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How Georgia Homeowners Can benefit from the New Home Loan Programs

admin — Thu, 21 Jan 2010 02:23:21 +0000

How Georgia Homeowners Can benefit from the New Home Loan Programs The Federal Making Home Affordable Program has created a number of home loan programs that will help keep Georgia families in their homes, stabilize Georgia’s communities and assist Georgia homebuyers during these troubled times. Under these new home loan plans, Georgia homeowners can:Refinance their mortgage to a new, lower, fixed interest rate. Refinance even with declining property values. Refinance with lower income and asset verification requirements. Refinance Multiple Investment Properties. Each of the above possibilities require that Georgia Homeowners be current on their existing home loans. However, for those Georgia families that have already fallen into hard times and are behind on, going to be behind on, or have an impending ARM adjustment/balloon payment with, their existing home loans can;Obtain a modification on your mortgage that can potentially reduce your monthly payment, or offer other alternatives that can help you keep your home. Finally, for those Georgia families that are looking to purchase their first new home, or even upgrade their current home, programs are available for them to; Purchase beautiful Georgia homes with credit scores as low as 580 Purchase their new dream home with no out-of-pocket money down The U. S. Treasury, Fannie Mae and Freddie Mac have developed these programs in an effort to help both troubled and current Georgia borrowers, to get back on track and improve their current financial situations. So How Do They Work? Refinance For Georgia Homeowners that are current on their mortgage payments but unable to refinance because their home value has decreased, you may be able to refinance to a lower rate, or a lower-risk, loan through the refinance solution that is part of this program. Examples of how the refinance program can help Georgia Homeowners:Fixed-rate mortgage to fixed-rate mortgage Adjustable-rate mortgage (ARM) to fixed-rate mortgage Super conforming fixed-rate mortgage to super conforming fixed-rate mortgage Loan Modification For Georgia homeowners who are behind in their mortgage payments, in the foreclosure process, or are current on their payments but have recently experienced a significant hardship, you may be able to modify your loan to a lower rate through the Loan Modification Program. Significant hardships are set as circumstances that may make it difficult for you to pay your mortgage going forward. Purchase For Georgia area families and individuals that are in search of a loan for their new dream home, financing and programs are available to help them purchase;Bank owned foreclosures at below market value With 580 credit scores With no, or little, money down With down payment assistance How Do I Know If I Qualify? Georgia Loan Pro can help you move through the qualification process, and help you find the homeowner lending program that fits you best. Georgia Loan Pro will work with Georgia Homeowners to assist them in putting together the best purchasing package, and discover whether loan modification or a refinance, is the best option for them. For more information, please contact Georgia Loan Pros via email.

