FHA home loans are by far the most popular mortgage loans available. FHA stands for Federal Housing Administration and is a government agency. These FHA home loans are generally loans that are funded by a federally qualified lender, but are insured by the Federal Housing Administration. Although a FHA Home Loan is easier to get than a conventional mortgage loan there are certain FHA Loan Qualifications.

FHA home loans are so popular because they will allow you to finance your home purchase with having much less than the traditional twenty percent down. You can have as little as three and a half percent. This really allows more people to be able to own their own home.

Once you have decided that this might be the way to finance your home purchase, you need to make sure you can meet the FHA loan qualifications.

Even though FHA home loans are the easiest type of loan to qualify for, you need to be able to meet these basic FHA loan qualifications.

1. The first FHA loan qualification is at least two years of consistent income. Most preferably from the same employer. Once you can prove your employment history, lenders also like to see that your last two years of income has at least stayed the same or even better if it has increased.

2. The next qualification is that your credit report should not have any more than two thirty day late payments in the last two years. Lenders would ideally like to so no late payments on your credit, but one or two will still be allowable.

3. Have a bankruptcy? Don’t worry, one of the FHA loan qualifications covers this area. If you have any bankruptcies on your credit, you might want to wait at least two years since it’s been discharged.

While you are waiting for your two years, you need to also show perfect credit since the bankruptcy too. As for previous foreclosures, lenders would like to see a minimum of three years of perfect credit since the foreclosure.

4. And lastly, your new mortgage payment shouldn’t be more than thirty percent of your gross income.

Those are the FHA loan qualifications on a very superficial level. Generally, these loans are the most popular because the FHA loan qualifications are so easy to meet. They are specifically designed for the average American that is really looking to purchase a home. They do not need to have ton of money down and you don’t have to have absolutely perfect credit to qualify.

So if you are looking to purchase a home and you are looking for a mortgage loan, your best chance is a FHA Home Loan because it is the FHA Loan Qualifications are more lenient than a conventional loan.

By: Al Hardy

 

Six Steps to buying a Florida home with Bad Credit

Do you have a low credit score but want to take advantage of the mortgage mess to buy a Florida home? If you are like millions of Floridians others trying to keep up with credit card bills, car payments and a student loan on a reduced, or non-existent income, you may think that a new loan is out of reach. In truth, Florida bad credit  loans are more difficult to obtain these days, but you may be surprised that there are still ways to get a Florida bad Credit  home loan with bad credit.

Getting a Bad Credit Florida Mortgage with bad credit isn’t as easy as it was a year or two ago. However, it isn’t as impossible as some news reports make it seem. Even Floridians with bad credit reports which reveal past financial sins still sometimes get to the promised land of mortgage approval. Most Florida Home Buyers and Refinance clients do so with the help of a skilled and experienced Florida mortgage lender who specializes in Florida bad credit home mortgages.

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 3.5% of Sales Price Gifts are allowed Seller can credit up to 6% of sales price towards closing and prepaid costs. 100% Financing available No reserves required. FHA regulated closing costs.

Easier Credit Qualifying Guidelines such as:

  No minimum FICO score or credit score requirements. FHA will allow a home purchase 2 year after a Bankruptcy. FHA will allow a home purchase 3 years after a Foreclosure.

Visit http://www.fhamortgageprograms.com/florida/, for more info

 

Why Now?

Now could be your best chance ever to own a Florida home. There is a lot of inventory on the market, about 12 months’ worth of Florida homes on the market as of June 2009, so there is a wide selection of Florida homes, townhomes, condos, ect to choose among, especially if you are flexible about where you are willing to live. And Florida homes have depreciated across the board an average of 23 percent since 2005, so there are lots of Florida home bargains. Add to that relatively low interest rates, and you have a perfect storm of opportunity-if you can get a bad credit Florida home  loan.

You can’t get a Bad Credit Florida home loan if you don’t apply. But where should you look if your credit is not good? Read on for six steps to get a Florida bad credit mortgage loan, even if you have bad credit.

1. Get in the Game

First, consider an FHA backed loan. FHA loans are designed for Florida home seekers with less than stellar credit, and the interest rates are usually less expensive than rates on sub-prime loans, sometimes up to three percentage points less.  Reach out to www.FHAmortgagePrograms.com providing Florida bad credit mortgages with No Min FICO Requirement.

2. Look for Help from Experts in Florida Bad Credit Mortgage Loans

While you are online, use one or more comparison shopping sites for Florida bad credit mortgage lenders. Typically, you enter your information just once for access by multiple Bad Credit mortgage lenders. Since these Florida  lenders are focused on bad credit loans, they know the ins and outs of qualifying with low FICO scores and which Florida lenders will accept which kinds of credit problems.

