Florida Bad Credit Home Loans, Florida Bad Credit Lender
97% Financing down to 540 Credit Score. And if your not at 540, we can get you there!
Minimal Down Payment and Closing Costs.
· Down payment less than 3% 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.
Bad Credit Mortgage In Florida
Getting a Florida Mortgage with bad credit isn't as easy as it was a year or two ago. However, it isn't as impossible as some news reports make it seem. Even Floridians with bad credit reports which reveal past financial sins still sometimes get to the promised land of mortgage approval. Most Home Buyers and Refinance clients do so with the help of a skilled and experienced Florida mortgage lender who specializes in Florida bad credit home mortgages.
If you have what is known in general as bad credit, and you are trying to obtain a home loan in Florida, then we encourage you to work with an experienced Mortgage Lender with a record of funding even the most difficult loans.
At 1st Continental Mortgage, we have been helping borrowers with bad credit find the right lenders, gather their loan documents, and present complete loan packages to lenders for over a decade. Our technique really comes down to understanding what a underwriter is looking for and putting together a complete and thorough loan package.
For some borrowers, it's the only way to get a lender to say yes to a home loan. This is especially the case for a borrower with bad credit mortgage issues.
At 1st Continental Mortgage, we know that a temporary set back like a job loss or car accident can leave you with damaged credit even though you have worked hard to meet all of your financial obligations for most of a lifetime. This episode can affect credit ratings quickly and adversely affect the loan process when applying for your Fl home mortgage.
We feel the borrower with less than perfect credit is the one who benefits the most from working with an experienced Florida mortgage lender. A good Florida mortgage lender knows which lenders have the best programs for borrowers with poor credit and knows how to present an application truthfully and ethically in the strongest light possible. No, we won't exaggerate or misrepresent the facts on your behalf; however, we will work to properly represent you and explain why the situation you are in exists.
Your credit report is the key factor for many of the mortgages we offer, but it is not the only factor. With an experienced Florida Mortgage professional from 1st Continental mortgage working on your behalf, you may be pleasantly surprised at the bad credit home loan quote you get from our network of quality Florida lenders.
We can help you take an objective look at your home loan options regardless of your past credit history. Our experienced loan officers are very skilled at examining your credit report. And our Florida bad credit home loan specialists are happy to offer you free advice on how to clean up your credit report in preparation for your home loan process.
For some bad credit mortgage applicants, the hardest lifting takes place weeks before the mortgage application. It's never too soon to call 1-800-570-0448 to speak to one of our mortgage officers. If you have a weak credit report but want to get a mortgage or refinance your existing one, now is the time to get started. Use our quick application to find out more.
At 1st Continental Mortgage, we have excellent rapport with many lenders who underwrite and service their own loans in house. Because they don't resell the loans they originate, these lenders can say yes to a borrower when banks that are more conservative have said no.
It's actually better for borrowers with bad credit right now than it was before 1990. Before 1990, if a borrower did not qualify for a conventional or government loan, he or she was out of home loan options. The emergence of lenders willing to serve those with poor credit has been a godsend for the borrower who recognizes that a bad credit home loan is a temporary loan.
Used properly with good financial planning, a subprime home loan serves the bad credit borrower for 2-4 years while he or she demonstrates the discipline to pay financial obligations on time. Once the healthier financial pattern yields a higher middle credit score, the borrower can apply for a government insured FHA home mortgage or a fixed rate conventional mortgage.
Even for mortgage borrowers with bad credit, 1st Continental Mortgage has found ways to secure financing for a decade.
Don't let credit dings prevent you from applying for a mortgage from one of Florida's fastest growing mortgage lenders. Call 1-800-570-0448 or apply for a Florida bad credit mortgage online using our quick application right now!
