Florida Foreclosure Fraud Protection Law Enacted – Foreclosures / Mortgage Loan Modification
Frederick A Neustein, an attorney with the Law Offices of Charles L Neustein PA and www.StopForelcosureLawyer.com respectfully submits the following:
Florida Foreclosure Fraud Protection Law Enacted.
The Attorney General clarified that this new law will not apply to the Attorney / Client relationship or the way attorneys are paid when they are hired to help distressed homeowners. This law brings much needed protection to those consumers / homeowners who have been taken advantage of by Mortgage Loan Modification Companies – many of which are scams…
Effective October 1st, 2008
501.1377 Violations involving homeowners during the course of residential foreclosure proceedings.
(1) LEGISLATIVE FINDINGS AND INTENT.–The Legislature finds that homeowners who are in default on their mortgages, in foreclosure, or at risk of losing their homes due to nonpayment of taxes may be vulnerable to fraud, deception, and unfair dealings with foreclosure-rescue consultants or equity purchasers. The intent of this section is to provide a homeowner with information necessary to make an informed decision regarding the sale or transfer of his or her home to an equity purchaser. It is the further intent of this section to require that foreclosure-related rescue services agreements be expressed in writing in order to safeguard homeowners against deceit and financial hardship; to ensure, foster, and encourage fair dealing in the sale and purchase of homes in foreclosure or default; to prohibit representations that tend to mislead; to prohibit or restrict unfair contract terms; to provide a cooling-off period for homeowners who enter into contracts for services related to saving their homes from foreclosure or preserving their rights to possession of their homes; to afford homeowners a reasonable and meaningful opportunity to rescind sales to equity purchasers; and to preserve and protect home equity for the homeowners of this state.
(2) DEFINITIONS.–As used in this section, the term:
(a) “Equity purchaser” means any person who acquires a legal, equitable, or beneficial ownership interest in any residential real property as a result of a foreclosure-rescue transaction. The term does not apply to a person who acquires the legal, equitable, or beneficial interest in such property:
1. By a certificate of title from a foreclosure sale conducted under chapter 45;
2. At a sale of property authorized by statute;
3. By order or judgment of any court;
4. From a spouse, parent, grandparent, child, grandchild, or sibling of the person or the person’s spouse; or
5. As a deed in lieu of foreclosure, a workout agreement, a bankruptcy plan, or any other agreement between a foreclosing lender and a homeowner.
(b) “Foreclosure-rescue consultant” means a person who directly or indirectly makes a solicitation, representation, or offer to a homeowner to provide or perform, in return for payment of money or other valuable consideration, foreclosure-related rescue services. The term does not apply to:
1. A person excluded under s. 501.212.
2. A person acting under the express authority or written approval of the United States Department of Housing and Urban Development or other department or agency of the United States or this state to provide foreclosure-related rescue services.
3. A charitable, not-for-profit agency or organization, as determined by the United States Internal Revenue Service under s. 501(c)(3) of the Internal Revenue Code, which offers counseling or advice to an owner of residential real property in foreclosure or loan default if the agency or organization does not contract for foreclosure-related rescue services with a for-profit lender or person facilitating or engaging in foreclosure-rescue transactions.
4. A person who holds or is owed an obligation secured by a lien on any residential real property in foreclosure if the person performs foreclosure-related rescue services in connection with this obligation or lien and the obligation or lien was not the result of or part of a proposed foreclosure reconveyance or foreclosure-rescue transaction.
5. A financial institution as defined in s. 655.005 and any parent or subsidiary of the financial institution or of the parent or subsidiary.
6. A licensed mortgage broker, mortgage lender, or correspondent mortgage lender that provides mortgage counseling or advice regarding residential real property in foreclosure, which counseling or advice is within the scope of services set forth in chapter 494 and is provided without payment of money or other consideration other than a mortgage brokerage fee as defined in s. 494.001.
(c) “Foreclosure-related rescue services” means any good or service related to, or promising assistance in connection with:
1. Stopping, avoiding, or delaying foreclosure proceedings concerning residential real property; or
2. Curing or otherwise addressing a default or failure to timely pay with respect to a residential mortgage loan obligation.
(d) “Foreclosure-rescue transaction” means a transaction:
1. By which residential real property in foreclosure is conveyed to an equity purchaser and the homeowner maintains a legal or equitable interest in the residential real property conveyed, including, without limitation, a lease option interest, an option to acquire the property, an interest as beneficiary or trustee to a land trust, or other interest in the property conveyed; and
2. That is designed or intended by the parties to stop, avoid, or delay foreclosure proceedings against a homeowner’s residential real property.
(e) “Homeowner” means any record title owner of residential real property that is the subject of foreclosure proceedings.
(f) “Residential real property” means real property consisting of one-family to four-family dwelling units, one of which is occupied by the owner as his or her principal place of residence.
(g) “Residential real property in foreclosure” means residential real property against which there is an outstanding notice of the pendency of foreclosure proceedings recorded pursuant to s. 48.23.
(3) PROHIBITED ACTS.–In the course of offering or providing foreclosure-related rescue services, a foreclosure-rescue consultant may not:
(a) Engage in or initiate foreclosure-related rescue services without first executing a written agreement with the homeowner for foreclosure-related rescue services; or
(b) Solicit, charge, receive, or attempt to collect or secure payment, directly or indirectly, for foreclosure-related rescue services before completing or performing all services contained in the agreement for foreclosure-related rescue services.
(4) FORECLOSURE-RELATED RESCUE SERVICES; WRITTEN AGREEMENT.–
(a) The written agreement for foreclosure-related rescue services must be printed in at least 12-point uppercase type and signed by both parties. The agreement must include the name and address of the person providing foreclosure-related rescue services, the exact nature and specific detail of each service to be provided, the total amount and terms of charges to be paid by the homeowner for the services, and the date of the agreement. The date of the agreement may not be earlier than the date the homeowner signed the agreement. The foreclosure-rescue consultant must give the homeowner a copy of the agreement to review not less than 1 business day before the homeowner is to sign the agreement.
(b) The homeowner has the right to cancel the written agreement without any penalty or obligation if the homeowner cancels the agreement within 3 business days after signing the written agreement. The right to cancel may not be waived by the homeowner or limited in any manner by the foreclosure-rescue consultant. If the homeowner cancels the agreement, any payments that have been given to the foreclosure-rescue consultant must be returned to the homeowner within 10 business days after receipt of the notice of cancellation.
(c) An agreement for foreclosure-related rescue services must contain, immediately above the signature line, a statement in at least 12-point uppercase type that substantially complies with the following:
HOMEOWNER’S RIGHT OF CANCELLATION
YOU MAY CANCEL THIS AGREEMENT FOR FORECLOSURE-RELATED RESCUE SERVICES WITHOUT ANY PENALTY OR OBLIGATION WITHIN 3 BUSINESS DAYS FOLLOWING THE DATE THIS AGREEMENT IS SIGNED BY YOU.
