About Clearwater's Feathersound

The Pro's and Con's of FHA/VA/USDA Home Loans In Clearwater Florida

If you want a loan with a No Money Down Option then you must be a veteran or you must purchase a home in a HUD Approved Area for Rural Housing. The VA and USDA Loan are the only type loans that offer the No Down Payment Option for buying a home.

The FHA loan is the most popular type loan at this time because the down payment requirement is only 3.5% compared to the Conventional Loans which require 5% down. Both require the added cost of Mortgage Insurance any time less than 20% down is used.

The VA and USDA Loans do not require mortgage Insurance but have a funding fee that is financed into the loan. The USDA funding fee is currently 3.5% but expected to rise with the growing number of defaults. The VA funding fee varies and is determined by the veterans DD214 and Certificate of Eligibility.

Here is a snap shot of the type client that may choose one of these loan types.

VA Loan - An active member or a former member of the armed forces.

USDA Loan - A person living in or wanting to buy a property that resides in an area that typically has under 10,000 other residents.

Conventional Loan - A person with clean credit and 5% or more saved for the down payment of their new home.

FHA Loan - A person with past credit issues that have been resolved in the last year who does not have any money saved for a down payment but who has a relative that will give them the money to put down and/or co-sign on the loan for them.

The Interest Rates on all of the above mentioned loan types are at their lowest levels in the past 100 years. Some are opting for the 5 year arm which is fixed at 3% for the first 5 years of the 30 year loan term. Most of whom plan to refinance or sell the property within the next 5 years.

Senior Home Loan Originator Jim Poole

NMLS #351358

Government Home Loans FHA/VA/USDA in Clearwater Florida are still being used in most purchase transactions. I specialize in FHA, USDA, VA Loan products.

When it comes to less out of pocket expense at a rate that is competitive with other lenders such as the conventional types more people are choosing to go with the Govies; which are aka FHA, VA and USDA Loans.

However lenders are not always willing to adopt into practice the new programs being passed down by HUD. Lets just say it would appear that this particular program isn't being accepted with open arm's on main street so far.

HUD recently launched a program aimed at helping people who are current on their mortgage loans; refinance to the lower prevailing rates being offered through FHA and VA Approved Lenders even if they are under water or up-side down on their mortgages due to reduced property values.

FHA Launched a Refinance Opportunity for Underwater Homeowners who are in good standing with their current Lenders. Not just FHA Loans but all type loans.

Here is how the program is designed:

The program states that if a responsible homeowner can get his or her current lender to WRITE OFF or FORGIVE a minimum of 10% of the current loan balance; then they will do a loan for up to 115% of the property value.

So if the balance is $300,000. the lender must agree to shave off a minimum of $30,000. of the borrowers loan balance. The problem lies in how willing will lenders be to do that for a loan that is currently being paid as agreed?

In the real world lenders are focused on mitigating current defaults rather than reducing the balances owed on loans that are in GOOD STANDING.

So far I have yet to find an FHA Lender who has adopted this program into their portfolio. It seems that in some cases at least there is a disconnect between what is being passed down by HUD and what works in the real world.

The program was designed to encourage principal write-downs for responsible borrowers. Unfortunately lenders have yet to get encouraged by the write downs or by the 115% loan program itself.

I know this article has to do with REFINANCING but everyone probably knows someone personally that is in this situation and would like to use this particular program. What home owner who is current on their loan and owes more on their property than it is currently worth wouldn't want a 10% balance reduction as well as a 2% rate reduction? So my issue is the same as every responsible home owner; why isn't it being made available on main street?

UPDATE 1/26/2011 - Lenders are now adopting this program as part of their portfolio; please contact Jim Poole at 813-205-7958 if you are interested in applying for this program ASAP as the program is only being offered for a limited time.

For more information on Government Home Loans FHA/VA/USDA in Tampa Florida I can be reached by phone at 813-205-7958.

Properties located in the State of Florida only at this time.

View More Listings

Details Photo Gallery Club at Feather Sound (Clearwater, Florida, US - 33762) MLS® $850 USD Monthly Ready now!

Quick Links Virtual Tour Request More Info Mortgage Calculator Show Map Email Listing Schedule A Showing Attachments View Listing Brochure

"2nd Floor Unit" More Photos » Venture Home Realty Details Address: 1918 PELICAN LANDING BLVD # 1121 Type: Condominium Style: Bedrooms: 2 Bathrooms: 2 Size: 1,104 sq. ft. " plus two sunrooms!" Lot Type: Rectangular Has Suite: Yes Year Built: 1985 MLS®: T2435322 Available Date: 8/29/2010 Description 2 bedroom /2 bath, 2nd floor unit at The Club at Feather Sound now available! Features a great room that's nicely tiled, fireplace and a sunroom area over looking the serene pond and fountain, which is great for a relaxing home office or sitting area. The eat-in kitchen includes a glass top range, microwave, dishwasher, refrigerator and pantry. The larger bedroom has a walk in closet, private bath with enclosed shower, and its own sunroom area with a water view too. The 2nd bedroom has its own private bath with tub/shower combo and closet. This home includes a washer and dryer and has a screened in front patio to enjoy. The community also offers many amenities including tennis courts, a large pool, and assigned parking. Don't miss out! Call today! Features Interior Features ▪ Alarm System ▪ Carpeted Floors ▪ Ceiling Fan ▪ Laundry Room ▪ Window Covers Cooling ▪ Central Air Exterior Finish ▪ Concrete Block ▪ Stucco Heating ▪ Central Electric Roof ▪ Asphalt Shingles Sewer/Water Systems ▪ Public View ▪ Water View Lot Features ▪ Clubhouse ▪ Corner Lot ▪ Fenced ▪ Landscaped ▪ Lawn ▪ Patio ▪ Swimming Pool ▪ Tennis Court ▪ Trees / Shrubs Appliances ▪ Dishwasher ▪ Dryer ▪ Garbage Disposal ▪ Microwave ▪ Oven Range ▪ Refrigerator ▪ Stove ▪ Washer Extra Features ▪ Balcony ▪ Cable Available ▪ Controlled Access ▪ High Speed Internet Available ▪ Underground Sprinklers ▪ Unfurnished Sheryl Lynn Webster Email Sheryl Lynn Phone: 866-473-3476 x703 Business: 727-587-0077 Fax: 866-476-0012