About Tampa's Bayshore Beautiful

FHA Home Loans With Credit Scores Down to 500

The FHA AFFORDABLE PROGRAM was designed to help credit worthy borrowers who have been unable to obtain financing due to their credit scores.

Under this program borrowers who have shown both the capacity and the willingness to pay their bills and expenses for the last 12 months but who's credit scores are standing in the way of obtaining an APPROVAL via automated underwriting will now be giving consideration under this new program.

Stringent overlays apply such as:

1) Debt Ratio's cannot exceed 31/43

2) Down Payment must come from borrowers own funds - Gift funds for the initial 3.50% down are not allowed.

3) No increase in new loan payments (PITI) over current rent payments - If no rent payments then the ability to save or reduce debt by the amount of the new loan payments (PITI) must be shown.

***30 year fixed rate loans only. Additional Overlays may apply. These loans are determined on a case by case basis.

The Pro's and Con's of FHA/VA/USDA Home Loans In Tampa 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. Many of whom plan to refinance or sell the property within the next 5 years.

Senior Home Loan Originator Jim Poole

NMLS #351358

Here's how to obtain your IRS transcripts with-in minutes

Call 1-800-908-9946 press (1) for English give your Social Security Number when prompted, and give the street number of the address on the your tax returns.

Listen to the automated message and when it prompts you to submit an order by pressing (1) DON'T

Instead hit zero (0) and speak to an operator. You can now request through the operator a faxed copy of any years transcripts needed. The operator will ask you questions that pertain to your tax return file that only you would know but after confirming you are who you say you are your returns will be promptly faxed to you.

Credit Repair Techniques - Part 3 of 3

For many people in today's economy the financial situation is so sever that alternative measures are needed and we must look at the short and long term effects of each individuals situation on a case by case basis.

I know many who purchased investment homes during the Real Estate Boon who set out to make a profit not a loss. A lot of work and time was put into finding the right property followed by long weekends of Rehab work to get the home in retail condition prior to selling or renting it. They did not go to these extremes knowing that they were going to lose thousands of dollars in the process.

Nobody wants to be UPSIDE DOWN on their mortgage but the facts are many who purchased these homes as their primary homes paid top dollar and in the years to follow they would lose nearly half their marketable values leaving them in a situation where they owed tens of thousands and in many cases hundreds of thousands of dollars more then they could hope to sell the property for. This has left millions of people stuck with a home that they can not refinance, sell or afford to keep. As a result the alternatives are difficult and painful. But it is important to know that we all have legal rights under the law.

I hear these stories every single day from distraught people who do not know where to turn for help. Well I tell them not to give up hope because I know a group of Attorneys who will assist them through this very difficult time in their lives and will work to give them back their lives as well as their credit and credentials.

Folks I speak from experience having gone through the same thing myself and having many friends and family members who have suffered similar situations over the past few years. I can tell you today I am much better off now that I have the good people at Yesner and Boss assisting me and my family.

Please call and have your family and friends call me to find out more about the alternatives you may have.

Young Uninformed First Time Home Buyers have NO business buying Foreclosures and Bank Owned Properties.

Homes have never been more affordable. Home Prices and Mortgage Loan Rates are as low as they have ever been. Nationally over 70% of the homes sold in the last 2 years have been affordable to households making the national average incomes. New homes are under warranty and protected. The fixtures and appliances are new and under warranty as well.

Short sales can be OK on a case by case basis. Condition is the key and how much the buyers have in reserve to make unknown unforeseeable repairs on older pre-existing homes that have not been properly maintained.

Some will ask what business I have giving such advise. After all I am a loan originator not a real estate professional. Well perhaps I am not schooled and licensed as a Realtor but 17 years of buying and selling homes garners a man some useful knowledge along the way. It saddens me to get a loan application from a young married couple who are just getting their feet wet with a child on the way who have contracted on a home that has been stripped down to its bare bones by the former tenets. Simply because they are under the perception they are getting it at a good price.