Florida Stated loans in : Alachua, Baker, Bay, Bradford, Brevard, Calhoun, Charlotte, Citrus, Clay, Collier, Columbia, DeSoto, Dixie, Duval, Escambia, Flagler, Franklin, Gadsden, Gilchrist, Glades, Gulf, Hamilton, Hardee, Hendry, Hernando, Highlands, Hillsborough, Holmes, Indian River, Jackson, Jefferson, Lafayette, Lake, Lee, Leon, Levy, Liberty, Madison, Manatee, Marion, Martin, Miami-Dade, Monroe, Nassau, Okaloosa, Okeechobee, Orange, Osceola, Palm Beach Pasco Pinellas Polk Putnam Santa Rosa, Sarasota, Seminole, St. Johns, St. Lucie, Sumter, Suwannee, Taylor, Union, Volusia, Wakulla, Walton, Washington,
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Florida Stated Loan Lender, Stated Loan Lender Florida up to 65% LTV, Florida Stated Home Loans
PROGRAM GUIDELINES
Effective 01/20/09
Florida PRIMARY RESIDENCE CONFORMING UP TO $ 417,000
Florida Stated PORTFOLIO LOANS UP TO $ 3,000,000
CREDIT FULL DOC STATED NINA NO DOC
Call 1-800-570-0448 or apply online using our quick application
SCORE P-R&T C-O P-R&T C-O P-R&T C-O P-R&T C-O
"Second Chance Program"
* 65% LTV full doc-purchase available with credit score of 601+ in designated rural areas and no PMI under Second Chance Program *
* Stated Income + 6-months of cash reserves requires having a mortgage payment history with zero time 30 days late in last 12-month *
* Stated Income + 6-months reserves is allowed for primary residence or second home only and requires a minimum loan of $ 250,000 *
Florida Stated Loan Lender, Florida Stated Loans
2ND HOME-VACATION CONFORMING UP TO $ 417,000 PORTFOLIO LOANS UP TO $ 3,000,000
600 CREDIT Score FULL DOC STATED NINA NO DOC
* All second home loans require having a two year mortgage payment history with zero time 30 days late in the last 12 months *
* Cash out for 2nd home loans is capped to $ 200,000 maximum as net cash back to consumer under Full Doc, Stated or Nina *
Florida Stated INVESTOR LOANS CONFORMING UP TO $ 417,000 PORTFOLIO LOANS UP TO $ 500,000
Florida Stated Loans, CREDIT FULL DOC STATED NINA NO DOC,
Florida Stated Loans, CREDIT FULL DOC STATED NINA NO DOC,
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* All investor loans require having a two year mortgage payment history with zero time 30 days late in the last 12 months *
* Cash out investor loans is capped to $ 200,000 maximum as net cash back to consumer under Full Doc or Nina product *
LOANS ARE SUBJECT TO FINAL UNDERWRITING & QUALITY CONTROL APPROVAL
PROGRAMS AVAILABLE TO REGISTERED FLORIDA
Florida Stated INELIGIBLE LOAN TRANSACTIONS, Stated Loans we will not FUND
Florida Ineligible Properties Include:
Deferred maintenance, properties below average conditions, lack of marketability, refinance vacant properties, mobile homes, condotel, condominium project with less than 12 units, manufactured homes, properties with land value higher than dwelling, properties with more than 5 acres, log or dome homes, mixed used, timeshare units, cooperative units, zoning violations, properties or units with less than 600 square feet, leasehold properties, properties listed for sale in last 6 months and properties not typical or unique for the area
Florida Ineligible Loans:
Loans out of the State of Florida, Government loans such as FHA or VA, construction, bridge loans, cash out loans for properties with less than twelve (12) months since they were acquired and blanket loans covering more than one real estate parcel
Florida Ineligible Borrowers:
Irrevocable trust, Borrowers under consumer credit counseling, non-occupant Borrowers, currently under bankruptcy, foreclosure or have
received a notice of default within last twenty four (24) months.
INTEREST TYPE
Fixed/ARM 5/1 Five years fixed, then 1 Yr Libor adjustable for the remaining 25 years
Fixed/ARM 7/1 Seven years fixed, then 1 Yr Libor adjustable for the remaining 23 years
Fixed/ARM 10/1 Ten years fixed, then 1 Yr Libor adjustable for the remaining 20 years
Fixed 10 Yr Fixed - 15 Yr Fixed - 20 Yr Fixed - 25 Yr Fixed - 30 Yr Fixed
INTEREST ONLY AND ESCROWS
Interest only under agency full doc is allowed up to 70% LTV with a minimum of 681+ middle credit score
Interest only is also available under Stated, NINA and No Doc program and requires a minimum of 681+ middle credit score
Borrower must be qualified based on full payment of PITI and full indexed rate when using ARM products
Interest Only is not permitted in second homes or investment properties
Escrows can only be waived below 80% LTV and requires having 681+ middle credit score
CASH RESERVES
Full Doc Primary 2 month's worth of PITI must be verified
Stated Primary 6 month's worth of PITI must be verified
Nina Primary - 2nd home - Investor No cash reserves disclosed or required
No Doc Primary - 2nd home - Investor No cash reserves disclosed or required
Full Doc Investor, Second Home or Jumbo Loans ======= 6 month's worth of PITI in all programs
All mortgages require having mortgage insurance above 80% LTV
Programs have option to be submitted without verification of assets under Nina or No Doc program.
