Getting Straight Forward Loan Modification Help

November 2, 2009 · Posted in Bad Credit Loans · Comments Off

With today’s current economic conditions, foreclosure has become a rampant result of so many house loans. Because of this, loan modification help might be the best way you can receive assistance if your home is on he brink of foreclosure. This help has been made possible by the current administration led by the President.. It has been able to give hope to a lot American families since it has easily modified their original loans. Even if the loan modification proves to hold a lot of benefits, unfortunately, not everyone can qualify for the help.

Under the Presidents new plan called the Tarp II, he intends to put $75 Billion in a fund dedicated in assisting homeowners. The very first set of people who the program will help is the ones who currently have a mortgage payment but have not managed to save a few of their property’s value because of the economy. This is called the Affordable Refinance program by the government, which will assist individuals who are unable to refinance their existing home due to their lack of equity. In order to qualify, there are some criteria which you must meet.

The requirements state that you must either have a loan under Freddie Mac or Fannie Mae, the home under discussion must be your primary residence, the money you owe on the mortgage must be lower or equal to the actual value of your home, lastly, you need to be updated on the payment of your mortgage. This means that you should not have had any late payment of a 30 days period in the previous 12 months.

Individuals who are have unfortunately been behind their payments or are struggling with their current loan can still qualify for the other program known as Homes Affordable Modification. This program will assist you in modifying the original loan to fit a more suitable and affordable monthly payment. In order to be eligible, your owed amount on the first mortgage should be lower or equal to $729,750, you must be facing problems with maintaining payments for your mortgage, the home should be your primary residence, and the mortgage should have been obtained on or before January 1, 2009.

These two programs are among the many which the government has provided for help. If you find that you are not eligible for federal aid, this does not mean that you cannot get help from somewhere else. There are still several different available loan modification help services. In addition, there is even a do it yourself process. The mortgage modification has been able to assist thousands of homeowners get out of their debt and have gotten them on track with their existing loan payments. Once you are in the same situation, the modification might be able to give you the same assistance.

For detailed facts and essential tips about how you can be approved for a home loan modification, visit this simple, easy to understand loan modification guide and resource: http://HomeLoanModifications101.com

Article Source:http://www.articlesbase.com/mortgage-articles/getting-straight-forward-loan-modification-help-1407591.html

Tags: american families, current administration, existing home, Fannie Mae, first mortgage, help, home, Loan, loan modification, modification, Mortgage, mortgage payment

Eligibility For the Home Affordable Modification Program

October 31, 2009 · Posted in Bad Credit Loans · Comments Off

If you currently have a home loan which you can no longer pay, there is good news waiting for you. The current administration have recently launched the HAMP or the Home Affordable Modification Program. This is a bailout or modification plan which will help borrowers save their home from getting foreclosed. In order to get accepted for this program, you need to be eligible.

Eligibility for such program requires the loan to have been financed on or before January 1, 2009. Aside from this, the mortgaged home should be the principle address of the homeowner. This means that real estate inventors who only rent the property are not qualified.

Your debt to income ratio or DTI also plays a significant part in determining your eligibility. The factor to be qualified is 38%. This can be computed by taking all of your monthly loan debts which include the monthly property tax, mortgage payment, homeowner’s fees, and property tax and insurance fees. That number should then be divided with your monthly household gross income. Once your DTI equals 38% or even below that ratio, then you can qualify for the HAMP. To add, if your DTI is 31%, you can have an extension of up to 40 years in your loan term as well as a lowered interest rate. In some very unusual situations however, the principal balance can also be reduced.

Additionally, the first mortgage is only qualified for such program. If there are any other liens, they will not be eligible. You also must have some proof that you are currently undergoing some financial crisis. This can be supplied by your financial documents such as your statement balance, pay slip, or transaction statement. Another requirement is to submit a hardship letter which determines your current monetary status and the reasons behind it.

Lastly, the maximum principle balance should only be $729,750 so that the first lien will be eligible. Once the above stated criteria fit your current status, you should apply for the HAMP so that your home can be saved.

Even if the criteria for the Home Affordable Modification Program are easy to understand and meet, there are still a lot of banks which refuse the approval of the loan modification. Other banks sign up for another program known as the Obama bailout program while others will stall, lose your documents and even provide terrible customer service so that you will give up. When this happens, you need to be frank and maintain a log of every communication which takes place. This log can be directed to the concern of the manager and even send complaints that have been signed to the higher authorities.

