Florida Refinance with FHA mortgage, Florida FHA mortgage Refinance,
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\Some advantages of using a FHA mortgage for your Florida mortgage refinance are as follows:
Cash-Out Refinance up to 95% for existing or new FHA mortgages.
Rate and Term Mortgage Refinancing up to 97% of your homes value.
FHA Streamline Refinance for existing FHA loans only.
FHA Secure Refinance with current mortgage lates.
Apply NOW at http://www.fhamortgagefhaloan.com/
Florida Mortgage Refinance
As a Florida homeowner, eventually, you'll consider refinancing your Florida mortgage. Before you decide to refinance, you should confer with an experienced Florida Mortgage Lender. Our licensed mortgage pros work hard to stay current on the best refinance mortgage programs. Our training objectives are to help each of our clients achieve the best combination of interest rate, mortgage terms, and low home loan closing fees for a Florida refinance. Call today at 1-800-570-0448 or use our quick application to learn more!
For over a decade, 1st Continental Mortgage has been the Florida mortgage lender of choice in Florida because we deliver excellent Florida mortgage rates and superb white glove mortgage service to Florida homeowners. 1st Continental Mortgage loan officers are well equipped to make refinancing your Florida Mortgage a smooth and pleasant transaction from application to closing.
After conferring with one of our loan officers, you may find that refinancing your existing mortgage loan isn't the most suitable way to meet your financial goals. In finance, there are often many ways to achieve a goal, and a conversation with a Florida mortgage expert can save you time in locating the homeowner loan that is going to work the best for your unique set of circumstances.
Why not call one of our friendly experienced loan officers today for a free review your financial situation and objectives. We're confident that when you complete your phone interview, you'll be certain you are applying for the best Florida refinance homeowner loan. A loan that will serve your long-term interests and not just the interest of the Florida mortgage originator you're working with. Call 1-800-570-0448 today or use our quick application for a free, no-obligation consultation.
For most of our clients, getting a Florida refinance on their Florida Mortgage is the most important single financial transaction they will ever undertake. It's actually more important than when you first decided to purchase your Florida home! It's not something that most people do every day. In fact, some homeowners may only refinance two or three times in a lifetime.
Nevertheless, differences among Florida mortgage programs for refinancing that appear small can make a huge difference over the life of a typical Florida mortgage. The hard truth is, refinancing your home into the wrong loan can cost you tens of thousands of dollars or even put you at risk of losing your Florida home to foreclosure.
At 1st Continental Mortgage, we'll listen carefully to your objectives for the refinance loan, ask the right questions, and use our experience to match you with the best program and lender from among the hundreds of Florida debt consolidation refinance programs we offer.
At 1st Continental Mortgage, we're experts at identifying the small differences in competing refinance mortgage loan programs that can save our clients big dollars. We'll be glad to share what we know to help you create the best refinance scenario for your situation. Call 1-800-570-0448 or use our secure online quick application to see how simple it is to refinance a mortgage in Collier County or any of the other Florida counties we serve.
Whether you are motivated to refinance your Florida home by a desire to lower your interest rate, lower your monthly payment, change your terms, or remove a former spouse from a mortgage, we will be happy to help. Over the last decade, we have heard our share of excellent reasons for making changes to an existing Florida mortgage. We have excellent Florida refi solutions for all kinds of homeowners from interest only refinances for a newly single professional; to refinancing a Mobile Home on land with a low fixed rate FHA mortgage in Wesley Chapel, Florida; to helping a young family avoid the shock of dramatically higher mortgage payments from an ARM.
Florida Debt Consolidation Refinance
Cash Out Refi in Florida
For some Florida clients, the need to refinance is driven by debt consolidation. It's not uncommon today for borrowers to feel that their credit card debt or other installment debt has taken on a life of its own. We know how to help you get the most for your hard-earned home equity when it comes to doing a cash out refinance for debt consolidation. Refinancing for debt consolidation can help free up hundreds of dollars a month and in some cases, the mortgage interest may be tax deductible. If you have home equity and need a fresh start, call 1-800-570-0448 or use our quick application. We think you'll be glad you did!
