Miami Bad Credit Mortgage, Miaimi Bad Credit Home Loans, Miami Mortgage Lender,
Miami Bad Credit Mortgage In Florida
The FHA loan program was created to help increase homeownership. The FHA program makes buying a home easier and less expensive than other types of real estate mortgage home loan programs. Here are just some Examples of how FHA can help you buy a home,
Minimal Down Payment and Closing Costs.
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 Real Estate Investor Loans
Perhaps the greatest investor of all time is Warren Buffett. Interviewed recently, he said something that all Florida real estate investors ought to take to heart: "When people get greedy, I get scared...and when people get scared, I get greedy."
Plenty of people are scared of the recent declines in the Florida real estate market and the uncertainty in financial markets, but smart Florida real estate investors know that there is wisdom in being a buyer when many people are anxious or even forced to sell their Florida real estate.
Florida Investor Loans
An Investor Friendly Mortgage Company
At 1st Continental Mortgage, many of our best and most loyal Florida Mortgage customers are real estate investors who have managed great returns in up or down markets because they know human nature and they know where to find the best non-owner occupied mortgage rates for their investment loan properties. Call 1-800-570-0448 today for a confidential, no obligation mortgage quote on your Florida investor loan or refi.
We can't tell you whether it's time to be scared or greedy in the Florida real estate market, but we can provide you with the lowest rates and best loan terms for your long-term purchase of rental investment properties or for your short-term purchase of investment properties to fix and flip.
Whether you are a part time real estate investor buying a second home to diversify your real estate portfolio or an active full-time real estate investor buying Foreclosures, chances are we can help you secure the best financing for Florida investment properties. From low rate fixed mortgages to flexible Construction loans to hard money loans. Call 1-800-570-0448 right now to speak with Thomas Martin about your next Florida investor mortgage or Refinance.
Florida Investment Property Loans
From A Mortgage Company Can Close Quickly
We can close quickly on your investment property loan in any city in Florida. From financing a B/C credit tenant for a rent to own in Hillsborough County to offering excellent financing on a rehabbed home that you have listed in MLS in Broward County, we can help you get the investment property loan you need in any of the cities we serve throughout Florida.
When you're buying investment property, we'll be glad to spell out your loan options and ensure that once your offer is accepted everything closes exactly as planned. No surprises and no excuses. That allows you to do what you do best: locate profitable Florida real estate investments that meet your property loan goals.
When you have a tenant or another investor who wishes to purchase one of your Florida investment properties, we can work with you to create creative financing options to create a win/win deal. Call 1st Continental Mortgage at 1-800-570-0448 or apply securely online using our quick application for dependable help from a company that is known for closing Florida investment property loans quickly.
Florida Investment Property Loans
Condos, Townhouses with Less Than Full Documentation
Some banks are reluctant to finance condominiums or townhouses in newer developments when the units require a Florida investment property loan. We can create options for you to purchase these units even using less than full Doc loan options such as our no income investor loans and NINA investor loans. Call 1-800-570-0448 for a no-obligation, no-cost Florida investor mortgage quote today! We love a challenge and especially love to close the investor loans that other Florida Mortgage Lenders believe can't be done.
Florida Investor Loans for Modular Homes
Many other mortgage lenders do not know the lenders and best programs for financing modular homes when they are non-owner occupied, so they refer clients to us. We have been closing modular home investment property loans for investors for over a decade at 1st Continental Mortgage.
In many instances, the rental numbers won't cash flow with a traditional site built home, but work easily with a lower cost modular home. We can help you with the right investor Mortgages for your modular homes across the Sunshine State. Never heard of a modular home? As a real estate investor, you certainly want to call us today at 1-800-570-0448 or use our quick application to find out more.
Even when it comes time to qualify a tenant with less than perfect credit to purchase a modular home that he or she has been renting from you, we can make the process smooth and simple. Call 1-800-570-0448 or use our quick application form to find out about our investor financing for Florida modular homes.