Reserves must be verified via bank statements only (no VOD) and indicating that these are a "True and certified copy of original" and
each page (back & front if needed) must be signed and dated by provider
FIRST TIME HOME BUYERS
Definition: Borrower that has not owned real estate property within last three (3) years or became owner less than 12-months ago
Loans can be up to 65% LTV under Full Income with latest two-full year worth of 1040s and IRS form 4506-T is mandatory or up to 65%
for detached and duplex properties or up to 65% for condominiums. Stated Income, or 3-4 units is not allowed for First Time Homebuyers
First Time Homebuyers under Full Doc loans need to have 2-Yrs within the same line of work and no change of employer in the last
12-months unless change was made due to better job position and/or income, otherwise change of employment within last 12-months
will disqualify the Borrower. Under No Income-No Assets (NINA) program requires 2-Yr with the same employer, business or profession
First Time Homebuyers are restricted to payment shock rules, which can never exceed more than 100% (double) current rent payment
GIFTED - INHERITED - INTERFAMILY
Gifted, inherited or interfamily transfer of a home within last 12-months is subject to the following:
A) Must be primary residence up to 65% LTV of appraised fair market value
B) Gift from relatives are allowed in any amount provided LTV is 80% or lower
C) Cash back to consumer is limited to 65% LTV and no second mortgage is allowed
LEASE OPTION CREDIT
Copies of all canceled checks paid to the Seller along with fully executed Lease Option Agreement
Only rent amounts in excess of market rents may be considered for down payment. Borrower needs 5% of own funds at closing
SECOND HOME / INVESTOR LOANS
Borrower must be a 24-months seasoned homeowner with excellent mortgage payment history within the last two-year period in order to
qualify for a second home and 641+ credit score or investor loans requires 24-months of excellent mortgage payments and 661+ score
Derogatory credit within the last 12-months is not permitted under any second home or investor loans.
Investor is required to have a two (2) year history of managing rental properties to obtain maximum LTV otherwise loan will be reduced
by 10% LTV. All investor loans are required to have six-month worth of PITI plus rent loss insurance to cover rental losses that may be
incurred during any period that property is being rehabilitated following a casualty. Minimum coverage required is six-month worth of rent
CORPORATE LOANS
Loans Inc. accepts properties in the name of a Revocable Trust, Limited Liability Company and Corporation provided personal guarantee
is given and Borrower is a member that owns the largest interest of such registered entity. Property will be either Borrower/Guarantor's
primary residence or second home/vacation. Loan is limited to a maximum of $ 2,000,000
CASH OUT TRANSACTIONS
Loans Inc., does provide financing up to 80% LTV when loan proceeds will eliminate any existing liabilities and create a lower debt to
income ratio, which becomes a substantial tangible net benefit to Borrower, otherwise cash back to consumer is limited to 75% LTV
Cash out requires property to be seasoned for at least twelve (12) months; otherwise loan will be based on acquisition price
FOREIGN NATIONAL
Citizen of another country who periodically visits the United States and is buying a home in which to reside during the visits as a second
home/vacation property. Short rentals are not permitted. Credit score is not required, but helps if Borrower has record
Borrower's visa status must be documented to determine eligibility. Legible copy of a valid passport, including photo, signature page and
evidence of duration of stay permitted for each borrower. These types of Borrowers do not have a green card or other legal document
allowing them to work in the United State
Available up to 60% LTV under Stated Income as a second home for single family residence and one unit only
Condominiums are limited to a maximum of 50% LTV and subject to senior underwriter approval
Loans cannot exceed more than $ 2,000,000
SELLER CONTRIBUTION
Seller contributions are for actual non-recurring closing cost only
9% for primary residence for agency and portfolio loans up to 75% LTV
6% for primary residence for agency and portfolio loans up to 90% LTV
6% for primary residence under "Second Chance Program" up to 100% LTV
3% for primary residence and 2nd home for agency and portfolio loans over 90% LTV
2% for investor's loans regardless of loan to value
SECONDARY FINANCING
Maximum combined loan to value cannot exceed 95% LTV and secondary financing must meet the following criteria:
A. Primary residence
B. No wrap-around terms
C. No negative amortization
D. Monthly payments must be included in total debt ratio
E. File must be either full income verification or no income-no assets
F. Second lien cannot be a line of credit that provides future advances
G. No balloon payment due within 10 years of Loans Inc.'s settlement date
H. Secondary financing up to 95% CLTV permitted from an institutional lender
I. Seller-held or private second mortgage is allowed up to a maximum of 90% CLTV
LENDING CRITERIA
Credit score is mandatory in order to obtain a mortgage at Loans Inc. (except Foreign National Program)
Loans are based on credit score and mortgage payment history. There are three (3) different categories to be considered:
1. Standard Credit: requires to have no less than three (3) rated trades with 24 months history
2. Extensive Credit: of no less than four (4) rated trades with 24 months payment history and two of them must be active within last
24-months when using any of the following mortgage products: Stated, Nina and No Doc
3. Little Credit: is a borrower with fewer trades than above and requires Full Income with at least one (1) good rated trade opened for
24 months and two (2) trades rated for six months either active or closed and counted from the date they were opened
All loans are underwritten based on mortgage or rental payment history and tri-merged middle credit score as primary source and must
be used to determine credit category, in addition to the parameters required in each particular program.
Mortgage or rental payment history supersedes the applicant(s)' middle credit score
Refinance loans closed after the 15th of the month must provide evidence via pay-off letter that mortgage is current.
Refer to rate sheet/matrix for further credit issues allowed in each mortgage program
Employment for Reduced Doc requires having a two-year history as self-employed in the same business + evidence of business
license and provided the income is reasonable for the line of work performed under Stated Income. NINA program allows all types of
employment, including W-2 wage earners. Retirees or lack of business license must be treated as a No Doc (no employment) loan.
Loans over 95% LTV, require having all three (3)-credit repositories and no derogatory credit within last twelve (12) months
Program is available to First Time Homebuyers only. Borrower cannot own any other real estate property at closing
No open judgments, charge-off, liens or collections are accepted.
First Time Home Buyers are not allowed under Second Home or Investor Loans. Copy of last twelve-canceled checks (back & front) for
rental payments are mandatory. Checks must be written from the Borrower's bank account. If payments are made to a registered
Management Company, we may waive this condition (underwriter's discretion)
Jumbo Loans require having a mortgage payment history with zero time 30 days late in the last 12 months
Loans over $ 417,000 under full or stated requires six-month worth of PITI as cash reserves
Jumbo-Nina cash-out is only available up to 40% LTV and cash back is limited to $ 200,000
Stated Income requires a minimum loan of $ 250,000 or higher and there is not limit for cash out.
Condominiums: Available only as primary residence and they must be Fannie Mae or Freddie Mac approved
Condominiums are limited to a maximum of 80% LTV as full income documentation and 50% under Stated Income
Condominiums require all borrowers to have a minimum 681+ middle credit score in order to be eligible under our programs
Collection, Repossession, Charge Off, Lien, Judgment, Child Support, others
Adverse credit in the last twelve (12) months must be brought current prior to or at closing and loan will be limited to 90% LTV
Repossessions, evictions, and consumer credit counseling are considered on a case-by-case basis only
All judgments and child support claims must be satisfied prior to close or at closing if assets were verified
Bankruptcy
Bankruptcy must have been discharged at least two years. Borrower must have re-established credit, and provide copies of bankruptcy
petition, schedule of creditors and copy of the final discharge notice issued by Federal Court. A detailed letter of explanation signed and
dated must be included showing the reason(s) the bankruptcy was filed and steps taken to avoid any future financial complications.
FULL DOC
Maximum 100% LTV SFR Rural Min. Loan $ 60,000 Max. Loan $ 3,000,000
95% LTV SFR Detached/Attached 90% LTV Duplex 80% LTV 3-4 Units 80% LTV Condos
Income is verified via pay stubs, W-2 and/or 1099 forms, personal tax returns and 4506-T IRS form.