We don't recommend refinancing a first mortgage to every client as a vehicle to consolidate debt or get cash out. Sometimes a prepayment penalty on the first mortgage makes a Second Mortgage or home equity line of credit a better way to access home equity. In other cases, the first mortgage may have a desirable characteristic, such as a below market interest rate, that makes refinancing simply not worthwhile. We'll be happy to help you generate a range of refinance program options and to choose the best from among them.
Why not call us today at 1-800-570-0448 or fill out our quick application to get a fast quote on refinancing your Florida mortgage!
Here are just a few of the reasons our past clients have expressed for refinancing their Florida homes:
With more than 100 lender programs to draw upon, 1st Continental Mortgage loan officers have been delivering the right homeowner refinancing loans for over a decade to thousands of Floridians. Here is a partial list of the mortgage programs that we can help you with:
The mortgage professionals of 1st Continental Mortgage are waiting to hear from you right now about your next Florida homeowner refinance opportunity. Just give them a ring at 1-800-570-0448 or apply securely online using our quick application. With so many excellent refinancing options for Florida homeowners, we're certain to have a Florida refinancing mortgage program designed for you!
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Serving all of Broward County Florida Including the cities of Coconut Creek, Cooper City, Coral Springs, Dania Beach, Davie, Deerfield Beach, Fort Lauderdale, Hallandale Beach ,Hillsboro Beach, Hollywood, Lazy Lake, Lauderdale-By-The-Sea ,Lauderhill ,Lauderdale Lakes, Lighthouse Point, Margate, Miramar, North Lauderdale, Oakland Park, Parkland, Pembroke Park, Pembroke Pines, Plantation, Pompano Beach, Sea Ranch Lakes, Southwest Ranches, Sunrise, Tamarac, Weston, West Park, Wilton Manors, Broward Mortgage Lender, Broward Mortgage, Broward home loans, Broward Mortgage, Broward FHA loan, Miami FHA loan, Miami FHA home loan, Miami FHA home mortgage, Florida FHA loan limits, Miami FHA home loans, Miramar Mortgage, ,Orlando FHA Mortgage, Orlando Mortgage Lender, St Petersburg FHA loan, Pinellas FHA mortgage, Pasco FHA mortgage, Sarasota FHA mortgage, Collier FHA mortgage Loan, Collier FHA mortgage , Broward County FHA mortgage Lender, lee County FHA mortgage, Florida FHA lending limits, Fort Lauderdale FHA loan, FHA mortgage Fort Lauderdale, FHA lending limit, Palm Beach FHA loan, Broward Refinance, Florida Broward, Dade, Palm Beach,
The FHA mortgage program is a mortgage loan designed to assist every qualified and eligible Florida homebuyer with having the opportunity to qualify for the home of their dream. Insured by FHA the Federal Housing Administration, the FHA loan program provides prospective FHA mortgage applicants with tremendous opportunities. Offering FHA mortgage rates that are traditionally lower than conventional Freddie/Fannie home loans.
FHA Hone loan Advantages Include:
Minimal Down Payment and Closing Costs.
