Your Questions About Check My Mortgage Loan

Ruth asks…

I applied for mortgage in February of 2003? I’m only 18!?

Ok, so I had posted a question about half an hour ago about building up my credit, then began searching through answers. Found someone wanting to check their credit score, and found a link ‘www.annualcreditreport’ I believe.

So, I went on and applied for my free report. In the first step, for Equifax, I entered all of my information, then it said it wanted to confirm if it was really me and provided two questions for me to answer. The question was something like this –

“In february of 2003, you applied for a mortgage loan, what bank gave you this loan” Or something like that, and provided about 7 different companies with chex boxes next to them and I was to pick one, I don’t recall EVER applying for any loan as I am currently 18, that would make me 13-14 at the time, so I checked “none of the above”. The 2nd question asked me what was the term, with a amount of months starting with I think 120 months and higher.

How can I look into this further? I’m really worried.
Ok, so how can I receive my credit reports from the agencies?

admin answers:

It’s part of the questions they ask to make sure you are who you say you are.

READ THE INSTRUCTIONS.

If you didnt apply for a mortgage, then that is NOT one of the answers. Odds are you arent going to find anything unless you have gotten into debt in your name (which is unlikely since you cannot legally enter into a binding agreement before 18)

James asks…

Loan Closer Bank of America?

What experience is needed to be a Loan Closer w/ Bank of America. I’m trying to get the job through a temp agency. I have 5 ys exp as a bank teller (customer service). The recruiter thinks that the CSR exp would be ok but has to double check. Im I incorrect?
1 hour ago – 1 week left to answer.
Additional Details
28 minutes ago

This is the job posting: We are seeking several loan closers for our client in the banking industry. In the mortgage loan operations center (mlo), individual will coordinate preparation of loan closing packages, including issuance of funds,closing instructions, etc., necessary to ensure the marketability of loans. To qualify, must have banking industry background. Will also administer a test given online to determine qualifications. Apply directly today to be considered!

The reason i’m asking the initial question is because I’ve applied for other positions and the qualifications that were listed matched my experiences but when I received a call back they stated they are looking for specifics which I don’t have.

Just don’t want to get my hopes up.

admin answers:

An easy way to get through the mystery of these types of postings is that once you actually have an interview or ability to talk to someone directly ~ ask the question. What specific skills are you looking for for this position.

Most of the time they will answer if asked.

I would think since you have some time in the bank already (teller) that you’d be a candidate for an interview at least

Donna asks…

FHA mortgage loans & limits?

We are looking into buying a new house in the mid-$400k’s before we sell our current home, but this means that we would need a larger loan and that we would have less cash available up front for closing costs and downpayment. Buying before we sell our home means that after all the closing costs, we would only have 3.5% – 4.5% as a down payment.

I don’t want to give my state/city-county because that is too much personal information for a Q&A site, but I already checked and the HUD website’s FHA loan limits in the area where we would buy the new house are: FHA Forward $271,050 ($280,000) —AND— Fannie/Freddie $417,000. Depending on the offer that is accepted, we’d need to borrow between $425,000 and $435,000, and again, we’d have 3.5% and 4.5% for a down payment (after we pay closing costs).

We’ve talked to 2 lenders who only discussed FHA loans since apparently only FHA loans will allow as small as a 3.5% – 4.5 % downpayment:

(1) Lender #1 told us we have no choice but to get a conventional loan since we cannot get an FHA loan for more than $280,000 — end of story. He said there is absolutely no FHA loan available for loans over $280,000. As for non-FHA loans, Lender #1 said there is a cap for conventional loans of $417,000, and even then, we’d have to have a 12% down payment. In other words, we MUST sell ours first to have enough cash for closing/down payment.

(2) Lender #2 said we can borrow up to $450,000 on an FHA loan as long as we have a 3.5% down payment because our debt-to-income ratio is good enough. He said there is no $280,000 or $417,000 limit on FHA loans when the loan is a jumbo (aka, “non-conforming”) FHA loan. The debt-to-income ratio is all that matters.

