Florida FHA loans are very popular right now as they allow first time Florida  home buyers and people with challenged credit access to low cost secure fixed rate mortgage. Most other banks and lending institutions require a middle score of 620 for any FHA loan, however at we are still able to extend FHA loans  to anyone with a middle credit score of 580 or higher. For those with credit scores worse then 580 other Florida hard money options may have to be considered if your score can’t be boosted into the 580 range. 100% Florida FHA Loans – FHA Mortgage accepts down payment assistance gifts on all Florida FHA loans. We specialize in helping our clients structure their purchase so that they have to come to closing with little to no money out of their pockets! Here are some of the prime benefits of an FHA loan: Low down payment of 3. 5%. No approved zoning requirements Mobile Homes loans are allowed 95% loan to value on cash out No reductions to loan amount for declining markets Not credit driven (low credit scores receive the same great rates as high credit scores) No need to pay off medical or small collection accounts (letters of explanation are used) Resident aliens are allowed Very low mortgage insurance coverage (typically 50%-75% lower than conventional mortgage insurance) Co-signers (including non occupant co-signers) are allowed No income limitations at all No prepayment penalties EVER Security of a 30 year fixed mortgage 6% seller contribution are allowed for closing costs (no money out of pocket for buyer!) Ability to use non tradition trade lines to qualify (phone bills, light bill, electric bill, cell phone bill, etc. . ) High debt to income ratios up to 42% and up to 50% with compensating factors Compensating factors such as length of time on the job or funds in reserves help overlook negative factors No reserves required from buyer Gifts are allowed from family, friends, work, or other interested parties Down Payment Assistance Programs allowed Apply at  http://www. fhamortgagefhaloan. com/

FHA Mortgage loans- WHEN YOU ALREADY OWN A HOME.  IMPORTANT – EFFECTIVE WITH CASE NUMBERS PULLED ON OR AFTER 9-19-08  DID YOU KNOW?  Recently, FHA and others in the mortgage industry have observed an increasing number of homeowners who have chosen to vacate their existing principal residence and purchase a new residence. This has been occurring as some homeowners, given the rising price of fuel, are relocating to homes nearer their employment, or are taking advantage of other home buying opportunities arising in the marketplace. Due to FHA’s concern that some homebuyers in these transactions may attempt to provide misleading information regarding the rental income of the property being vacated to qualify for the new mortgage, FHA is instituting underwriting guidance designed to assure that the homebuyer can make payments on the full debt service of both mortgages. Consequently, beginning with case number assignments on or after 9-19-08 and until further notice, the underwriting analysis may not consider any rental income from the property being vacated except under circumstances described in this Mortgagee Letter. The exclusion of rental income from property being vacated is being instituted on a temporary basis while FHA further analyzes this situation to determine whether permanent measures may need to be taken. This will assure that a homeowner either has sufficient income to make both mortgage payments without any rental income or has an equity position not likely to result in defaulting on the mortgage on the property being vacated. In either case, this guidance is directed to preventing the practice known as “buy and bail” where the homebuyer purchases, for example, a more affordable dwelling with the intention to cease making payments on the previous mortgage. Although the property being vacated will not have a mortgage insured by FHA, surrounding properties may and, thus, FHA may be indirectly negatively affected should that property result in a foreclosure.  Exceptions: Rental income on the property being vacated, reduced by the appropriate vacancy factor may be considered in the underwriting analysis under the following circumstances:  •Relocations: The homebuyer is relocating with a new employer, or being transferred by the current employer to an area not within reasonable and locally recognized commuting distance. A properly executed lease agreement (i. e. , a lease signed by the homebuyer and the lessee) of at least one year’s duration after the loan is closed is required. FHA recommends that underwriters also obtain evidence of the security deposit and/or evidence the first month’s rent was paid to the homeowner.  •Sufficient Equity in Vacated Property: The homebuyer has a loan-to-value ratio of 75 percent or less, as determined by either a current (no more than six months old) residential appraisal or by comparing the unpaid principal balance to the original sales price of the property. The appraisal, in addition to using forms Fannie Mae1004/Freddie Mac 70, may be an exterior-only appraisal using form Fannie Mae/Freddie Mac 2055, and for condominium units, form Fannie Mae1075/Freddie Mac 466. Advantages to Using an FHA loan to purchase your next home include: Florida home buyers should know the many advantages of the FHA mortgage loan programs. FHA home loans  were created to help increase home ownership. For the Florida home buyer the FHA program can simplify the purchase of a home, making financing easier and less expensive than a conventional mortgage loan product. Some highlights of the Florida FHA loan program include: Minimal Down Payment and Closing costs. Down payment less than 3% of Sales Price Gifts are allowed Seller can credit up to 6% of sales price towards closing and prepaid costs. 100% Financing available No reserves required. FHA regulated closing costs.   Easier Credit Qualifying Guidelines such as: No minimum FICO score or credit score requirements. FHA will allow a home purchase 1 year after a Bankruptcy. FHA will allow a home purchase2 years after a Foreclosure. Apply Today at http://www. fhamortgagefhaloan. com/

FHA Mortgage loans for Condos and Town homes Eligible FHA mortgage Applicants: Any creditworthy potential owner-occupant who meets FHA home loan underwriting criteria and will make the condominium unit their principal residence is eligible for a mortgage insured under this program. 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 Condo or townhome buyer the FHA program can simplify the purchase of a home, making financing easier and less expensive than a conventional mortgage loan product. Some highlights of the Florida FHA loan program include: Minimal Down Payment and Closing costs. Down payment less than 3% of Sales Price Gifts are allowed Seller can credit up to 6% of sales price towards closing and prepaid costs. 100% Financing available No reserves required. FHA regulated closing costs. Easier Credit Qualifying Guidelines such as: No minimum FICO score or credit score requirements. FHA will allow a home purchase 1 year after a Bankruptcy. FHA will allow a home purchase2 years after a Foreclosure. To take advantage of the FHA program in Florida, give us a call 1-954-667-9110 to find out more about the many FL mortgage programs we can make available. Or Apply now for a FL FHA home loan. http://fhamortgagefhaloan. com/ FHA Mortgages for Townhomes Condominium Units The FHA mortgage insures the FHA home  loan for a person who purchases a unit in a an association including Town homes and condos One of the many purposes of FHA mortgage including the purchase of a Florida townhome or condo. FHA  encourages FHA approved lenders to make affordable mortgage loans  credit available for different forms of ownership. FHA Condominium and townhome loans, in which the owners of the condo or townhome units jointly own the development’s common areas and facilities. FHA mortgage Insurance for condominiums, such as is provided through Section 234C, can be important for low- and moderate-income renters who wish to avoid being displaced by the conversion of their apartment building into a condominium. Type of Assistance: This program insures an FHA mortgage  loan for as many as 30 years to purchase a unit in a condominium building — which must contain at least four dwelling units and can be detached or semidetached, a row house, a walk-up, or an elevator structure. The FHA mortgage loan is made by a FHA approved lending institution, such as http://www. fhamortgagefhaloan. com mortgage company, bank, or savings and loan association, and is insured by HUD’s FHA loan program. Most of the features of FHA’s Section 234C FHA mortgage insurance are the same as those governing HUD’s basic FHA mortgage insurance program, FHA Mortgage Insurance for 1-4 family Section 203B. For example, down payment requirements can be low as only 3. 5% because FHA insurance allows homebuyers to finance about 96. 5 percent of the home’s cost through their FHA mortgage. In addition, some seller paid closing costs can be financed, reducing up-front costs. And, FHA limits some fees that FHA approved mortgage lenders charge-for example, the FHA loan origination charge. FHA sets limits on the size of the FHA mortgage loan that vary with location and the number of units being purchased. However, Section 203 C condo loans have some unique restrictions. If the apartment is in a building that was converted from rental housing, no insurance may be provided under Section 234C unless: (1) the condo conversion occurred more than one year before the application for insurance; (2) the potential buyer or co-buyer was a tenant of that rental housing; or (3) the conversion of the property is sponsored by a tenant’s organization that represents a majority of the households in the project. Eighty percent of FHA-insured mortgages in the project must be made to owner-occupants.