Easier Credit Qualifying Guidelines such as:
Easier Debt Ratio & Job Requirement Guidelines such as:
The FHA mortgage is fast becoming the Florida mortgage loan of choice for many Florida Home Buyers around Florida, including the areas we cover:
Serving These Fine Florida Communities:
Arcadia :: Boca Raton :: Boynton Beach :: Bradenton :: Brandon :: Cape Coral :: Clearwater :: Clewiston
Crestview :: Daytona Beach :: Deerfield Beach :: Deland :: Delray Beach :: Deltona :: Destin :: Englewood
Fort Pierce :: Ft. Lauderdale :: Ft. Myers :: Ft. Walton Beach :: Gainesville :: Hollywood :: Homosassa Springs
Jacksonville :: Key West :: Kissimmee :: Lake City :: Lakeland :: Lynn Haven :: Marathon :: Marco Island
Melbourne :: Miami :: Miami Beach :: North Fort Myers :: North Miami Beach :: Naples :: Ocala :: Okeechobee
Orlando :: Ormond Beach :: Osprey :: Palatka :: Palm Bay :: Palm Beach :: Palm Coast :: Panama City :: Pensacola
Pompano Beach :: Port St. Lucie :: Punta Gorda :: Santa Rosa :: Sarasota :: Sebastian :: Sebring :: Springhill
St. Augustine :: St. Petersburg :: Tallahassee :: Tampa :: The Villages :: Titusville :: Venice :: Vero Beach
Wauchula :: Wesley Chapel :: West Palm Beach :: Winter Park :: Broward :::: Dade ::
Palm Beach ::
FHA maintains strict guidelines which limit wich Florida mortgage lenders can assist Florida home buyers and home owners like you. With such strict quality guidelines for Florida mortgage lender , you can know with confidence that you're dealing with a strong reputable Florida mortgage lender if they originates the FHA mortgage Program, they are a strong and reputable firm. our job is to place you in the right FHA Mortgage the first time, and the FHA home loan program is a solid foundation to your next Florida home loan.
benefits that homebuyers find with FHA include:
The fact is, there are many good reasons Florida home buyers and Florida home owners consider an FHA home loan over other mortgage programs. Beyond just the Best FHA interest rate benefits, Most flexible qualifying guidelines and great terms, the FHA home loan gives you peace of mind.
The FHA home loan program is administered in such a way that it is actually designed to protect Florida homebuyers in times of hardship! How you ask? Unlike Sub-Prime or Bad Credit home loans, the FHA mortgage offers many different Foreclosure prevention programs that actually you keep your home.
FHA home loans are the easiest home loans to qualify for below we will explain how to FHA calculates income for FHA Mortgage applicants. You will also find procedures for calculating effective income, and requirements for establishing income stability.
But first here is a brief description of FHA home loan advantages
Minimal Down Payment and Closing Costs.
Easier Credit Qualifying Guidelines such as:
Easier Debt Ratio & Job Requirement Guidelines such as:
Calculating Income for an FHA Mortgage loan
FHA looks at the anticipated amount of income, and the likelihood of its continuance, must be established to determine an FHA mortgage applicants capacity to repay mortgage debt. The FHA mortgage applicants Income may not be used in calculating the FHA mortgage applicants income ratios if it comes from any source that cannot be verified, is not stable, or will not continue. This section describes acceptable types of income, procedures for calculating effective income, and requirements for establishing income stability.
FHA does not impose a minimum length of time a FHA mortgage applicants must have held a position of employment to be eligible. However, the FHA mortgage applicant must verify the FHA mortgage applicants employment for the most recent (2) two full years. If a FHA mortgage applicant indicates he or she was in school or in the military during any of this time, the FHA mortgage applicant must provide evidence supporting this claim, such as college transcripts or discharge papers. The FHA mortgage applicant also must explain any gaps in employment spanning one month or more. Allowances for seasonal employment, such as is typical in the building trades, etc., may be made if documented by the FHA mortgage lender.
To analyze and document the probability of continued employment, FHA mortgage lenders must examine the FHA mortgage applicants past employment record, qualifications for the position, previous training and education, and the employer's confirmation of continued employment. An FHA mortgage applicant who changes jobs frequently within the same line of work, but continues to advance in income or benefits, should be considered favorably. In this analysis, income stability takes precedence over job stability.