Miami Home Loans in all Surrounding areas
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Coral Gables, Unincorporated Miami-Dade County, West Miami, Coral Terrace, Westchester 
Coral Gables, Fountainbleau, Unincorporated Miami-Dade County, Hialeah, Brownsville, Gladeview, West Little River, El Portal 
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Miami Mortgage 97% Financing, Miami Home Loans 97% Financing, Miami Mortgage Lender 97% Financing, Miami Home Loans, Miami Mortgage Lender, Miami FHA Loans, Miami FHA Mortgage,
The FHA loan program was created to help increase homeownership. The FHA program makes buying a home easier and less expensive than other types of real estate mortgage home loan programs. Here are just some Examples of how FHA can help you buy a home,
Minimal Down Payment and Closing Costs.
Easier Credit Qualifying Guidelines such as:
Miami, Florida FHA Loan Programs
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 Miami Florida FHA mortgage program. Long-overlooked, the Miami FHA mortgage is becoming popular again with Miami Florida Home Buyers for its low rates and the real security it provides borrowers.
For Miami Florida banks and other Miami 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!
For Miami first time home buyers and other Miami 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 Miami 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 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 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 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 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 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 Miami Florida FHA loan specialist now!
The Miami 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.
The Mortgage Lender in Miami Florida
Excellent Refinance Options For Miami Florida Homeowners
As a Miami, Florida mortgage lender, we know well how quickly the world can change. Sometimes you outgrow your mortgage before you've outgrown the home that you financed.
Whether you need to make the move from a dangerous adjustable rate mortgage to a low Florida fixed rate mortgage or just want to do a refi to pull some cash out, chances are good we can help. We will be happy to review your present mortgage financing to ensure you're getting the right solution and that you do not have any prepayment penalties. For some clients, a Miami Second Mortgage or home equity line of credit is a better way to create a financing solution. To discuss your situation with an outstanding mortgage lender who actually is in Miami Florida, call 1-800-570-0448 or use our secure quick application form.
If you have a Miami Bad Credit home loan, have been paying on time, and are ready for a low interest rate alternative, don't wait until your change date and attempt to pay your higher payment. Call us today at 1-800-570-0448 to see if we can move you to a fixed rate FHA mortgage and give you a stable long-term financing solution. We did it for a bad credit mortgage client in Miami County! Don't get stranded in a bad credit mortgage with accelerating payments! A Florida refi to a stable low rate loan solution today is far better than needing a hard money Florida Foreclosure bailout tomorrow.
Miami, Florida Mortgage Lender
Providing Mortgage Services in Miami Florida
To endure and be the most successful Miami, Florida mortgage lender, we have learned to adapt to a Miami, Florida real estate market that changes quickly. One reason 1st Continental Mortgage is still here after ten years, when so many other Miami Florida mortgage businesses around the state have closed their doors, is how we treat our Mortgage clients.
We really do take a long-term view.
About five years ago, adjustable rate mortgages with five year fixed periods were the rage with most Florida Mortgage lenders.
However, not with our team.
Why take an ARM when interest rates were near historic lows?
As a mortgage lender in Miami Florida, over the last ten years we've earned a reputation for listening to our clients and for recommending the mortgage solution that is best for their long-term home ownership goals. As a result, we receive a large number of new Miami Florida mortgage loan business by referral from past clients and our real estate partners.
If you are fortunate enough to be looking to buy a home or Miami Refinance an existing one in the current market, we'll be glad to offer you sound advice and friendly service. Service and advice you deserve from a Florida mortgage lender that's been around for a decade and will be around for the long haul. Call 1-800-570-0448 or use our quick application for a no-pressure and no-obligation quote on your Florida mortgage or refinance.
We are a Resourceful Miami Florida Mortgage Lender with excellent Conventional and FHA Mortgages for First Time Home buyers
Although many lenders are tightening credit standards and demanding higher FICO scores and more money down, we still have excellent conventional home loan programs with no money down for 1st time home buyers. In the current Florida real estate market, selling Realtors® are often eager to offer 3% and even 6% toward closing costs to coax an offer from our FHA approved Miami Home Buyers in Miami and other cities throughout Miami Florida.