What?! Something seems really wrong with what we’ve been told since the two lenders seem to contradict each other on the FHA “facts.” We understand that different lenders will only finance conventional loans under the terms they set, but the FHA rules are rules – they can’t be different from lender to lender?

Can someone explain and make some sense out of this?
Add’l details: The house is NOT in a high-cost area.
Answers #1 & #2 have already responded to my questions on point, but if others want to respond, please feel free to do so. Don’t be misled by GVD’s lack of comprehension, though; I’m not looking for rate quotes, I’m clearly not soliciting a loan from anyone on this site, & I’m intelligent enough to have provided the accurate limit information in my question. Thus, you may rely on my facts to provide answers to my questions.

admin answers:

Since you did your homework and lender 1 basically confirmed what you found out, you know that lender 2 is pulling your chain. FHA county loan limits apply to any FHA loan so it’s not something a lender can arbitrarily change or ignore.

Since you know that you are not in a high cost area, your loan will be capped at $417,000 for any conventional financing. This means you can buy at $435,000,00 and as long as you can put 5% (which is the minimum for a conventional mortgage) down you fall just under the $417,000 limit.

I have a question for you. You said you will have 3.5 to 4.5% available for a down payment after you pay closing costs. Are you talking about the closing costs on the home you’re selling or the home you want to buy? If it’s the home you want to buy, ask for seller concessions to cover your closing costs which frees up more money for your down payment.
If you have any assets that you can liquidate that may help cover your down payment as well.

Helen asks…

I did business with Yorkmills Financial, have you?

I received a call from Yorkmills financial saying i was approved for a $100,000 mortgage loan. I was shocked, cause everyone else was not approving me! Me and my wife spoke about it, was worried cause i was to send 4 months upfront of my monthly payments to receive the loan. We gambeled came up with $5600.00 and sent it over. To my belief we received the loan in a check the following day as promised! I recommend this company to everyone with poor credit like mine. I have done business with them and they are definitley on the ball with things. So, for the person asking if this was legit, it sure is, iam proof of it. and now my family and me can make the move we looked forward to for about 2 years now. Apply, the worst they can say is you were declined. i definitley recommend there services to anyone who does have diffuculty.

admin answers:

No.

Susan asks…

Mortgage Approval Process – Which step am I on?

So I went to the bank and applied for an FHA mortgage loan. All they did was open their public online bank site and filled out my information for a loan. That was a week and a half ago. They just sent me something that looks like an FHA consent form, I’m not sure, and a copy of my credit scores 800 average, that’s it. It doesn’t say anything about the progress.

I’m just wondering which step I’m on. Am I still applying or have they already did their check, approved, and just need to verify some information?
I also got a business card from the person that’s doing the paperwork, but I’m scared to call and ask 🙂

admin answers:

You are in the beginning stage of the loan process. You have a card of the person that is in charge of doing your loan. This person is now your employee. This person should be willing to answer any questions about the stage your mortgage is in and what else is necessary for you to get an approval.

Call today, not tomorrow, ask for your loan consultant, he is listed on your business card sent to you.

In order to find out the type of loan programs you are qualified for you will have to fill out a loan application, with a mortgage broker, which you can find one in your local telephone book.

Make sure this mortgage broker or mortgage banker is able to do government loans such as FHA and VA loans if you qualify for one.

He will fill out this application, which takes awhile so grab your favorite beverage and sit down. Once you have completed the application, he will run your credit report which will have your credit scores. These credit scores will determine your interest rate.

The amount of your monthly debt payments you are required to pay as per your credit report and the amount of mortgage you can take on based on your income will determine the amount of house you will be able to purchase.

When you speak with the mortgage broker you will need the following documents to complete the loan application, there will be others, but this will get you started.

#1 One month of pay stubs for each person that will be on the mortgage.

#2 Six months bank statements from each bank in which you bank as well as statements from any 401K from you place of employment.

#3 Two years of federal income tax along with the W-2 that match.

Once he has all that he need to do he can then issue you a pre-approval letter so you can purchase a home. In this pre-approval letter will be the amount of house you are qualified to purchased.

Once he gives you this pre-approval you may now find a real estate agent to find yourself a home or he might have a referral.