For detailed facts and essential tips about how you can be approved for the Home Affordable Modification Program, visit this simple, easy to understand loan modification guide and resource:http://HomeLoanModifications101.com

Article Source:http://www.articlesbase.com/mortgage-articles/eligibility-for-the-home-affordable-modification-program-1401382.html

Tags: Affordable, debt to income ratio, HAMP, hardship letter, home, insurance fees, Loan, maximum principle, modification, pay slip, principle balance, Program

Florida FHA mortgage Lenders offer 97% down to 560+ FICO

October 28, 2009 · Posted in Bad Credit Loans · Comments Off

Florida FHA mortgage Loans

The FHA mortgage loan program was created to help increase homeownership in FLorida. The FHA mortgage loan makes buying an Florida home easier and less expensive than other types of Florida real estate mortgage. 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
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 FICO score or credit score requirements.
FHA will allow a home purchase 2 years after a Bankruptcy.
FHA will allow a home purchase 3 years after a Foreclosure.

Easier Debt Ratio & Job Requirement Guidelines such as:

Higher Debt Ratio’s than other home loan programs.
Less than two years on the job is allowed.
Self-Employed individuals o.k.

Apply today at www.FHAmortgagePrograms.com

FHA guarantees Florida FHA mortgage applicants the ability to obtain Florida mortgages with only 3.5% down payment. FHA loans can be very easy to qualify for. Florida Loan limits vary depending upon where the Florida home is located.

FHA loans feature flexible guidelines and low 3.5% down payment payments to make it easier to buy a Florida home! FHA loans are popular with Florida first time home buyers and move up buyers.. With an FHA mortgage loan you can borrow up to 96.5% of the purchase price of the Florida home. Florida mortgage applicants need to keep in mind that the new FHA loan will be based on the purchase price or the appraised value, the lesser amount.

FHA is short for the Federal Housing Administration. FHA/HUD was created during the great depression of 1934 to help stimulate the economy and help Floridians achieve the dream of Homeownership. .

The advantages of the FHA mortgage loan insured to a Florida weight out way the advantages of any other Florida mortgage.. A Florida FHA mortgage applicant may apply for a FHA insured mortgage and purchase a Florida home with only 3.5% down payment or no out of pocket expense! FHA mortgage insurance permits FHA mortgage lenders to make FHA mortgages for first time Florida homebuyers without risk.

The advantage FHA Home loans offer Florida homebuyers is that FHA home loans are not as strict as Fannie mae or Freddie Mac home loan approval guidelines.. Florida mortgage applicants who may have had past credit issues should not have a problem obtaining FHA an FHA mortgage loan in Florida.. Also, FHA home loans are fully assumable, allowing a person to take over the FHA home loan without obtaining new financing. In addition, FHA mortgages allow the seller to pay up to 6% of the Florida homebuyers closing cost. And, 100% of the down payment and closing costs can be grant, friend or family

Article Source:http://www.articlesbase.com/mortgage-articles/florida-fha-mortgage-lenders-offer-97-down-to-560-fico-1389468.html

Tags: FHA, fha hud, fha loans, fha mortgage loan, fha mortgage loans, Florida, home, home loan programs, Loan, Mortgage, mortgage loan program, Payment, real estate mortgage

3.5% Down payment make FHA Loans are a good option Florida

October 26, 2009 · Posted in Bad Credit Loans · Comments Off

3.5% Down payment make FHA Loans are a good option Florida

For those who are looking for a Florida home loan you may have heard it can be difficult without a down payment of 20% or more. That is true but only in the traditional, conventional mortgage market. The good news for today’s Florida home buyers is that The Federal Housing Authority (FHA) provides loan programs requiring as little as 3.5% down.

Minimal Down Payment and Closing Costs.

Down payment less than 3.5% of Sales Price
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 FICO score or credit score requirements.
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 is a loan program that has been around since the 1930’s but had fallen out of favor. Now however it has become the loan of choice for Florida homebuyers because of the many advantages versus conventional loans. What are the advantages of an FHA loan?

FHA requires only 3.5% down payment
Unlike conventional loans, the entire down payment may come from a family gift. Family members can help the buyer qualify too.
Your FICO credit score has a minimal impact on qualification
The FHA interest rates are very competitive versus conventional financing
FHA approvals are easier to get
The loan limits are very high … In Hawaii, FHA loans can be as high as $793,750!
No prepayment penalties
FHA loans are assumable

FHA loans may be obtained through FHA approved banks, mortgage companies, and mortgage brokers.