THE FORECLOSURE-RESCUE CONSULTANT IS PROHIBITED BY LAW FROM ACCEPTING ANY MONEY, PROPERTY, OR OTHER FORM OF PAYMENT FROM YOU UNTIL ALL PROMISED SERVICES ARE COMPLETE.
IF FOR ANY REASON YOU HAVE PAID THE CONSULTANT BEFORE CANCELLATION, YOUR PAYMENT MUST BE RETURNED TO YOU NO LATER THAN 10 BUSINESS DAYS AFTER THE CONSULTANT RECEIVES YOUR CANCELLATION NOTICE.
TO CANCEL THIS AGREEMENT, A SIGNED AND DATED COPY OF A STATEMENT THAT YOU ARE CANCELING THE AGREEMENT SHOULD BE MAILED (POSTMARKED) OR DELIVERED TO (NAME) AT (ADDRESS) NO LATER THAN MIDNIGHT OF (DATE) .
IMPORTANT: IT IS RECOMMENDED THAT YOU CONTACT YOUR LENDER OR MORTGAGE SERVICER BEFORE SIGNING THIS AGREEMENT.
YOUR LENDER OR MORTGAGE SERVICER MAY BE WILLING TO NEGOTIATE A PAYMENT PLAN OR A RESTRUCTURING WITH YOU FREE OF CHARGE.
(d) The inclusion of the statement does not prohibit the foreclosure-rescue consultant from giving the homeowner more time in which to cancel the agreement than is set forth in the statement, provided all other requirements of this subsection are met.
(e) The foreclosure-rescue consultant must give the homeowner a copy of the signed agreement within 3 hours after the homeowner signs the agreement.
(5) FORECLOSURE-RESCUE TRANSACTIONS; WRITTEN AGREEMENT.–
(a) 1. A foreclosure-rescue transaction must include a written agreement prepared in at least 12-point uppercase type that is completed, signed, and dated by the homeowner and the equity purchaser before executing any instrument from the homeowner to the equity purchaser quitclaiming, assigning, transferring, conveying, or encumbering an interest in the residential real property in foreclosure. The equity purchaser must give the homeowner a copy of the completed agreement within 3 hours after the homeowner signs the agreement. The agreement must contain the entire understanding of the parties and must include:
a. The name, business address, and telephone number of the equity purchaser.
b. The street address and full legal description of the property.
c. Clear and conspicuous disclosure of any financial or legal obligations of the homeowner that will be assumed by the equity purchaser.
d. The total consideration to be paid by the equity purchaser in connection with or incident to the acquisition of the property by the equity purchaser.
e. The terms of payment or other consideration, including, but not limited to, any services that the equity purchaser represents will be performed for the homeowner before or after the sale.
f. The date and time when possession of the property is to be transferred to the equity purchaser.
2. A foreclosure-rescue transaction agreement must contain, above the signature line, a statement in at least 12-point uppercase type that substantially complies with the following:
I UNDERSTAND THAT UNDER THIS AGREEMENT I AM SELLING MY HOME TO THE OTHER UNDERSIGNED PARTY.
3. A foreclosure-rescue transaction agreement must state the specifications of any option or right to repurchase the residential real property in foreclosure, including the specific amounts of any escrow payments or deposit, down payment, purchase price, closing costs, commissions, or other fees or costs.
4. A foreclosure-rescue transaction agreement must comply with all applicable provisions of 15 U.S.C. ss. 1600 et seq. and related regulations.
(b) The homeowner may cancel the foreclosure-rescue transaction agreement without penalty if the homeowner notifies the equity purchaser of such cancellation no later than 5 p.m. on the 3rd business day after signing the written agreement. Any moneys paid by the equity purchaser to the homeowner or by the homeowner to the equity purchaser must be returned at cancellation. The right to cancel does not limit or otherwise affect the homeowner’s right to cancel the transaction under any other law. The right to cancel may not be waived by the homeowner or limited in any way by the equity purchaser. The equity purchaser must give the homeowner, at the time the written agreement is signed, a notice of the homeowner’s right to cancel the foreclosure-rescue transaction as set forth in this subsection. The notice, which must be set forth on a separate cover sheet to the written agreement that contains no other written or pictorial material, must be in at least 12-point uppercase type, double-spaced, and read as follows:
NOTICE TO THE HOMEOWNER/SELLER
PLEASE READ THIS FORM COMPLETELY AND CAREFULLY. IT CONTAINS VALUABLE INFORMATION REGARDING CANCELLATION RIGHTS.
BY THIS CONTRACT, YOU ARE AGREEING TO SELL YOUR HOME. YOU MAY CANCEL THIS TRANSACTION AT ANY TIME BEFORE 5:00 P.M. OF THE THIRD BUSINESS DAY FOLLOWING RECEIPT OF THIS NOTICE.
THIS CANCELLATION RIGHT MAY NOT BE WAIVED IN ANY MANNER BY YOU OR BY THE PURCHASER.
ANY MONEY PAID DIRECTLY TO YOU BY THE PURCHASER MUST BE RETURNED TO THE PURCHASER AT CANCELLATION. ANY MONEY PAID BY YOU TO THE PURCHASER MUST BE RETURNED TO YOU AT CANCELLATION.
TO CANCEL, SIGN THIS FORM AND RETURN IT TO THE PURCHASER BY 5:00 P.M. ON (DATE) AT (ADDRESS) .
IT IS BEST TO MAIL IT BY CERTIFIED MAIL OR OVERNIGHT DELIVERY, RETURN RECEIPT REQUESTED, AND TO KEEP A PHOTOCOPY OF THE SIGNED FORM AND YOUR POST OFFICE RECEIPT.
I (we) hereby cancel this transaction.
Seller’s Signature
Printed Name of Seller
Seller’s Signature
Printed Name of Seller
Date
(c) In any foreclosure-rescue transaction in which the homeowner is provided the right to repurchase the residential real property, the homeowner has a 30-day right to cure any default of the terms of the contract with the equity purchaser, and this right to cure may be exercised on up to three separate occasions. The homeowner’s right to cure must be included in any written agreement required by this subsection.
(d) In any foreclosure-rescue transaction, before or at the time of conveyance, the equity purchaser must fully assume or discharge any lien in foreclosure as well as any prior liens that will not be extinguished by the foreclosure.
(e) If the homeowner has the right to repurchase the residential real property, the equity purchaser must verify and be able to demonstrate that the homeowner has or will have a reasonable ability to make the required payments to exercise the option to repurchase under the written agreement. For purposes of this subsection, there is a rebuttable presumption that the homeowner has a reasonable ability to make the payments required to repurchase the property if the homeowner’s monthly payments for primary housing expenses and regular monthly principal and interest payments on other personal debt do not exceed 60 percent of the homeowner’s monthly gross income.