Now make sure before you get your pre-approval you and your mortgage broker go over all your options as to the mortgage programs you qualify for, the interest rate, monthly payments.

If you are getting a FHA, fixed rate, two loans to eliminate PMI like an 80/20 or one loan, if you are qualified for and approved for a 100% loan.

You should select the loan that best suit your financial condition at the time. That could be an adjustable rate loan. It could be a fixed rate loan for 5 or 10 years and then adjust. Some adjustable rate mortgages only adjust once.

Make sure your mortgage broker explain all your options so you may make an intelligent decision.

What might be good for one person might not be good for you, in other words just because your friends and all your real estate buddies are telling you about the great fixed rate they got, your financial situation might call for something else.

So select the best option for you and your financial situation.

You should also get a Good Faith Estimate (GFE) which will indicate the cost you will have to pay for getting this loan. It will also indicate the amount of your down payment.

Once you have found a home the real estate agent will then prepare a contract for you and the seller to sign.

Your mortgage broker will now order an appraisal to show proof of the property value.

The mortgage broker might ask for additional information or documentation, don’t get all up tight this is normal, just supply the information or find the documents needed.

After the appraisal has been completed you will be called by your mortgage broker to sign your loan docs so you can take possession of your new home.

Before signing any loan docs make sure they say exactly what you and your mortgage broker went over when you decided on what mortgage program was best for you.

I hope this has been of some use to you, good luck

“FIGHT ON”

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Your Questions About Mortgage

Linda asks…

What can I do about a mortgage company checking my credit without my permission?

Ok…I get a call from a lady saying my mortgage company assigned her my file and that she could get me a lower interest rate. Well great, I said to tell me what she could do. Never did I give her my or my husbands social security numbers or any info. Well, she checked our credit without my or his permission. I called my mortgage company and they said they never give my info to anyone….yet this lady says they did and that this is how she had my info. What should I do?

admin answers:

I would ask the lady for the name of the person at the original mortgage company who gave her your information. Someone is lying here. If she won’t tell you, then you know it’s HER (or her company). She might be pulling your leg about having your social security number AND about checking your credit.

Ken asks…

What can a mortgage company do if I am supposed to be living in a home and I decide to rent it out?

I am buying a home and its with an FHA loan. The monthly payments will be easy for me to pay but I think I can rent it out for way more then the mortgage payments. So I am thinking about renting it but under FHA loans its supposed to be owner occupied. Do they come and check up on you, will they ever even know or find out? What really can they do if I am making all the monthly payments?

admin answers:

They will call the loan due. Possibly file fraud charges.

The IRS will inform them that you do not reside there, that another tax payer is.

The IRS is going to be looking for their income tax too.

Donna asks…

Why is my mortgage company not paying my tax bill when I have escrow?

My mortgage company (CITIMORTGAGE) is not paying my tax bill. The money is in escrow, the error has been spotted and documented in a case number by customer service.

I paid the bill myself, because it is over six months late and I risked being put on the TAX SALE foreclosure list.

Should I be worried that they are going out of business? Or is this a computer glitch?

admin answers:

Are you signed up with the tax agency to use the escrow account? The company has to receive the tax notice to pay the tax. If you received the bill directly, then the tax agency isn’t sending the bill to the right address.

Laura asks…

What is the best company for mortgage leads?

What is the best company for mortgage leads? I need mortgage leads.

admin answers:

Hi I have used a lot of companys for mortgage leads. Here are my top 3.

1. ThompsonMutual.com/Agent.html (has the highest closing ratios and best price)

2. Www.LowerMyBills.com ( low closing ratios )

3. Www.LendingTree.com ( leads cost way to much!!!!!!!!! )

Lizzie asks…

What sources does one use to find jobs and mortgage lenders in Houston, Texas area?

I am trying to find out what is the best newspapers or websites used to find jobs in Texas, especially the houston area and what is the most common sources used for mortgage lenders. Do people usually use the banks or mortgage companies? I want know a good mortgage lender with good principles and low interest. Please, only people who are really familiar with these subjects and with serious answers. I would really appreciate your help. Thanks to all those who are willing to assist. Bless you.

admin answers:

The houston chronicle, yahoo hotjobs, alot of jobs are posted online.
You just gotta search for them.