In some cases, an FHA mortgage applicant may have recently returned to the work force after an extended absence. In these circumstances, the borrower's income may be considered effective and stable provided the following conditions apply:
The FHA mortgage applicant has been employed in the current job for six months or more, and
B. The FHA mortgage applicant can document a two-year work history prior to the absence from the work force. Acceptable documentation includes traditional employment verifications, copies of W-2's or paystubs.
An example of an acceptable employment situation includes a person that took several years off of work to raise children and then returned to the workforce. Situations not meeting the criteria listed above may be considered as compensating factors only.
The income of each FHA mortgage applicant r to be obligated for the mortgage debt must be analyzed to determine whether it can reasonably be expected to continue through at least the first three years of the mortgage loan. If the borrower intends to retire during this period, the effective income must be the amount of documented retirement benefits, social security payments, or other payments expected to be received in retirement. No inquiry may be made regarding possible future maternity leave.
In most cases, the FHA mortgage applicant income will be limited to salaries or wages. Income from other sources can be included as effective income with proper verification by the FHA mortgage lender. Procedures for analyzing other acceptable income sources besides salaries and wages are described below:
Overtime and Bonus Income. Both overtime and bonus income may be used to qualify if the FHA mortgage applicant has received such income for the past two years and it is likely to continue. The FHA mortgage lender must develop an average of bonus or overtime income for the past two years, and the employment verification must not state that such income is unlikely to continue. Periods of less than two years may be acceptable provided the FHA Mortgage lender justifies and documents in writing the reason for using the income for qualifying purposes.
An earnings trend also must be established and documented for overtime and bonus income. If either type shows a continual decline, the FHA mortgage lender must provide a sound rationalization in writing for including the income for FHA mortgage applicants qualifying. If bonus income varies significantly from year to year, a period of more than two years must be used in calculating the average income.
Part-Time Income. Part-time/second job income, including employment in seasonal work, may be used in qualifying if the FHA mortgage lender documents that the FHA mortgage applicant has worked the part-time job uninterrupted for the past two years and will continue to do so in the future. Seasonal employment (e.g., umpiring baseball games in summer, working at a department store during the holiday shopping season) is considered uninterrupted and may be used in qualifying if the FHA mortgage lender documents that the FHA Mortgage applicant has worked the same type of job for the past two years and expects to be rehired during the next season. Income from a part-time position that has been received for less than two years may be included as effective income, provided the FHA mortgage lender justifies and documents that the income's continuance is likely. Income from part-time positions not meeting these requirements may be considered as a compensating factor only.
For qualification purposes, part-time income refers to jobs taken to supplement the FHA Mortgage applicant income from regular employment (i.e., a second job - not meaning primary jobs of less than 40 hours per week.) If a FHA mortgage applicants regular employment involves less than a typical 40-hour workweek, the stability of that income should be evaluated as any other regular, on-going primary employment. For example, a registered nurse may have worked 24 hours per week for the last year. Although this job requires less than 40 hours of work per week, it is the FHA mortgage applicant primary employment and is to be considered effective income.
We recognize that many low- and moderate-income families rely on part-time and seasonal income for day-to-day needs. Lenders must not restrict the consideration of such income sources in qualifying these borrowers.
Military Income. FHA mortgage applicants may use military income: In addition to base pay, military personnel may be entitled to additional forms of pay. Income from variable housing allowances, clothing allowances, flight or hazard pay, rations, and proficiency pay is acceptable, provided its probability of continuance is verified in writing. An additional consideration may be the tax-exempt nature of some of these payments (see paragraph Q for additional information.)
Commission Income. FHA mortgage applicants may us commission income but it must be averaged over the previous (2) two years. The FHA mortgage applicant must provide copies of signed tax returns for the last (2) two years, along with the most recent pay stub. (Unreimbursed business expenses must be subtracted from gross income.) FHA mortgage applicants whose commission income shows a decrease from one year to the next require significant compensating factors to allow for loan approval. FHA mortgage applicants with commission income received for more than (1) one but less than (2)two years may be considered favorably provided the underwriter is able to make a sound rationalization for acceptance and can document the likelihood of continuance.