(f) If the homeowner has the right to repurchase the residential real property, the price the homeowner pays may not be unconscionable, unfair, or commercially unreasonable. A rebuttable presumption, solely between the equity purchaser and the homeowner, arises that the foreclosure-rescue transaction was unconscionable if the homeowner’s repurchase price is greater than 17 percent per annum more than the total amount paid by the equity purchaser to acquire, improve, maintain, and hold the property. Unless the repurchase agreement or a memorandum of the repurchase agreement is recorded in accordance with s. 695.01, the presumption arising under this subsection shall not apply against creditors or subsequent purchasers for a valuable consideration and without notice.
(6) REBUTTABLE PRESUMPTION.– Any foreclosure-rescue transaction involving a lease option or other repurchase agreement creates a rebuttable presumption, solely between the equity purchaser and the homeowner, that the transaction is a loan transaction and the conveyance from the homeowner to the equity purchaser is a mortgage under s. 697.01. Unless the lease option or other repurchase agreement, or a memorandum of the lease option or other repurchase agreement, is recorded in accordance with s. 695.01, the presumption created under this subsection shall not apply against creditors or subsequent purchasers for a valuable consideration and without notice.
(7) VIOLATIONS. – A person who violates any provision of this section commits an unfair and deceptive trade practice as defined in part II of this chapter. Violators are subject to the penalties and remedies provided in part II of this chapter, including a monetary penalty not to exceed $15,000 per violation.
Categories: Mortgage Refinance Tags: Enacted, Florida, foreclosure, foreclosures, fraud, loan, modification, mortgage, Protection
Florida FHA Refinance Program ? Refinance Owe More Than Florida Homes Worth
Florida FHA Refinance Program – Refinance Owe More Than Florida Homes Worth.
SUBJECT: Florida FHA Refinance of Borrowers in Negative Equity Positions
FHA’s U.S. DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT ASSISTANT SECRETARY FOR FLORIDA FHA HOUSING-FEDERAL HOUSING COMMISSIONER www.hud.gov espanol.hud.gov
Florida FHA MORTGAGEE LETTER 2010 -23
APPLY NOW AT http://www.fhamortgageprograms.com/
On March 26, 2010, the FHA’s Department of Housing and Urban Development (HUD) and the Department of the Treasury (Treasury) announced enhancements to the existing Making Home Affordable Program (MHA) and FHA’S Federal Housing Administration Florida’s FHA refinance program that will give a greater number of Florida Homeowners an opportunity to remain in their Florida homes. These enhancements are designed to maintain homeownership by providing Florida homeowners that owe more on their Florida mortgage than the value of their Florida home, opportunities to FHA refinance into an affordable Florida FHA loan. This opportunity allows Florida homeowners who are current on their Florida mortgage to qualify for an Florida FHA refinance loan provided that the Florida mortgage lender or investor writes off the unpaid principal balance of the original first lien Florida mortgage by at least 10 percent.
This Florida Mortgagee Letter provides additional guidance for Florida mortgage lenders regarding the requirements and administration of these enhancements to Florida FHA’s refinance program. These enhancements are effective for FHA loans with FHA case numbers issued on or after September 7, 2010, which are closed on or before December 31, 2012.
As noted below, these enhancements include Florida loss coverage to be provided from funds under the Emergency Economic Stabilization Act of 2008, as amended (EESA). If the availability of such Florida FHA mortgage coverage is delayed beyond September 7, 2010, implementation of these enhancements will also be delayed.
Florida FHA Refinance of Borrowers in Negative Equity Positions Eligibility
Florida homeowners participation is voluntary and requires the consent of Florida mortgage lien holders. In order for a FHA loan to be eligible, the following conditions must be met:
1. The Florida homeowner must be in a negative equity position;
2. The Florida homeowner must be current on the existing Florida mortgage to be FHA refinanced;
3. The Florida homeowner must occupy a Florida home (1-4 units) as their primary Florida home;
4. The Florida homeowner must qualify for the new FHA loan under standard FHA underwriting requirements and possess a “FICO based” decision credit score greater than or equal to 500;
5. The Florida existing Florida home loan to be FHA refinanced must not be a FHA-insured loan;
6. The existing Florida first lien holder must write off at least 10 percent of the unpaid principal of the Florida home loan balance;
7. The FHA mortgage refinanced FHA-insured first Florida mortgage must have a loan-to-value ratio of no more than 97.75 percent;
8. Non-extinguished existing subordinate Florida mortgages must be re-subordinated and the new FHA home loan may not have a combined loan-to-value ratio greater than 115 percent;
9. For loans that receive a “refer” risk classification from TOTAL Mortgage Scorecard (TOTAL) and/or are manually underwritten, the Florida homeowner’s total monthly FHA mortgage payment, including the first and any subordinate mortgage(s), cannot be greater than 31 percent of gross monthly income and total debt, including all recurring debts, cannot be greater than 50 percent of gross monthly income;
10. Florida FHA mortgagees are not permitted to use premium pricing to pay off existing debt obligations to qualify the Florida borrower for the new FHA mortgage loan;
11. Florida FHA mortgagees are not permitted to make FHA mortgage payments on behalf of the Florida mortgage applicants or otherwise bring the existing FHA loan current to make it eligible for FHA insurance; and
12. The existing FHA loan to be refinanced may not have been brought current by the existing first Florida lien holder, except through an acceptable permanent FHA loan modification as described below.
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Principal Write off
The new FHA mortgagee must ensure that the existing first lien holder writes off at least 10 percent of the unpaid Florida mortgage principal balance on the first lien. The short payoff serves as payment in full for any debt extinguished.
Calculating FHA Mortgage
The Florida refinanced FHA-insured mortgage must have a loan-to-value ratio of no more than 97.75 percent and all non-extinguished existing subordinate Florida mortgages must be re-subordinated and may not result in a combined loan-to-value ratio greater than 115 percent.
The new FHA mortgage may be used only to FHA refinance the unpaid principal balance on the first lien, plus the interest charged by the Florida FHA servicing lender when the payoff likely will not be received on the first day of the month, any prepayment penalties assessed, late charges, escrow shortages, closing costs, prepaid expenses, and discount points. The existing mortgagee must write off such amounts as described above.
Florida FHA Underwriting Requirements
All approved Florida mortgage lenders must use FHA’s TOTAL to obtain risk classifications for each mortgage considered. If TOTAL renders an “accept/approve” result, the lender’s Florida underwriter does not need to perform a personal review of the borrower’s credit history and capacity to repay. Florida Lenders remain solely responsible for the data they supplied to TOTAL and to ensure that a Direct Endorsement Underwriter has reviewed the appraisal. FHA underwriting requirements at the time the case number was assigned must be used. Florida Lenders must still comply with outstanding FHA rate and term refinance eligibility requirements and ensure the integrity and accuracy of the data used to render a decision. 3
Summary of FHA Home loan advantages for Florida Homebuyers
Summary of FHA Home loan Advantages for Florida Home buyers.
