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FHA loan offers Florida homebuyers a low cost way to own a Florida home

January 14th, 2010

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Coming soon to FHA-mortgage loans will require Higher FICO scores and more cash at closing. The changes are needed to help keep the agency afloat.

FHA mortgage loans are about to become more expensive and harder to get for Florida FHA loan applicants.

The details will be revealed in late January. But this much already is clear: FHA Mortgage applicants will need higher credit scores and more cash at closing to get the lower interest rates and cheaper insurance of FHA mortgage loans and refinanced loans.

The rules are changing because the Federal Housing Administration is in a financial hole. It’s been paying out more to cover defaulted FHA mortgage loans than it’s taking in from mortgage-insurance premiums. The imbalance has drained agency reserves to 1.5% of the FHA mortgages it covers — below the 2% level required by law.

To cure the FHA insurance deficit President Barack Obama’s administration has announced it will tighten the FHA Loan requirements, making four changes that will hit consumers making it tougher to qualify:

Raising the minimum FICO score you need to qualify.
Increasing the cost of FHA mortgage insurance and possibly changing how premiums are collected.
Increasing the FHA down payment required for an FHA loan.
Decreasing the amount that sellers can pay toward a buyer’s FHA closing costs.

Why the FHA mortgage insurance exists

The FHA agency was created during the Depression to put builders and contractors back to work, keep the mortgage industry going and help keep homeownership affordable.

FHA mortgage insurance doesn’t make loans; it insures them. Anytime a mortgage applicants has a down payment smaller than 20%, lenders require mortgage insurance. FHA’s mortgage insurance is low-cost, and the agency will insure borrowers that private industry often won’t touch. Essentially, FHA mortgage insurance lets borrowers — especially first-time homebuyers — get homes with low down payments.

Other FHA Mortgage loan Advantages Include:

Minimal Down Payment and Closing Costs.

Down payment less than 3.5% of Sales Price
Gift for down payment and closing costs allowed.
No reserves or required.
FHA regulated closing costs.
Seller can credit up to 6% of sales price towards buyers costs.

Easier Credit Qualifying Guidelines such as:

Minimum FICO credit score of 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.

http://www.fhamortgagefhaloan.com/

The history of the FHA mortgage

When mortgages became hard to get a couple of years ago, the FHA “helped when no one else would, when everyone else buried their head in the sand”It’s fair to say the very survival of the housing sector in 2007-08 is thanks to FHA.”

As the housing bubble expanded, FHA mortgage loans took a back seat to cheap, quick, subprime loans, dropping to about 4% of market share in 2005 through 2007 for new mortgages and refinances combined. But once subprime products disappeared in the housing collapse, the FHA mortgage market share grew, to 21% in September 2009.

Here are the changes being discussed and what they could mean to FHA mortgage applicants:

1. FHA Mortgage insurance premiums

FHA Mortgage applicants pay two kinds of premiums for FHA mortgage insurance: an upfront lump sum that’s due when the loan closes (currently 1.75% and usually rolled into the loan amount and financed) and monthly payments (0.5% or 0.55% of the loan amount, depending on your down payment).

Here’s what you’d pay now in FHA mortgage insurance premiums on a $250,000 loan:

$4,375 (1.75%) at closing.
$1,250 to $1,375 (0.5 % or 0.55%) a year, broken into monthly installments.

An increase appears certain on at least the monthly charges, based on recent remarks to Congress by Housing and Urban Development Secretary Shaun Donovan.

There’s also speculation, says Lenders One’s Stern, that the FHA might require the upfront fee to be paid in cash and close off the option of rolling it into the loan.

Stern says that financing option is “one of the primary benefits of FHA.”

The cost to you: Higher mortgage insurance premiums will increase your monthly payments. And if you’re not allowed to finance the upfront insurance premium, you’ll have to produce the entire amount in cash at closing. (Your monthly payments would drop a bit, though, if you couldn’t roll the lump sum into your loan.)

2. FHA Down payment

Another big attraction of FHA loans is the low down payment requirement. You can get into an FHA-insured mortgage with as little as 3.5% down — that’s $8,750 on a $250,000 home.

That’s likely to increase, too. The idea would be to raise a borrower’s stake in the investment, reducing the chances you’d default.

