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”

Powered by Yahoo! Answers

Your Questions About Check My Mortgage Loan

Sandy asks…

Mortgage loan __ Credit history?

Hi guys,
I have been in the U.S for 2 yrs,but my credit history is a little over a year.
I am looking for a mortgage loan and I appied for bank, and after they check everything, they said that I have good credit scores, good income and all, except I just establish my credit over a year.
They required at least 2 yrs period.
Do you know all the bank/financial institution have the same guideline?
or Do you know other bank that does not require that?
Pls let me know which bank….

Thank you.
who is credit union? can you give me their website?
Can you guys refer me to a very good credit union ? I am from bay area.

admin answers:

It will be hard for you to apply with a credit history so fresh… Have you tried to apply with an actual mortgage company instead of a bank? Some banks are very strict when it comes to credit requirements. What you can also do if interested is apply for an FHA loan. They do not base their decisions solely on credit alone, so you may have a better chance of getting approved. Good luck to you!

Laura asks…

Should I pay off my mortgage quicker or should I save?

Im closing on my first house next week. My husband and I are both 30. I checked I mortgage caculator and found out if we make a payment of $3500.00 1 x a year in addition to our regular payments then we will pay the loan off 10 years earlier. Is that a good thing to do with our money or should we be putting it into some sort of stocks for retirement.

admin answers:

Basically it all boils down to what is your mortgage interest rate versus what rate of return can you get for investing in stocks. If your mortgage interest rate is lower than the rate of return that you can get from stocks, then go with stocks, if it’s the other way around, then go with paying off the mortgage quicker.

Mark asks…

How do I qualify for a mortgage/financing as a foreigner?

I know in my country (South Africa) the banks do credit checks and calculate a max loan amount based on income. How is Texas different? Will the do credit check in country of origin? How does mortgage influence your tax payment to government. We do not get tax cuts for bonds.

admin answers:

The same applies in the US as far as credit checks and income. If you do not have an established US credit history, the bank may require an International Credit Report which can be costly.

Mortgage interest is a tax deductible item on income taxes.

If you are not a US Citizen, you can still purchase property in this country but you will be subject to some different guidelines. This is mostly due to the fact that since you are not a citizen it is a possibility that you will leave the country and not return to pay your obligation. Ask the mortgage specialist at your bank as suggested but many Mortgage Brokers can be of service too. Just make sure they are an established and reputable Broker. In addition, Texas has some very specific lending guidelines that are unique to that state. Being a border state, they might have tougher restrictions on lending to foreigners.

Sharon asks…

Policeman problems……I am a mortgage loan officer. Recently, I denied an applicant’s loan?

(the applicant is a small town policeman….the town we live in has a population of 10,000) because the lender changed their loan program. The man did nothing wrong, it’s just that his loan was a “subprime loan” and the subprime lenders are tightening up. I called the policeman and told him. He called back several times screaming at the top of his lungs, threatening to sue me personally, the company I work for and making all kinds of strange threats. He apparently also did a criminal background check on me, our secretary and the owner. What my question is should I be worried that he or some of his policeman friends will harrass me with pulling me over just to get me back or cause any other problems? I have never had problems with the law just a couple speeding tickets. Has anyone ever run into a situation like this where the police harrass since something did not go their way? Thanks for your input!

admin answers:

As a fellow LO, I understand completely what you’re going through! Although, thankfully, none of my clients are cops : – 0

I’m sure you exhausted all your lender options before denying the loan, and with all the recent changes, I understand how difficult that can be. But FHLMC, FNMA and FHA have been loosening guidelines and have stretched into the Alt-A and higher sub-prime loans. If his mid-score is >580, I would keep looking for a progam that might work. Also, if you live in an LMI area, and/or the borrower’s income is below the median – he may qualify for Freddie’s Home Possible program. There is a special program for people who work for the community such as police officers, firefighters, teachers, etc. The program offers 100% financing with loosened DTI and reserves when manually underwitten, otherwise just go by the LP findings. The name of the program is Neighborhood Solution under the Home Possible guides.

If he doesn’t qualify for the above mentioned program or FHA, I would call the guy and let him know that you are mailing copies of the sub-prime program, before and after the guideline change. Clearly show him in writing why his application is currently denied. Run a credit simulator scenario through your credit vendor and see what improvements he can make to increase his score to an approveable number. Offer to counsel him through his credit score improvement process and let him know that you will be more than happy to help him with financing when he is ready to try again. I would also offer a reduction in closing fees (see if you can waive the in-house processing fee). Hopefully the harrassment will cease.

