Second Mortgages Explained in Simple Terms

Posted on January 25, 2010 by admin

With the growing number of loans handy at the moment, you in all probability want to know how second mortgage loans match up. This article offers a number of great suggestions and beneficial hints as it applies to why using a second mortgage is the best method to obtain some much needed cash.

Anytime you establish a second loan, your house is used for collateral to grant security to the lender. Second mortgage equity loans are configured to provide lump sums of cash to the homebuyer, which you repay on a determined legal agreement. The cash may then be used for most any reason; however, it is recommended to wipe out debts, rather than spending wildly. The loans can be utilized to pay off school fees, which is a great idea, given that the loans for college tuition could lead to problems. Otherwise, if you establish a second mortgage equity loan, you may want to fix your home or improve your home for increased equity.

Loans are alternatives for everyone, but if you have credit problems, then the second mortgage equity loan may well be in your best interest. Home equity loans are intended to offer higher rates, given that it is a second loan; however, the rates are factored by the secured interest rates on credit cards and other loans. Stated in other words, you are attaining a loan to terminate the higher interest rates on credit cards, car loans, or other secured loans and paying new interest on the present loan.

If you have debts, a second loan could prove worthy. Many lenders will offer wonderful repayment rates on secondary loans. For instance, if you took out a loan arrangement for $10,000 in credit card debt at 12%, then a secondary loan repayment would equal $278.

Compare with using a 2nd mortgage. If a buyer takes out a secondary loan of 15% on a house equity loan over a fifteen-year term then the repayments would be close to $140. Thus, you can see second mortgage equity might be timely.

If you want to hear more about how equity loans can help you for your circumstances, a little online research will unquestionably help. You can visit our site below. There are loads of companies that offer second mortgages, so you’ll have a massive selection to pick from when you’re all set to make your final decision.

Jim Wilson gives you more free information at Average Equity Home Loan Rate Home page. Search other helpful articles at- Average Equity Home Loan Rate Sitemap. Click here http://www.homeequityloanbestrate.com

Home Mortgage Refinancing

Posted on January 25, 2010 by admin

In the event that you are interested in a home mortgage refinance loan, there are several really great reasons for home mortgage refinancing. In the event that you are interested in home mortgage refinancing but you aren’t sure exactly how to begin, you will find several tips below that will help you to decide if home mortgage refinancing is appropriate for you.

Determining When Home Mortgage Refinancing is a Good Idea

All-in-all, there is a wide variety of different reasons for participating in home mortgage refinancing. Each individual financial situation is different and there are sever reasons for home mortgage refinancing within your situation. For example, if situation financially has improved since you purchased your home, you may now qualify to receive a much better interest rate with a brand new home mortgage refinancing loan.

The term length, along with the interest rates that you choose are going to determine how much all of your monthly payments are going to be. Even if you can’t qualify for the lower interest rate for your mortgage, you will be able to lower your monthly mortgage payment by going in and extending the length of the term for your loan. Selecting a mortgage that has a term length of fifty years has the potential to lower payment significantly which allows you to take back control over your monthly budget.

The Advantages of Home Mortgage Refinancing

In relationship to home mortgage refinancing, there are several different advantages based on your finances individually, here are the benefits that you will be able to take advantage of:

1. Lower Mortgage Payments

2. Tax-Deductible Debt Consolidation

3. Lower Mortgage Interest Rates

4. The ability to stop paying for the private mortgage insurance.

5. The ability to switch to mortgage with a fixed interest rate.

6. The ability to switch to a term length that is more advantageous.

How You Can Avoid Overpaying for Your Home Mortgage Refinancing

Whenever you begin to shop for a home mortgage refinancing loan, there are several different choices that are available to you. Selecting the appropriate type of interest rate for your mortgage and the length of the term is going to help you to avoid overpaying for your home mortgage refinancing loan. You will be able to learn a lot more about home mortgage refinancing, include all of the costly mistakes that you should avoid by taking the time to register for a free tutorial on home mortgage refinancing.