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Your Questions About Mortgage Insurance

Susan asks…

how big of a down payment do you have to give to avoid paying mortgage insurance?

and how much is mortgage insurance?

admin answers:

20% of the purchase price as down payment on primary residences. Mortgage insurance rates can vary based on loan to value and credit scores. Ask your loan consultant about lender paid mortgage insurance. That may be just what you need. Good luck!

Sharon asks…

refinanced and put paid 3100 upfront mortgage insurance in the loan. Can i recover this after paying 20%?

I’m refinancing and i recovered 65% of upfront mortgage insurance from original loan, but now must pay it again for new loan. Can i recover this after paying 20% of the loan amount? Thanks.

admin answers:

No

Mary asks…

Can mortgage insurance come off of an FHA loan?

If you pay down 20% of the principal balance on an FHA loan, can the mortgage insurance come off?

admin answers:

Generally YES, but may require you to wait set time or to get professional appraisal
It’s an extra expense, and one avoided by putting down 20%

Steven asks…

How do you show mortgage insurance on a GFE?

I am a new lender. My first loan shows a purchase price of 298,000. 100% financing. Of course, mortgage insurance is required. The mortgage insurance is .85% of the purchase price. Should I get this client a loan for 298,000 + the cost of the mortgage insurance? If so, how much should I add (i.e one year, one month)?

admin answers:

Hi and congrats to becoming a new broker.
To show PMI(private mortgage insurance) on the the GFE it would probably under the 1002 section on the GFE. No you do not need to add in the mortgage Insurance. It will be calculated into the first payment along with the PITI. The PMI should be around $210.

🙂

Linda asks…

Are FHA Private Mortgage Insurance Monthly Premiums tax deductible if you bought a home in 2011?

I saw that homes purchased between 2007 and 2010 that were financed with FHA loans allow for the FHA Monthly mortgage insurance premiums to be tax deductible if you itemize. Does this include any homes purchased in 2011?

admin answers:

PMI & MIP are both deductible on your Schedule A with certain conditions. Publication 530 by the IRS will clarify it. This is for last year’s tax code. It is likely to be renewed for 2011. Check with your accountant or go to the web site.

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Your Questions About Mortgage Insurance

Charles asks…

How long will I have to pay mortgage insurance?

My wife and I did not put a down payment on our house so we have to pay about $65/mo in mortgage insurance. We have very good credit and have made all payments on time. When do we get to stop paying this? I thought I remembered 2 years, but I’m not sure.

admin answers:

When you build 20% in equity

Helen asks…

How long do you have to pay Mortgage insurance on FHA loans?

I have been paying mortgage insurance for about four years now and my house payment keeps going up. Yes I have a fixed interest rate.

admin answers:

You can check Ah Long

Carol asks…

How much compensation is there in selling mortgage insurance?

I know the average payouts on simple things– mortgages, some insurance products… but I don’t know how much money a person makes for selling mortgage insurance.

An example would be great too, I would appriciate it.

Especially if I were to make a career out of selling mortgage insurance, how many times would I need to sell it weekly/monthly to make…approx 70-80K yearkly?

admin answers:

Mtg insurance isn’t sold. It is required by a lender if you are not putting at least 20% down. There just isn’t a market for a sales rep in that line of work

Michael asks…

How do you calculate private mortgage insurance for a home loan?

I am looking to buy a home and because I am putting less than 20% down I was told I have to pay private mortgage insurance, I am wondering what is the calculation in order to determine what my monthly payment of pmi will be for a loan of $115, 000.

admin answers:

Private Mortgage Insurance rates are usually set by the insurance company insuring the loan which is calculated with consideration to how much of the loan needs to be insured. In the case of an FHA loan (government insured), you pay part of your PMI upfront (1.5% of the loan amount) and the rest (.5%/12) in your monthly payment. On an FHA loan of $115,000 you would $1725 at closing plus a monthly PMI of $47.92. Plan on $67.03-$86.25 extra per month if not an FHA loan (.7%-.9% divided by 12 months).

Lizzie asks…

Is my mortgage insurance allowed to contact me?