FHA mortgage applicants who have commission income earned for less than (1)one year are not considered effective income. Exceptions may be made for situations in which the FHA mortgage applicants compensation was changed from a salary to commission within a similar position with the same employer. A FHA mortgage applicant also may qualify when the portion of earnings not attributed to commissions would be sufficient to qualify the borrower for the FHA mortgage.
Retirement and Social Security Income. Retirement and social security income require verification from the source (former employer, Social Security Administration) or federal tax returns. If any benefits expire within the first full three years, the income source may be considered only as a compensating factor.
Child Support, Alimony, or Maintenance Income. Income in this category may be considered as effective if such payments are likely to be consistently received for the first three years of the FHA mortgage. The FHA mortgage applicant must provide a copy of the final divorce decree, legal separation agreement, or voluntary payment agreement, as well as evidence that payments have been received during the last twelve months. Acceptable evidence of payment regularity includes cancelled checks, deposit slips, tax returns, and court records. Periods less than twelve months may be acceptable, provided the payer's ability and willingness to make timely FHA mortgage payments is adequately documented by the FHA mortgage lender.
Notes Receivable. A copy of the note must be presented to establish the amount and length of payment. The FHA Mortgage applicant also must provide evidence that these payments have been received consistently for the last twelve months, which may include deposit slips, cancelled checks, or tax returns. If the borrower is not the original payee on the note, the FHA mortgage lender must also establish that the FHA Mortgage applicant is now a holder in due course and able to enforce the note.
Employer Differential Payments. If the employer subsidizes the FHA mortgage payments through direct payments, the amount of the payments is considered gross income; it may not be used to offset the FHA mortgage payment directly, even if the employer pays the servicing lender directly.
VA Benefits. Direct compensation, such as for a service-related disability, is acceptable, subject to documentation from the VA. Education benefits, used to offset education expenses, are not acceptable.
Government Assistance Programs. Income received from government assistance programs is acceptable, subject to documentation from the paying agency, provided the income is expected to continue at least three years. If the income is not expected to be received for at least three years, such income may be considered as a compensating factor. (Unemployment income must be documented for two years. Reasonable assurance of its continuance is also required. This requirement may apply to individuals employed on a seasonal basis, such as farm workers, resort employees, etc.)
Interest and Dividends. Interest and dividend income may be used, provided that documentation (tax returns or account statements) supports a two-year history of receipt. This income must be averaged over the two years. Any funds derived from these sources and required for the cash investment must be subtracted before the projected interest or dividend income is calculated.
Mortgage Credit Certificates. If a government entity subsidizes the FHA mortgage payments, either through direct payments or through tax rebates, these payments can be considered as acceptable income if verified in writing. Either type of subsidy may be added to gross income or may be used to directly offset the FAHA mortgage payment before calculating the qualifying ratios.
Qualifying Rental Income. Rent received for properties owned by the FHA mortgage applicant is acceptable if the FHA mortgage lender can document that the rental income is stable. Examples of stability may include a current lease, an agreement to lease, or a rental history over the previous 24 months that is free of unexplained gaps greater than three months. (Student, seasonal, or military renters, or property rehabilitation would provide such an explanation). A separate schedule of real estate is not required for rental properties, provided all properties are shown on the URLA.
If the FHA Mortgage applicant resides in one or more units of a multiple-unit property and charges rent to tenants of other units, that rent may be used for qualifying purposes. However, projected rent of additional units only and not the owner-occupied unit(s) may be considered gross income only after deducting the HOC's vacancy and maintenance factor. They may not be used as a direct offset to the FHA mortgage payments.