If you are interested in finding yourself a home mortgage refinancing tutorial, you should be able to find everything that you need online. However, make sure that you take the home mortgage refinance loan that you are interested in, into careful consideration.

This site is truly full of informative articles on the subject of how you will refinance your abode. If you want to understand the basic idea of refinancing a house, facts related to mobile home refinancing and home mortgage refinancing, and most importantly, it gives you a broad explanation what is ?refinancing a home? is all about.

I’m Almost Ready To Buy A Home, What Should I Do?

Posted on January 25, 2010 by admin

Well, the first thing you should do before you shop for your new home is to get a copy of your credit report and credit score! You can obtain a copy of your credit report and score from one or all of the three credit bureaus: TransUnion, P.O. Box 2000, Chester, PA. 19022,800-888-4213,www.transunion.com; Equifax, P.O. Box 740256, Atlanta, GA. 30374, 877-784-2528 ,www.equifax.com; Experian, P.O. Box 2104, Allen, TX. 75013, 888-397-3742 ,www.experian.com.

You may even consider ordering a three in one credit report to see what each credit bureau is reporting about you.

You’ll want to review your credit report for any potential problems that will need to be cleared up before you start shopping for your home. You don’t want any surprises when you complete your home loan application. So, it’s important to be proactive about getting your credit report first!

After you have secured your credit report, the next step for you to consider when preparing to purchase a home is to get pre-approved for your home loan. That’s right, get pre-approved for your home loan not pre-qualified, there’s a big difference! Getting pre-approved for your home loan means that you have obtained approval from your chosen lender to pay a certain amount for the home you are about to purchase.

Basically, pre-approval means you already have your money for your home purchase and have the ability to negotiate a better deal with the seller because you have the funds to purchase quickly. A pre-qualification doesn’t have much clout, because you have not secured approval of your home loan from a lender. A pre-qualification is that you may qualify for a home loan. So, do your research and secure pre-approval of your home loan from a lender of your choice before you start shopping for your home!

As you look for your home, you may want to choose a buyer’s agent to represent you for your home purchase. Remember, the sellers agent represents the seller and not you the buyer! That means that whatever offers you make or whatever you tell the sellers agent for the most part must be relayed to the seller. For example, if you tell the sellers agent that you could pay up to $200,000 for a particular property but relay a bid of $180,000 directly to the agent for the seller, the agent usually has a duty to tell the seller that you would pay up to $200,000 for their property. This would leave you with no room for further negotiations of the purchase price to the seller.

So, consider getting your own buyer’s agent that will represent your interests for the home you are trying to purchase. Consider getting a buyer’s agent that will split or get a portion of the real estate commission for the home sell with the sellers agent so you’re not stuck paying a commission fee directly.

If you’re interested in purchasing a brand new home, it is recommended that you have your own buyer’s agent representing your own interests and not the agent who represents the builder! In most cases, you will find that the terms of the contract for the purchase of the new home presented by the builder’s agent, is one sided and may not protect your interest! So, get an agent that will represent you for your new home purchase. You will find that you may have a better peace of mind during the purchase of your home.

Buying a home is probably the most expensive purchase you’ll make in your lifetime. It’s also one of your bigger investments for your future. So, it’s important that you do your research before you buy and take precautions that will make your home purchase easy going, less stressful and carefree! So go ahead, get started on your home purchase today!

Nocita Carter is a writer that designs websites providing informative tips at finance tips
http://www.personal-finance-tips-for-you.com & dating tips http://www.mydating-tips.com

Live your Dreams With Reverse Mortgages

Posted on January 24, 2010 by admin

We human beings are one such species who work hard for his or her entire life to become somebody. Born out of our mother’s womb, we are given ample protection, showered care and looked after by our parents. With the passage of time as we grow, our requirements keep on increasing and then we realize that our parents have bestowed upon us whatever they had. Just the way we run after fulfilling our dreams, our parents and the various aged people also at one point, must have rushed to fulfill their dreams and in this chase, they barely could have saved anything that they can treasure for their lifetime. However, with reverse mortgages becoming a major advantage, today senior citizens of America can get themselves a second chance to do the things that they missed out in trying to live up to their responsibilities of raising their children and looking after their families.