3. Improve your Odds by Forgoing Jumbo Loans

If you have bad credit, conventional Florida mortgage lenders won’t touch you with a ten-foot pole unless you have a huge down payment. Then you can get a loan of up to $417,000 and it can be underwritten electronically rather quickly. Otherwise, stay within Florida FHA loan limits for your area. That means a fairly modest home is your best bet if you have a low down payment and some credit issues. Jumbo financing IS out there–but it’s very hard to get– you have to prove you can afford the higher payments, a Florida bad credit lender that specializes in jumbo loans charges much higher rates.

4. Understand New versus Existing Florida Home Prices and Sales

There are two kinds of Florida homes on the market: existing and new. Traditionally, the percentage of sales is about the same for both while the supply of existing homes is larger. That may not be true in some areas. Florida, for example, is offering a $10,000 tax break to those who buy newly-constructed homes. In distressed markets, deal-seekers may have to decide between negotiating with a struggling developer or a bank entertaining a short sale. The Florida short sale might be a better price but these transactions often take months and fall through. If the developer is still the legal owner of the property, new construction might be a faster way to go.

5. Understand the Appraisal

Appraisals are independent evaluations of the value of the Florida property. If an appraisal comes in lower than your offer, you can still go forward with your purchase–but you are in an excellent position to negotiate a lower price. If you are getting an FHA loan, your purchase contract explicitly states that you cannot be forced to complete a transaction if the home appraises for less than the sales price. If your appraisal comes in higher than the sales price, you still get to buy at the lower price if you have a valid contract and have obtained financing.

6. Understand Interest Rates and Timing

Florida Bad credit mortgage loans are going to cost a few points more than loans for people with solid credit, so interest rates are especially important to those with poor credit. Although interest rates are relatively low right now, they are fluid, which means that they could go up enough to undermine your loan. One good thing about today’s soft real estate market is that, rather than asking for a price reduction from the Florida home owner, you can ask for them to pay enough points to buy your Florida bad credit loan rate down to something manageable. It shouldn’t matter to the seller if they drop the price 5% or pay 5% to get you a good interest rate. They’ll still receive the same proceeds.

Remember, you can’t win if you don’t play, so forget about rejection and start by filling out some bad credit mortgage loan applications.




By: FHA home loan Lender

FHA loan Florida, FHA mortgage Florida, FHA mortgage lender FLorida, FHA Home loan,

FHA loans are Gaining Florida Market Share

FHA loans in Florida are gaining Florida market share at an incredible pace.  Four years ago very few sellers would accept an offer from an FHA buyer who wanted to take advantage of an  FHA mortgage loan in Florida.  This is because it was a sellers market.  In fact most Florida sellers wouldn’t accept an offer where the home was not sold, “as is”.  This meant that the Florida buyer would be responsible for any repairs and all repairs  needed to the property uncovered in the home inspection.  Since Florida sellers would just kill the contract, wait 2 weeks and more than likely have a higher offer from a Florida buyer willing to pay more.

 

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.

 

Apply for FHA financing in Florida at www.FHAMortgageFHAloan.com

 

FHA loans in Florida were less than 5% of the Florida market back then.  Today most Florida sellers didn’t want to be responsible for a tougher FHA appraisal that most Florida FHA loans were known for.  In today’s Florida real estate market most sellers would be happy for any offer.  Since it is a Florida buyers market now the added an FHA appraisal requirements no longer are an impediment to a offer being accepted.  FHA loans across Florida now make up over 30% of the market.  It is even higher in some Florida places.



 With Florida FHA loans being more popular, Florida realtors and Florida closing agents and Florida mortgage companies are getting more comfortable with them.  This is great for Florida homebuyers since they have some protections that most other loans do not have.  These include streamline refinances and an assumable feature.  Conventional loans do not have these same advantages.  Also most conventional loans now require at least  10% down payment compared to a 3.5% down payment for FHA loans in Florida.

FHA loans in Florida also have another big advantage.  The Florida mortgage applicant can get the entire down payment as a gift.  They also allow  the seller pay up to 6% of the closing costs.  The mortgage conventional loans are not as flexible with their requirements.  You also don’t need to be a Florida first time home buyer to take advantage of a Florida FHA loan.  You can only have one FHA loan at a time (except under rare circumstances), and it needs to be a primary Florida home. I would not be surprised to see the FHA loans in Florida secure an even greater market share in the future.

Apply today at http://www.fhamortgageprograms.com

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

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

Minimal Down payment Requirements – Florida 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 Florida  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 mortgage 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!

 

 

 

 




By: FHA home loan Lender