The cost to you: Some in Congress want to raise the minimum down payment on an FHA-backed loan to 5% of the purchase price. That means you’d have to come up with $12,500 to buy a $250,000 home — $3,750 more cash than today. (Read “The end of the 0% down payment” and “How to come up with a down payment” to learn how down payments work.)

3. FHA LOW FICO Scores

During the housing boom you could get an FHA loan with a FICO score below 500. The government has been steadily raising the limit since mortgage lending has contracted.

Today, you need a minimum 600 FICO score to qualify for an FHA-backed loan. (Get a free credit score estimate here.) For many borrowers, that’s not really an issue, because their lenders require even higher scores. But a few lenders resell their loans directly to the FHA, not to loan aggregators or other banks. These lenders, for a price, will lend to borrowers with the FHA minimum FICO score, which means that today it’s still possible to get an FHA-insured loan with a FICO score of 600. That’s about to end.

Donovan told Congress that the administration intends to raise the minimum FHA requirement “for the time being” to weed out risky borrowers. He didn’t say by how much. Speculation ranges from 620 to 640. It’s possible that the new requirements will be multilayered, letting borrowers balance a lower credit score with, say, a bigger down payment.

“Of all these things, that will have the biggest impact, because there are so many borrowers who fall below the 620 score,” says Dale Vermillion, author of “Navigating the Mortgage Maze: The Simple Truth About Financing Your Home.” “Today, a lot of people have had credit issues, and their credit scores have gone down. When you combine the two (insurance and down-payment increases), it’s certainly going to have an impact on purchases.” (If your credit score is low, see “Raise your credit score to 740.”)

Raising FHA’s minimum score changes the playing field, says Stern. While private lenders usually do require higher credit scores, they can drop their limits quickly when lending safety has improved. A higher minimum FHA requirement means lost flexibility for retail lenders and their homebuying customers.

The cost to you: Buyers with FICO scores under the new minimum, be it 620 or 640, will be shut out of loans. The rules probably will become more rigid than they are today.

4. HomeSeller contributions to closing costs

Sellers sometimes agree to help pay a buyer’s closing costs. It’s a way to help a cash-poor buyer make a purchase. Currently, the FHA lets sellers contribute as much as 6% of the house price. The administration is considering reducing that to 3%.

“Three percent is what conventional loans allow, industrywide,” says Chad Bergman, a mortgage banker with Frost Mortgage in Littleton, Colo.

The history of the FHA

The cost to you: Probably nothing. In practice, a reduction to 3% probably won’t matter to most FHA buyers, at least today, Bergman says. Closing costs are based in part on loan amounts and interest rates, and they were considerably higher several years ago, when home prices and interest rates were higher. Today, closing costs average just $2,732 nationally on a $200,000 loan (they vary from state to state), according to a study by Bankrate.com.

If you were buying a home for $210,000, borrowing $200,000 and your closing costs were $4,000, currently the seller could pay up to $12,600 (6% of the home’s price) toward your closing costs — more than enough to cover the whole bill. If the seller’s allowed “concession,” as it’s called, dropped to 3%, your seller could pitch in up to $6,300 — still plenty.

‘Still the best mortgage for Florida homebuyers out there’

Taken together, the upcoming changes will make buying a Florida home harder for individual consumers, no question about it. And the FHA administration says it intends to back out of its expanded role once FHA mortgage lenders start making more loans again.

But, FHA still has the lowest down payment in the industry, still has unbelievably low interest rates and still is doing fixed-rate 30-year amortization mortgages. It’s still the best mortgage loan out there.

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Article Source:http://www.articlesbase.com/mortgage-articles/fha-loan-offers-florida-homebuyers-a-low-cost-way-to-own-a-florida-home-1721965.html

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FHA home loans help Florida homebuyers with 97% Financing

December 14th, 2009

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FHA home loans help Florida homebuyers with 97% Financing

The Federal Housing Administration, generally known as “FHA”, is the largest government insurer of FHA home loans in the world. A part of the United States Department of Housing and Urban Development (HUD), FHA provides FHA mortgage insurance on single-family, multifamily, manufactured homes made by private FHA-approved mortgage lenders throughout. While FHA mortgage applicants must meet certain requirements established by FHA to qualify for the insurance, FHA lenders bear less risk because FHA will pay the lender if a mortgage applicant defaults on his or her FHA home loan. FHA has insured over 37 million FHA mortgages and 47,205 multifamily project mortgages since 1934. Currently, FHA has 5.2 million insured single-family FHA home loans and 13,000 insured multifamily projects in its portfolio. Clearly, the FHA mortgage provides a huge economic boost to the country in the form of home and community development, particularly in today’s challenging financial climate.