Reverse mortgages are a kind of loan that is made available to the senior citizens of the United States of America, who are sixty-two years of age or above. Reverse mortgages are generally used to release the house equity in the property as one lump sum or multiple payments. The homeowner’s obligation to repay the loan is deferred until the owner dies, the house is sold, or the owner leaves the house. In a traditional mortgage process, the house owner needs to make a monthly payment to the lender and in addition, after each payment is made the equity increases within his or her chattel. Moreover, after the end of the term, i.e. the number of years the loan has been taken for, the mortgage is paid in full and the property is released from the lender. However, in reverse mortgages, the house owner does not need to make any payment and all interest is finally added to the lien on the property. If the owner receives monthly payments, then the debt on the property increases each month.

There are several criterions that need to be fulfilled to qualify for reverse mortgages in the United States. The primary factor is that the borrower needs to be of at least sixty-two years of age. There is no need of any minimum income. However, it includes the requirements of certain factors, and therefore, the borrower should make sure that he or she qualifies according to all the terms to get the loan before they devote any significant time or money into the entire process. Reverse mortgages made its way in the United States some twenty years back, but however, it gained popularity around three years back. Almost every senior citizen in the US is using today, reverse mortgages.

Reverse mortgages in the United States has indeed made things much easier for the senior citizens. In fact, it can be said that reverse mortgages have given them a second chance to fulfill the dreams that they dreamt of but never got a chance to live them. Contrary to the saying “life begins at forty” reverse mortgages has made it that life begins at sixty-two.

Antonio Redford is a legal expert. He gives advice to clients who are looking for expert counsel on reverse mortgage. For more queries about reverse mortgages, American reverse mortgage, California reverse mortgage and reverse mortgage Canada visit www.reverse-mortgage-seniors.com

Warning For Bad Credit Mortgage Lending

Posted on January 24, 2010 by admin

Bad credit mortgage applications are subject to strict rules that are enforced by the mortgage industry regulator – the Financial Services Authority. The regulator regularly investigates whether the bad credit mortgage rules are being adhered to by mortgage brokers by way of test samples and mystery customers.

Test samples often show irregularities by mortgage brokers in relation to bad credit mortgage applications meaning that not all brokers are following the rules correctly. The regulations have been designed to stamp out mis-selling with the intention of protecting the pubic from unscrupulous mortgage brokers.

One of the most common ways in which mortgage advisors have been helping their clients to secure loans is by advising them to exaggerate their income. This practice involves inflating your income on a mortgage application to make it look like you earn more money than you actually do. The purpose of this activity is to secure a larger home loan than you otherwise would and therefore buy a larger or more expensive property.

One of the main reasons for a mortgage broker choosing to engage in such an activity is to win business from people who would otherwise not be able to obtain a bad credit mortgage. A broker who helps clients to fudge their numbers will quickly earn a reputation and will receive recommendations from existing clients. Such a practice is not only dangerous because the borrower may be securing a loan that they cannot actually afford, it is also fraudulent. This can earn both the mortgage broker and their client time in prison.

Another reason is that the procuration fees paid to brokers by lenders and packagers can be a lot higher for bad credit mortgage products than standard home loans. Brokers who are out to make a quick buck will therefore target borrowers who don’t fulfill the lenders’ criteria for clean credit products and do anything possible to ensure that the application is successful.

Mortgage brokers are now required to supply their bad credit mortgage customers with an Initial Disclosure Document (IDD) and a Key Facts Illustration (KFI). These documents detail the services the mortgage broker provides and also gives personalised information about costs and risks of products. The documents form part of the Financial Services Authority’s initiative to improve customer understanding of bad credit mortgage products.