Best of luck to you.

Robert asks…

FHA mortgage Loan question?

What does it mean to be pre-qualified for an FHA loan?? My credit has been checked, I was asked my income, and they sent it thru the FHA approval computer and said the fha says ok for them to proceed?? Does this basically mean if everything matches up like income, assets, credit we are approved??

The paperwork that I received said we have been “Conditionally approved” but did not state any conditions which was strange. I hope someone can help

They’ve asked for a purchase contract and the title company and they will do an appraisal after they receive a title from what I’m told.

Also under what cases will the underwriters not approve a loan?? How long does this process normall take?

admin answers:

Well that all depends on who your lender is. When you give your application to the loan officer, they run it through an software thats usually referred to “DU” or in some cases “DO” That process is usually instant to see the results. If you come back pre-approved, the loan officer will tell you to gather your information to back up what you said on your application (exam: income documentation, pay stubs, w2’s for the past two years, your current employers information, etc) . If you can provide all the documentation to back up your application, you will have no problem getting the final approval. Getting the final approval depends on your underwriters. If they are busy, it can take anywhere between 2-3 days. If they are slow, they can approve it in a day or so. This just all depends on who your lender is.

Also, there are a lot of reasons why the underwriters might not approve the loan at the end. Title may be one, if there are liens and judgments, they will dissmiss it until the title is cleared. Lets say the appraisal came back and there is a problem with the foundation or the water or whatever reason it may be, that might be another reason why the underwriters will not approve it until its fixed. Your loan officer, whoever is helping you get into your home, should have all of this information for you. They will help you approve any conditions that may be on the final approval. Trust me, your loan officer is your best friend at this point because they want you to get that house just as badly as you do. Thats how they make their money so don’t be afraid to ask questions, to be a bug, to know what exactly is going on at all times because remember, you’re paying them! From my past experiences, it takes around 2-4 weeks for everything to be completed but again, this also depends on your lender. 🙂

Just to note: there are some things that neither you the loan officer can’t fix on the final approval and you will have to wait until that problem is fixed before you can purchase your property.

On the bright side, appraisal problems, title problems that can’t be fixed rarely occur so if I were you, getting the pre-approval is a great step, I’d be really excited!

Powered by Yahoo! Answers

Your Questions About Mortgage Loan Rates

Betty asks…

What is the success rate of being a mortgage loan originator?

I am considering working for Acceptance Capitol in Spokane Washington and wanted to know if there is anyone who has/does work for them and can give me insight on what the success rate/salary/turnover rate of working for this company in this specific location is? Any help would be appreciated! Thanks

admin answers:

Less than 10%. There are too many originators in every city. The only way you can guarantee that you will be one of the 10% is to refuse to accept any salary or “draw” against future commissions. If they don’t have to pay you, they will never lay you off. You can continue until you get discovered by the real estate community. It usually takes 2-3 years until you have a stable income.

If they pay you a salary, they will fire you if you don’t produce 5 loans per month. That is almost impossible for a new person to accomplish.

George asks…

How much can I expect for an interest rate on a fixed interest rate mortgage on an FHA loan?

What does it depend on? Are FHA loans always the same rate on the same day, know what I mean?
My score is bad, the only thing I have is good credit history for the past few years.
I think it’s like 580 🙁

admin answers:

5% last I checked; you should know that you can get the best rate by paying points; this is well worth the upfront expense unless you are planning to sell the home in the next 3-5 yrs or so…

Helen asks…

Where is the best place to find mortgage rates on cooperative loans in New York?

admin answers:

Here’s a good site that keeps home mortgage rates up to date: http://www.whataboutloans.com/mortgage/mortgage-rates.html.

John asks…

Is This FHA Mortgage Loan a Good Deal?

My wife and I are first time home buyers, and we want to tap into this buyer’s market. We spoke with a Wachovia representative a couple days ago, and we are considering the following FHA loan:

For a $200,000 house-
1. 15% down payment, FHA Loan, 30 year fixed mortgage
2. 5.10% mortgage interest rate (per month)

To avoid a horror story with this home purchase, what kind of questions should we ask, and what kinds of things should we look out for?

admin answers:

FHA mortgage loans are very good. The one draw back I have against a FHA mortgage loan is there is MIP sorta like PMI, that last the life of the loan no matter the balance of your mortgage loan.

Your MIP might be tax deductable depending on which tax bracket you are in.

