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Dec
7

Reason to buy a Florida home now-FHA loan changes will cost Florida buyers more money they before!!

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Reason to buy a Florida home now FHA home loan changes will cost Florida buyers more money they before!!

If you needed another reason to get off the fence and buy a Florida home, here it is. This is bad news for Florida home buyers and in my opinion could dramatically slow the Florida real estate recovery.

Proposed changes in the guidelines for FHA mortgage loans will almost double the down payment required for these government backed FHA home loans. In addition, the amount sellers can contribute towards a Florida home buyers closing costs will be cut in half.

Currently, the FHA down payment requirement is 3.5% of the purchase price and the seller can pay up to 6% of the purchase price towards a buyers closing costs and prepaid.

Example: If you were going to buy a Florida home priced at $250,000. At 3.5% your current down payment would be $8,750. Under the new FHA mortgage guidelines the down payment will be $15,000. Right now, the seller can pay $15,000 of the buyers closing costs.. That will be cut in half under the new FHA mortgage guidelines.. You may also need a higher credit-score and have to pay higher mortgage insurance premiums.

The changes are supposed to help rebuild the FHA insurance agency’s cash reserves as it struggles with rising defaults. The theory is that if you force mortgage applicants invest more money in their Florida home it would make it less appealing for them to default and walk away from their Florida homes. If you make it too difficult for people to Florida homebuyers to get financing you won’t need to worry about them defaulting on their mortgage..

The rules will not be finalized until the FHA figures out how to put the new program into effect without derailing the housing market’s recovery.

Article Source:http://www.articlesbase.com/mortgage-articles/reason-to-buy-a-florida-home-nowfha-loan-changes-will-cost-florida-buyers-more-money-they-before-1547907.html

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Nov
6

Florida FHA Guidelines Loans Under 620 Credit Score, ALL DAY LONG

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mortgages

Florida FHA Guidelines Loans Under 620 Credit Score www.FHAmortgageFHALoan.com

It is still very possible as a Florida homeowner or Florida homebuyer to purchase a Florida home with less than a 620 fico score under the following conditions:

lorida FHA Guidelines Loans Under 620 Credit Score

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

Refinance’s ( Min 530 score)

o 0×30 on Mortgage

o 35/45 MAX DTI

o No cash in hand

o Tangible net benefit

o NO late’s after BK

o NO consumer lates in last 6 mths

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

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

Easy Qualification – The FHA loan insures lenders against loss for loans made to properly qualified FHA home loan borrowers. So you’re likely to find FHA mortgage loans with terms that make it easier for you to qualify.

Minimal Downpayment Requirements – FHA mortgages can work with as little as 3% down and those funds can come from a family member, charity, or your employer. Although the FHA loan does not have a zero down mortgage option yet, you will find that your 1st Continental Mortgage loan officer can point you to many Downpayment assistance programs that work well with Florida FHA home loans.

Less than A-1 Credit is Okay – The Florida FHA home loan program exists to expand the pool of home buyers. Even borrowers with prior bankruptcies or mortgage lates get approved every day for FHA mortgages to buy or Refinance homes in Hillsborough County or any of the other Florida counties we serve. The FHA loan program uses credit quality, not credit score!

Lower Cost Over the Life of the Loan – The Florida FHA home loan rates are extraordinarily competitive. FHA’s lower risk to the lender means a better rate for the borrower.

Safeguards for Borrowers Who Get Behind – The Florida FHA loan mortgages also allow the lender more options in helping borrowers who fall behind keep their homes are get current again: special forbearance, workouts, even free mortgage counseling. Further, HUD can allow the lender to take past due payments and move them to the end of the loan and in some instance will actually pay your past due payments for you. Options to save your home you’ll never get from a conventional loan! In an uncertain world, this is another excellent reason for you to get an FHA mortgage.

Options for Manufactured Housing – Under certain conditions, you can even finance a Mobile home or manufactured home using a Florida FHA mortgage loan. Call 1-800-570-0448 to get pre-approved for a Florida FHA loan for manufactured home.

FHA Loans Are Fully Assumable – When you are ready to sell your home, you can offer buyers FHA financing! All FHA loans can be assumed by qualified buyers.

These are just seven of the many good reasons to apply for an FHA mortgage. Call 1-800-570-0448 to speak with a friendly Florida FHA loan specialist now!