Despite the increased regulation, some mortgage brokers still engage in fraudulent activities. However, the public should be aware that this type of broker is a minority within the mortgage industry as a whole. Examples of dishonest brokers have been emerging in the press quite regularly thanks to thorough investigations by the Financial Services Authority.

Some brokers have even been charged with falsifying their incomes on their own mortgage applications. This is usually done with buy-to-let mortgages so the broker can buy more investment property than they otherwise would. Advisors who are caught out by the FSA are usually banned from conducting mortgage business in the UK for life and their clients may also face criminal charges if enough evidence is available for the police to prosecute.

If you are searching for a Bad Credit Mortgage product visit UK Mortgage Source for contact details of qualified Mortgage Brokers

Investment Property Mortgage Calculator

Posted on January 24, 2010 by admin

There are many successful businesses, such as the property business. Of course, there are times when an investor does not have enough capital to pay for all his investments. What can he do in such a case? Well, the answer comes from a bank. If you are a serious investor, a bank will loan you the money you need for your property investments. As long as the properties you finance with your loan will bring in more cash than your payments on the loan, you will be building equity. This is the foundation of most real estate investing strategies. Of course later on you will settle your debt with the bank. An investment property mortgage calculator will help you figure out the financial elements of your property investment.

Many people are too ignorant to know the definition of an investment property mortgage calculator. Well, to make things clear for you, just imagine a computer program, that calculates your monthly payments. And all that can be done without going to a bank, or really asking for a loan. There are several banks, that offer this service on the Internet for any potential customer.

The benefits of investment property mortgage calculators are many. So what are the advantages, of an investment property mortgage calculator you might say? Well, this way when you need a certain amount of money to invest in real estate, you wont have to go to the bank to talk to someone for a loan. More you don’t even have to loan any money. It is just like a virtual bank that calculates the amount of money you have to pay to the bank each month. The amount that you owe each month is the key figure because you now know how much cash flow your investment property must bring in to cover that monthly payment.

The method with that the investment property montage calculator functions is important to understand as well. There are a few things you should attempt to understand about investment property mortgage calculators. Just imagine an Internet page, where you have several options: introduce the mortgage amount, introduce the mortgage term, introduce the interest rate of the certain bank. After you have done these, just click on calculate, and you will find out exactly what the monthly payments will be. It is quite easy to use, and even a child could do it. Another advantage is that, you can use the investment property mortgage calculator from your personal computer at home. You may be able to find out what your monthly debts to the bank will be.

For great financial related articles and resources check out http://leasinginsider.info

Home Mortgage Loans- They Can Affect You

Posted on January 24, 2010 by admin

Many families are beginning to feel the impact of a slowdown in the economy. The impact is even greater on families with home mortgage loans.
It is believed that just over half of parents with home mortgage loans will have to restrict spending on their children in 2009 as living costs increase. Nearly one in two families are struggling to make ends meet and almost a third of those who are living comfortably now expect to cut backs on spending next year.

Cutting back on children’s expenses
Having a home loan often leads to reductions in the amount parents spend on their children for toys and clothes. Additionally, with more parents stating that holidays will see a cut back in 2009, holidaymakers may have to get a personal loan if they wish to take a well-earned break in the holiday season.

Using debt funding to meet expenses

For may people who spend more than they earn or just break even, the additional burden of a home mortgage loan means they have to resort to use debt to fund spending. Most seek a personal debt consolidation loan to get their finances back on track and ensure that spending starts to meet income.

Finding ways to earn more to meet expenses

Home mortgage loans require a regular income source for years that will keep paying of debts. In most cases salaries don’t rise significantly each year and this affects families who wish to maintain their lifestyle. Many mortgagees have resorted to starting a small side business, taken on a second job or another stream of income to supplement their main source of income. While most people like to stick to the same careers that are comfortable to them and feel too overwhelmed to put in the time to develop an additional revenue stream, based on the economy it seems that more people have no other alternative.