For all tax and legal matters you should consult with your tax consultant and attorney.

Once you reach 80% of the value of your property I would consider refinancing to a conventional mortgage loan thus taking away the MIP and since the refinance would be for less than 80% of the value of the property your new mortgage would not have PMI.

Of course you would have to sit down and do the numbers to see if they match the cost versus any possible savings you might make from the refinance.

I would be reluctant to put down 15% with the housing market the way it is today. Once you purchase your property if could lose value thus your down payment would have been for naught and gone until the property appreciate in value. Presently, still in certain parts of the country properties are still losing in value.

Now your house is less than what you purchased it for and you have lost your down payment with the lost.

Therefore I would put down the minimum and leave my cash liquid in whatever instruments you presently have them.

You should ask and inquire about all the possible mortgage loans you are approved for.

You should ask as many questions as you can.Asking questions might conjure up more that you had not thought of. Don’t leave your mortgage broker/bankers office until you are pleased with what they are telling you and you have all the answers to the questions you asked.

There are many things you should do, but the first thing you should do is contact a mortgage broker that does FHA mortgage loans and get pre-approved. This is the first step. Once you have your pre-approval then contact a real estate agent to look at house based on what you are qualified to buy.

You will need proof of income so have available pay stubs, w-2, bank statements and other items your mortgage broker will require.

He will inform you of what is necessary once you contact him.

This pre-approval will tell you the amount of house you are qualified to purchase as well as the interest rate, monthly mortgage payments and other necessary things you need to know about your mortgage.

Your pre-approval should indicate the interest rate, monthly mortgage payment and how long you have to pay the mortgage off (Terms). You should get a Good Faith Estimate (GFE) and a Truth in Lending (TIL) once you have beem pre-approved. As soon as you get these two documents call your loan consultant and ask questions about the numbers, what they mean, closing cost you are required to pay.

Make sure once you have seen a property that you inquire of a roof cert(even if the lender does not require one), an inspection report, an appraisal. A sales contract the give you the right to back out based on your inspection report.

To avoid a horror story don’t sign anything unless you know exactly what it is that you are signing. Once you have signed your loan docs it is too late 2-3 years later to find out that what you thought you were getting you are not getting.

So if the interest rate, mortgage payment and terms on the mortgage docs you are about to sign do not match what you were told prior to you getting and signing your mortgage docs STOP and get an explanation from your mortgage consultant.

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

“FIGHT ON”

Sandra asks…

How many of you are taking advantavge of mortgage interest rates at 5% for a 30-year loan? ?

admin answers:

Not me — my house is paid for!!!

Powered by Yahoo! Answers

Your Questions About Mortgage Loan Rates

David asks…

I am applying for an $81k FHA mortgage loan. What kind of interest rates will I get?

My wife and I are purchasing a foreclosure and got preapproved for a loan for $90k. I will actually only need $81k for the FHA loan. My credit is around a 650 and hers is around 670-700 range. What kind of interest rates will we get approved for? I know interest rates are extremely low right now.

admin answers:

The news is reporting 4.5 percent interest on a 30 year fixed.
With your credit score I would expect about 5 to 5.5 percent.
An FHA will not have PMI……………

Nancy asks…

Looking to find lowest refinance home mortgage rates?

I’m looking for a better home loan mortgage rate than I currently have with my bank. So I am seriously considering refinancing. Does anyone know where I can currently check for the lowest refinance home mortgage rates?

admin answers:

You can actually get a better mortgage rate – without refinancing. There is a website which allows you to check for free if there is a better rate available with your current lender.

You can avoid the costs and all the paperwork and hassle associated with refinancing. Your bank won’t tell you that there is a better rate available with them, but there usually is.

Check for a lower rate here free:

http://www.checkmyrate.com.au

Laura asks…

How does the credit score of spouse affect mortgage loan rates?

I wish to buy a house with my wife as a co-borrower. Both are working. I have a good credit score. My wife has no credit card yet, never had it. So no credit history. What options do I have.
(a) We apply for a loan together, with my wife with no credit history
(b) My wife first gets a credit card through my credit card bank as an authorized user.
(c) My wife gets a card through my credit card bank as an independent credit user.
(d) My wife gets an american express/costco card.
(e) any other option

In above cases, how long would we have to wait for applying a loan to ensure that our scores are OK to get best loan rates.
We have no joint credit card accounts. My spouse does not have an alternate credit, except her salary based saving and checking bank account. Our
Rental and utility bills/accounts are all in my name.

admin answers:

If she has no credit accounts then there should be no problem as she has no negative affect. As long as your credit history is fine, then you should have no problems.
The only time they would turn people down is if both parties had low credit scores or not enough credit history.