We offer 97% financing in all of Florida with a 530 Minimum FICO, Most banks and other lenders now require a 620.

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 www.FHAmortgageFHAloan.com

Article Source:http://www.articlesbase.com/mortgage-articles/fha-home-loans-help-florida-homebuyers-with-97-financing-1581234.html

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10 benefits for Florida FHA Mortgage Applicants

December 3rd, 2009

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10 benefits for Florida FHA Mortgage Applicants

There are several major benefits for Florida home buyers choosing an FHA Mortgage Loan if you’re a Florida First-Time Home Buyer..

There have been several changes by HUD to the FHA Mortgage approval process over the years.

However, the main benefits that FHA provides Florida FHA mortgage applicants have remained consistent:

Max LTV 96.50% based on purchase price – not including financed MIP (Mortgage Insurance Premium)

Low monthly FHA mortgage insurance, with no adjustments due to low credit scores

Less conservative credit requirements/scores, with no adjustments to interest rate

Gift funds of 100%

Flexible Asset Sources

6% seller contribution

Non occupying co-borrowers allowed

Most investors do not have declining market policy for purchase and rate/term refinance

Manual underwrite allowed

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 1-800-570-0448 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.

APPLY NOW AT http://www.fhamortgagefhaloan.com/ Florida FHA Loan Programs

At one point and time many years ago, the FHA loan was the only alternative to local bank financing for home buyers. In the fashion world, there is a saying: Wait long enough, and everything comes back into style. That rule applies just as well to Florida FHA mortgage program. Long-overlooked, the FHA mortgage is becoming popular again with Florida Home Buyers for its low rates and the real security it provides borrowers.

For Florida banks and other mortgage lenders, FHA mortgage loan financing offers the security of a government insured Mortgage. Win/Win! To learn more, call today at 1-800-570-0448 or just use our fast and easy quick application!

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 housing or just use our quick application to learn more!

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!

The FHA program has evolved since it started in 1934 and now has options for HUD insured loans that fit a variety of different borrowers and situations.

FHA Home Loans for Purchasing a Florida Home

Although Florida FHA home loans require additional paperwork, the reality is that applying for an FHA mortgage loan in Florida is not much different from applying for conventional financing. In fact, for many borrowers the small amount of extra time turns out to be an exceptional mortgage bargain because they save thousands of dollars over the life of their Florida Mortgage.

At 1st Continental Mortgage, we have been working with the FHA program for many years. We’re experts at assembling the proper paperwork and presenting your loan application to FHA approved lenders diligently and professionally. It’s one of the ways that we have earned our reputation for closing FHA home loans in Florida on-time.

You may be surprised at how flexible sellers are in the current market and how many programs there are that provide Downpayment assistance to applicants for FHA financing to purchase Florida homes, condos, and townhouses. The fact is, seller can pay up to 6% towards your closing costs. This means, no closing costs for you when negotiated during the purchase contract!

The FHA program offers excellent fixed rate options and never a prepayment penalty. If other mortgage lenders are quoting you subprime rates, you owe it to yourself to make the call to 1st Continental Mortgage to compare the costs of getting an FHA home loan for your home purchase. Call 1-800-570-0448 to speak with an FHA mortgage expert before accepting any conventional mortgage quote as the best you can do!

FHA Home Loans Offer the Convenience of Streamlined Refinance

An FHA streamline refinance is one of the easiest home loans for Mortgage Lenders and borrowers. Since HUD approved you for the original FHA loan, the paperwork to refinance is minimal and the process is simple.

So long as you have made your FL FHA loan mortgage payments on time for the previous 12 months, you can lower your monthly payment if interest rates go down with minimal out of pocket expense. Even if you have been late on your FHA mortgage, you might still qualify for an FHA streamline refinance in Florida under very specific conditions.

Less documentation and no appraisal are just two of the reasons a FHA streamline refinance is cheaper and faster for the borrowers who qualify.