Income from roommates in a single-family property to be occupied as the FHA mortgage applicants primary residence is not acceptable. Rental income from boarders is acceptable if the boarders are related by blood, marriage, or law. The rental income may be considered effective income if shown on the borrower's tax returns. Otherwise, the income only may be considered a compensating factor and must be documented adequately by the lender.
Serving These Fine Florida Communities:
Arcadia :: Boca Raton :: Boynton Beach :: Bradenton :: Brandon :: Cape Coral :: Clearwater :: Clewiston
Crestview :: Daytona Beach :: Deerfield Beach :: Deland :: Delray Beach :: Deltona :: Destin :: Englewood
Fort Pierce :: Ft. Lauderdale :: Ft. Myers :: Ft. Walton Beach :: Gainesville :: Hollywood :: Homosassa Springs , Jacksonville :: Key West :: Kissimmee :: Lake City :: Lakeland :: Lynn Haven :: Marathon :: Marco Island , Melbourne :: Miami :: Miami Beach :: North Fort Myers :: North Miami Beach :: Naples :: Ocala :: Okeechobee , Orlando :: Ormond Beach :: Osprey :: Palatka :: Palm Bay :: Palm Beach :: Palm Coast :: Panama City :: Pensacola , Pompano Beach :: Port St. Lucie :: Punta Gorda :: Santa Rosa :: Sarasota :: Sebastian :: Sebring :: Springhill ,St. Augustine :: St. Petersburg :: Tallahassee :: Tampa :: The Villages :: Titusville :: Venice :: Vero Beach , Wauchula :: Wesley Chapel :: West Palm Beach :: Winter Park
FHA home loans make it Easy to buy a Miami Florida home.
Miami Dade FHA loan 97% Financing
Here are just a few reasons why Miami Homebuyers and homeowners should consider an FHA loan.
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 an FHA loan at
http://www.FHAmortgagePrograms.com
For Miami Dade 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 - Miami 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 Miami 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 Miami or any of the other Miami Fl location we serve. The Miami FHA loan program uses credit quality, not credit score!
Lower Cost Over the Life of the Loan - The Miami 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 Miami Florida FHA loan mortgages also allow the lender more options in helping Miami borrowers who fall behind keep their Miami home 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 for your next Miami home purchase.
Options for Manufactured Housing - Under certain conditions, you can even finance a Miami Mobile Home or manufactured home using a Miami 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 Miami home, you can offer buyers FHA financing! All Miami 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 Miami 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.
Not two generations ago, it was difficult for home buyers in Miami Florida to get a mortgage from their local financial institution without a 20% Downpayment. Few people could manage the savings required and many otherwise qualified Floridians didn't get approved for the funds to buy a home in Florida because they did not have the minimum Downpayment to qualify for a Miami Florida Mortgage.
Although recent problems in the subprime market have made lenders more careful about how they extend credit, it's still very possible to buy a home in Miami Florida with little or no money down. To learn more about our Florida home buyer programs, just give us a call at 1-800-570-0448 or use our quick application to inquire today!
No Money Down Programs for Miami Florida Home Buyers
For sure, it is much easier today to be a Miami Florida home buyer than it was a generation ago. Even if you don't have substantial savings or perfect credit, 1st Continental Mortgage works with many lenders still willing to make loans to borrowers with limited cash for Downpayment
In fact, today in Florida 7 out of 10 first time home buyers make a Downpayment of 10% or less. A good many Miami Floridians buy their homes with no money down at all.
Because most people who sell an existing home have some equity which can be applied to making the Downpayment on the new home, no down payment financing is most attractive to Miami Florida first time home buyers. However, these loans are an option for all home buyers whether they have equity from a prior sale or not.
Don't be persuaded that your lack of a Downpayment means you can't become a Florida homeowner. Call 1-800-570-0448 or use our quick application to find out how simple it is to take advantage of 1st Continental Mortgage's excellent no money down mortgage programs.