Article Source:http://www.articlesbase.com/mortgage-articles/35-down-payment-make-fha-loans-are-a-good-option-florida-1381589.html

Tags: easier debt, federal housing authority, FHA, fha loans, fico credit score, fico score, Florida, florida home buyers, Hawaii, home, home loan programs, Loan, Mortgage, Payment

Foreclosure, Home Loan Modification, and What The Homeowner Needs To Know

October 25, 2009 · Posted in Bad Credit Loans · Comments Off

The current real estate and foreclosure crisis began two or three years ago. Since then homeowners have been working towards getting home loan modifications from their banks. As a result, the banks are becoming more and more buried under requests; many of them unprepared for the number of requests received. All of this equals up to homeowners who qualify for home loan modifications being left in limbo while the banks struggle to keep up.

The government’s solution to the problem: President Obama’s Home Affordable Plan. HAMP (Home Affordable Modification Program) is a $75 billion initiative designed to help people afford their mortgages and stay in their homes. One program it funds is a home loan modification program. Lenders are encouraged to assist borrowers who are having trouble keeping up with their monthly mortgage payments. The banks are rewarded with $1000 for each home loan modification that they complete, so they are more than willing to help. Also, they are more than likely to make ore from the renegotiated loan than they are from the foreclosure.

A Home loan modification is a renegotiation of your initial mortgage. This modification can reduce your interest rate; change your rate from variable to fixed, or even both. It can extend the duration of the loan (usually up to between 30 and 40 years). It can even lower the principal for borrowers whose homes have lost their value. Any one of these changes can mean the difference between the homeowner keeping their house or losing their house.

If the lender doesn’t renegotiate the borrower still has 90 days from the first notice of delinquent payment until the bank can step in and seize the house. This will allow the borrower a little time to think of an alternative such as negotiating a short sale with the bank, or consulting a professional home loan modification specialist.

A short sale is when the homeowner sells the house for less than its value, and the bank accepts the money and erases the rest of the debt. Banks will sometimes do this because it is preferable to them owning a house it may take months to sell under in the current housing market.

A home loan modification specialist is just what the name suggests. It is a person who specializes in loan modifications, and the laws and regulations surrounding them who can help the homeowner navigate their way though a loan modification process. These specialists work with banks on a daily basis so they know how to talk to them. Not just all the legal and technical language, but the proper channels of negotiation and communication to use when dealing with a bank. They will also have a better understanding of whether the bank is offering is the best possible option and if it is fair. Also, because of their existing relationship with lenders, they’ve made the business contacts needed to get you the best possible deal.

The most important thing to remember is to take action the moment you miss your first payment, maybe even before you miss it if you know you are going to. The sooner you start working either with a professional home loan modification specialist or the bank itself, the sooner you can get the problem taken care of.

To learn more about home loan modification visit Legal Loan Bailout.

Dustin Rohde is an article contributor to Legal Loan Bailout. Legal Loan Bailout connects you with lenders that can help you avoid foreclosure using home loan modification. Depending on your specific situation (the Property State, your mortgage lender, your mortgage history, your hardship, and any other unique situation you might be in), we will negotiate a loan modification that will help you keep your home. Visit

Article Source:http://www.articlesbase.com/mortgage-articles/foreclosure-home-loan-modification-and-what-the-homeowner-needs-to-know-1376796.html

Tags: Bank, borrowers, current real estate, delinquent payment, Dustin Rohde, HAMP, home, House, limbo, Loan, loan modification, modification, monthly mortgage payments, President Obama, renegotiation

How To Get The Home Of Your Dreams With A Bad Credit Mortgage

October 22, 2009 · Posted in Bad Credit Loans · Comments Off

One of the worst side effects of having bad credit is that it is difficult to find a mortgage to purchase the home that you need or desperately want. Being a homeowner is very rewarding, and paying a monthly mortgage payment in lieu of paying a rent or lease payment is one of the best ways to secure your future and become financially sound. Owning a home and getting a home mortgage is not out of reach, however, for those borrowers with bad credit.

A bad credit mortgage can allow homeowners with less than perfect credit the opportunity to realize the American dream, stop renting, and start owning!