Verification of employment is obtained via telephone, written VOE and/or letter from employer issued on employer's letterhead
Assets must be verified via bank statements only. Loans Inc., no longer accepts VOD's
100% LTV is only allowed under Second Chance Program for First Time Homebuyers
Two (2) full years of verifiable employment within the same line of work, profession or business required
W-2 wage earner needs last two (2) years W-2, last 30 days worth of pay stubs with Y-T-D income, written and/or verbal VOE
Self-employed requires two (2) years 1040's along with current P & L, we may also require 1120's, 1065 or K1
All loans require a signed 4506-T upon loan submission, except loans processed as NINA (No Income-No Assets)
STATED
Maximum 65% LTV Min. Loan $ 250,000 Max. Loan $ 3,000,000 Condos 50% LTV
Tax return is not required, but Income will be verified with alternative sources such as bank statements, business's P&L, etc.
All borrowers are required to be two (2) years self-employed in the same business
Letter issued by a CPA, showing position, title, and length of business existence along with P&L statement, written on CPA's letterhead
We may also require copy of bank statements as evidence of cash-flow verification
Self-employed requires to have evidence of existence of business via occupational license and corporate documents
Six-months worth of PITI as cash reserves will be verified via last two bank/mutual funds/retirement accounts/401-K statements
NINA
Max. 50% LTV Min. Loan $ 150,000 Max. Loan $ 3,000,000 No Condos
Income and assets are not to be verified, nor can it be disclosed on credit application
All borrowers are required to be two (2) years with the same employer, profession or business
Payment shock applies and cannot exceed 100% (double) of current mortgage or rent payment
Salary borrower needs to provide a letter issued by employer indicating title, position and length of employment (must be 2-Yrs)
Letter must be signed and dated on provider's letterhead and cannot disclosed any income, benefits or any type of compensation
Self employed needs a written CPA or registered accountant letter showing, position, title and length of Borrower's source of income.
Letters must be signed and dated on provider's letterhead along with copy of two years worth of business or professional license.
NO DOC
Max. 50% LTV Min. Loan $ 150,000 Max. Loan $ 3,000,000 No Condos
Income, assets or employment are not to be verified, nor can it be disclosed on credit application
Payment shock applies and cannot exceed 100% (double) of current mortgage or rent payment
UNITS
Duplex maximum 90% LTV as primary residence 3-4 Units maximum 80% LTV as primary residence
Borrower(s) buying 2-4 units, as a primary residence cannot own any other real estate upon loan closing
Duplex maximum 80% LTV as investment property 3-4 Units maximum 75% LTV as investment property
All above described loan-to-value are based on full income verification loans
Units financing require having copy of all existing lease/rent agreements and all units must be occupied upon loan closing
Investor loans require additional reports regarding rental comparables in the area (form 1007) and operating income statement (form 216)
Investor Full Doc loans requires having six-months worth of PITI as cash reserves as well as rent insurance coverage for six months
APPRAISALS
All loans require one (1) full-certified appraisal ordered by Loans Inc only
Loans over $ 500,000 requires one full-certified appraisal and one field review appraisal
Investor loans require additional reports regarding rental comparables in the area (form 1007) and operating income statement (form 216)
A desk review or field appraisal will be required in addition to the full appraisal under the following criteria:
Properties over $ 500,000, rural properties, loans over 70% LTV or any loan in which the first appraisal was not acceptable to
FNMA/FHLMC guidelines or to our Portfolio underwriting criteria, including properties located in a soft or declining real estate market area
CLOSING AGENTS
All closing agents must be registered with Loans Inc, and they are required to provide closing protection letter specific to Loans Inc,
Borrower(s) and subject property along with Errors and Omissions Insurance Policy and a preliminary closing statement (HUD-1)
indicating Borrower's name, Property Address and all closing Agent's fees, which cannot be changed at the time of closing.
Loans Inc., regardless of type of loan transaction, must order title work and perform quality control before closing or release of funds
Closing will take place at Borrower's location when is a refinance, otherwise it will be done at the registered title company's office
MORTGAGE BROKER-ASSOCIATE COMPENSATION
Licensed Mortgage Broker Associates that have placed their license exclusively with Loans Inc. will be paid up to a maximum of $ 15,000
Broker will be compensated with 100% commission of Mortgage Broker fee charged to Borrower(s) not to exceed 2% of amount financed
Broker may choose to obtain an additional 1% compensation directly from Loans Inc., as a YSP premium, also known as buy-up or backend
points, once all the following conditions are met:
1. Property is used or will be used as Borrower's primary residence
2. Borrower with the lowest middle credit score of at least 661 or higher
3. Loan is locked and written confirmation from Loans Inc has been obtained
4. Loan must be processed as a FNMA or FHLMC full income documentation
5. Loan is not within section 32 or a high cost mortgage as defined by regulations
6. Loans Inc.'s published interest rate has been increased using a buy-up of interest rate of 1 to 2
7. Premium not to exceed a maximum of one (1%) percent of loan amount or $ 4,170 whichever is less
8. Mortgage Broker-Associate has closed and funded at least three (3) residential loans within the last three months
All other mortgage programs such as Stated, Nina, No Doc, 2nd Home, Investor, Foreign National, Jumbo Loans, Corporate Loans, and
Commercial Loans don't pay any yield-spread premium (YSP) to Mortgage Broker-Associate
Compensation earned by Broker is not subject to any Federal, State and Local Government taxes. Broker is liable for any taxes due.