Florida FHA Loan Information from a Florida FHA mortgage lender

admin — Mon, 11 Jan 2010 05:49:01 +0000

Florida FHA loan Information from an FHA lender An FHA loan is a federal insured mortgage loan that is made by a private Florida mortgage lender that is insured by the Federal Housing Administration. The FHA loans are only provided by federally qualified lenders. FHA loans have historically allowed lower income Floridians to borrow money for the purchase of a home that they would not otherwise be able to afford. The FHA mortgage program originated during the Great Depression of the 1930s to stimulate the economy and get people buying homes again when the rates of foreclosures and defaults rose sharply. The FHA loan program provides lenders with sufficient insurance to protect against loss in a case of default. Some FHA loan were subsidized by the government, but the goal was to make it self-supporting, based on insurance premiums paid by Florida borrowers. Over time, private Florida mortgage insurance (PMI) companies came into play, and now FHA primarily serves people who cannot afford a conventional down payment or otherwise do not qualify for PMI. On August 31, 2007, the FHA added a new refinancing program called FHA-Secure to help borrowers hurt by the 2007 subprime mortgage financial crisis. The history of FHA loans The National Housing Act of 1934 created FHA or Federal Housing Administration which was established primarily to increase home construction, reduce unemployment, and operate various FHA loan insurance programs. FHA does not loans, nor does it plan or build houses. As in the Veterans Administration’s VA loan program, the Florida mortgage applicant must qualify for the loan though a private Florida lending institution. This financial organization then may ask if the borrower wants FHA insurance on the loan or may insist that the borrower apply for it. The federal government, through the Federal Housing Administration, investigates the applicant and, having decided that the risk is favorable, insures the lending institution against loss of principal in case the borrower fails to meet the terms and conditions of the mortgage. The borrower, who pays an insurance premium 1/2 percent on declining balances for the lender’s protection, receives two benefits: a careful appraisal by an FHA inspector and a lower interest rate on the mortgage than the lender might have offered without the protection. For the Florida home buyer the FHA program can simplify the purchase of a home, making financing easier and less expensive than a conventional mortgage loan product. Some highlights of the Florida FHA loan program include: Minimal Down Payment and Closing costs. Down payment less than 3. 5% of Sales Price Gifts are allowed Seller can credit up to 6% of sales price towards closing and prepaid costs. 100% Financing available No reserves required. FHA regulated closing costs. Easier Credit Qualifying Guidelines such as: No minimum FICO score or credit score requirements. FHA will allow a home purchase 1 year after a Bankruptcy. FHA will allow a home purchase2 years after a Foreclosure. To take advantage of the FHA program in Florida, give us a call 1-800-570-0448 or visit www. FHAmortgagePrograms. com For Florida first time home buyers and other borrowers, 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 FHA home loan borrowers. So you’re likely to find FHA mortgage loans with terms that make it easier for you to qualify than any other mortgage program. . Minimal Down payment Requirements – Florida FHA loans work with as little as 3. 5% 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 loan officer can point you to many Down payment 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 Miami, Jacksonville, Fort Lauderdale or any Florida city 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, FHA/HUD can allow the lender to place 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 Florida FHA loan. 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! 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 Florida mortgage applicants learn that 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 Florida sellers are in the current market and how many programs there are that provide Down payment 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 loan program offers excellent fixed rate options and never a prepayment penalty. If other Florida mortgage lenders are quoting you subprime rates, you owe it to yourself to make the call to compare the costs of getting an FHA home loan for your home purchase. Call 1-800-570-0448 to speak with an FHA loan expert before accepting any conventional mortgage quote as the best you can do! History of FHA loans Until the latter half of the 1960s, the Federal Housing Administration served mainly as an insuring agency for loans made by private lenders. However, in recent years this role has been expanded as the agency became the administrator of interest rate subsidy and rent supplement programs. Important subsidy programs such as the Civil Rights Act of 1968 were established by the United States Department of Housing and Urban Development. In 1974 the Housing and Community Development Act was passed. Its provisions significantly altered federal involvement in a wide range of housing and community development activities. The new law made a variety of changes in FHA activities, although it did not involve (as had been proposed) a complete rewriting and consolidation of the National Housing Act. It did, however, include provisions relating to the lending and investment powers of federal savings and loan associations, the real estate lending authority of national banks, and the lending and depositary authority of federal credit unions. Further changes occurred in the 1977 Housing and Community Development Act, which raised ceilings on single-family loan amounts for savings and loan association lending, federal agency purchases, FHA insurance, and security for Federal Home Loan Bank advances. In 1980 the Housing and Community Development Act was passed; it permitted negotiated interest rates on certain FHA loans and created a new FHA rental subsidy program for middle-income families. On March 6, 2008, the Florida “FHA Forward” program was initiated. This is the part of the stimulus package that President Bush had in place to raise the loan limits for Florida FHA loans.

How Atlanta Homeowners Can Benefit From the New Home Loan Programs

admin — Thu, 07 Jan 2010 07:13:35 +0000

The Federal Making Home Affordable Program has created a number of home loan programs that will help keep Atlanta families in their homes, stabilize Atlanta’s communities and assist Atlanta homebuyers during these troubled times. Under these new home loan plans, Atlanta homeowners can: Refinance their mortgage to a new, lower, fixed interest rate. Refinance even with declining property values. Refinance with lower income and asset verification requirements. Refinance Multiple Investment Properties. Each of the above possibilities require that Atlanta Homeowners be current on their existing home loans. However, for those Atlanta families that have already fallen into hard times and are behind on, going to be behind on, or have an impending ARM adjustment/balloon payment with, their existing home loans can; Obtain a modification on your mortgage that can potentially reduce your monthly payment, or offer other alternatives that can help you keep your home. Finally, for those Atlanta families that are looking to purchase their first new home, or even upgrade their current home, programs are available for them to; Purchase beautiful Atlanta homes with credit scores as low as 580 Purchase their new dream home with no out-of-pocket money down The U. S. Treasury, Fannie Mae and Freddie Mac have developed these programs in an effort to help both troubled and current Atlanta borrowers, to get back on track and improve their current financial situations. So How Do They Work? Refinance For Atlanta Homeowners that are current on their mortgage payments but unable to refinance because their home value has decreased, you may be able to refinance to a lower rate, or a lower-risk, loan through the refinance solution that is part of this program. Examples of how the refinance program can help Atlanta Homeowners: Fixed-rate mortgage to fixed-rate mortgage Adjustable-rate mortgage (ARM) to fixed-rate mortgage Super conforming fixed-rate mortgage to super conforming fixed-rate mortgage Loan Modification For Atlanta homeowners who are behind in their mortgage payments, in the foreclosure process, or are current on their payments but have recently experienced a significant hardship, you may be able to modify your loan to a lower rate through the Loan Modification Program. Significant hardships are set as circumstances that may make it difficult for you to pay your mortgage going forward. Purchase For Atlanta area families and individuals that are in search of a loan for their new dream home, financing and programs are available to help them purchase; Bank owned foreclosures at below market value With 580 credit scores With no, or little, money down With down payment assistance How Do I Know If I Qualify? Atlanta Loan Pros can help you move through the qualification process, and help you find the homeowner program that fits you best. Atlanta Loan Pro will work with Atlanta Homeowners to assist them in putting together the best purchasing package, and discover whether loan modification or a refinance, is the best option for them. For more information, please contact Atlanta Loan Pros at 678-925-8001 or atlantaloanpro@gmail. com.