Prioritising short term and long term expenses

With most people relying on one or two fixed income sources, usually from jobs, a home mortgage loan requires prioritizing one’s long term and short term expenses. Does one buy the latest plasma TV now or do the bathroom renovation first? Here are some of the items that would have to be considered.
-Paying off medical bills
-College funding for your children
-Home improvements or renovations
-Paying off debt (with restrictions)
- Planning holidays
- Sending kids on excursions
- Buying a second car for the spouse.
Paying off debts with the proceeds from a home equity loan is good, but only if you permanently change your spending habits. Clearing off your charge cards only to start using them all over again will only get you into more trouble. It will take a commitment and some discipline on your part.

Changing spending habits

A large sized home mortgage loan requires some smart spending tactics. What exactly are people with a mortgage suggesting?
When going to the store don’t assume the lowest priced product is the “cheapest.” You have to look at a number of factors when choosing what provides the best value for your money. Factors to consider are lifespan, quality, and ongoing operating costs. Often the more expensive product will be a much better value and save you money in the long term.
Buy store brands. Selecting store brands over name brands often results in savings of up to 50% for the same quality of product. Most grocery stores have the price broken down to price per a smaller unit to be able to quickly compare the cost across a range of sizes.

Taking on debt in the form of a home mortgage loan will definitely have an impact on everyday living. Making sure you choose the right home mortgage loan is a vital financial decision that will affect you for the next several years.

Clive Robert writes on most subjects in the finance industry. His special area of interest is in the field of home mortgage loans and how the recent economic changes has affected this. He is also passionate about mortgage refinance. Learn more by visiting him at The Best Mortgage List

How To Get The Most From Mortgage Brokers

Posted on January 24, 2010 by admin

Finding a home loan is a big deal. A home loan is going to be one of the biggest debts a person will incur in their lifetime. That is why it deserves special attention. Almost any advice a person gets on finding a home loan will include the tip to shop around for the best rates. That is because the interest rate on such a large loan, like a home loan, can cost hundred of thousands of dollars. It is not cheap to finance a home purchase. One way to get the best home loan rates is to try using a mortgage broker.

A mortgage broker is someone who searches for home loans for the home buyer. The broker is basically an insider in the industry. This means they have access to special deals and financing offers that the home buyer may not have otherwise been able to find. Additionally, they often have good relationships with lenders and can negotiate good deals for a home buyer.

A mortgage broker is going to be able to help a home buyer by finding them the best deals. Additionally, they are going to save the home buyer time because they are going to be doing the searching and all the major work in finding the home loan.

The broker is going to be able to also pre-qualify buyers. What this means is the home buyer gives their information to the broker and the broker can fill in pre-applications with different lenders. They can secure lending for the buyer and all the buyer needs to do is finalize once they accept the deal.

A mortgage broker can be set up exclusively to find a home buyer their mortgage or they can be used to just find good deals to offer the home buyer so they can look into them further.

Home buyers have the option of using multiple brokers if they want. This is a great way to really find the best deals and is especially useful for people who are going to have a hard time getting approved. The brokers often know who will lend to those with bad credit or other situations that make securing a loan difficult.

Mortgage brokers work independently and sometimes directly for lenders. It can help to know which kind of broker the home buyer is using. A broker that works for a specific lender is not going to search around for different lenders, but rather just search their lending institutions options.

Mortgage brokers can be found in a variety of places. A person can find them by calling lending institutions. They can find then right in the yellow pages or they can do an online search for mortgage brokers.

Using a mortgage broker is a great way to get the best home buying experience. A broker can simplify the process and elevate a lot of stress. They can also help to speed things up and make things move along quicker. A mortgage broker is well worth looking into when searching for a home loan.