Florida Mortgage, Florida FHA Loan, FHA home loan, FHA mortgage refinance
For the Florida mortgage applicant the FHA mortgage program can simplify the purchase of a home, making financing easier and less expensive for Florida mortgage seekers. Some highlights of the Florida FHA loan program include:
Minimal Down Payment and Closing costs.
Down payment less than 3% of Sales Price Gifts are allowed
Seller can credit up to 6% of sales price towards closing and prepaid costs.
100% Financing available
No reserves required.
FHA regulated closing costs.
Easier Credit Qualifying Guidelines such as:
No minimum FICO score or credit score requirements.
FHA will allow a home purchase 2 year after a Bankruptcy.
FHA will allow a home purchase 3 years after a Foreclosure.
To take advantage of the FHA program in Florida, give us a call 1-800-570-0448.
Many Florida mortgage applicants are confused about what types of FHA mortgage programs are available to them. In the Florida real estate market that has been hit with large declining values, this is especially true. So, let me try to help you understand what is available to the average Florida home owner or purchaser as far as FHA mortgage loans in Florida are concerned.
In a market such as Florida, FHA works great because even with the declining values that Floridian property owners have experienced, a Florida FHA buyer can borrow up to 97% of the Florida home’s appraised value or purchase price -whichever is less. Apply now for a FL FHA home loan with a HUD approved Florida FHA lender.
The maximum loan amount varies by which county in Florida the property is located. The FHA mortgage may be used to purchase or refinance a single family home, 1-4 unit projects, Condos, PUDS, Modular and Manufactured homes.
The FHA mortgage is available to U.S. Citizens, permanent resident aliens, and non permanent resident aliens may qualify too, so talk to your licensed Florida loan officer to check your eligibility.
The income ratios allowed are up to 31% for housing and up to 43% total payments, but may vary depending on compensating factors. So again, make sure you ask your licensed Florida loan officer. Florida is considered a high closing cost state, which means the costs are at or above 2.1% of the sales price. One of the reasons for this is that Florida has a 1% Mortgage tax; even on a refinance, the state of Florida requires you to pay tax of 1% on the new mortgage amount.
FHA Loans in high closing cost states such as Florida can have a loan to value on a purchase of up to 98.75% if the property is valued at less than $50,000, and 97.5% for a value of $50,000, up to $125,000. For all values above $125,000, the rate is 97.15%.
FHA mortgages are insured with up front mortgage insurance, referred to as (UFMIP) and monthly mortgage insurance (MIP). UFMIP is 1.50% of the base loan amount excluding UFMIP, which can be rolled into the loan or paid all in one shot at close. FHA/HUD charges an annual premium which is split into 12 payments – this is what is known as MIP.
Some Florida borrowers may be entitled to a partial refund of the UFMIP, if their loan closed on or after January 1, 2001, to pay off or refinance an FHA loan within five to seven years of its original closing date.
When making a decision on taking out a Florida FHA mortgage on your purchase or refinance of a home, you must make sure that you can qualify for this type of loan. So again, make sure that you work with an experienced FHA licensed Florida loan officer.
FHA loans require full documentation of income and assets. You will be required to show 2 months most recent pay stubs, 2 years W-2s and/or tax returns, a written verification of employment, as well as 2 most recent statements for all checking, savings, 401k, and like accounts with a verification of deposit from your bank. Also required is a 4506 form, which gives the IRS permission to verify your taxes.
You will also have to show verification of rent or previous mortgage history, and depending on your underwriter, you may have to show cancelled checks for the last 6 months to one year of rent or mortgage payments made. Due to the tremendous amount of fraud that has occurred in Florida, expect that all FHA loans underwritten on Florida homes will be scrutinized.
http://www.fhamortgagefhaloan.com/
Categories: Home Refinancing Tags: Advantages, Florida, home, Homebuyers, loan, Summary
Refinance Florida Mortgage with FHA, ((No Minimum Credit Score))
Florida FHA Refinance, Refinance with FHA in Florida
Florida Mortgage Refinance with No Min, Credit score requirements.
Some advantages of using a FHA to refinance your Florida mortgage are as follows:
Cash-Out Refinance up to 95% of the appraised value for existing or new FHA mortgages. Cash-Out up to 95% of your properties value. Consolidate first and second mortgages into single loan. Bill consolidation programs. Easier credit and income qualifications. FHA regulated closing costs. Rate and Term Mortgage Refinancing up to 97.75% of your Florida homes appraised value. Consolidate first and second mortgages into a single loan. No FICO score ok. Competitive rates for borrowers with a Bankruptcy older than two years. Competitive rates for borrowers with a Foreclosure older than three years. Easier credit and income qualifications. FHA regulated closing costs. FHA Streamline Refinance for existing Florida FHA loans only. No Cost Interest Rate Reductions programs. No Income or Credit Qualifications. Zero cost refinance options available. Easily switch amortization for adjustable to fixed or vice versa. Easily shorten or lengthen term of your existing loan. Easier credit and income qualifications. FHASecure Refinance with current mortgage lates. Refinance your mortgage at competitive rates even if you have a mortgage late on your credit that is directly due to adjusting mortgage. Qualify for refinance even if currently in foreclosure. Complete details of FHA Secure loan.
Refinancing your Florida mortgage with a FHA loan is easy and advantageous for most homeowners. If you currently own a home and would like to discover your refinance options, please click here for a >> free mortgage refinance quote
Florida Mortgage Refinance, FHA Mortgage Refinance offer many Benifits
Refinance Florida Mortgage with FHA
Florida homeowners should be award of the many advantages of using a FHA mortgage to refinance your Florida home. The benefits of FHA loans to refinance your Florida home by far outweigh any other Florida mortgage program. For example under FHA guidliness there is NO minimum credit score requirments. Its private Florida FHA mortgage companies that set the minimum credit score requirments. IF you have a track record of making your Florida mortgage payments on time then you should eazily qualify for a Florida FHA mortgage refinance. Other advantages to using FHA to refinance your Florida mortgage include:
Cash-Out Refinance up to 95% for existing or new FHA mortgages.
Cash-Out up to 95% of your properties value. Consolidate first and second mortgages into single loan. Bill consolidation programs. Easier credit and income qualifications. FHA regulated closing costs.
Rate and Term Mortgage Refinancing up to 97% of your homes value.
Consolidate first and second mortgages into a single loan. No FICO score or credit score requirements Competitive rates for borrowers with a Bankruptcy older than two years. Competitive rates for borrowers with a Foreclosure older than three years. Easier credit and income qualifications. FHA regulated closing costs.
FHA Streamline Refinance for existing FHA loans only.
No Cost Interest Rate Reductions programs. No Income or Credit Qualifications. Zero cost refinance options available. Easily switch amortization for adjustable to fixed or vice versa. Easily shorten or lengthen term of your existing loan. Easier credit and income qualifications.
