Is an FHA Home loan Mortgage Right for You? ((97%w 550 FICO))
by kathleenleavitt
Is an FHA Home loan Mortgage Right for You?
The days of putting just little money down to buy a home are not over
After many years of risky home loans backed up by small down payments, most lenders aren’t underwriting mortgages without a large sum money for a down payment and a high credit score. But a loophole can still put home buyers in a Florida home for little or no money down. FHA Mortgages insured by the Federal Housing Administration (FHA) allow Florida mortgage applicants to get approved with a low down?payment as small as 3.5% of the purchase price and you don’t require a high credit score.
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% 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 or use our quick application to find out more about the many FL mortgage programs we can make available. Or Apply now for a FL FHA home loan.
www.FHAmortgageFHAloan.com
As millions of Florida homebuyers have come to realize, getting into a Florida home for little money down has its disadvantages. Borrowers who’ve invested little money down on their home are often more willing to walk away from it during tough times rather than struggle with tough payments; this risk is further elevated when Florida home values are declining and troubled Florida mortgage applicants are unable to refinance or sell their Florida home at a price that covers their losses.
Still, FHA home loans are far less risky than a subprime?or hard money loan that lenders originated before the housing bubble. FHA-insured mortgage loans require documentation and verifiable proof that the borrower is capable of making their mortgage payments. (In the past lenders didn’t require such proof.)
The looser terms of FHA home loans have helped make them more for Florida homebuyers. Today, FHA home loans make up about 30% of the mortgage Florida mortgage market, up from 5% in 2005, The FHA commissioner David Stevens said in a speech earlier this month. In June, of FHA insured over 200,000 FHA home loans – the highest monthly total in the agency’s history, according to Stevens. For fiscal year 2009, the dollar amount of FHA home loans are likely to reach 30% of mortgage originations, up from around 5% in 2005 and 2006, says Stu Feldstein, the president of SMR Research, a mortgage-data tracking firm.
“FHA-insured?home loans are one of the only games in town, especially if you can’t qualify for a traditional Florida mortgage,” says Thomas Martin, the chairman of the which trains and certifies mortgage lenders and brokers. “Now that the subprime market is gone, the FHA home loan is filling the void.
Here’s how to determine if an FHA-insured mortgage is right for you.
Do you meet the FHA home loan qualifications?
Most Florida mortgage applicants of FHA-insured mortgages have stable predicable income likely to continue with their credit history and debt load than a conventional mortgage loan might allow,
“When analyzing an FHA mortgage applicants credit, we expect FHA mortgage lenders to examine the overall pattern of credit behavior rather than isolated occurrences of poor performance or relying solely on a credit score, This includes a borrower’s rental or mortgage payment history, debts, collections, previous foreclosures and bankruptcies. Borrowers with a credit score less than 500 must make a 10% down payment to qualify.
Today, over 80% of FHA-insured purchase-mortgages belong to first-time Florida home buyers, thanks to looser requirements and the comparatively small 3.5% down payment, (Another perk is that borrowers are permitted gift assistance for the down payment from their friends, a family, employer or a government entity, but not the seller.)
Can you afford the costs?
Now, FHA mortgage interest rates and non-FHA mortgages aren’t much different. A 30-year fixed-rate FHA-insured mortgage had an average rate of 5.25% for the week ending Aug. 20, compared to an average rate of 5.44% for a 30-year fixed rate non-FHA mortgage,
However, there are unique fees that accompany an FHA mortgage. A mortgage applicant is required to pay 1.75% of the loan amount upfront, or that fee can be financed into the mortgage. FHA-insured mortgages also require a 0.55% annual premium based on the outstanding FHA loan balance and financed into the mortgage. These fees pay for the FHA insurance that makes the loan possible,
A borrower who has a high credit score – typically a minimum of 720 – and a 20% down payment is often better off with a traditional non-FHA mortgage, which includes fewer fees. However, the math gets tricky when a borrower has a high credit score but a down payment less than 20%; in those cases, the borrower will have to pay for private mortgage insurance (PMI). Depending on your situation, PMI can cost less, the same or more than FHA mortgage fees.