Don't let lack of a down payment keep you on the sidelines in a prime Miami Florida real estate market that offers some of the best buying opportunities in years. Call 1-800-570-0448 to discuss your first time home buyer mortgage options with a representative from the premier mortgage lender in Miami Florida. You can even use our quick application for a no-hassle consultation. Even if you're not a first time home buyer, we have excellent fixed rate home loans with terms from 10 to 50 years.
A Miami Florida Mortgage Lender That Knows Investor Loans
Motivated sellers always look good to smart real estate Investors. In the near term, it looks as if Florida will have its share of homeowners and institutions forced to sell REO homes at a loss. At 1st Continental Mortgage, some of our favorite repeat Florida mortgage clients are investors.
As a Miami Florida mortgage lender, we understand the special needs of Miami Florida real estate investors. Whether you are accumulating a portfolio of rental houses in Tampa to hold long term or buying and fixing REO homes in Tallahassee, Florida from asset managers at Florida lenders, we will be happy to help you close a competitively priced loan on time. If your investor loans aren't getting the attention they deserve from your Florida mortgage lender, why not try 1st Continental Mortgage?
To get a quote on your next Miami Florida investor loan, call 1-800-570-0448 or use our secure quick application form. You'll find 1st Continental Mortgage deserves it reputation as an investor friendly Miami Florida mortgage lender.
A Reputable Miami Florida Mortgage Lender
Offering Low Cost Miami Florida Construction Loan Programs
The slowing Miami Florida real estate market has also opened up excellent construction loan opportunities for buyers who are building custom homes. During the boom, it was tough to get the attention of the best custom builders and competition for premium lots was fierce.
Those applying for a Miami Florida Construction loan will find supply and demand working in their favor in today's market. Builders are hungry and all too eager to complete a construction loan funded project ahead of schedule. For reliable answers and experienced help in applying for a Florida construction loan, you can count on a reputable Florida mortgage lender like 1st Continental Mortgage! Call 1-800-570-0448 right now or use our quick application to get started!
A Miami Florida Mortgage Lender Motivated to Lend
Mobile Homes, Miami Modular Homes and Manufactured Homes
Try finding a Miami Mobile Home or modular home loan at your local bank and you'll quickly learn about one of the lasting prejudices in the world of mortgage lending. Many banks don't offer mortgages for mobile homes with land, modular homes, or double wide trailers on rural acreage. They're much more comfortable lending on traditional "Brick" built block homes in subdivisions. It's a sentiment we've heard from all across the state: Duval County, Seminole County, and Dade County!
We're a Miami mortgage lender business that welcomes and understands that a manufactured homes can offer superior quality at an affordable price in a high cost housing market. We offer both FHA mortgage loans and conventional financing for purchasing or refinancing mobile homes on lots, modular homes, and double wide trailer homes on land.
For a free no obligation quote on a manufactured home mortgage, call 1-800-570-0448 or use our quick application. You'll know you have found the right Florida mortgage lender for your manufactured housing loan!
A Miami Florida Mortgage Lender
Capable of Handling Miami Florida Jumbo or Super Jumbo Mortgages
The Fannie Mae loan limits have not increased as rapidly as real estate prices in Florida over the last five years. More and more homes, especially in more expensive coastal Florida counties, now require a Florida Jumbo or Super Jumbo home loan to purchase.
As an experienced Miami Florida mortgage lender, we would be pleased to help you secure the best combination of rate and terms for your Florida home purchase. For a quote on your Florida Jumbo or Super Jumbo mortgage, please call 1-800-570-0448 or use our quick application for a fast, no obligation consultation.
FHA Home Loans for Purchasing a Florida Home
Although Miami Florida FHA home loans require additional paperwork, the reality is that applying for an FHA mortgage loan in Miami 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 Miami Florida Mortgage.