FHA Secure Refinance with current mortgage lates.
Refinance your mortgage at competitive rates even if you have a mortgage late on your credit that is directly due to adjusting mortgage. Qualify for refinance even if currently in foreclosure. Complete details of FHA Secure loan.
Call today at 1-800-570-0448 or use our quick application to learn more!
FHA loans for Florida home buyers, 97% Financing down to a
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
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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.
Florida Mortgage refinance, Florida FHA mortgage refinance
Florida FHA Mortgage Refinance using Florida FHA Loan Program
Refinancing a Florida home with an FHA loan offers benefits for current Florida real estate home owners who are seeking to complete a refinance mortgage of their existing Florida home mortgage (s). A Florida FHA home loan refinance may also benefit you even if you do not currently have a FHA loan.
Some advantages of using a FHA mortgage for your Florida mortgage refinance are as follows:
Cash-Out Refinance up to 85% for existing or new Florida FHA mortgage loan.
Cash-Out up to 85% of your Florida home value. Consolidate first and second Florida mortgages into single loan. Bill consolidation programs. Easier credit and income qualifications. FHA regulated closing costs.
Rate and Term Refinance your Florida home up to 97.5% of your Florida homes value.
Consolidate first and second mortgages* into a single loan. No Min FICO score required. Competitive rates for borrowers with a Bankruptcy older than 2 years. Competitive rates for borrowers with a Foreclosure older than 3 years. Easier credit and income qualifications than any other mortgage program. FHA regulated closing costs.
FHA Streamline Refinance for existing FHA loans only.
No Cost Interest Rate Reductions programs. No Income or Credit Qualifications. Zero closing cost refinance options available. Easily switch amortization for adjustable to fixed or vice versa. Easily shorten or lengthen term of your existing loan. Easier credit and income qualifications.
FHA has permitted Florida homeowners to streamline refinance on an FHA insured mortgages since the early 1980′s. The FHA “streamline refinance” refers only to the minimal amount of documentation and underwriting that needs to be performed by the Florida mortgage lender, and does not mean that there are no costs involved in the refinance transaction. The basic requirements to streamline refinance a Florida mortgage are:
The mortgage to be refinanced must already be FHA insured. The mortgage to be refinanced should be current (not delinquent). The refinance is to result in a lowering of the borrower’s monthly principal and interest payments. No cash may be taken out on mortgages refinanced using the streamline refinance process.
Florida mortgage Lenders may offer Florida FHA streamline refinances in several ways. Some Florida mortgage lenders offer “no cost” refinances (actually, no out-of-pocket expenses to the borrower) by charging a higher rate of interest on the new Florida home loan than if the borrower financed or paid the closing costs in cash. From this premium, the Florida mortgage lender pays any closing costs that are incurred on the transaction.
Florida mortgage Lenders may offer streamline refinances and include the closing costs into the new mortgage amount. This can only be done if there is sufficient equity in the property, as determined by an appraisal. Florida Streamline refinances can also be done without appraisals, but the new Florida mortgage loan amount cannot exceed the original loan amount. Florida Investment properties (properties in which the borrower does not reside in as his or her principal residence) may only be refinanced without an appraisal.
Florida FHASecure Refinance with current mortgage lates.
Refinance your Florida mortgage at competitive rates even if you have a mortgage late on your credit that is directly due to adjusting mortgage. Qualify for Florida refinance even if currently in foreclosure. Complete details of FHASecure loan.
Seniors Refinance Your Florida Mortgage with a FHA reverse mortgage and Eliminate Your Mortgage Payments
If you are a Florida senior over 62 years old, you maybe able to refinance your existing mortgages and rid yourself of monthly mortgage payments. View current FHA reverse mortgage refinance guidelines.
Florida Mortgage refinancing with a Florida FHA loan is easy and advantageous for most Florida homeowners. If you currently own a home and would like to discover your refinance options, please click here for a >> free Florida mortgage refinance quote
Categories: Home Refinancing Tags: Florida, mortgage, refinance
FHA mortgage Refinance Florida, 95% w NO MIN FICO
Florida Refinance with FHA mortgage, Florida FHA mortgage Refinance,
Some advantages of using a FHA mortgage for your Florida mortgage refinance are as follows:
Cash-Out Refinance up to 95% for existing or new FHA mortgages.
Cash-Out up to 95% of your properties value. Consolidate first and second mortgages into single loan. Bill consolidation programs. Easier credit and income qualifications. FHA regulated closing costs.
Rate and Term Mortgage Refinancing up to 97% of your homes value.
Consolidate first and second mortgages into a single loan. No FICO score or credit score requirements Competitive rates for borrowers with a Bankruptcy older than two years. Competitive rates for borrowers with a Foreclosure older than three years. Easier credit and income qualifications. FHA regulated closing costs.
FHA Streamline Refinance for existing FHA loans only.
No Cost Interest Rate Reductions programs. No Income or Credit Qualifications. Zero cost refinance options available. Easily switch amortization for adjustable to fixed or vice versa. Easily shorten or lengthen term of your existing loan. Easier credit and income qualifications.
FHA Secure Refinance with current mortgage lates.
Refinance your mortgage at competitive rates even if you have a mortgage late on your credit that is directly due to adjusting mortgage. Qualify for refinance even if currently in foreclosure. Complete details of FHA Secure loan.
Apply NOW at http://www.fhamortgagefhaloan.com/
Florida Mortgage Refinance
As a Florida homeowner, eventually, you’ll consider refinancing your Florida mortgage. Before you decide to refinance, you should confer with an experienced Florida Mortgage Lender. Our licensed mortgage pros work hard to stay current on the best refinance mortgage programs. Our training objectives are to help each of our clients achieve the best combination of interest rate, mortgage terms, and low home loan closing fees for a Florida refinance. Call today at 1-800-570-0448 or use our quick application to learn more!
For over a decade, 1st Continental Mortgage has been the Florida mortgage lender of choice in Florida because we deliver excellent Florida mortgage rates and superb white glove mortgage service to Florida homeowners. 1st Continental Mortgage loan officers are well equipped to make refinancing your Florida Mortgage a smooth and pleasant transaction from application to closing.
After conferring with one of our loan officers, you may find that refinancing your existing mortgage loan isn’t the most suitable way to meet your financial goals. In finance, there are often many ways to achieve a goal, and a conversation with a Florida mortgage expert can save you time in locating the homeowner loan that is going to work the best for your unique set of circumstances.
Why not call one of our friendly experienced loan officers today for a free review your financial situation and objectives. We’re confident that when you complete your phone interview, you’ll be certain you are applying for the best Florida refinance homeowner loan. A loan that will serve your long-term interests and not just the interest of the Florida mortgage originator you’re working with. Call 1-800-570-0448 today or use our quick application for a free, no-obligation consultation.
