$8000 Tax Credit To Be Allowed For Down Payment in conjunction with FHA mortgage programs for Florida buyers.

HUD has approved the use of the $8,000 tax credit to be used as a bridge loan for down payment on FHA insured loans.

In what could be a huge boost to the housing market, HUD Secretary Shaun Donovan’s has decided to allow Florida home buyers to use the $8,000 first-time home buyer tax credit in conjunction with FHA financing to help cover their down payment and closing costs on Florida FHA mortgage loans.  

One of the biggest challenges for Florida first time home buyer is saving up enough money for a down payment on their home purchase. The FHA mortgage program in particular requires the borrower to come to closing with 3.5% of the purchase price as their down payment. Often borrowers have to borrow these funds from family or close friends in an effort to take advantage of the historically low housing prices  that are now available to Florida home buyers.

The measures announced by HUD would allow FHA-approved lenders; federal, state and local government agencies; and FHA-approved non-profit organizations to supply Florida home buyers with short-term or “bridge loans” of up to 10% of the purchase price to use for the down payment of a Florida home. These funds equate  up to $8,000 first-time home buyer tax credit.

Longer term loans secured by second liens can also be used by government agencies and FHA-approved non-profit organizations to facilitate home sales. Several state housing finance agencies have introduced such programs and a number of agencies are considering that possibility.

More information about these programs can be found on the National Council of State Housing Agencies Web site at http://www.ncsha.org/section.cfm/3/34/2920

Previously, the Florida home buyer would have been unable to access the tax credit until they filed their next annual tax return or an amended 2008 tax return and received the refund from the IRS. Until then they borrowed the funds from family and friends with the understanding that they would be able to pay it back after they filed their income taxes.

The next step is to see how Florida FHA-approved lenders use HUD’s new guidelines to actually monetize the tax credit for first-time home buyers and structure the payback provisions o f the loans. NAHB encourages lenders to act promptly to put these provisions into place.

To qualify for the tax credit, Florida first-time home buyers must actually close on their home purchase by Dec. 1, 2009. Florida Buyers can take the credit on their 2008 or 2009 income tax return.

Thomas Martin
1st Continental Mortgage

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

954-391-8387

http://www.realtor.org/press_room/news_releases/2009/05/re_summit

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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.

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Article Source:http://www.articlesbase.com/mortgage-articles/florida-fha-mortgage-lender-down-to-580-fico-1528725.html

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FHA mortgage loans for Buying a Florida Home or FHA home loans to Refinance is simple with FHA mortgage Programs.com

FHA home loans allow first time home buyers and current home owners buy a home with less than 3.5% down or FHA home mortgage refinance up to 96.5% of the homes value.

Research FHA loan programs which help you with buying a home with no money down, learn about FHA loan qualifications, or get a free FHA home loan prequalification.

www.FHAmortgagePrograms.com will show you the advantages of FHA home loans, why FHA loan qualifying is easier and how the regulated closing costs of FHA loans protect you. 

Get Started Now www.FHAMortgagePrograms.com

Need a Florida mortgage? Consider an FHA loan

THE Government-insured Federal Housing Administration FHA loans now make up about 25% of the Florida FHA mortgage market.

Here are five things you need to know about FHA before purchasing a Florida home. 

-1. Chances are good that you’ll come across one. During the heyday of no-money-down Florida mortgage lending, you were unlikely to have a Florida buyer using a government-insured Federal Housing Administration (FHA) mortgage  loan, which lets borrowers purchase a home with a down payment of as little as 3.5%. and the seller to pay up to 6% of your FHA closing cost. Now FHA home loans  are the only game in town for Florida homebuyers who can’t put down the minimum 10% many banks require to get a conventional loan.

About a third of Florida buyers have 10% or less saved for a down payment on a new Florida home, according to a recent Zillow.com survey. No wonder FHA loans for Florida homebuyers have skyrocketed from 3% to a whopping 25% of the market. While you may not need to take out an FHA mortgage to purchase your next Florida home, there’s a good chance you’ll be selling to  to a Florida homebuyer that does.

2. Borrowers can qualify with any income. Historically FHA loans have gone mostly to low-income Florida mortgage applicants. But, in fact, there’s no cap on what a Florida homebuyer can earn to qualify for an FHA home loan. “The overriding factor that we look at is the ability to make the mortgage payments.

Florida loan limits may be higher than you think too: Though the max is $423,750 in Miami Dade, Broward and Palm Beach county areas , buyers can take up to $729,750 in high-priced Florida mortgage markets like key west Florida. .

3. Expect a tough appraisal. The Florida  home will need a clean bill of health from a government-approved FHA appraiser, and the seller must fix any issues before a buyer can close on the Florida mortgage loan. A few years ago the FHA eased up on repair requirements for minor problems like missing handrails or cracked windows. But it still won’t budge on leaky roofs or mold damage.

If you’re selling a Florida home, know that an FHA appraisal stays on record for 6 months, even if the deal goes falls though  or the buyer switches Florida mortgage lenders. “Get one low FHA appraisal and you’re stuck with it.

4. These FHA loans are pricier than they seem. Nominal rates on FHA mortgages are comparable to those Florida conventional loans. But hefty fees on the FHA variety up the cost. There’s a 1.75% upfront mortgage insurance premium charge as well as a 0.55% annual insurance premium for five years and until the principal balance hits 78% of the sales price or the FHA  home’s appraised value.

If you’re buying a Florida home, ask if the seller to pay up to 6% of your closing cost including prepaid taxes and insurance.

5. They’ve gotten easier to obtain. FHA mortgage loans  once had a well-deserved rep for onerous paperwork and a longer, more difficult closing than conventional Florida mortgage  loans. But thanks to a new automatic underwriting system and the looser repair requirements, Florida FHA mortgages take only a few days longer than conventional loans to close, says Thomas Martin of www.FHAmortgagePrograms.com

FHA mortgage loans still require written documentation of income, including pay stubs and tax returns. But stricter underwriting across the board means that you will probably need such paperwork no matter what type of loan you get.  

Florida FHA mortgage Lender
http://www.fhamortgageprograms.com/florida/
http://www.fhamortgageprograms.com/mortgage/fha-loan-program.shtml
http://www.fhamortgagefhaloan.com/
http://www.fhamortgageprograms.com/florida/N-Ft-Myers/
http://www.fhamortgageprograms.com/florida/Winter-Park/
http://www.fhamortgageprograms.com/florida/west-palm-mortgage.shtml
http://www.fhamortgageprograms.com/florida/Tampa/
http://www.fhamortgageprograms.com/florida/Pompano-Beach/

Article Source:http://www.articlesbase.com/mortgage-articles/buying-a-florida-home-or-fha-home-loans-to-refinance-is-simple-with-fha-mortgage-programscom-1324172.html

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