At 1st Continental Mortgage, we have been working with the Miami 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 Miami Down payment assistance to applicants for FHA financing to purchase 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 Miami 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 Miami 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.
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 Miami 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 Miami 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 Miami 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 Miami 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.
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 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.
FHA 203k Mortgages For Miami 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 Miami 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 Miami Florida home.
Target Borrowers for Miami FHA 203K Mortgages
This specialized FHA mortgage is for Miami 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, Miami 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 Miami Florida FHA home loan really is. Call 1-800-570-0448 today or simply use our quick application to find out more!
Miami Mortgages in all Miami Florida Surrounding areas
Miami Springs, Hialeah, Brownsville, Gladeview, West Little River, El Portal, Miami Shores, Unincorporated Miami-Dade County North Bay Village, Miami Beach Fisher Island, Key Biscayne Coral Gables, Unincorporated Miami-Dade County, West Miami, Coral Terrace Coral Gables, Unincorporated Miami-Dade County, West Miami, Coral Terrace, Westchester Coral Gables, Fountainbleau, Unincorporated Miami-Dade County, Hialeah, Brownsville, Gladeview, West Little River, El Portal Unincorporated Miami-Dade County, Miami Springs, Miami Lakes, Hialeah, Brownsville, Gladeview, West Little River, El Portal, Miami Shores
Miami Florida FHA HOME LOANS options for buying a home
Minimal Down Payment and Closing Costs.
Easier Credit Qualifying Guidelines such as:
Refinance your Miami, Florida mortgage with FHA= FHA refinancing offers benefits for current real estate home owners who are seeking to complete a refinance mortgage of their existing real estate mortgage. A FHA home loan refinance may also benefit you even if you do not currently have a FHA loan.
Cash-Out Refinance up to 95% for existing or new FHA mortgages.
Rate and Term Mortgage Refinancing up to 97.75% of your homes value.
FHA Streamline Refinance for existing FHA loans only.
FHA Secure Refinance with current mortgage lattes.
Apply NOW for an FHA home loan from a Miami FHA approved lender at http://www.fhamortgageprograms.com/other/mortgage.shtml
There are lots of reasons to ask your lender for an FHA loan instead of taking a conventional or an expensive and risky sub-prime mortgage loan. Why not take advantage of the many benefits and protections that only come with FHA:
Easier to Qualify - Because FHA insures your mortgage, lenders are more willing to give loans with lower qualifying requirements so its easier for you to qualify.
Less than Perfect Credit - Even if you have had credit problems, such as bankruptcy, its easier for you to qualify for an FHA loan than a conventional loan.
Low Downpayment - We have a low 3% downpayment, and that money can come from a family member, employer or charitable organization. Other loans don't allow this.
Costs Less - Many times, FHA loans have competitive interest rates because the loans are insured by the Federal Government. Always compare an FHA loan with other loan types.
1st Continental Mortgage specilizes in 203K Loans for Miami Dade Homebuyers and Homeowners.
With so many foreclosures in Miami homebuyers need a solution to purchase these Miami Homes.. With the FHA 203K can help Miami homebuyers can purchase a house that needs repair and include all of the rehabilitation cost into one low rate mortgage. If you are trying to buy a foreclosure in Miami you will find that banks will not lend the money to buy the Miami house until the repairs are complete, and the repairs can't be done until the house has been purchased.
Contact 1st Continental Mortgage for more information on 203K loans in Miami, Florida
The FHA 203k can help Miami homebuyers acquire the home plus include in the loan the cost of making the repairs and improvements. The FHA 203K loan is provided through a Miami Dade mortgage company 1st continental Mortgage. The FHA 203K is available to persons wanting to purchase occupy the home.
The down payment requirement for an owner-occupant is approximately 3% of the acquisition and repair costs of the property.
The 203(k) loan includes the following steps:
•1. A potential Miami homebuyer locates a fixer-upper and executes a sales contract after doing a feasibility analysis of the property with their real estate professional. The contract should state that the buyer is seeking a FHA 203K loan and that the contract is contingent on loan approval based on additional required repairs by the FHA or the lender
•2. The homebuyer contacts 1st continental Mortgage an FHA-approved 203k lender and arranges for a detailed proposal showing the scope of work to be done, including a detailed cost estimate on each repair or improvement of the project.