I have been defaulting for some time on my mortgage. After being contacted many times by the loss mitigation department; now, it’s my lender’s insurer that is calling me.

I don’t have any ties with my lender’s insurance. Theoretically, they are not my insurance, they insure my lender.

Are they legally allowed to contact me? Can I sue for that?

admin answers:

If you don’t make your payments EVERYONE is allowed to contact/call you and even sue you.
Knock knock … Pay up !!

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Five Reasons Why FHA Loans are the Choice for Florida homebuyers

Five Reasons Why FHA Loans are the Choice for Florida homebuyers. 1.Low fixed interest rates
2.Low down payments
3.Minimal closing costs
4.Simple credit qualifying
5.Lower monthly mortgage payment

Whether you are looking to buy a new Florida home or are interested in refinancing your current Florida mortgage, FHA Mortgage FHA Loan.com is here to serve you. You will experience one-on-one, personalized attention from a knowledgeable FHA mortgage Specialist who will carefully walk you through the FHA home loan process one step at a time.

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 TODAY AT www.FHAmortgageFHALoan.com,

FHA mortgage Loans: Helping You Secure Your Future

It’s official: the U.S. economy is in recession. Its hard for many to qualify for a conventional mortgage. Money is stretched tight for the majority of Americans, which leaves many to ask “How can I lower my monthly bills?” The answer could be an FHA home loan. An FHA loan is ideal for Florida first-time homebuyers, borrowers with less than perfect credit, and for Florida homeowners looking to save money by refinancing their current Florida mortgage into one with lower interest rates and smaller monthly payments. Let us help you with your Florida home purchase or Florida FHA mortgage refinancing needs!

Why Choose an FHA loan? (( 97% w 500+ FICO ))

Why choose an FHA-insured loan?

There are lots of good reasons why Florida homebuyers chose an FHA-insured loan over a conventional or risky subprime home loan, especially if one or more of the following apply to you:

You’re a first-time homebuyer. You don’t have a lot of money to put down on a house. You want to keep your monthly payments as low as possible. You’re worried about your monthly payments going up. You’re worried about qualifying for a loan. You don’t have perfect credit. Apply for a Florida FHA loan NOW! www.FHAmortgagePrograms.com   Florida FHA 30 year Fixed Rate Mortgage FHA Fixes Benefits For First-time Homebuyers

FHA loans benefit Florida homebuyers who would like to purchase a home but haven’t been able to save enough money for the purchase: like recent college graduates, newlyweds, or people who are still trying to complete their education. It also provides financing for Florida mortgage applicants whose past credit has been damaged  by bankruptcy or foreclosure to easily qualify for an FHA mortgage.

 

FHA loans for borrowers with past Credit Issues FHA Wants You To buy a Florida home

Past credit trouble does not have to deter your FHA loan approval. Florida FHA mortgage lenders will analyze your credit history to determine your eligibility for the FHA loan you seek. If you have made timely payments in the past, but your currently demonstrating your willingness to repay future credit obligations. However, if your past credit history shows continual slow payments, judgments and delinquencies, you now qualify for Florida FHA loan approval.

 

Protection: Florida FHA Mortgage Insurance

Florida Mortgage insurance protects Florida mortgage  lenders against any loss that may result from defaults on Florida mortgage loans. FHA mortgage insurance is “protection” for Florida lenders who risk funds to lender to Florida mortgage applicants with less than perfect credit.

 

Florida FHA loans for Condominium (s)

Florida FHA Condominium Loans are geared toward Florida mortgage applicants  those who purchase housing units in a condominium building. Condominium ownership, in which separate owners of individual units jointly own the development’s common areas and facilities, is for some a very popular alternative to home ownership. FHA mortgage Insurance for this type of housing is provided through FHA Section 234C. This FHA insurance is very important for low and moderate-income Florida renters who wish to avoid the risk of being displaced when their apartments are converted into Florida condominiums.

 

The Federal Housing Administration has insured over 35 million home mortgages and 47,205 multifamily project mortgages since 1934. Currently, FHA has 4.8 million insured single-family mortgages and 13,000 insured multifamily projects in its portfolio.