FHA Mortgage Loan

Streamline Refinance Requirements

When your 1st Continental Mortgage lender helps you get a streamlined FHA refinance on your existing mortgage loan, he or she will make certain that you meet these conditions:

Your current mortgage must be an FHA mortgage.
You must have had your FHA Mortgage for at least 6 months.
You must have paid your mortgage on time for the most current 12 months.
Your FHA Streamline Refinance must lower the principal and interest portion of your mortgage payment by at least $50 or convert the mortgage from an ARM to a fixed rate FHA home loan.
You can’t get cash out on the FHA streamline refi.
You must have an FHA appraisal if you are rolling the closing costs into the FHA streamline refinance.
Any existing liens on your Florida home must be subordinate to the new FHA mortgage.

FHA Mortgage Loan Refinance

Programs for Cashing Out Equity

Although a streamline refinance does not allow you to cash out equity, we have a FHA loan refinance program that is specifically designed for borrowers who want to cash out equity to consolidate debts, make home improvements or to access funds for other purposes.

Unlike many conventional loan programs, the FHA mortgage does not adjust the rate based upon loan to value or credit score. You will find the FHA has very reasonable underwriting guidelines for cash out refinancing.

We have helped many clients borrow up to 85% of the appraised value of their homes and use the funds to consolidate debts or to make home improvements and other purposes. Qualified borrowers will have to look hard to find lower rates and better terms than they can get on Florida FHA cash out refinance right now!

Call 1st Continental Mortgage today at 1-800-570-0448 or use our quick application to apply for an FHA refinance on your home in Sumter County or any of the other Florida counties we offer FHA mortgages in.

FHA Home Loans For Mobile Homes with Land

Although some conventional lenders in Florida shy away from making a loan on Mobile Homes or manufactured homes, many FHA mortgage loan lenders do not.

In fact, mobile homeowners fortunate enough to connect with a Florida mortgage lender, who is well schooled in how FHA loans work for mobiles and manufactured homes, can get a better interest rate, better terms, and a lower monthly payment by going FHA in nearly every case.

If you’re shopping for financing to buy a mobile or manufactured home on land in Sumter County or any of the other 66 counties in Florida that we serve, call 1-800-570-0448 and let us give you a quote for an FHA mortgage loan to purchase your mobile or manufactured home.

It only takes a few minutes to get an FHA loan mortgage quote on your Florida mobile home. We’ll wager that the savings on your monthly mortgage payments will make it some of the highest paid work you’ve ever done.

Few people realize that the FHA loan uses the same underwriting criteria for single and double wide mobile homes and manufactured housing as it does for traditional site built block or stick homes. In addition, FHA is one of the very few programs that can offer up to 97% financing on mobile homes on land. In addition, did you know that the seller can contribute up 6% toward your closing costs on an FHA mobile home loan and that down payment assistance can be used in Florida? It’s true! You could package your mobile home financing to create a real no money down loan with unbelievably low rates.

Call 1-800-570-0448 or use our secure online quick application for a free no obligation quote on financing your manufactured or mobile home using an FHA mortgage loan.

FHA Mobile Home Lending Guidelines

The Department of Housing and Urban Development (HUD) sets forth these guidelines for determining if a mobile or manufactured home qualifies for an FHA mortgage loan in Florida:

The mobile or manufactured home must be constructed in accordance with the Federal Manufactured Home Construction and Safety Standards. A red tag is attached to the rear of each section of homes that comply with the standards.
The home must be taxed as real estate by the local tax assessor’s office.
The mobile or manufactured home must have been built after June 15, 1976.
The mortgage must have a term of at least 30 years from when amortization begins.
The mobile home or manufactured home must be on a permanent foundation.
The axles and tongue must be removed from the mobile or manufactured home.
The mobile home or manufactured home must have adequate skirting and insulation, and the crawl space must have adequate ventilation.

If you would like to determine if your mobile or manufactured home meets the guidelines for section 184 financing from FHA, call one of our Florida mortgage pros at 1-800-570-0448. We’ll be glad to help you determine if the property that you are interested in can be used as collateral for an FHA mobile home mortgage.

FHA 203k Mortgages For Florida Homeowners Making Home Improvements

The FHA 203k loan program is nothing more than a specialized FHA home loan designed to help homeowners make home improvements. It is especially popular in neighborhoods with properties in need of rehabilitation.

The FHA 203k loans work in Florida communities in much the same way as Construction loans for home improvement. Eligible borrowers can use the proceeds from these mortgage to renovate and improve their primary residences.

Qualifying for a 203k FHA mortgage uses the same guidelines as a standard FHA mortgage for the purchase of a Florida home.