For most of our clients, getting a Florida refinance on their Florida Mortgage is the most important single financial transaction they will ever undertake. It’s actually more important than when you first decided to purchase your Florida home! It’s not something that most people do every day. In fact, some homeowners may only refinance two or three times in a lifetime.
Nevertheless, differences among Florida mortgage programs for refinancing that appear small can make a huge difference over the life of a typical Florida mortgage. The hard truth is, refinancing your home into the wrong loan can cost you tens of thousands of dollars or even put you at risk of losing your Florida home to foreclosure.
At 1st Continental Mortgage, we’ll listen carefully to your objectives for the refinance loan, ask the right questions, and use our experience to match you with the best program and lender from among the hundreds of Florida debt consolidation refinance programs we offer.
At 1st Continental Mortgage, we’re experts at identifying the small differences in competing refinance mortgage loan programs that can save our clients big dollars. We’ll be glad to share what we know to help you create the best refinance scenario for your situation. Call 1-800-570-0448 or use our secure online quick application to see how simple it is to refinance a mortgage in Collier County or any of the other Florida counties we serve.
Whether you are motivated to refinance your Florida home by a desire to lower your interest rate, lower your monthly payment, change your terms, or remove a former spouse from a mortgage, we will be happy to help. Over the last decade, we have heard our share of excellent reasons for making changes to an existing Florida mortgage. We have excellent Florida refi solutions for all kinds of homeowners from interest only refinances for a newly single professional; to refinancing a Mobile Home on land with a low fixed rate FHA mortgage in Wesley Chapel, Florida; to helping a young family avoid the shock of dramatically higher mortgage payments from an ARM.
Florida Debt Consolidation Refinance
Cash Out Refi in Florida
For some Florida clients, the need to refinance is driven by debt consolidation. It’s not uncommon today for borrowers to feel that their credit card debt or other installment debt has taken on a life of its own. We know how to help you get the most for your hard-earned home equity when it comes to doing a cash out refinance for debt consolidation. Refinancing for debt consolidation can help free up hundreds of dollars a month and in some cases, the mortgage interest may be tax deductible. If you have home equity and need a fresh start, call 1-800-570-0448 or use our quick application. We think you’ll be glad you did!
We don’t recommend refinancing a first mortgage to every client as a vehicle to consolidate debt or get cash out. Sometimes a prepayment penalty on the first mortgage makes a Second Mortgage or home equity line of credit a better way to access home equity. In other cases, the first mortgage may have a desirable characteristic, such as a below market interest rate, that makes refinancing simply not worthwhile. We’ll be happy to help you generate a range of refinance program options and to choose the best from among them.
Why not call us today at 1-800-570-0448 or fill out our quick application to get a fast quote on refinancing your Florida mortgage!
Here are just a few of the reasons our past clients have expressed for refinancing their Florida homes:
Lower the interest rate on your present fixed rate mortgage; Convert a high risk Florida ARM to a stable 30 year fixed rate mortgage; Refinance out of a fully indexed Adjustable Rate Mortgage into a FHA fixed rate loan; Consolidate all your high interest credit card debts into a single monthly mortgage payment Refinance to pull cash out for hospital bills, college tuition, or to finance a wedding, honeymoon or exotic vacation; Escape a Florida bad credit mortgage program into a more permanent mortgage; Improve your cash flow with a refinance to an Interest Only mortgage.
With more than 100 lender programs to draw upon, 1st Continental Mortgage loan officers have been delivering the right homeowner refinancing loans for over a decade to thousands of Floridians. Here is a partial list of the mortgage programs that we can help you with:
Fixed rate mortgage refinance with 10 year, 15 year, 20 year, 30 year and 40 year fixed rate terms; Interest only mortgage refi options; Debt consolidation refinance programs; Florida Jumbo mortgage and Super Jumbo mortgage refinancing programs; Bad Credit mortgage programs; Second mortgage, home equity loans, and home equity lines of credit options; Specialty mortgage products such as no income verification, no ratio, SISA and no doc mortgage programs.
The mortgage professionals of 1st Continental Mortgage are waiting to hear from you right now about your next Florida homeowner refinance opportunity. Just give them a ring at 1-800-570-0448 or apply securely online using our quick application. With so many excellent refinancing options for Florida homeowners, we’re certain to have a Florida refinancing mortgage program designed for you!
Categories: Home Refinancing Tags: FICO, Florida, mortgage, refinance
FHA home loans for Buying a Florida home, ((97%w 540 FICO))
FHA home loans for Buying a Florida home.
Florida home buyers should know the many advantages of the FHA mortgage loan programs. FHA loans were created to help increase home ownership. For the Florida home buyer the FHA home loan program can simplify the purchase of buying a Florida home, making financing easier and less expensive than an other home loan program. Some highlights of the Florida FHA loan program include:
Minimal Down Payment and Closing costs.
Down payment less than 3% of Sales Price Gifts are allowed Seller can credit up to 6% of sales price towards closing and prepaid costs. 100% Financing available No reserves required. FHA regulated closing costs.
Easier Credit Qualifying Guidelines such as:
No minimum FICO score or credit score requirements. FHA will allow a home purchase 1 year after a Bankruptcy. FHA will allow a home purchase2 years after a Foreclosure.
To take advantage of the FHA program in Florida, give us a call 1-800-570-0448 or use our quick application at www.FHAmortgageFHALoan.com
Common FHA Mortgage Questions Why should I apply for an FHA home loan?
There are lots of good reasons to choose an FHA home loan over other Florida mortgage programs, especially if one or more of the following apply to you:
You’re a Florida first-time homebuyer. You want to keep your monthly payments as low as possible. You’re worried about your monthly payments going up You don’t have a lot of money to put down on a house. You’re worried about qualifying for a loan. You don’t have perfect credit.
If any of these things describe you, then an FHA home loan may be right for you. Why? FHA home loans offer many benefits and a level of security that you won’t find in other loans including:
Low cost: FHA home loans have competitive interest rates because the federal government insures the loans for lenders.
Lower down payment requirements: FHA home loans have a low 3.5% down payment and the money can come from a family member, employer or charitable organization as a gift.
Easier qualification: Because FHA insures your mortgage, FHA mortgage lenders may be more willing to give you FHA home loan terms that make it easier for you to qualify.
Less than perfect credit: You don’t have to have perfect credit to get an FHA home loan. In fact, even if you have had credit problems, such as a bankruptcy, it’s easier for you to qualify for an FHA home loan than any other mortgage program.
More protection to keep your home: The FHA has been helping people since 1934. Should you encounter hard times after buying your home, the FHA has many options to keep you in your home and avoid foreclosure.
FHA insures loans for lenders against defaults - it does not lend money or set interest rates. For the best interest rate and terms on a mortgage, you should compare mortgages from several different lenders. An FHA-approved lender can help you start the loan application process.
You may use an FHA-insured mortgage to purchase or refinance a new or existing 1- to 4-unit home, a condominium or a manufactured or mobile home (provided it is on a permanent foundation).