James Copper is a writer for http://www.any-loans.co.uk/mortgages.php where you can get information on mortgage brokers

Tips For Choosing A Good Mortgage Lender

Posted on January 24, 2010 by admin

The mortgage lender you choose is just as crucial to the home buying process and the loan itself.

Consider that your relationship with a mortgage lender will last anywhere from 15 to 30 years.

From that perspective, it only makes sense to shop around for a lender that you can work with for that length of time.

Factors to Consider

National mortgage lenders are often better sources of funds than local lenders. With a national lender you often find diversity in the products offered as well as advanced funding capability.

While the costs of the loan are important, choosing a mortgage lender is about more than just the money.

The lender’s reputation is another factor that you should take into account when choosing a mortgage lender.

The length of time the lender has been in business will give you an indication of their reputation.

You should also check with the Better Business Bureau to see if the lender has any complaints against it.

If you are considering a national lender that operates in multiple states, make sure to check the status of that lender with the BBB in other states.

Asking your family and friends for the name of the mortgage lender they use is another way to find reputable lenders for your mortgage.

The financial aspect of your decision for a specific mortgage lender should be based on the closing costs and interest rates. When you speak with a lender, ask for details on the closing costs and rates of the loan. Make sure to find out how many points you are being charged. The points are the amount you pay for the loan and are a percentage of the amount you borrow. Your goal is to minimize the extra costs of the loan as much as possible.

Lenders to Avoid

Download a free ebook that shows you how to get the best mortgage: Mortgages Your Complete Guide Ebook

FHA mortgage, FHA Loans for buying a Florida home

Posted on January 24, 2010 by admin

Florida FHA Mortgage Loans

FHA Mortgage Loans for Buying a Florida Home or FHA Mortgage Refinances are Fast and Easy with FHAmortgageFHAloan.com. FHA home loans allow first time Florida home buyers and current Florida home owners buy a home with less than 3.5% down or FHA home mortgage refinance up to 96.5% of the homes value.

Research FHA home loan programs to help you qualify to buy a Florida home with little money down, learn about FHA home loan qualifications, or get a free FHA home loan prequalification.

FHA home loans have so many advantages and qualifying is easier and less expensive with regulated closing costs of FHA loans protect you.

Other FHA loan Advantages Include:

Minimal Down Payment and Closing Costs.

Down payment less than 3.5% of Sales Price Gift for down payment and closing costs allowed. 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:

Minimum FICO credit score of 540. 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 NOW FOR AN FHA HOME LOAN AT
http://www.fhamortgagefhaloan.com/

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 Florida FHA mortgage program. Long-overlooked, the FHA mortgage is becoming popular again with Florida Home Buyers for its low rates and the real security it provides borrowers.

For Florida banks and other mortgage lenders, FHA mortgage loan financing offers the security of a government insured Mortgage. Win/Win! To learn more, call today at 1-800-570-0448 or just use our fast and easy quick application!

For first time home buyers and other borrowers, the FHA home loans can have key advantages:

Easy Qualification – The FHA loan insures lenders against loss for loans made to properly qualified FHA home loan borrowers. So you’re likely to find FHA mortgage loans with terms that make it easier for you to qualify.

Minimal Downpayment Requirements – FHA mortgages can work with as little as 3% down and those funds can come from a family member, charity, or your employer. Although the FHA loan does not have a zero down mortgage option yet, you will find that your 1st Continental Mortgage loan officer can point you to many Downpayment assistance programs that work well with Florida FHA home loans.

Less than A-1 Credit is Okay – The 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 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 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 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 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.

FHA Home Loans for Purchasing a Florida Home

Although Florida FHA home loans require additional paperwork, the reality is that applying for an FHA mortgage loan in Florida is not much different from applying for conventional financing. In fact, for many borrowers the small amount of extra time turns out to be an exceptional mortgage bargain because they save thousands of dollars over the life of their Florida Mortgage.