Target Borrowers for FHA 203K Mortgages

This specialized FHA mortgage is for Floridians who wish to buy a home that needs repairs or renovations. Just as is the case with a conventional construction loan, a single FHA 203k loan covers both purchase of the Florida real estate and renovation. FHA 203K financing can be used to purchase a property on a site and move it to a new foundation on the mortgaged property and rehabilitate it.

In addition, Florida homeowners can also use a 203k FHA mortgage to refinance existing debt when they finance one or more home improvements using the FHA 203k mortgage program.

Many borrowers are finding out what a good deal a Florida FHA home loan really is. Call 1-800-570-0448 today or simply use our quick application to find out more!

Article Source:http://www.articlesbase.com/mortgage-articles/10-benefits-for-florida-fha-mortgage-applicants-1538394.html

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12 Tips to Avoid Foreclosure & Save Your Home

December 3rd, 2009

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If you are in danger of facing foreclosure because you have defaulted on your monthly mortgage payments, you must act quickly before it’s too late to negotiate a loan modification, and your home gets sold in a foreclosure auction. You may feel hopeless now, but there is still hope until that auction date arrives. Here are a few tips to help save your home from foreclosure.

During foreclosure proceedings, do not move out of your house so that you can still claim benefits such as, one-time FHA mortgage insurance, etc.
Mark your mortgage due date in red and prioritize you’re most important financial obligations accordingly.
Make a list of all your monthly payments. Your monthly mortgage payment must be on top of the list. Credit card bills, personal loans and other unsecured debts will have to suffer and go down the lists for the meantime while you catch up on your mortgage payments. Besides damaging your credit score, these debts will not bring greater consequences compared to loosing your home to foreclosure. The effects foreclosure has on your credit score are MUCH more severe anyway.
Do not ignore nor wait for your banks foreclosure notice. Inform them beforehand that you are in a financial crisis because of a hardship. This act of good-faith could earn a bit of mercy from your lender. Provide necessary supporting loan modification documents for their assessment. In all likelihood, your lender might either extend the grace period or consider a forbearance agreement just as long as you make the effort to catch up with your mortgage payments.
Seek the help of credit counseling and debt management program. You can repair you own credit by downloading our free credit repair kit. Take advantage of lenders and local housing agencies or extension services offering these programs especially if it’s for free. The best venue to seek free financial and foreclosure help from is the U.S. Department of Housing and Urban Development (HUD), as there are lists of credit counseling and debt management agencies approved to work with HUD loans and possibly with your lender. In cases involving promissory notes or predatory lending, contact your bank directly.
Consider the options to get affordable mortgage payments. It could be by restructuring or refinancing your mortgage loan. With the new Obama loan modification programs currently available, deciding what to choose would be easy depending on your financial capacity. Keep in mind that mortgage refinancing costs can be expensive because of the processing fees, such as closing costs and points.
If you’re successful in negotiating a lower monthly mortgage payment, get the resolution in writing. In fact, keep all loan modification documents that legally represent any agreement or arrangement with your lender
If not, sell unnecessary assets. You can raise money by doing this and pay your mortgage until you recover from your financial hardship. It is also a good time to lower your monthly expenses. But doing both of these will not be enough in the long run if your financial situation is remains the same.
You can sell your home to a third party as an alternative. This could be referred to as short sale. Sometimes creditors accept this as full settlement of the debt. Typically though, the selling value of the house cannot cover the outstanding loan balance, so some banks would rob you through foreclosure deficiency if you have too many assets. Get the help of housing counselor, real estate agent or a loan modification lawyer. You may also be able to re-purchase your property after the foreclosure auction.
Negotiate a forbearance agreement. As much as you want to keep your house, is as much as the lenders want to get paid. In the case of forbearance, your lender will temporarily stop foreclosure proceedings until another payment option can be executed.
Declare bankruptcy. This could put your credit record in a bad spot. Remember that you may or may not be able to keep your home with this option. If you seriously think that this is your only way out, call your attorney to discuss what to do.
Turn-over your home to your lender. This is called “deed in lieu of foreclosure.” This option will not affect your credit score but you will be rendered homeless. As you are making things easier for the lender, this act may just be recognized thru eliminating your loan balance even if the house sells less. Again, get the help of a mortgage attorney.

Be realistic in choosing your options because once an agreement is reached you must conform, otherwise you’ll surely face another foreclosure.