Getting Your Bad Credit Mortgage

When you have a bad credit score, any type of loan or line of credit that you apply for is difficult to obtain. That is why special lenders offer this type of mortgage financing for individuals who show great potential to become worthy borrowers but are lagging behind in some aspects, like credit performance in the past. These lenders work hard to put you in a home that you can actually afford. You can help them in their quest by making your application for a bad credit home mortgage look more appealing. There are certain steps outlined below that you can follow to help secure the mortgage funding you need with bad credit.

First of all, you should check the status of your credit by pulling your own credit report from the three major credit reporting bureaus, Experian, Equifax, and Trans Union. It is important to check your report with all three because different lenders use different credit reporting services when they investigate your credit. Check to make sure that everything that is noted about your personal situation in regards to your accounts and delinquencies is in order.

Any item on your credit report that is reported inaccurately should be addressed swiftly with the bureau in question. The bureau must prove that the item belongs to you or remove it in a timely manner under law.

Down Payment On Your New Home

Also, you should begin working diligently to save a down payment on the home that you will buy. While saving money is never enjoyable, try to remember the satisfaction that you will have when you turn the key to your own home, one that you own and are simply not paying rent on. Saving as much money toward a down payment as you can is important because the lender will want to see that you are a responsible borrower who can handle money; in addition, you down payment will make the amount that you need to borrow less, which makes your interest rate less as well. This will make the entire price of your home, including interest, more affordable. While many lenders want a 10% down payment on your home, there are other lenders who will require less.

Do You Qualify For The $8500 Credit Under Obama Legislation?

You should also consider going with a lender who will advance you the first time buyer credit that is available for new home owners through the U.S. government. This can be a very substantial amount that is as much as $8500 and is refunded to you when you file your income tax return. There are a variety of lenders who are offering special financing options for buyers who qualify for the credit. And this credit is not funding that must be repaid – which is another plus.

Amanda Hash is an expert financial consultant who specializes in helping people to recover their credit and get approved for home loans, car loans, personal unsecured loans, unsecured credit cards, refinance home loans, consolidation loans, student loans and other financial products. If you want to learn more on how to get approved for Poor Credit Loans and Unsecured Personal Loans just visit http://www.yourloanservices.com/ and you’ll find all the information you need.

Article Source:http://www.articlesbase.com/mortgage-articles/how-to-get-the-home-of-your-dreams-with-a-bad-credit-mortgage-1368649.html

Tags: Amanda Hash, bad credit mortgage, Credit, credit performance, credit reporting bureaus, credit reporting services, home, homeowners with less than perfect credit, Mortgage, mortgage payment, Payment, payment in lieu, report, U.S.

Bad Credit Home Loan Refinancing- Is It Possible To Get Your Home Refinanced?

October 21, 2009 · Posted in Bad Credit Loans · Comments Off

It is an undeniable fact that bad credit history sheds the possibilities for you to acquire further loans. But, what if you are in keen requirement of money? For instance, you are planning a trip during the holidays or you are going to renovate your house. Well, under these circumstances, no one is going to assist you more precisely than bad credit home loan refinancing.

Now, again, the question arises. Is it really possible to acquire a loan even if you have poor credit history? Sure, why not! It was really the thing of past when there were just a few lenders in existence. And that’s why they used to provide the loan at their own terms. But now, the scenario has completely changed. Looking around in the market, you will find ample of financial institutions that offer enormous loan options to people with bad credit history. However, most of the people still prefer to deal with banks and other traditional lenders. But, are they really going to help you? Considerably not! In present financial crisis, most of the banks are declining even the loan request of the people with good credit ratings.

Therefore, it would be a prudent decision to go for sub prime lenders, if you were defaulter in repaying your previous loan. However, such a lender could require you to pay higher interest rates. But you can easily find the cheapest deals for you just by making a thorough research. In this concern, you can take the assistance of a loan consultant as well.

In addition, you can also increase your credit ratings through bad credit home loan refinancing. Well, how can it be possible? Simple, whenever you get your home refinanced, your old loan is consolidated by this amount completely. And then, if you are consistent in paying this current loan off, your credit points are dramatically boosted up.

In case you are interested to know more about Bad Credit Home Loan Refinancing, the following website at http://www.bad-credit-home-mortgage-loan-refinance.com/prevent-possible-foreclosure-through-bad-credit-home-loan-refinancing.php is something which can really assist you in this concern.

