHA program was developed to help qualified Florida mortgage applicants in qualified communities to buy today. If your credit has taken a turn for the worse, this FHA mortgage loan program could be the perfect alternative to renting. As you can see, the FHA Home loan program unique in many ways. We serve a broad range of Florida mortgage applicants across Florida, whether you have outstanding credit or Bad Credit, the FHA home loan program offers Florida homeowners and home buyers alike unmatched benefits with exceptionally competitive mortgage rates. Not every Florida mortgage lender can originate the FHA mortgage loan. FHA/HUD maintains strict guidelines which limit which Florida mortgage lenders can assist Florida home buyers and home owners like you, with FHA financing. With such strict quality FHA guidelines for Florida mortgage companies, you can know with confidence, if the Florida mortgage company you are working with originates the FHA mortgage loan, then you are dealing with a strong and reputable mortgage company.., Just some of the tremendous benefits of applying for a Florida FHA mortgage are: FHA mortgage Interest Rates much Lower than Bad Credit Loans FHA home loans are assumable You don’t have to have a Florida bank account to qualify for an FHA mortgage Loan FHA loans down to a 500+ FICO? you might still be eligible for the FHA Loan program! Underwriting is done using both Automated and Manual review – This means if an FHA Mortgage loan makes sense, it doesn’t matter what the computer says. Collections do NOT disqualify you from being eligible for a FHA mortgage Prior Foreclosures and Bankruptcies do not automatically disqualify you, or if you qualify, mean you have to pay a higher interest rate as a “Penalty” FHA loans have NO INCOME RESTRICTIONS – This means EVERYONE Florida mortgage applicant is eligible for the FHA loan program regardless of whether you’re wealthy or poor, have owned a Florida home before or are a First Time Buyer. Higher Ratios are allowed for eligible Florida mortgage applicants than through Traditional Mortgage programs Typically, there are NO Cash Reserve requirements. for a FHA mortgage loan. Overtime, Bonuses and Part Time Income can typically be used for qualifying for your FHA mortgage loan. Non-Occupant Co-Borrowers can help you qualify for the FHA Loan program – You can have a parent co-sign for you and help you qualify if you can’t qualify on your own. Underwriting Flexibility that is based upon your credit not your credit score – Credit score is not even a consideration when applying for FHA financing. No credit history is required to qualify for an FHA mortgage Works with Grant and Charity organizations – You don’t even have to have a down payment.. FHA Home Buyers – Seller paid closing costs up to 6% are allowed. Florida Home Owners – A cash out Florida Refinance with the FHA program is OK! Down Payment assistance from Family and Family Friends is OK! You don’t have to have a bank account to qualify for an FHA mortgage Loan Collections do NOT disqualify you from being eligible for an FHA mortgage Prior Bankruptcy does not automatically disqualify you for an FHA mortgage, or if you qualify, mean you have to pay a higher interest rate as a “Penalty” NO INCOME RESTRICTIONS or REQUIRMENTS- This means EVERY Florida mortgage applicant is eligible for the FHA loan program regardless of whether you’re wealthy or poor, have owned a Florida home or had a Florida mortgage in the past. Higher Ratios are allowed for eligible Florida FHA mortgage applicants than other Traditional Mortgage programs Typically, there are NO Cash Reserve requirements for an FHA mortgage. Overtime, Bonuses and Part Time Income can typically be used for qualifying for your FHA mortgage loan. Non-Occupant Co-Borrowers are just fine with the FHA mortgage Loan – You can have a parent co-sign for you and help you qualify if you can’t qualify on your own. The fact is, there are many good reasons for all Florida home buyers and Florida home owners to consider the FHA mortgage loan. Beyond FHA having the best interest rates and benefits, most flexible qualifying and greatest terms, the FHA mortgage loan gives Florida homebuyers piece of mind. The loan program is administered in such a way that it is actually designed to Florida homebuyers and homeowners. How, you ask??? Unlike traditional home loan financing and Sub-Prime Bad Credit home Loans, the FHA mortgage Loan program offers three different Foreclosure prevention programs that actually help tens of thousands of Florida home owners keep their homes -every year. To have these Foreclosure prevention options available should you have a financial roadblock, you have to have a FHA/HUD on your side working hand and hand to help you avoid a Foreclosure. Just one more reason why Florida homebuyers should consider getting an FHA Mortgage.

Apply for a Florida FHA home loan Now at:

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

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

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

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

http://www.fhamortgagefhaloan.com/

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

How to time your VA loan financing

Published on : 29 July 10
by :
Troy Mccarthy
in : VA Loan
Comments : 0 Comments

Regardless if you already own a home or are looking to make a purchase, the timing of your VA loan is critical. Let’s examine WHEN you need to go to your local bank and apply for financing.

60 days is a good rule of thumb.

In today’s market, closing on a VA mortgage will take somewhere in the neighborhood of 45 to 60 days. While it IS possible to make a closing in 45 days or less, I always suggest to err on the side of caution. Appraisal issues, termites, and slow insurance companies can add to your delay. By staying a step ahead and planning for the worst, you’ll be stress free and sleep soundly.

If you are selling your home AND buying another home

In today’s target rich environment (and by that I mean the market is flooded with homes for sale) you should have no problem finding your next home.

Nobody wants to move twice

This allows you to finalize the transaction but still remain in the home.

Putting your next home under contract

You may need to offer the seller some cash for the extension rights, but it’s definitely worth having.

In a nutshell- get your VA loan financing started and plan on closing in 60 days. Make all your other arrangements around this time frame and you’ll enjoy a seamless hassle-free closing.

About the VA Loan Store: This is a veteran owned and operated company specializing in VA Lending. With over 20 years of combined experience, the VA Loan Store founders have been published writers on www.military.com, and featured speakers on mortgage financing across the country. Their proven, “no-nonsense” approach to lending, has made the VA Loan Store a trusted resource for government loans nationwide. Find more information check out www.VALoanStore.com or www.NOBSVALoans.com”

Government Loan Broker

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