What kinds of FHA home loans does FHA offer?
Fixed-rate loans - Most FHA home loans are fixed-rate mortgages (loans). The advantage of a fixed-rate mortgage is that your interest rate stays the same during the loan period, so you know exactly how much your monthly payment will be.
Adjustable rate loans – First-time homebuyers can be a little stretched financially. With FHA’s adjustable rate mortgage (ARM), the initial interest rate and monthly payments are low, but these may change during the life of the loan. FHA uses the 1-Year Constant Maturity Treasury Index (CMT) to calculate the changes in interest rates. An index is a measure of interest rate changes that determine how much the interest rate on an ARM will change over time.
The maximum FHA home loan that the interest rate on your FHA home loan may increase or decrease in any one year is 1 or 2 percentage points, depending upon the type of ARM you choose. Over the life of the loan, the maximum interest rate change is 5 or 6 percentage points from the initial rate. The advantage of selecting an ARM is that you may be able to expand your house-hunting value range because your initial interest rate will be low, as will your payment. Click for a more in-depth explanation…
Purchase/Rehabilitation loans – Sometimes you might see a home you’d like to buy, but it needs a lot of work. FHA has a loan for rehabilitating and repairing single-family properties called the SF Rehabilitation Loan program (203k). You can get one loan which combines the mortgage and the cost of repairs. The mortgage amount is based on the projected value of the property with the work completed. The advantage of this loan is that you can buy a home that needs a lot of work, but have only one mortgage payment, and you can complete the repairs after buying the home.
Read more about these loans.
Indian Reservations and Other Restricted Lands – A family who purchases a home under this program can apply for financing through an FHA-approved lending institution such as a bank, savings and loan, or a mortgage company. To qualify, the borrower must meet standard FHA credit qualifications. An eligible borrower can receive approximately 97% financing and use a gift for the downpayment. Closing cost can be financed; covered by a gift, grant or secondary financing; or paid by the seller without reduction in value. More…
How do FHA-insured loans compare to subprime loans?
Subprime loans are loans designed for homebuyers who don’t have a strong credit history or can’t qualify for a regular or prime loan. Lenders charge a high interest rate on subprime loans because the risk that a homebuyer may not make their payments is high. Because FHA insures the lender against this risk, the interest rates on FHA-insured loans are generally among the lowest in the market. Most subprime loans carry interest rates at least 3 percentage points higher than an FHA-insured loan. On a $100,000 mortgage, the monthly payment for a subprime loan would be over $200 a month higher than an FHA-insured loan.
The majority of subprime loans are also ARMs, where the interest rate can change a lot and greatly increase your monthly payments. Most FHA-insured loans are fixed-rate loans where the mortgage payment always stays the same. If you have an FHA-insured ARM loan, the rate can’t go up by more than one or two points in a year. The fees that lenders charge their borrowers for processing a subprime loan are also generally higher than on an FHA-insured loan.
Most subprime loans carry a heavy prepayment penalty that you must pay if you want to refinance your loan to a lower interest rate. These penalties can cost you hundreds or even thousands of dollars. There is never a prepayment penalty on an FHA-insured loan. You can refinance at any time and not worry about paying any penalties.
Unfortunately, because they don’t know these facts, many homebuyers who could qualify to buy a home with a fixed-rate FHA-insured loan only apply for subprime loans. Check out an FHA-insured loan before settling for a subprime loan!
How do FHA home loans compare to conventional loans?
Conventional loans usually require a larger downpayment than FHA and if you have less than perfect credit you may not qualify for an affordable mortgage with a low interest rate . The best thing to do is compare the cost of the conventional loan to an FHA-insured loan line-by-line. What are the fees for each? What is the interest rate? How much is the mortgage insurance? How much downpayment is required? For some borrowers, a conventional loan may be less expensive. For many others, getting an FHA-insured loan is the way to go.
Do you have to buy mortgage insurance on an FHA home loan?
Yes – as you will with most loans.
The Housing and Economic Recovery Act of 2008 provides for a one-year moratorium on the implementation of FHA’s risk-based premiums beginning October 1, 2008. Consequently, effective with new FHA case number assignments on or after that date, FHA will no longer base its mortgage insurance premiums on a combination of credit bureau score and loan-to-value ratio. The new premiums (upfront and annual) to be implemented for all loans for which a case number is assigned on or after October 1, 2008, are described below. Mortgagee Letter 2008-16 is rescinded in its entirety. Please note that certain parts of that mortgagee letter are retained and reiterated in the guidance that follows.
UFMIP= Upfront Mortgage Insurance Premiums: FHA home loans will charge an upfront premium in an amount equal to the following percentages of the mortgage:
Purchase Money Mortgages and Full-Credit Qualifying Refinances = 1.75 Percent Streamline Refinances (all types) = 1.50 Percent
Most home loans require mortgage insurance when your downpayment is less than 20% of the sales price. On conventional and subprime loans, mortgage insurance is provided by private companies. Whether private mortgage insurance is less than, equal to, or more than an FHA-insured loan’s insurance will depend upon the loan program and your qualifications.
Compare the cost of FHA home loan home loan compare to subprime and conventional types of loans over the life of your loan. Then compare how much each one costs monthly. With the protection and value you get from an FHA home loan you will find it’s a very good deal.
Florida Mobile home loan financing, up to 97% w 580 FICO
Florida FHA manufactured home loans, Florida Mobile home loans
Florida Mobile home loan financing, up to 97% w 580 FICO
Florida mobile or Florida manufactured home buyers should know the many advantages of the FHA mortgage loan programs. FHA loans were created to help increase Florida 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:
For Florida mobile or Florida manufactured home buyers FHA guarantees “eligible” Florida loan applicants the ability to obtain Florida mortgages on manufactured homes with No money or Little money down .FHA loans feature low down payments and flexible guidelines to make it easier to for Florida homebuyers to qualify! FHA loans are popular with Florida first time home buyers but they can be equally attractive to Florida move-up buyers and Florida homeowners looking for a home improvement loan. With an FHA loan you can borrow up to 97% of the purchase price of the Florida home. Please keep in mind that the FHA home loan will be based on the homes purchase price or the appraised value.
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 Today for an FHA Home loan at
http://www.fhamortgagefhaloan.com/
Florida FHA mobile home loans
FHA Mobile Home Lending Guidelines
The Department of Housing and Urban Development (HUD) sets forth these guidelines for determining if a Florida mobile or manufactured home qualifies for an FHA mortgage loan in Florida:
The Florida mobile or Florida 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 Florida home must be taxed as real estate by the local tax assessor’s office. The Florida mobile or Florida manufactured home must have been built after June 15, 1976. The Florida mortgage must have a term of at least 30 years from when amortization begins. The mobile home or Florida manufactured home must be on a permanent foundation. The axles and tongue must be removed from the Florida mobile or Florida manufactured home. The Florida 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 Florida mobile or Florida 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 a Florida FHA mobile home mortgage.