Article Source:http://www.articlesbase.com/mortgage-articles/bad-credit-home-loan-refinancing-is-it-possible-to-get-your-home-refinanced-1361268.html

Tags: bad credit history, bad credit home loan, bad credit home mortgage loan, Credit, history, home, home mortgage loan, Loan, poor credit history, Refinancing, sub prime lenders, traditional lenders

How Can I Stop a Home Foreclosure Process?

October 20, 2009 · Posted in Bad Credit Loans · Comments Off

One of the worst things to happen to a man or woman, emotionally, is to be faced with a mortgage foreclosure process. Fear can paralyze the homeowner and prevent him from taking the massive action necessary to save his home.

You must be able to control the fearful emotions of losing your home if you want to save it from foreclosure. The mortgage foreclosure process is not impossible to stop. But action will have to be taken quickly to stop any foreclosure action.

You may need to consult a lawyer sooner than later if you cannot make your home payments. You need to know what your legal rights are before you have to go face to face with the banks foreclosure attorneys. If you are to be effective you will need counsel with up to date knowledge of the foreclosure laws.

Do not think you need to pay high fees to an attorney every time you have a question about your case. You can do your own research on your states foreclosure laws. Legal counsel does not mean you should not learn what the laws are in your state.

Avoid mistakes in the foreclosure process by knowing the foreclosure laws and how they apply to you. It is important you get updates from your attorney on a regular basis. Many bankers determine payoffs and payments from the initial property value. So at the beginning of the foreclosure ask for an up to date appraisal of your home. It may be possible to stop the foreclosure process if there are inaccuracies of the appraisal value.

Pay attention, you do not have to vacate the property when you receive your notice of default and you should not move then. The threat of vandalism causes bankers to want to keep you in the house for as long as they can. Make the banks go through the entire foreclosure process before moving.

You can get help from knowledgeable foreclosure experts. However, some of these experts will cause you to not only lose your money but your home as well. Do a background check on any company you think of using before giving them any money to stop your foreclosure process.

Much of what the stop foreclosure process crowd can do, you can do for yourself. If you will take a deep breath and relax, you can discover what the foreclosure services do and do it yourself.

It may not be possible to save your home from foreclosure in spite of what any one can do.You can bet on one thing for sure, if you do not take action now, you will lose your home to foreclosure.

There is no time to waste in taking the action you need to save your home from foreclosure.

Do not let fear of losing your home keep you from taking action today to discover how to stop the foreclosure process.

Article Source:http://www.articlesbase.com/mortgage-articles/how-can-i-stop-a-home-foreclosure-process-1356841.html

Tags: action, foreclosure, foreclosure action, foreclosure experts, foreclosure laws, home, home payments, initial property value, massive action, Mortgage, mortgage foreclosure, process

Florida Mobile home loan financing, up to 97% w 580 FICO

October 19, 2009 · Posted in Bad Credit Loans · Comments Off

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 http://www.FHAmortgageFHAloan.com 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.

Article Source:http://www.articlesbase.com/mortgage-articles/florida-mobile-home-loan-financing-up-to-97-w-580-fico-1352875.html

Tags: FHA, financing, Florida, home, Loan, Manufactured, Mortgage

FHA loans are Gaining Florida Market Share, (((97% w 530 FICO)))

October 18, 2009 · Posted in Bad Credit Loans · Comments Off

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!

http://www.trulia.com/blog/tommy_miller/2009/04/fha_home_loan_florida_pr
http://portal.hud.gov/portal/page/portal/HUD/
http://www.fhamortgageprograms.com/florida/Palm-Beach-County/
http://www.fhamortgagefhaloan.com/
http://portal.hud.gov/portal/page/portal/HUD/states/florida

http://www.fhamortgageprograms.com/mortgage/fha-loan-program.shtml
http://www.fhamortgageprograms.com/florida/Clearwater/
http://www.fhamortgageprograms.com/florida/Jacksonville/
http://www.fhamortgageprograms.com/florida/Lakeland/
http://www.fhamortgageprograms.com/mortgage/home-buyer-loan.shtml

Article Source:http://www.articlesbase.com/mortgage-articles/fha-loans-are-gaining-florida-market-share-97-w-530-fico-1350353.html

Tags: conventional mortgage loan, FHA, fha appraisal, fha home loan, fha loans, fha mortgage loan, fha program, Florida, Hillsborough County, home, Loan, market, Mortgage, mortgage loan product

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FHA Mobile Home Lending Guidelines

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

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You can even do a Cash Out Refinance for Qualified Borrowers

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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

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Florida FHA Mobile Home Loan For Mobile home W/Land

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