•3. The appraisal is performed to determine the value of the Miami property after renovation.
•4. If the borrower passes the lender's credit-worthiness test, the loan closes for an amount that will cover the purchase or refinance cost of the property, the remodeling costs and the allowable closing costs. The amount of the loan will also include a contingency reserve of 10% to 20% of the total remodeling costs and is used to cover any extra work not included in the original proposal.
•5. At closing, the seller of the property is paid off and the remaining funds are put in an escrow account to pay for the repairs and improvements during the rehabilitation period.
•6. The mortgage payments and remodeling begin after the loan closes. The borrower can decide to have up to six mortgage payments (PITI) put into the cost of rehabilitation if the property is not going to be occupied during construction, but it cannot exceed the length of time it is estimated to complete the rehab.
•7. Escrowed funds are released to the contractor during construction through a series of draw requests for completed work. To ensure completion of the job, 10% of each draw is held back; this money is paid after the lender determines their will be no liens on the property.
FHA 203K Frequently asked Questions for Miami Dade Homebuyers
. Is there a secondary mortgage market for Section 203(k) mortgage loans? Yes. The Government National Mortgage Association (GNMA) permits the Section 203(k) mortgage to be placed in both GNMA I and II pools with Section 203(b) mortgages. GNMA accepts the 203(k) mortgage once it has been endorsed by HUD. The Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac) will also purchase a Section 203(k) first mortgage.
2. Is the Section 203(k) program restricted to single-family dwellings? No. The program can be used for one-to-four unit dwellings. Maximum mortgage limitations are the same as for properties under Section 203(b).
3. Can Section 203(k) be used to improve a condominium unit? Yes, however, condominium rehabilitation is subject to the following conditions:
A. Owner/occupant and qualified non-profit borrowers only;
B. Rehabilitation is limited only to the interior of the unit. Mortgage proceeds are not to be used for the rehabilitation of exteriors or other areas which are the responsibility of the condominium association, except for the installation of firewalls in the attic for the unit;
C. Only the lesser of five units per condominium association, or 25 percent of the total number of units, can be undergoing rehabilitation at any one time;
D. The maximum mortgage amount cannot exceed 100 percent of after-improved value. After rehabilitation is complete, the individual buildings within the condominium must not contain more than four units. By law, Section 203(k) can only be used to rehabilitate units in one-to-four unit structures. However, this does not mean that the condominium project, as a whole, can only have four units or that all individual structures must be detached. Example: A project might consist of six buildings each containing four units, for a total of 24 units in the project and, thus, be eligible for Section 203(k). Likewise, a project could contain a row of more than four attached townhouses and be eligible for Section 203(k) because HUD considers each townhouse as one structure, provided each unit is separated by a 1 1/2 hour firewall (from foundation up to the roof). Similar to a project with a condominium unit with a mortgage insured under Section 234(c) of the National Housing Act, the condominium project must be approved by HUD prior to the closing of any individual mortgages on the condominium units.
4. Can Section 203(k) be used to convert a one family dwelling to a two-, three-, or four-family dwelling (or vice versa)? Yes.
5. Can Section 203(k) be used to move an existing house onto another site? Yes, however, release of loan proceeds for the existing structure on the non-mortgaged property is not allowed until the new foundation has been properly inspected and the dwelling has been properly placed and secured to the new foundation. At closing, funds would be released to purchase the site and the rest of the mortgage proceeds would be placed in the Rehabilitation Escrow Account. The borrower would have the site prepared to accept the dwelling. The first release would be based on the improvements made to the site, including the installation of the existing structure on the new foundation.
6. What is the minimum amount of rehabilitation required for a Section 203(k) mortgage? There is a minimum $5,000 requirement for the eligible improvements on the existing structure on the property. Minor or cosmetic repairs by themselves are unacceptable; however, they may be added to the minimum requirement.