The most important aspect is your combined financial statement (how much you both owe and how much you both have (assets, cash, etc.). They will use this to determine the risk factor along with the amount you are looking to finance and the amount you have to put down.

A mortgage is far different then credit card or other unsecured debts and they will take not just your credit scores into consideration, but other factors as well. The fact that the home will be the collateral this is considered a secured loan.

Hope this helps answer your question

Sandra asks…

Should i do a conventional or fha mortgage loan (both fixed rates)?

Also what is the difference between the two loans? thanks.

admin answers:

Shop and find the best deal.

Read the fine print, and choose the best deal paying no attention to acronyms, programs, or fancy names.

Make sure you get in a loan that you can afford and are comfortable with the down payment. FHA is a Federal program designed to help moderate and low income people get into houses, they do not give loans, they guarantee them. Usually, FHA comes into play if you lack a significant down payment. If you have a good lender/broker you should not have to worry about whether your loan is FHA, or any other type of program. Your loan officer should take time to find the best fit. If you don’t have one who is looking at every option to make the best loan for YOU, go somewhere else.

BTW – The answers below that are asking you to contact them are phishing scams, legit companies have their own domain ie. @bank.com

Robert asks…

What is the current mortgage loan limit before jumbo loan rates take effect in Clive, Iowa? $417K or more?

admin answers:

Yes, anything over $417,000.00 will be a jumbo loan in Clive, Iowa

Powered by Yahoo! Answers

Your Questions About Mortgage Loan Process

Michael asks…

On average, how long does it take for a bank to process a mortgage loan application?

Weeks? Months?

admin answers:

30-45 days, assuming they dont keep wanting last minute things from you

Charles asks…

Mortgage loan process for approval?

Does anyone ever used bank of america for first time home buyer? Also how long does it really take to get in approval? My loan is been in process since July and I’m still waiting for an approval,

admin answers:

Wow- since July?
Mine took 2 weeks
Time to call them…

Richard asks…

What is the approval process for a mortgage loan when you have recently taken on a commission only position?

admin answers:

Sorry, but you will probably not be able to qualify as most programs today require full income verification and because you do not have a 2 year history in a “commission position” chances are you will not meet the guidelines with regard to the stability test for income. Even stated income programs (if they are still available in your area) would require 2 years employment history with the same employer typically.

You are probably SOL for now.

Mary asks…

How does one become a Mortgage Loan Processor?

I am looking into getting a job in the Mortgage Loan Processing field. What training, certification will i need to establish this as a career path?

admin answers:

You don’t want to get into this field. There are thousands of well-qualified processors looking for work, and that number will continue to grow. Since you have no experience, you won’t find any work.

Sharon asks…

What should I be cautious about during the FHA mortgage loan process?

So Im knee deep in purchasing this home in Michigan. Ive gotten all the way to the loan application process. Once it is filled out, I will get guaranteed financing. Today when E-signing the documents, I got to page two and there was a red flag. Even know we had agreed with our lender that the rate would be 5%, he had the rate listed as floating rate. After a somewhat heated phone convo that had me fending off a $400 fee to lock the rate, the lender agreed to Lock it in at 5%. But I am very nervous about the rest of the process. Im afraid of expensive surprises that can ruin this dream that Me, my Wife and Kids are so excited about. Any suggestions?

admin answers:

No lender can guarantee a rate lock until you fill out and submit the loan application. Also there is no such thing as guaranteed financing. I’ve see tax liens pop up after the loan was approved and within a few days of closing. A rate lock should be good for 30 days without any fee for locking in the rate.

Sounds like you failed to use a direct FHA lender, but a mortgage broker who has absolutely no control of how fast your loan can be funded. Generally speaking trying to get an attorney involved in your transaction just slows down the escrow process and adds another $500-$1000 to your purchase costs.

Most attorneys just end up mudding the water with BS on the smallest inconsequential details only because they need to justify their exorbitant and useless fees.

Powered by Yahoo! Answers

Your Questions About Mortgage Loan Application Form

Lisa asks…

Will underwriter deny FHA mortgage loan application based on accidental wrong tax form filed in 2006?