FHA home loan Advantage:

FHA Home loan insurance guarantees the private FHA approved mortgage lenders against loss making it easier for Florida homebuyers to qualify for a home loan with less then perfect credit, Other FHA advantages include:

· Down payment requirement only 3.5% gift funds OK.

· Better Interest rates.

· Seller paid closing cost up to 6%.

· No Minimum Fico or Score requirement

Apply for an FHA home loan at www.FHAMortgageFHALaon.com

Article Source:http://www.articlesbase.com/mortgage-articles/florida-fha-guidelines-loans-under-620-credit-score-all-day-long-1424654.html

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Oct
26

FHA mortgage Lender Florida offers ((FHA financing down to a 530 FICO))

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mortgages

FHA Mortgage Loans for Florida homebuyers

Why Should Florida homebuyers Consider an FHA mortgage Home to purchase a Florida home?

Good question, there are many reasons why Florida homebuyers to investigate an FHA home loan for their next Florida home purchase. Florida First time homebuyers should examine the FHA loan options because it’s easier and less expensive to qualify for an FHA home mortgage. Florida homebuyers can rest in confidence in knowing that an FHA home loan is guaranteed by the federal government, making your FHA mortgage application more attractive to more Florida home lenders. FHA mortgage first-time home loan applicants are usually young and at the beginning of their careers, chances are they still have student loans and other monthly debt obligations to deal with; an FHA home loan is often less expensive requiring only 3.5% down payment and is more forgiving of past credit issues. A summary of FHA Home loan guidelines:

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.

www.FHAmortgagePrograms.com

FHA mortgage loans don’t require a big down payment to qualify. For Florida FHA mortgage applicants this can be a real plus; that typical borrower in the early stages of a new career often do not have a lot of money set aside specifically for purchasing a home. The FHA mortgage requires only 3.5% down payment, and that money can come from a friend, Family or Florida Grant..

For Florida first time buyers, closing costs are another issue that can be a burden, the typical closing costs for FHA mortgage loans are around 6% of the total Florida FHA mortgage. This is one advantage when taking out an FHA mortgage loan compared to other Florida mortgage programs.

FHA mortgage loans are not just for Florida first time home buyers. Florida homeowners can FHA refinance to get out of debt situations caused high interest credit cards or high interest mortgages. FHA home loan mortgage refinancing is a relief for those with adjustable rate mortgage who want to keep their homes and prevent a massive rate adjustment. There are several ways to get into an FHA mortgage for refinancing. FHA home loan advantages include a low fixed rate mortgages that are guaranteed by the Federal Housing Administration.

FHA mortgage loans also provide cash out refinancing for those who need financing for things such as home upgrades or emergency cash reserves. FHA cash out refinancing offers Florida mortgage applicants lower interest rates than traditional home equity mortgage loans; you may qualify for one of two FHA mortgage plans which offer cash-out plans. One offers FHA home loan amounts for up to 97.75% of the FHA appraised value of the home, another FHA cash out refinancing loan offers amounts up to 85% of the FHA appraised value. Each FHA mortgage program has its own specific FHA requirements and rules.

FHA mortgages should take up no more than 31% of your gross monthly income( before tax income), and your FHA loan officer will ask for verification of your income to make the calculation. While some FHA mortgage applicants are able to get conventional mortgage loans using exotic home loan requirements for the FHA mortgage applicant FHA refinancing loans require copies of your income tax returns to verify the actual amount of money you report to the government. If your job situation has changed since your last tax filing, you may be able to furnish proof of income through your new employer.

FHA mortgage loans require for income, debt-to-income ratios, maximum loan amounts and other details; each type of FHA loan is unique and must be applied for individually. Ask your FHA mortgage lender for assistance in learning which Florida FHA mortgage is right for you. If you aren’t satisfied with your current Florida mortgage lender, consider getting applying for an FHA mortgage with us.

www.FHAmortgageFHAloan.com

Article Source:http://www.articlesbase.com/mortgage-articles/fha-mortgage-lender-florida-offers-fha-financing-down-to-a-530-fico-1379316.html

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Reason to buy a Florida home now-FHA loan changes will cost Florida buyers more money they before!!

Florida FHA Guidelines Loans Under 620 Credit Score, ALL DAY LONG

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

FHA mortgage Lender Florida offers ((FHA financing down to a 530 FICO))