7. What eligible improvements are acceptable under the $5,000 minimum requirement?
A. Structural alterations and reconstruction (e.g., repair or replacement of structural damage, chimney repair, additions to the structure, installation of an additional bath(s), skylights, finished attics and/or basements, repair of termite damage and the treatment against termites or other insect infestation, etc.).
B. Changes for improved functions and modernization (e.g., remodeled bathrooms and kitchens, including permanently installed appliances, i.e., built-in range and/or oven, range hood, microwave, dishwasher).
C. Elimination of health and safety hazards (including the resolution of defective paint surfaces or lead-based paint problems on homes built prior to 1978).
D. Changes for aesthetic appeal and elimination of obsolescence (e.g., new exterior siding, adding a second story to the home, covered porch, stair railings, attached carport).
E. Reconditioning or replacement of plumbing (including connecting to public water and/or sewer system), heating, air conditioning and electrical systems. Installation of new plumbing fixtures is acceptable, including interior whirlpool bathtubs.
F Installation of well and/or septic system. The well or septic system must be installed or repaired prior to beginning any other repairs to the property. A property less than 1/2 acre with a separate well or septic system is not acceptable; also, a property less than 1 acre with both a well and a septic system is unacceptable. Lots smaller than these sizes, usually have problems in the future; however, the local HUD Field Office can approve smaller lot size requirements where the local health authority can justify smaller lots. The installation of a new well or the repair of an existing well (used for the primary water source to the property) can be allowed provided there is adequate documentation to show there is reason to believe the well will produce a sufficient amount of potable water for the occupants. (A well log of surrounding properties from the local health authority is acceptable documentation.) Refer to HUD Handbook 4910.1, Appendix K, for additional information.
G. Roofing, gutters and downspouts.
H. Flooring, tiling and carpeting.
I. Energy conservation improvements (e.g., new double pane windows, steel insulated exterior doors, insulation, solar domestic hot water systems, caulking and weather stripping, etc.).
J. Major landscape work and site improvement (e.g., patios, decks and terraces that improve the value of the property equal to the dollar amount spent on the improvements or required to preserve the property from erosion). The correction of grading and drainage problems is also acceptable. Tree removal is acceptable if the tree is a safety hazard to the property. Repair of existing walks and driveway is acceptable if it may affect the safety of the property. (Fencing, new walks and driveways, and general landscape work (i.e., trees, shrubs, seeding or sodding) cannot be in the first $5000 requirement.)
K. Improvements for accessibility to a disabled person (e.g., remodeling kitchens and baths for wheelchair access, lowering kitchen cabinets, installing wider doors and exterior ramps, etc.). Related fixtures such as new cooking ranges, refrigerators, and other appurtenances, as well as general painting are also eligible; however, it must be in addition to the $5,000 requirement.
8. Can a detached garage or another dwelling be placed on the mortgaged property? Yes, however, a new unit must be attached to the existing dwelling, and must comply with HUD's Minimum Property Standards in 24 CFR 200.926d and all local codes and ordinances.
9. Is there a time period on the rehabilitation construction period? Yes, the Rehabilitation Loan Agreement contains three provisions concerning the timeliness of the work. The work must begin within 30 days of execution of the Agreement. The work must not cease prior to completion for more than 30 consecutive days. The work is to be completed within the time period shown in the Agreement (not to exceed six months); the lender should not allow a time period longer than that required to complete the work.
10. What happens if the borrower fails to perform under the terms of the Agreement? The lender may refuse to make further releases from the Rehabilitation Escrow Account. The funds remaining in the Account can be applied to reduce the mortgage principal. Also, the lender has the option to call the mortgage loan due and payable.
11. Does the rehabilitation construction have to comply with HUD's Minimum Property Standards? Yes. The improvements must comply with HUD's Minimum Property Standards (24 CFR 200.926d and/or HUD Handbook 4905.1) and all local codes and ordinances.