Buy-up rate 1:2. Example- increase rate ¼ and premium will be ½ point- increase rate ½ and premium will be 1 point
Buy-down rate Maximum buy down is ½ percent to the rate. Buy down is allowed up to the lowest published par rate only
Rate can be reduced as follows: 1 discount point reduces rate ¼-- 2 discount points reduce rate ½ percent
Rate Locks Loans can be locked for 30 days at no charge once all conditions are properly met and received
Option to 45 days locks add ¼ discount point and 60 days locks add ½ discount point
LOANS INC.'s FEES
Administration Fee: $ 899 Processing Fee: $ 375
QUALITY CONTROL / SECTION 32
All loans are subject to satisfactory compliance with our quality control program, prior to funding
Loans Inc., does not provide financing under section 32, nor accepts or practices any predatory lending
In any event the maximum finance charges paid by the Borrower may not exceed 3.50% of loan amount reflected on the mortgage note
All closed loans must reflect a substantial tangible net benefit to Borrower's previous mortgage situation as a condition to obtain funding
MORTGAGEE CLAUSE
LOANS INC., its successor and/or assigns, as theirs interest may appear: P.O. Box 651294, Miami, Florida 33265
LOANS ARE SUBJECT TO FINAL UNDERWRITING & QUALITY CONTROL APPROVAL
PROGRAMS AVAILABLE TO REGISTERED FLORIDA LICENSED MORTGAGE BROKERS ONLY
PUBLISHED TERMS AND PROGRAMS ARE SUBJECT TO CHANGE WITHOUT ANY PRIOR NOTICE
Effective 01/20/09
Call 1-800-570-0448 or apply online using our quick application
Florida Stated loans in : Alachua, Baker, Bay, Bradford, Brevard, Calhoun, Charlotte, Citrus, Clay, Collier, Columbia, DeSoto, Dixie, Duval, Escambia, Flagler, Franklin, Gadsden, Gilchrist, Glades, Gulf, Hamilton, Hardee, Hendry, Hernando, Highlands, Hillsborough, Holmes, Indian River, Jackson, Jefferson, Lafayette, Lake, Lee, Leon, Levy, Liberty, Madison, Manatee, Marion, Martin, Miami-Dade, Monroe, Nassau, Okaloosa, Okeechobee, Orange, Osceola, Palm Beach Pasco Pinellas Polk Putnam Santa Rosa, Sarasota, Seminole, St. Johns, St. Lucie, Sumter, Suwannee, Taylor, Union, Volusia, Wakulla, Walton, Washington,
Lake County Florida FHA Mortgage 97% Financing, Lake County FHA loans
Minimal Down Payment and Closing Costs.
· Down payment less than 3% 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 for a Lake County Florida FHA loan NOW
Answers to Mortgage Questions
Whether Refinancing or Buying, We
Deliver Good Answers to Great Questions!
I need a mortgage. Why should I do business with you?
What is a Home Loan?
What is a Mortgage?
What is Refinancing?
What is FHA?
What is HUD?
What is Sub Prime?
What is a Lender? Do I need a Lender?
What is a Broker? Should I use a Mortgage Broker?
What is a Mortgage Originator?
What is a Mortgage Loan Processor?
What is a Mortgage Underwriter?
What is a Pre-Approval Letter?
What is a Mortgage Commitment?
What do I need to apply for a mortgage?
What is the difference between a fixed and adjustable rate mortgage?
Can I buy a house using a FHA Loan?
How much mortgage do I qualify for using an FHA Loan?
Does the FHA loan impact how much house I can qualify to buy?
How do I qualify for a home mortgage using the FHA program?