 FHA mortgage programs were created to help increase homeownership. FHA loans are less expensive than other mortgage home loan programs. 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. Here are just some Examples of how FHA can help you buy a Florida home, Minimal Down Payment and Closing Costs ·    Down payment less than 3. 5% of Sales Price with 100% Financing options available ·    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: ·    No minimum Credit score or needed credit score requirement. ·    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. FHA loans for Florida first time home buyers have key advantages including:Easy Qualification – The FHA loan insures lenders against loss for loans made to properly qualified FHA home loan borrowers. So you’re likely to find FHA mortgage loans with terms that make it easier for you to qualify. Minimal Down payment Requirements – FHA mortgages can 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 1st Continental Mortgage 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 Hillsborough County or any of the other Florida counties we serve. The FHA loan program uses credit quality, not credit score!Lower Cost Over the Life of the Loan – The Florida FHA home loan rates are extraordinarily competitive. FHA’s lower risk to the lender means a better rate for the borrower. Safeguards for Borrowers Who Get Behind – The Florida FHA loan mortgages also allow the lender more options in helping borrowers who fall behind keep their homes are get current again: special forbearance, workouts, even free mortgage counseling. Further, HUD can allow the lender to take past due payments and move them to the end of the loan and in some instance will actually pay your past due payments for you. Options to save your home you’ll never get from a conventional loan! In an uncertain world, this is another excellent reason for you to get an FHA mortgage. Options for Manufactured Housing – Under certain conditions, you can even finance a Mobile Home or manufactured home using a Florida FHA mortgage loan. Call 1-800-570-0448 to get pre-approved for a Florida FHA loan for manufactured housing or just use our quick application to learn more!FHA Loans Are Fully Assumable – When you are ready to sell your home, you can offer buyers FHA financing! All FHA loans can be assumed by qualified buyers. These are just seven of the many good reasons to apply for an FHA mortgage. Visit www. FHAmortgageprograms. com speak with a friendly Florida FHA loan specialist now!

Florida FHA LOAN What are FHA Loans? FHA stands for Federal Housing Authority. The (FHA) Federal Housing Authority home loan provides low-cost insured home mortgage loans that suit a variety of Florida home purchasing options. Whether you’re buying a Florida home or want or refinance your  Florida mortgage, FHA loans might be right for you. If you’re unsure about your credit rating, or have concerns about a down payment, a Florida FHA loan can give you piece of mind with super low closing costs and flexible payment options. What factors determine if I can qualify for an FHA Loan in Florida?To be eligible for an FHA mortgage in Florida  , your monthly housing expense including  (mortgage principal payment and interest, 1/12th property taxes, and 1/12 insurance) must be no more than 35% of your gross monthly income. Your credit for the last 12 months will be reviewed to determine your willingness to pay debt. You must be able to make a of 3. 5%, and be able cover closing costs and have enough income to pay your monthly obligations. What is the maximum amount that I can borrow? The maximum amount for an FHA loan is determined by the Florida FHA lending limits: Maximum FHA Loan Amount in Florida: The maximum loan amount allowed for Florida FHA loans vary from county to county in FL. The highest maximum FHA loan right now in Florida is $423,750 in Miami Dade, Broward, and Palm Beach Florida. Maximum financing: In Florida , the maximum FHA financing will be 97. 75% of the appraised value of the home or its selling price, whichever is lower. How much money will I need for the down payment and closing costs? Florida FHA loans require the Florida home buyer to invest at least 3. 5% of the sales price in cash for the down payment and closing costs. If the sales price is $100,000 for example, the home buyer must invest at least $3,500. However, the home buyer can use gifts from family, funds from local, state or government agencies, or other sources for the down payment. Are Closing cost more with a FHA Loan?                                                               NO in fact the seller can pay up to 6% of your closing cost including prepaid taxes and insurance. What property types are allowed for FHA Loans in Florida? While FHA Guidelines do require that the property be Owner Occupied (OO), they do allow you to purchase condos, planned unit developments, manufactured homes, and 1-4 family residences, in which the Florida home loan applicant intends to occupy one part of the multi-unit residence. What types of refinance programs does FHA offer in Florida ?There are three main types of FHA Refinance loans available in Florida. Some advantages of using a FHA mortgage for your mortgage refinance are as follows: Florida Cash-Out Refinance up to 85% for existing or new Florida FHA mortgages. Cash-Out up to 85% of your properties value. Consolidate first and second mortgages into single loan. Bill consolidation programs. Easier credit and income qualifications. FHA  regulated closing costs. Refinance your Rate and Term Mortgage Refinancing up to 96. 5% of your homes value. Consolidate first and second Florida mortgages into a single loan. No FICO score OK or min. 530 credit score. 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. 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 refinance even if currently in foreclosure. Seniors Refinance Your Mortgages with a FHA reverse mortgage and Eliminate Your Mortgage Payments If you are over 62 years old, you maybe able to refinance your existing Florida home loan  and get rid of those monthly mortgage payments. View current FHA reverse mortgage refinance guidelines. Florida Mortgage refinancing with a FHA loan is easy and advantageous for most homeowners. If you currently own a home and would like to discover your refinance your Florida mortgage visit ( www. FHAmortgagePrograms. com )