12. Can Section 203(k) be processed under the Direct Endorsement program? Yes. Direct Endorsement Lenders are required to attend special training prior to processing 203(k) loans and they must submit test cases as determined by the local office.
13. Does HUD always require a contingency reserve to cover unexpected cost increases? Typically, yes. On properties older than 30 years and over $7,500 in rehabilitation costs, the cost estimate must include a contingency reserve. The reserve must be a minimum of ten (10) percent of the cost of rehabilitation; however, the contingency reserve may not exceed twenty (20) percent where major remodeling is contemplated. If utilities were not turned on for inspection, a minimum fifteen (15) percent is required.
14. How many draw releases can be scheduled during the rehabilitation period? As many as five releases (four plus a final) can be scheduled. The number of releases is normally dictated by the cash-flow requirements of the contractor. An inspection is always required with a scheduled release; however, inspections may be scheduled more often than releases if necessary to ensure compliance with the architectural exhibits, HUD's Minimum Property Standards and all local codes and ordinances. If the cost of rehabilitation exceeds $ 10,000, then additional draw inspections may be authorized under certain circumstances.
15. Can the architectural exhibits, including the cost estimate, be modified after the mortgage loan is closed? Yes. The changes must be approved by HUD or a DE lender prior to beginning the work. If the change affects the health, safety or necessity of the dwelling, the contingency reserve can be used to pay for the change. However, if the health, safety or necessity of the dwelling is not affected and an increase in cost occurs, the borrower must apply monies into the contingency reserve fund to pay for the change. Should the change result in a reduced cost of rehabilitation, the difference will be placed in the contingency reserve fund; if unused, it will be applied as a mortgage prepayment after completion of construction.
16. What happens if the cost of the rehabilitation increases during the rehabilitation period? Can the 203(k) mortgage amount be increased to cover the additional expenses? No. This emphasizes the importance of carefully selecting a contractor who will accurately estimate the cost of the improvements and satisfactorily complete the rehabilitation at or below the estimate.
17. How long will it take after the sales contract is signed to go to closing? If the cost estimates are completed within two weeks of signing the sales contract, the loan should close within 60 to 90 days, assuming there are no title problems and, of course, your borrower is qualified.
18. Can a Section 203(k) mortgage be an Adjustable Rate Mortgage? Yes. An Adjustable Rate Mortgage is available to an owner-occupant only. Investors and non-profits are not eligible for an ARM.
19. Does a Direct Endorsement lender who is approved for the 203(k) program need to be approved in another HUD office? No. However, the lender needs to submit their approval to the other HUD office where they wish to originate 203(k) loans. A preclosing review in the new HUD office will not be necessary.
20. Can a DE lender sponsor a correspondent lender to originate 203(k) loans? Yes. The correspondent lender can even use the DE sponsor's staff appraisers, inspectors and plan reviewer /consultants for processing.
21. Can an investor use the 203(k) program? No. In October, 1996, the Department placed a moratorium on investor participation in the 203(k) Rehabilitation Mortgage Program.
22. Can a local government agency or a nonprofit organization use the 203(k) program? Yes. The same qualification requirements will be used as for an owner-occupant of the property
23. Can mortgage payments (PITI) be included in the mortgage? Yes. Up to six months of payments may be included in the mortgage if the property is not occupied during the rehabilitation period.
24. Can a six (or more) unit building be done using the 203(k) program? No. However, the building could be renovated and reduced to a four unit building.
25. Can a dwelling be converted to provide access for a disabled person? Yes. A dwelling can be remodeled to improve the kitchen and bath to accommodate a wheelchair access. Wider doors and handicap ramps can also be included in the cost of rehabilitation.
26. Is a contractor required to do the work? No. However, if the borrower wants to do any work or be the general contractor, they must be qualified to do the work, and do it in a timely and workmanlike manner. It is very important that the work be done in a time frame that will assure the completion of the work that will be agreed upon in the Rehabilitation Loan Agreement (signed at closing). A borrower doing their own work can only be paid for the cost of the materials. Monies saved can be allocated to cost overruns or additional improvements.