With 10 plus years of helping home buyers and first time home buyers become homeowners, the skilled and experienced mortgage lenders of 1st Continental Mortgage can help you own a Miami Florida home using these excellent no money down Mortgage programs:
Many Miami First Time Home Buyers Are Eligible For No Money Down Mortgages
You may be pleasantly surprised how much money the same amount you are spending on rent every month can buy if you apply it toward a low fixed rate Miami Florida mortgage. Why not take a step toward building equity for yourself and your family? Call 1st Continental Mortgage today at 1-800-570-0448 or use our secure online Florida mortgage quick application to get a no money down mortgage for a first time home buyer in Hillsborough County or any of the other Miami Florida counties we serve.
Quick and Easy No Money Down Programs for Miami Florida First Time Home Buyers
Some Miami Florida first time home buyers hesitate because they think that the no money down loan process is too complicated or time consuming.
Not so.
1st Continental Mortgage pros have been making getting loan approvals for Miami Florida first time home buyers easy, stress-free, and straightforward for over ten years now. We can help you get the keys to a Miami Florida home that you own. Call 1-800-570-0448 and ask about our special Miami no money down first time home buyer mortgage programs.
Our no money down programs for Miami Florida home buyers include all of the following:
Don't miss one of the best times to buy a home in Miami Florida because you don't have a Downpayment The call and consultation are free and without obligation. Call First Continental Mortgage at 1-800-570-0448 to learn more about buying your first Miami Florida home with no money down.
http://www.fhamortgageprograms.com/florida/Dade-County/
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Qualifying for an FHA Mortgage
ANALYZING THE FHA MORTGAGE APPLICANTS CREDIT
Past credit performance serves as the most useful guide in determining an FHA mortgage applicants attitude toward credit obligations and predicting the FHA mortgage applicants future actions. An FHA mortgage applicants mortgage applicants who has made payments on previous and current obligations in a timely manner represents reduced risk. Conversely, if the credit history, despite adequate income to support obligations, reflects continuous slow payments, judgments, and delinquent accounts, strong compensating factors will be necessary to approve the loan.
When analyzing a mortgage applicants credit history, examine the overall pattern of credit behavior, rather than isolated occurrences of unsatisfactory or slow payments. A period of financial difficulty in the past does not necessarily make the risk unacceptable if the borrower has maintained a good payment record for a considerable time period since the difficulty. When delinquent accounts are revealed, the lender must document their analysis as to whether the late payments were based on a disregard for financial obligations, an inability to manage debt, or factors beyond the control of the borrower, including delayed mail delivery or disputes with creditors.
While minor derogatory information occurring two or more years in the past does not require explanation, major indications of derogatory credit-including judgments, collections, and any other recent credit problems-require sufficient written explanation from the borrower. The FHA mortgage applicants explanation must make sense and be consistent with other credit information in the file.
Neither the lack of credit history nor the mortgage FHA mortgage applicants decision not to use credit may be used as a basis for rejecting the loan application. We also recognize that some prospective FHA mortgage applicant may not have an established credit history. For those borrowers, and for those who do not use traditional credit, the lender must develop a credit history from utility payment records, rental payments, automobile insurance payments, or other means of direct access from the credit provider. The lender must document that the providers of non-traditional credit do, in fact, exist and verify the credit information. Documents confirming the existence of a non-traditional credit provider may include a public record from the state, county, or city records, or other means providing a similar level of objective confirmation. To verify the credit information, lenders must use a published address or telephone number for that creditor.
As an alternative, the FHA mortgage lender may elect to use a non-traditional mortgage credit report developed by a credit-reporting agency, provided that the credit reporting agency has verified the existence of the credit providers and the lender verifies that the non-traditional credit was extended to the applicant. The FHA Mortgage lender must verify the credit using a published address or telephone number to make that verification.
The basic hierarchy of credit evaluation is the manner of payments made on previous housing expenses, including utilities, followed by the payment history of installment debts, and then revolving accounts. Generally, the FHA mortgage applicant with no late housing or installment debt payments should be considered as having an acceptable credit history, unless there is major derogatory credit on his or her revolving accounts.