 

An FHA loan can be the solution to monetary concerns or problems

Financing a Florida Home with the FHA

Whether you are purchasing a new Florida home or renovating a house, or simply making your current Florida home to make it more energy efficient. An FHA loan can be the solution to monetary concerns or problems. Since being established in the early 1930s, the FHA Loan has aimed to assist all people to live in their dream homes, be it in Florida or elsewhere in the United States, through FHA loan and FHA mortgage assistance. Time tested and government backed, there are no excuses to pass up a FHA loan.

The largest percentage of a person’s life is spent in their house. A FHA loan makes sure that time is well spent. The FHA does not lend money, however serves as insurance to lenders so you can obtain a mortgage or loan to renovate or purchase a house. With rates as low as 3% of the purchase price of the home, and some programs that require no money down, the benefits of an FHA loan outweigh its costs.

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 at

www.FHAmortgageFHALoan.com

Florida is a beautiful state full of beautiful Florida homes. The dream of owning a Florida home may seem difficult, but with thanks to the Federal Housing Administration, that dream is not an impossibility. We can help you become a Florida homeowner with the help of an easy, hassle-free FHA loan. Our site is full of useful FHA information, and friendly customer service should any questions arise. Take a look around at make the smart decision of a choosing a FHA mortgage loan.

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Whos is Eligable for an FHA loan?

 WHO IS ELIGABLE FOR AN FHA HOME LOAN?

FHA home loans have been helping Florida homebuyers become homeowners since 1934. How does FHA help? The Federal Housing Administration (FHA) – which is part of (HUD), provides FHA mortgage insurance to insure private FHA mortgage lenders to protect them against loss. The mortgage insurance allows private Florida lenders to lend up to 97% of the purchase price and allows financing with No Minimum credit score requirement for Florida homebuyers.

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

Minimal Down payment Requirements – FHA mortgage loan can work with as little as 3.5% down and those funds can come from a family, grant , or your employer. Although the FHA loan does not have a zero down mortgage option yet, you will find that there are many Florida down payment assistance programs to help you with the down payment.

Less than A-1 Credit is Okay – The FHA home loan program exists to expand the pool of home buyers. Even borrowers with prior bankruptcies or mortgage loan lates get approved every day for FHA loans to buy or Refinance homes in. The FHA loan program uses credit quality, not credit score!

Lower Cost Over the Life of the Loan – Florida FHA loan rates are extraordinarily competitive. FHA’s lower risk to the lender means a better rate for the Florida borrower.

Safeguards for Borrowers Who Get Behind – FHA loans 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 loan.

Options for Manufactured Housing – Under certain conditions, you can even secure an FHA loan for a Mobile Home or manufactured home using a Florida FHA mortgage loan.

FHA Loans Are Fully Assumable – When you are ready to sell your Miami home, you can offer buyers FHA financing! All FHA loans can be assumed by qualified buyers.

 

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.

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(An exception shall be made for a seller on the GSA list when the property being sold is the seller’s principal residence.)

Although eligibility for an FHA-insured mortgage may be established by performing the actions described above, the overall analysis of the creditworthiness must include consideration of a borrower’s previous failure to make payments to the Federal agency in the agreed-to manner and must document its analysis of how the previous failure does not represent a risk of mortgage default. 

Exceptions to this rule may be granted under the following situations: If the FHA mortgage applicant sold the property, with or without a release of liability, to an FHA mortgage applicant who subsequently defaulted, the borrower is eligible, provided he or she can prove the loan was not in default at the time of assumption. However, if a claim was paid on a mortgage in default prior to the divorce, the FHA mortgage applicant is not eligible. When the property was included in a bankruptcy that was caused by circumstances beyond the FHA mortgage applicant control (such as the death of the principal wage earner or serious long-term uninsured illness), the FHA mortgage applicant may be eligible if the FHA mortgage applicant meets the requirements in Paragraph 2-3 E.

 While FHA may delete erroneous information regarding a FHA mortgage applicant falsely indicated as having defaulted on a FHA mortgage, such as incorrect social security number reporting, it will not remove correct CAIVRS information even if the borrower is judged eligible under the conditions described above.