27. If the borrower does the work, how is the cost for work estimated? The cost estimate must be the same as if a contractor is doing the work, in case the borrower cannot (for some reason) complete the work.
28. Can cost savings on the rehabilitation be given back to the borrower? No. However, the savings can be transferred to cost overruns in other work items or can be used to make additional improvements to the property If the cost savings are not used, the money must be applied to the mortgage principal, but the mortgage payments will remain the same, because the loan has already closed. To use the cost savings, it will be necessary for a Change Order to be completed and approved by the lender.
29. Can any rehabilitation money be paid upfront to offset the startup costs for the contractor? No. However, an exception can be allowed for kitchen and bath cabinetry, or floor covering, where a contract is established with the supplier and an order is placed with the manufacturer for delivery at a later date.
30. Is there anyone available who can prepare the Work Write-up and cost estimates? Yes. HUD allows fee inspectors to be an independent consultant with the borrower. This is a time saver, because it can be completed in about two weeks. After this step is completed, closing should occur within 60 to 90 days.
31. Can the borrower do their own work write up and cost estimate? Yes. However, it will take them between three to six months to complete. This slows down the process and will save only about $200, but waste a lot of valuable time. Hiring an independent consultant will help the closing occur within 60 to 90 days from completion of the Work Write-up.
32. What is the definition of a First-Time Homebuyer? A single person or an individual and his or her spouse who have not owned a home (as a tenant in common or as a joint tenant by the entirety) during the three years immediately preceding the date of application for the 203(k) loan. Any individual who is legally separated or divorced cannot be excluded from consideration, because the three-year waiting period does not apply, provided the individual no longer has an interest in the home.
33. Is there a limitation on how many properties a person or organization can have in any area of the community? Yes. A borrower can have not more than seven (7) units within a two block radius of the property they want to purchase. However, if the property is in a local community area that has been designated for redevelopment or revitalization, then this seven unit limitation does not apply.
34. Can nonresidential (storefront) property be eligible for a 203(k) insured loan? Yes. Mixed-use residential property is acceptable provided the property has no greater than 25% (for a one story building); 33% (for a three story building); and 49% (for a two story building) of its floor area used for commercial (storefront) purposes. The rehab funds can only be used for the residential functions of the dwelling and areas used to access the residential part of the property.
35. Is only one appraisal required to establish the "after-rehab" value of the property? Basically, yes, provided the lender can be assured that the contract sales price is reasonable or the existing debt on the property is low enough to assure a good equity position by the homeowner. On a HUD-owned property, the lender can use HUD's appraisal for the after-rehab value.
36. Can HUD-owned properties be purchased using the 203(k) loan? Yes. However, the property must be advertised that it is eligible for financing with a 203(k) loan. If the HUD-owned property is purchased with other funds, a 203(k) loan can be made after the property is in the buyers name. In this case, cash back will be allowed to the borrower for a period of six months from purchasing the HUD-owned property
37. Is the borrower required to enter into a contractual agreement with the general contractor who will do the work on the property? No. However, it is strongly suggested that the lender protect their interests to assure no liens are placed on the property
38. Can an Energy Efficient Mortgage (EEM) be allowed using the 203(k) program? Yes. A borrower can finance into the mortgage 100 percent of the cost of eligible energy efficient improvements, subject to certain dollar limitations, without an appraisal of the energy improvements and without further credit qualification of the borrower.
39. What is a streamline 203k mortgage? HUD has developed an FHA insured mortgage, called the "Streamline (K)" Limited Repair Program that permits homebuyers to finance an additional $35,000 into their mortgage to improve or upgrade their home before move-in. With this product, homebuyers can quickly and easily tap into cash to pay for property repairs or improvements, such as those identified by a home inspector or FHA appraiser. More...
Providing FHA 203K loan
http://www.fhamortgageprograms.com/faq/fha.shtml
http://www.fhamortgageprograms.com/mortgage/fha-loan-program.shtml
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