The majority of mortgages are secured or funded by government programs such as HUD, FHA, or VA. If your mortgage belongs to any of these agencies, inquire about what options they offer to save your home. But you must approach your lender first to personally negotiate openly and honestly. In doing so you’ll save paying credit counseling agencies or lawyers.

Get your Free Do It Yourself Loan Modification Kit. This loan modification kit includes everything to Stop Foreclosure and Save Your Home with a loan modification. Includes Loan Modification Worksheets, Loan Modification Forms, Detailed Step-by Step instructions, lender Rolodex, foreclosure timelines, over 50 bank specific forms And Much More! Absolutely Free!

Visit our website for How to articles, mortgage calculators, free sample hardship letters, foreclosure timelines, and dozens of informative articles on loan modifications and foreclosure. Stop by to check out our growing library of free financial kits. We currently have bankruptcy kits, credit repair, mortgage forms, and loan modification with more on their way!

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Article Source:http://www.articlesbase.com/mortgage-articles/12-tips-to-avoid-foreclosure-save-your-home-1533698.html

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FHA loans make it easy to buy a home in Florida

November 14th, 2009

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FHA home loans make it Easy to buy a Florida home.

FHA mortgage loans have been helping Florida homebuyers become homeowners since 1934. How does FHA help? The Federal Housing Administration (FHA) – which is part of (HUD), provides FHA mortgage insurance to insure private FHA mortgage lenders to protect them against loss. The mortgage insurance allows private Florida lenders to lend up to 97% of the purchase price and allows financing with No Minimum credit score requirement for Florida homebuyers.

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

Minimal Down payment Requirements – FHA mortgage loan can work with as little as 3.5% down and those funds can come from a family, grant , or your employer. Although the FHA loan does not have a zero down mortgage option yet, you will find that there are many Florida down payment assistance programs to help you with the down payment.

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

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

Safeguards for Borrowers Who Get Behind – FHA loans 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 loan.

Options for Manufactured Housing – Under certain conditions, you can even secure an FHA loan for a Mobile Home or manufactured home using a Florida FHA mortgage loan.

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

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.

http://www.fhamortgagefhaloan.com/

When reviewing the FHA mortgage applicants credit and credit report, the FHA mortgage lender must pay particular attention to the following:

The lender must determine the borrower’s payment history of housing obligations through either the credit report, verification of rent directly from the landlord (with no identity-of-interest with the borrower) or verification of mortgage directly from the mortgage servicer, or through canceled checks covering the most recent 12-month period.
The FHA mortgage applicant must explain in writing all inquiries shown on the credit report in the last 90 days.
The borrower must explain in writing all collections and judgments.
Extenuating circumstances include serious illness or death of a wage earner, but do not include the inability to sell the house because of a job transfer or relocation to another area.
Additionally, the FHA mortgage lender must document that the FHA mortgage applicants current situation indicates that the events that led to the bankruptcy are not likely to recur.

Past Chapter 13 bankruptcy does not disqualify a FHA mortgage applicant from obtaining an FHA-insured mortgage provided the FHA mortgage lender documents that one year of the payout period under the bankruptcy has elapsed and the borrower’s payment performance has been satisfactory (i.e., all required payments made on time). In addition, the borrower must receive permission from the court to enter into the mortgage transaction.

Article Source:http://www.articlesbase.com/mortgage-articles/fha-loans-make-it-easy-to-buy-a-home-in-florida-1458577.html

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FHA loan offers Florida homebuyers a low cost way to own a Florida home

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http://www.fhamortgagefhaloan.com/

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Reduce Your Mortgage Online

Archive

FHA loan offers Florida homebuyers a low cost way to own a Florida home

Self-Employed individuals o.k.

http://www.fhamortgagefhaloan.com/

FHA home loans help Florida homebuyers with 97% Financing

10 benefits for Florida FHA Mortgage Applicants

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

FHA Home Loans for Purchasing a Florida Home

FHA Home Loans Offer the Convenience of Streamlined Refinance

FHA Mortgage Loan

Streamline Refinance Requirements

FHA Mortgage Loan Refinance

Programs for Cashing Out Equity

FHA Home Loans For Mobile Homes with Land

FHA Mobile Home Lending Guidelines

12 Tips to Avoid Foreclosure & Save Your Home

FHA loans make it easy to buy a home in Florida

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