My co-applicant accidentally used the wrong form to file his taxes in 2006. He had a small amount of 1099 earnings (approx. $5000), and used the 1040EZ form instead of the 1040 form that is supposed to be used with 1099 earnings. We now know that you are not supposed to use the 1040EZ form for 1099 earnings. We think that this means that he didn’t pay medicare and social security taxes for this portion of his income. Is this something that the underwriter will deny our loan for? Will they just make him amend his 2006 filing and pay the balance? This wasn’t done on purpose, and he did file the taxes, just on the wrong form. Do we need to worry that we will be denied the loan because of this? Everything else that we know of is perfectly fine with regards to our application.

admin answers:

I doubt an underwriter would deny you for this. An amended return may have to be filed, but I don’t even think that will happen.

I wouldn’t worry about something that hasn’t occurred yet.

Richard asks…

Do I need a W-2 forms for a mortgage application?

I’ll be going to a bank for a Mortgage loan application, the lender sent me an email that says I need the previous 2 year W-2 forms, the problem is I did my taxes online and I didn’t bother to save the W-2 forms… Do I really need these forms or can I just take my Tax doc files?
and If I really need the w-2 forms where can I get them from?

admin answers:

You are going to need to get copies.

You are supposed to keep them for 7 years, just in case your state or the IRS decides to audit your records. It often takes them a few years to get to questionable tax issues.

Chris asks…

When should i fill out a mortgage application form?

ok…this sounds pretty stupid…But we are currently working w/ a Mortgage broker and she gave us the application form to fill out…However, we still dont know if she is right person to go to. We have yet to visit individual banks to see if we qualify for a loan w/ those banks…so the question is: does filling out the application form automatically bind us to the broker? or can we still shop around until we find a better deal? i just dont want to pay the broker any fees or even give that person a chance to collect fees from us until we are SURE she’s the one! thank you!

admin answers:

Brokers deal with a dozen to a hundred lenders while banks use
only their own resources.

She may not be the best broker to go to but always use a broker
to get a loan [it costs a few $ more at closing–presuming you
did not pay any app fees, credit app fees out of pocket]

IF you, however, have a great relationship with your banker,
and if they offer you a great rate, use them and skip the
broker’s fee from the agency

James asks…

What’s the procedure for changing Social Security Number?

How long does it take? Who do I call? I bought a house once with a former friend, so, they have my social sec info and other infos on the Mortgage loan application form. I believe they are compromising my info, and running searches on me etc.
What do I do? How can I know if they pulled my credit or pulled my background info etc? And what legal recourse can I take?

Thanks

admin answers:

You can only change your SSN if you have religious or cultural objections to the numbers themselves and that process can be very in depth. You can contact the credit reporting agencies and advise them of potenital misuse and they can advise you if someone is pulling a report. If you find abuse it is a felony and you should report them to the authorities as well as contact the FTC.

George asks…

do I still need pay for the appraisal fee even if my loan application was denied?

I heard that an appraisal should never be ordered unless the mortgage broker is sure the loan is going to go through.but my loan application is denied.and I still need pay for the appraisal fee?
it is said that requirement has to be in writing.from my application form,I did not find that I have to pay for the appraisal fee even if loan is denied.

admin answers:

An appraiser is an independent person who wants to be paid for their work. Not their concern if the loan funds or not.

A mortgage broker is NEVER sure that a loan will go through, regardless of what they tell you.

One of the conditions of a loan funding is the lender’s review of the appraisal.

It is often a risk of the borrower to pay for an appraisal without knowing if the loan will fund.

If you are working with an ethical mortgage person, they should have a fairly good idea of the value prior to the appraiser going out.

Was your loan denied because of appraised value or something else ?

Unless you had a different arrangement, sounds like you need to pay for the appraisal

Powered by Yahoo! Answers

FHA Loan FLorida, FHA mortgage Florida

FHA Loan Florida  

 The FHA home loan is a very popular route for Florida first time homebuyers. But it’s not reserved only for Florida first time home buyers. You can buy your third or fourth Florida home with an FHA home loan. The only stipulation is that you may only have (1) one FHA home loan at a time.

Today, the FHA mortgage program  plays a critical role in financing for minority Florida mortgage applicants,, first-time homebuyers, borrowers who have troubled credit history, and Florida mortgage applicants who have little money to put down on a home.

FHA Mortgage Loans allow for Florida homebuyers to buy a home with a low 3.5% down payment, have great interest rates due to being insured by the (FHA) Federal Housing Administration, allows for less than perfect credit and makes it much easier to qualify due to FHA insuring the home loan.