 FHA mortgage Lenders may not rely upon a clear CAIVRS approval when in possession of independent evidence of delinquent federal obligations and must document the resolution of any conflicting information.  If the FHA mortgage lender has reason to believe the CAIVRS message is erroneous or needs to establish the date of claim payment, the FHA mortgage  lender must contact the appropriate HOC for instructions or documentation to support the FHA mortgage applicant eligibility.  The appropriate HOC can provide information when the three-year waiting period will elapse or if the social security number in CAIVRS is erroneous.  The HOC will also provide instructions to lenders regarding processing requirements for other HUD-related defaults and claims (e.g., Title I loans).

 FHA cannot alter or delete CAIVRS information reported from other Federal agencies, such as the Department of Education, Veterans Affairs, etc.  The FHA mortgage applicant and/or the FHA mortgage  lender must contact those agencies to correct or remove erroneous or outdated information.  We do not require a “clear” CAIVRS authorization number as a condition for mortgage endorsement, but the lender must document and justify its approval based on the exceptions described above.

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FHA Loan for Florida homebuyers FHA loans are backed by the Government and insured by HUD, the FHA loan program is a safe secure way to buy a Florida home!

FHA loan Program Overview

Easier qualification than any other home loan! Lowest down payment’s! Only 3.5% down required! You do NOT have to be a Florida  first time home buyer to use the FHA mortgage program! Government Backed Mortgage! HUD Insured! Higher debt ratios for home buyers. Low Interest fixed rate and adjustable interest rates. No income restrictions! Finance single family, condo, town house and mobile homes. Seller able to pay up to 6% closing costs. Down payment gifts and grants allowed!

Apply today at http://www.fhamortgagefhaloan.com/

Have Questions? Fill out a Quick Response form or Call 954-667-9110 or (Apply Now) and get Approved Today. 

The FHA loan program was designed  for Florida first time home buyers and current homeowners to help keep dream of home ownership alive. The FHA loan is a godsend for many people who would never have thought they would qualify for the purchase of a Florida home. If you’re in the market to purchase a new Florida home or existing Florida home, the FHA loan is a great program for you to consider.

The government FHA Loan is insured by HUD and is designed to make the dream of home ownership more affordable for all Florida home seekers. The FHA loan has underwriting guidelines that are designed to make it easier to qualify for than conventional Florida loans. Since the FHA mortgage is government backed and insured, is comes with lower interest rates and terms that are designed to protect you.

The greatest advantage with the FHA mortgage is the fact it does not ask that you have a great credit score to get the best rate and maximum amount financed. In fact,  under FHA  guidelines mortgage applicants credit score should not be used as a factor in underwriting an FHA loan. What does this mean for the Florida homebuyer? People with lower credit scores can use the Florida FHA mortgage program to attain 96.5% financing and a great low interest rate! Have great credit? That’s OK, you’ll still get a great low interest rate and you’ll be able to finance up to 96.5% of the purchase price, you wont find that with a conventional Florida home purchase!

So what types of Florida properties may be purchased using an FHA mortgage? Almost any – single family homes, mobile&modular homes, condominiums, town homes To learn more about properties you can finance with our many FHA loan programs, call 1-954-667-9110

Take a look the full range of benefits you receive as a Florida  FHA Loan applicant:

Lower down payment options as low as 3% Easier qualification Up to 6% in seller concessions towards closing costs Credit score not a factor – only credit quality 30 year and 15 year mortgage financing terms Higher debt ratios than conventional loans Fully assumable Non-occupying co-borrowers permitted Streamline refinance at a later date Low interest rates compared to conventional mortgage programs Adjustable and fixed rate loan options 2/1 buy down option Everyone is eligible Lowest down payment for an open ended mortgage program – as low as 3.5% (USDA has income caps and significant property restrictions) Rehab a property with a 203k loan Reverse your mortgage during retirement

We are experts in the government backed HUD insured Florida FHA  loan and can help guide you through the process of becoming a Florida homeowner! Contact us today to get started! Have Questions? Fill out a Quick Response form or Call 954-667-9110 or (Apply Now) and get Approved Today.