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.
Easier Credit Qualifying Guidelines such as:
http://www.fhamortgagefhaloan.com/
When reviewing the FHA mortgage applicants credit and credit report, the FHA mortgage lender must pay particular attention to the following:
A. Mortgage Payment History or Previous Rentals . The payment history of the FHA mortgage applicants housing obligations holds significant importance in evaluating credit. The lender must determine the borrower's payment history of housing obligations through either the credit report, verification of rent directly from the landlord (with no identity-of-interest with the borrower) or verification of mortgage directly from the mortgage servicer, or through canceled checks covering the most recent 12-month period.
B. Undisclosed Debts/or recent debts. The FHA mortgage lender must ascertain the purpose of any recent debts, as the indebtedness may have been incurred to obtain part of the required cash investment on the property being purchased. Similarly, the borrower must provide a satisfactory explanation for any significant debt that is shown on the credit report but not listed on the FHA loan application. The FHA mortgage applicant must explain in writing all inquiries shown on the credit report in the last 90 days.
C. Past Collections and Judgments. Court-ordered judgments must be paid off before the FHA mortgage loan is eligible for FHA insurance endorsement. (An exception may be made if the borrower has agreed with the creditor to make regular and timely payments on the judgment and documentation is provided that the payments have been made in accordance with the agreement.) FHA does not require that collection accounts be paid off as a condition of mortgage approval. Collections and judgments indicate a borrower's regard for credit obligations and must be considered in the analysis of creditworthiness with the lender documenting its reasons for approving a mortgage where the borrower has collection accounts or judgments. The borrower must explain in writing all collections and judgments
D. Past Mortgage Foreclosures. An FHA mortgage applicants whose previous principal residence or other real property was foreclosed or has given a deed-in-lieu of foreclosure within the previous three years is generally not eligible for a new FHA-insured mortgage. However, if the foreclosure was the result of documented extenuating circumstances that were beyond the control of the borrower and the borrower has re-established good credit since the foreclosure, the lender may grant an exception to the three-year requirement. Extenuating circumstances include serious illness or death of a wage earner, but do not include the inability to sell the house because of a job transfer or relocation to another area.
E. Past Bankruptcies. A Chapter 7 bankruptcy (liquidation) does not disqualify a FHA mortgage applicants from obtaining an FHA-insured mortgage if at least two years have elapsed since the date of the discharge of the bankruptcy. Additionally, the borrower must have re-established good credit or chosen not to incur new credit obligations. The borrower also must have demonstrated a documented ability to responsibly manage his or her financial affairs. An elapsed period of less than two years, but not less than 12 months, may be acceptable if the FHA mortgage applicants can show that the bankruptcy was caused by extenuating circumstances beyond his or her control and has since exhibited a documented ability to manage his or her financial affairs in a responsible manner. Additionally, the FHA mortgage lender must document that the FHA mortgage applicants current situation indicates that the events that led to the bankruptcy are not likely to recur.
Past Chapter 13 bankruptcy does not disqualify a FHA mortgage applicant from obtaining an FHA-insured mortgage provided the FHA mortgage lender documents that one year of the payout period under the bankruptcy has elapsed and the borrower's payment performance has been satisfactory (i.e., all required payments made on time). In addition, the borrower must receive permission from the court to enter into the mortgage transaction.
F. Repayment plans though Consumer Credit Counseling FHA mortgage applicants participation in a consumer credit counseling payment program does not disqualify the FHA mortgage applicants from obtaining an FHA-insured mortgage provided the FHA mortgage lender documents that one year of the pay-out period has elapsed under the plan and the borrower's payment performance has been satisfactory (i.e., all required payments made on time). In addition, the borrower must receive written permission from the counseling agency to enter into the mortgage transaction.
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