What is the difference between a regular mortgage and a FHA Loan?
Do you have to improve your credit score to get a better rate with FHA?
What is the importance of credit when you apply for an FHA Loan?
I heard the FHA loan is only for 1st time buyers, is that true?
My mortgage company says I should not consider the FHA program. Why should I listen to you and not them?
I want to improve my mortgage term. Can I refinance my FHA loan now?
How soon can I refinance to a new home loan?
How often can I refinance my home?
How can I refinance my home when I have credit problems?
Where can I refinance my home if I'm late on my mortgage?
Lake County Florida first time home buyers and other borrowers, the FHA home loans can have key advantages:
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 Downpayment Requirements - 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 Lake County Florida FHA home loans.
Less than A-1 Credit is Okay - The Lake County 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 Lake County 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 Lake County 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 Lake County 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 Lake County 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.
At one point and time many years ago, the FHA loan was the only alternative to local bank financing for home buyers. In the fashion world, there is a saying: Wait long enough, and everything comes back into style. That rule applies just as well to Lake County Florida FHA mortgage program. Long-overlooked, the FHA mortgage is becoming popular again with Florida Home Buyers for its low rates and the real security it provides borrowers.
For Florida banks and other mortgage lenders, FHA mortgage loan financing offers the security of a government insured Mortgage. Win/Win! To learn more, call today at 1-800-570-0448 or just use our fast and easy quick application!
FHA Home Loans for Purchasing a Lake County Florida Home
Although Florida FHA home 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 Lake County 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 Lake County 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!
FHA Home Loans Offer the Convenience of Streamlined Refinance
An FHA streamline refinance is one of the easiest home loans for Mortgage Lenders and borrowers. Since HUD approved you for the original FHA loan, the paperwork to refinance is minimal and the process is simple.
So long as you have made your Lake County FL FHA loan mortgage payments on time for the previous 12 months, you can lower your monthly payment if interest rates go down with minimal out of pocket expense. Even if you have been late on your FHA mortgage, you might still qualify for an FHA streamline refinance in Florida under very specific conditions.
Less documentation and no appraisal are just two of the reasons a FHA streamline refinance is cheaper and faster for the borrowers who qualify.
Lake County Florida FHA Mortgage Loan
Streamline Refinance Requirements
When your 1st Continental Mortgage lender helps you get a streamlined FHA refinance on your existing mortgage loan, he or she will make certain that you meet these conditions:
FHA Mortgage Loan Refinance
Programs for Cashing Out Equity
Although a streamline refinance does not allow you to cash out equity, we have a FHA loan refinance program that is specifically designed for borrowers who want to cash out equity to consolidate debts, make home improvements or to access funds for other purposes.
Unlike many conventional loan programs, the FHA mortgage does not adjust the rate based upon loan to value or credit score. You will find the FHA has very reasonable underwriting guidelines for cash out refinancing.
We have helped many clients borrow up to 85% of the appraised value of their homes and use the funds to consolidate debts or to make home improvements and other purposes. Qualified borrowers will have to look hard to find lower rates and better terms than they can get on Florida FHA cash out refinance right now!
Call 1st Continental Mortgage today at 1-800-570-0448 or use our quick application to apply for an FHA refinance on your home in Sumter County or any of the other Florida counties we offer FHA mortgages in.
FHA Home Loans For Mobile Homes with Land
Although some conventional lenders in Florida shy away from making a loan on Mobile Homes or manufactured homes, many FHA mortgage loan lenders do not.
In fact, mobile homeowners fortunate enough to connect with a Florida mortgage lender, who is well schooled in how FHA loans work for mobiles and manufactured homes, can get a better interest rate, better terms, and a lower monthly payment by going FHA in nearly every case.
If you're shopping for financing to buy a mobile or manufactured home on land in Sumter County or any of the other 66 counties in Florida that we serve, call 1-800-570-0448 and let us give you a quote for an FHA mortgage loan to purchase your mobile or manufactured home.
It only takes a few minutes to get an FHA loan mortgage quote on your Florida mobile home. We'll wager that the savings on your monthly mortgage payments will make it some of the highest paid work you've ever done.
Few people realize that the FHA loan uses the same underwriting criteria for single and double wide mobile homes and manufactured housing as it does for traditional site built block or stick homes. In addition, FHA is one of the very few programs that can offer up to 97% financing on mobile homes on land. In addition, did you know that the seller can contribute up 6% toward your closing costs on an FHA mobile home loan and that down payment assistance can be used in Florida? It's true! You could package your mobile home financing to create a real no money down loan with unbelievably low rates.