Mallorca Property for Sale – Choose Suitable Property From an Exclusive Collection

admin — Mon, 21 Dec 2009 16:42:29 +0000

Finding perfect Mallorca property that can fulfill your necessities can be a difficult journey with the surplus of real estate firms and greedy brokers. Online companies offer a collection of Mallorca property. Mallorca Property for sale and rent marketplace offers the purchaser an exclusive selection of new or “off-plan” around to “second hand” or “resale” property. The sort of Mallorca property for sale in each way can be split into apartments, town houses or duplex, villas or also fincas and ruins. Spain is a beautiful place and a perfect place to buy a second home as a second home to reside on!Online Mallorca property firms are presumably presents best resorts of Mallorca property. Mallorca Property for sale offers real estate investment opportunities such as flights, hotels and car hire to eating out in well known restaurants, you will get online. No spectacle it remains a favorite with relatives decides to buy Spanish property in the beautiful resorts. Buying from Mallorca Property for sale and renting properties out a erudite villa right on the Pine Walk or a Spanish country house with large swimming pool. The Mallorca property market in Spain leaves one of the most famous picks for overseas purchasers, particularly from European countries like UK but the Spanish property market in many areas of Spain has growing up year by year. Purchasing property in Spain can be so ease in many ways than purchasing in any other country, however, it is not a conclusion or method to take lightly since a huge amount of money is booked as venture. In order to secure your pursuits, and i want to suggest you through all possible problematical land or property issues, i will suggest you to search legal guidance erstwhile to purchasing a property in Spain. Online Mallorca property for sales is the best place the holiday maker, the renter or the ability purchaser a numerous collection of Mallorca properties to opt from, putting you in perfect manner and then contact with the seller or his representative protect your funds. If you are going to sale property in Mallorca or looking Mallorca property for sale you may just use internet and you will get a lot service provider there offering services like Mallorca property for sale or property in Mallorca. Mallorca property for sale online is a premier marketplace for purchasing property in Spain. Presently, due to low interest rates and good economic conditions, as well as of course, the desire to take advantage of the sun, sand and lifestyle that Spain has to offer. Online investors can find Mallorca property in many different areas for each type of property purchase. Whether it is for investment, a holiday home or villa, commercial or new development property in Spain, you can get all types of Spanish properties which suits every expenditure. You will also find experienced staff to suggest you on all legal and financial concerns pertaining to buying Property in Spain. Purchasing property in Mallorca is neither a difficult process nor a specific unusual one to those who have, for example, buying property in the United Kingdom. There are many correlations from negotiating a cost and finalizing an “offer and acceptance”; undertaking searches; checking the title; ascertaining all relevant confirmations are in place for the Spanish property; checking it’s condition; agreeing any third party finance for the purchase etc.

Is income from employment that has not begun considered effective income for FHA home loan approval?

admin — Mon, 21 Dec 2009 13:07:54 +0000

Is income from employment that has not begun considered effective income for FHA home loan approval? Is income from employment that has not begun considered effective income? Projected or hypothetical income is not acceptable for FHA loan qualifying purposes. However, exceptions are permitted to this rule for income from cost-of-living adjustments, performance raises, bonuses, etc. , which are both verified by the employer in writing and scheduled to begin within 60 days of the FHA loan closing. If a FHA loan applicant is about to start a new job and has a guaranteed, non-revocable contract for employment that will begin within 60 days of FHA home loan closing, the income is acceptable for qualifying purposes. The FHA mortgage lender also must verify that the FHA loan applicant will have sufficient income or cash reserves to support the FHA mortgage payments and any other obligations during the interim between the FHA loan closing and the start of employment. (This condition may be appropriate for situations such as teachers whose contracts will begin with the new school year, or physicians who will begin residency after the FHA home loan is scheduled to close. ) However, if the FHA loan will close more than 60 days before the FHA Mortgage applicant employment begins, the loan is not eligible for endorsement until the lender provides a pay stub or other acceptable evidence that the borrower has begun the new job. Handbook 4155. 1: 4. E. 5. c-dPlease us know if I can help you with your FHA Home loan. 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. www. FHAmortgageFHAloan. com