At 1st Continental Mortgage, we have been working with the FHA program for many years. We’re experts at assembling the proper paperwork and presenting your loan application to FHA approved lenders diligently and professionally. It’s one of the ways that we have earned our reputation for closing FHA home loans in Florida on-time.

You may be surprised at how flexible sellers are in the current market and how many programs there are that provide Downpayment assistance to applicants for FHA financing to purchase 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 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:

Your current mortgage must be an FHA mortgage. You must have had your FHA Mortgage for at least 6 months. You must have paid your mortgage on time for the most current 12 months. Your FHA Streamline Refinance must lower the principal and interest portion of your mortgage payment by at least $50 or convert the mortgage from an ARM to a fixed rate FHA home loan. You can’t get cash out on the FHA streamline refi. You must have an FHA appraisal if you are rolling the closing costs into the FHA streamline refinance. Any existing liens on your Florida home must be subordinate to the new FHA mortgage. 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 203k Mortgages For 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 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 Florida home.

FHA Home Loans For Mobile Homes with Land

Although some conventional lenders in Florida shy away from making a loan on Mobile Homes or manufactured homes, many FHA mortgage loan lenders do not.

In fact, mobile homeowners fortunate enough to connect with a Florida mortgage lender, who is well schooled in how FHA loans work for mobiles and manufactured homes, can get a better interest rate, better terms, and a lower monthly payment by going FHA in nearly every case.

If you’re shopping for financing to buy a mobile or manufactured home on land in Sumter County or any of the other 66 counties in Florida that we serve, call 1-800-570-0448 and let us give you a quote for an FHA mortgage loan to purchase your mobile or manufactured home.

It only takes a few minutes to get an FHA loan mortgage quote on your Florida mobile home. We’ll wager that the savings on your monthly mortgage payments will make it some of the highest paid work you’ve ever done.

Few people realize that the FHA loan uses the same underwriting criteria for single and double wide mobile homes and manufactured housing as it does for traditional site built block or stick homes. In addition, FHA is one of the very few programs that can offer up to 97% financing on mobile homes on land. In addition, did you know that the seller can contribute up 6% toward your closing costs on an FHA mobile home loan and that down payment assistance can be used in Florida? It’s true! You could package your mobile home financing to create a real no money down loan with unbelievably low rates.

Call 1-800-570-0448 or use our secure online quick application for a free no obligation quote on financing your manufactured or mobile home using an FHA mortgage loan.

FHA Home Loans Offer the Convenience of Streamlined Refinance

An FHA streamline refinance is one of the easiest home loans for Mortgage Lenders and borrowers. Since HUD approved you for the original FHA loan, the paperwork to refinance is minimal and the process is simple.

So long as you have made your 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 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:

The mobile or manufactured home must be constructed in accordance with the Federal Manufactured Home Construction and Safety Standards. A red tag is attached to the rear of each section of homes that comply with the standards. The home must be taxed as real estate by the local tax assessor’s office. The mobile or manufactured home must have been built after June 15, 1976. The mortgage must have a term of at least 30 years from when amortization begins. The mobile home or manufactured home must be on a permanent foundation. The axles and tongue must be removed from the mobile or manufactured home. The mobile home or manufactured home must have adequate skirting and insulation, and the crawl space must have adequate ventilation.

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 Florida Fixer upper homes

This specialized FHA mortgage is for Floridians who wish to buy a home that needs repairs or renovations. Just as is the case with a conventional construction loan, a single FHA 203k loan covers both purchase of the Florida real estate and renovation. FHA 203K financing can be used to purchase a property on a site and move it to a new foundation on the mortgaged property and rehabilitate it.

In addition, Florida homeowners can also use a 203k FHA mortgage to refinance existing debt when they finance one or more home improvements using the FHA 203k mortgage program.

Many borrowers are finding out what a good deal a Florida FHA home loan really is. Call 1-800-570-0448 today or simply use our quick application to find out more!

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