Call 1-800-570-0448 or use our secure online quick application for a free no obligation quote on financing your manufactured or mobile home using an FHA mortgage loan.
Lake County Florida FHA Mobile Home Lending Guidelines
The Department of Housing and Urban Development (HUD) sets forth these guidelines for determining if a mobile or manufactured home qualifies for an FHA mortgage loan in Lake County Florida:
If you would like to determine if your mobile or 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 an FHA mobile home mortgage.
Lake County Florida Mobile Home Financing
No matter if you call it a factory built home, a manufactured home, a modular home, or a prefabricated home; smart Florida financing Mobile Home Buyers know that manufactured homes offer them comparable quality, lower costs per square foot and dramatically quicker build times than a traditional site built home.
These new mobile homes in Florida are a world better in quality and Construction than the single and double wide trailer homes of a generation ago. Not only has the quality of manufactured and modular housing improved dramatically for Florida home buyers, but now there are also more Florida mobile home mortgage programs for manufactured homes and better home loan options for modular home buyers in Citrus County and the other Florida cities we serve.
Most industries in Florida switched to factories and assembly lines over one hundred years ago. Only Florida home builders were left behind. Many still cling to the outdated belief that the only way to build a home is by delivering materials and workers to the vacant lot and managing subcontractors for 6 months to a year.
Not true.
It should be no surprise that the fastest growing segments of the housing market today are Florida manufactured homes and modular homes.
As Mortgage Lenders, we at 1st Continental Mortgage have helped scores of Floridians from first time home buyers to vacation home buyers secure excellent FHA home loans to achieve mobile and modular home financing. If you need a loan for a mobile home on land, a modular home in a Florida subdivision or a manufactured home on acreage - please call 1-800-570-0448 or apply online today using our quick application.
Florida Modular homes or manufactured homes from top manufactures now compare in quality with homes built by better custom home builders No matter what name they go by, factory built homes cost between ten and thirty percent less than traditional site built homes. At 1st Continental Mortgage, we know why you want a fixed rate mortgage to buy a modular home in a subdivision, an FHA home loan for a manufactured home on an acre lot, or conventional home loan for a mobile home on a rural retreat. With our network of financing, we can help you get the manufactured home financing for your Florida dream home at interest rates and terms you deserve.
Some mortgage lenders do not know how to get these loans approved. Worse still, they don't welcome the business of manufactured home buyers. At 1st Continental Mortgage, we want your business. We will be glad to assist you in securing the best rate and terms for your Florida manufactured home mortgage. We have been helping with the purchase and Refinance of mobile, modular, and manufactured homes from Dade County to Leon County for over a decade.
Some Florida Mortgage lenders don't know the lenders who want to lend money for a manufactured home and land package. We do. If you are looking at a modular home in a subdivision, or one of many Florida manufactured housing developments, call 1st Continental Mortgage today at 1-800-570-0448. Our friendly staff can help you get a low fixed rate mortgage or refinance on your Florida modular home, manufactured home or Mobile Home.
FHA 203k Mortgages For Lake County Florida Homeowners Making Home Improvements
The FHA 203k loan program is nothing more than a specialized FHA home loan designed to help homeowners make home improvements. It is especially popular in neighborhoods with properties in need of rehabilitation.
The FHA 203k loans work in Lake County Florida communities in much the same way as Construction loans for home improvement. Eligible borrowers can use the proceeds from these mortgage to renovate and improve their primary residences.
Qualifying for a 203k FHA mortgage uses the same guidelines as a standard FHA mortgage for the purchase of a Lake County Florida home.
Target Borrowers for FHA 203K Mortgages
This specialized FHA mortgage is for Lake County Floridians who wish to buy a home that needs repairs or renovations. Just as is the case with a conventional construction loan, a single FHA 203k loan covers both purchase of the Florida real estate and renovation. FHA 203K financing can be used to purchase a property on a site and move it to a new foundation on the mortgaged property and rehabilitate it.
In addition, Florida homeowners can also use a 203k FHA mortgage to refinance existing debt when they finance one or more home improvements using the FHA 203k mortgage program.
Many borrowers are finding out what a good deal a Lake County Florida FHA home loan really is. Call 1-800-570-0448 today or simply use our quick application to find out more!
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