What protections are in place for the FHA mortgage lender?
FHA mortgage Lenders are comfortable providing FHA mortgages because they don’t bear the loss if a mortgage applicant defaults on their payments and goes into foreclosure – the FHA does.
In such a scenario, the FHA pays the lender an insurance claim equal to the sum of the unpaid principal balance of the loan, foregone interest and a portion of the foreclosure expenses, The FHA pays for these losses by dipping into its insurance fund, which holds the insurance fees borrowers pay.
In this new web commercial from Freddie Mac, learn to spot a foreclosure scam and find out how to avoid becoming victim to home foreclosure fraud. (Follow this link for a Spanish version: www.youtube.com/watch?v=qQQJ6unRYaY)
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The Funny thing about it is. 1.) They don’t say call the FBI about the fraud, they say call a hot-line that links to THEM
2.) They are actually using propaganda, the intention of this video is to STOP people who are STOPPING THEM FROM FORECLOSURE..
the banks know how to lie.. Believe me they do.
They spent all this money not because they care. but because these so called ‘con artist’ as referred to in this video. ARE ACTUALLY SAVING HOMES AND FAMILIES FROM FORECLOSURE. and its on Court Record.
good information
Win your mortgage:
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Think im playing?
I’ll let them in my house,tourture them and then kill them and burry them in my toilet well.
should take this vid off already! Freddie Mac????Hellooo! Yea call Freddie MAc…Riiiiiiiiighttttttt
HUGE OPPORTUNITY EXISTS CLEANING FORECLOSED HOMES FOR BANKS:
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HUGE OPPORTUNITY EXISTS CLEANING FORECLOSED HOMES FOR BANKS:
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Let’s look at the word MORTGAGE shall we…….
Mort = death
Gage = measurement
mortgage is a measurement of death….”wake up people”
HUGE OPPORTUNITY EXISTS CLEANING FORECLOSED HOMES FOR BANKS
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R we only capable of passing greed laws at this point. I want a mortgage that is adjustable. Adjustable to fair market value. My grandfather took out a loan 50 years ago to start a business. They gave him ten years to repay it. He repaid it in one year. The next year he bought a house free and clear. To all the BMW driving pinto owners, your getting what you bought. Insecurity. I want what I pay for.
oh noez! homestealerz!
to the all mortgage paying ppl out there. even if you have a good deal with your current lender it is always good to shop around to see if other recognised lender can give you better deal. even if you pay some penalty, remortgaging your property to a better deal can save some some monthly outgoing. sometime they can even incorporate other debt with your mortgage. so it is always better to shop around but make sure you go to recognised lenders.
don’t ever let a 3rd party get involved. why would anyone in their mind would help you ? i paid off my house already & i still have these scammers calling offering to pay off my mortgage. i tell them to go fuck yourselves.
Talk to your lender! What a joke. This is all being done intentionally so we can eventually compete with 3rd world producers to sell cars and computers. After all, you don’t need to make $20 an hour to buy a $19,000 home. Best advise; Get yourself a big screen TV and 6-pack of Budweiser and do your civic duty… spend your unemployment check at Walmart.
What is the Key disfavors by Having Your Mortgage
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Times like these, I am so glad that I am a licensed real estate agent. Because I am also a Real Estate Investor, I am concerned that the public will be afraid to trust honest investors who really are helping homeowners avoid foreclosure. In some cases, ONLY a real estate investor can help.
You can find out ALL about mortgage fraud over on baddeal org
Trust me.
Are you in financial distress? Please don’t wait. A non profit site, NeedFinancialHelp (dot) org can help.
Is that what hey teach you to do in those “:Foreclosure Riches” courses? Saved myself $39.95… yeah!
if you are in any kind of financial distress, please post your situation at MoneyLoansCredit (.) com, a site where people help people… Investors and givers needed as well.
fuckin harilous…..