Florida Manufactured Home Loans
http://www.FHAMortgagePrograms.com offers several options for Florida mortgage applicants looking for FHA financing for a Florida mobile or manufactured home with land. The truth is with Florida annual double digit appreciation on Florida homes and Florida payrolls lagging behind at 6% or less, traditional Florida homes are becoming far out of reach of the average Florida mortgage applicant. At we recognize the Florida housing trends and know that Florida manufactured homes offer great value with terrific per square foot pricing that today’s traditional Florida homes simply can’t compare. Refinancing a Florida Manufactured or Florida mobile home today is not nearly as difficult as you might think. visit www.FHAmortgagePrograms.com for more information.
Years ago, Florida mobile homes were considered substandard and were not held in high regard by those who owned one. Today’s Florida manufactured homes sure has gone a long way to changing that opinion. Many Florida Manufactured homes offer great amenities that would cost you tens of thousands of dollars more to achieve with a traditional Florida home. Better still, today’s Florida mobile homes are actually built to a higher standard than those required for traditional block homes. For instance, in Florida , it is not uncommon to see a 1900 square foot middle class home on the market for over $300,000.00 dollars. A savvy Florida home buyer can purchase a quarter acre lot outside of Florida , and put a 1800 square foot Florida manufactured home for a package price of around $135,000.00 with typically far more featured built into their home. Now that’s buying up and a perfect option for Florida First Time Buyers!
Historically, Florida manufactured and mobile homes were considered a poor investment for the mortgage market because of home depreciation concerns. After 30 years of data, this has simply been shown to be inaccurate. The typical Florida manufactured or mobile home loan secured by a Florida manufactured home tied to land appreciates using the same principles one applies to traditional stick built homes: Supply and demand. That’s why we believe a quality land and Florida mobile home mortgage package is really a good investment.
Our Florida manufactured home loan terms allow for:
· Very Competitive low Fixed Rate Loans · 1/1 Adjustable Rate Mortgage option to Qualified Applicants · Up to 97% financing for Qualified Applicants · Streamline Refinance Loan program for reduced costs to improve your rate and terms · Single Wide mobile home financing · Double Wide manufactured home financing · Yes, we offer financing for Triple Wide mobile homes as well · You can even do a Cash Out Refinance for Qualified Borrowers · Down Payment Help programs are typically allowed · Up to 6% seller concessions are allowed to qualified home buyers · We can finance ANY Florida mobile homes built after June 1976 that bear the HUD required seal · All Florida manufactured homes financed must be tied to land. We cannot finance only the Florida mobile home without the land. Florida FHA Mobile Home Loan For Mobile home W/Land
You can finance a Florida manufactured or mobile home with land using the low rate FHA loan. Getting a low interest rate Florida mobile or manufactured home loan is easy using the FHA mortgage program. The reality is that in many Florida communities, manufactured homes that are a Florida homebuyers primary residence is one of the most difficult types of Florida mortgage loans to get a competitive low interest rate home loan on. Enter the FHA mortgage program. Learn more. Call 1-800-570-0448 or inquire using our quick quote form!
In many instances, the actual purchase price for of a Florida mobile or manufactured home with land is much lower than a conventional home and allows a wider range of prospective Florida home buyers to become home owners. The FHA mobile home loan allows for both Double Wide and Single Wide manufactured home financing under FHA underwriting terms and conditions (which can be reviewed here).
You’ll get a high quality Fixed low rate mortgage on a Florida manufactured home, and in all cases, you will get a much higher loan-to-value than you will ever find in the conventional or secondary loan market.
Best of all, motivated Florida sellers can contribute up to 6% towards the payment of your closing costs. Also, gifts from FHA/HUD qualified sources may be used to meet 100% of the minimum down payment requirements. Get started today with a low rate mobile home loan by calling 1-800-570-0448.
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.
When analyzing a Florida mortgage applicant credit report, it is important to focus upon the general pattern of credit behavior rather than isolated occurrences of late payments. Often times, Florida mortgage applicants will experience a period of financial difficulty in the past and does not necessarily translate into an unacceptable risk. Reasonable explanations of the credit derogatory and evidence of offsetting factors (such as a new job or promotion with greater stability and pay, for example) will be necessary. All derogatory credit information must be explained, in writing, by the borrower.
The following is a brief synopsis of the credit underwriting guidelines for FHA mortgage loans:
Lack of credit history: If a Florida mortgage applicant does not have a minimum of 3 trade lines on their credit report, alternative forms of credit may be used. This would include items such as auto insurance payment history, utility bills, etc.
Included credit obligations: Any installment loan (e.g. student loans, car loans, etc.) with less than 10 months remaining does not need to be included when qualifying for a FHA home loan. However, consideration is given to a large debt of over $100 a month, regardless of the number of months remaining. Furthermore, payments on auto leases with less than 10 months must be included in the qualifying ratios. The minimum payment on all revolving accounts (i.e. credit cards) is also factored in. If the borrower has an open revolving account without a balance, $10 per open account should be included when qualifying. Any loan where the borrower has co-signed for another party is included with their debts unless the borrower can prove that the the other party has made the payments on their own for a minimum of 12 months.
Chapter 7 Bankruptcy: FHA requires a minimum of 2 years since the discharge of the bankruptcy. An explanation of the bankruptcy will be required. Furthermore, the borrower should have re-established credit (i.e. secured credit card) with no late payments.
Chapter 13 Bankruptcy: FHA will consider a borrower still paying on a Chapter 13 bankruptcy if the payments to the court have been made for a minimum of 1 year in a satisfactory manner (as verified with the courts) and with the approval of the court trustee.
Federal Debts: A Florida mortgage applicant is not eligible for a FHA loan if he/she is delinquent or in default on any federal debt (such as a HUD or VA mortgage, student loans, SBA loans or a tax lien against his/her property). Borrowers can become eligible by bringing any delinquent accounts current, making satisfactory repayment arrangements with the creditor (generally a 3 month history will be required), or paying the account in full.
Judgments: Judgments must be paid or have 12 months of arranged payment history
Collection Accounts: Collections do not need to be paid (LOX) needed
Foreclosure: A borrower who has had a property foreclosed upon, or who has given a deed-in-lieu of foreclosure within the previous 3 years, is generally not eligible for a FHA home loan. However, if it was the result of extenuating circumstances beyond the borrower’s control (such as the death of a spouse, loss of employment, or serious long-term illness, etc.) and the borrower has since re-established good credit, an exception may be granted. However, extenuating circumstances do not include the inability to sell a house when transferring from one area to another.
Non-purchasing Spouse: If a married borrower is purchasing a property by himself/herself, the credit obligations of the spouse must be included with the application and will be factored in with the borrower’s credit obligations and used to determine the financial capacity of the borrower. Furthermore, the non-purchasing spouse may be required to sign a security instrument or documentation relinquishing all rights to the property.
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