 Purchases (Min 530 score)

12 months cancelled checks or Management VOR Must have 3 open and active tradelines for last 12 mths Payment shock limited to 1.5 times 35/45 Max DTI No late’s or collection in last 12 months NO late’s after BK

 http://www.fhamortgagefhaloan.com/

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

Easy Qualification – The FHA home 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 home loans can work with as little as 3.5% 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 home loan 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 FHA home 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 home loan! 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.

http://www.fhamortgagefhaloan.com/

At one point and time many years ago, the FHA home 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 home loan financing offers the security of a government insured Mortgage. Win/Win! To learn more, call today at 1-800-570-0448 or just use our fast and easy quick application!

FHA home loans 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 home loan 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 home loan for Purchasing a Florida Home

Although Florida FHA home loans require additional paperwork, the reality is that applying for an FHA home 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 home 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 home 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 home loan 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 loan 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 loan 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 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.

Target FHA home loan Borrowers for FHA 203K Mortgages

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!

 

FHA mortgage, FHA Loans for buying a Florida home

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!

 

Florida FHA Loans Down to a 530 FICO Score

Florida FHA Loans Under 620 Credit Score

The main advantage to a FHA mortgage loan for Florida homebuyers is that the credit criteria for a Florida mortgage applicants is based upon a common sense approach to lending rather than a credit score drive approach. For Florida mortgage applicants  who have stable predicable income and timely payment history  for the past 12 months will most likely qualify for a FHA home loan.

Purchases (Min 530 score)

12 months cancelled checks or Management VOR (verification of rent) Must have 3 open and active trade lines for last 12 months Payment shock limited to 1.5 times current rent. 35/45 Max DTI No late payments or collections in last 12 months NO late’s after Bankruptcy.

 No Score Borrowers

3 Alternate  trade lines, electric, car insurance, cell phone with  0x30 for 12 months Management VOR (verification of rent) or 12 months cancelled checks to prove timely payment history. Max debt to income ratio 31/43 = 31% of gross income towards housing and 43% includes housing expense plus all other monthly payment reflected on applicants credit report. NO collection other than medical

http://www.fhamortgageprograms.com/ is approved by HUD to originate FHA loans across Florida.  

The FHA  program guarantees eligible Florida mortgage  applicants the ability to obtain mortgages with little or no money down. Florida FHA loans are  fully assumable. Florida FHA Loan limits vary depending upon the area, some of the higher lending limits up to 423,750 apploy in Broward, Palm Beach, Miami Dade counties. But all FHA loan limits vary  depending upon where the Florida property is located.

FHA loans feature low down payments and flexible guidelines to make it easier to own a Florida home qualify! FHA mortgage loans are popular for Florida first time home buyers but they can be equally attractive to Florida moving up buyers and Florida homeowners in need of renovations. With an FHA loan you can borrow up to 96.5% of the purchase price of the Florida home without a perfect credit rating. Florida homebuyers need to keep in mind that the  FHA home loan will be based on the purchase price of the Florida home or the appraised value, the lesser amount.

The Federal Housing Administration more commonly known as FHA was created in 1934 to help Florida homebuyers realize the dream of Homeownership. FHA was absorbed into HUD in the 1940s and is now known as FHA.   

The advantages of a FHA mortgage loan provide more advantages than any other Florida home loan or Florida mortgage program. An Florida home loan applicant may apply for an FHA insured mortgage and purchase a home, Townhome, Condominium, Manufactured with only 3.5% down payment! The FHA mortgage insurance permits Florida FHA approved mortgage lenders to take bigger risks and lend the Florida mortgage applicants with less than perfect credit.

With an FHA home loan mortgage there are no income minimums or maximums required to qualify. Infact there are no credit score requirements. FHA loans are based on a common sense approach to Florida mortgage lending. This is why so most anyone with stable predicable income with on time payment history can qualify for FHA financing as long as they  can afford the monthly mortgage payments. You can also combine FHA mortgage programs with many Florida first time homebuyer grants or Florida down payment assistance. FHA will even allow you to receive a gift from a Family member or friend for the down payment.

 

 

Pros and Cons of FHA Loans for Florida homebuyers

FHA Mortgage Loans Pros and Cons of FHA Loans

The Federal Housing Administration (FHA) runs several FHA mortgage programs to promote home ownership. In most cases, FHA home loans are mortgages obtained with the help of the FHA. With a small down payment today only 3.5%, Florida  buyers can purchase a home. FHA loans make it easier for Florida homebuyers  to qualify for a Florida mortgage,

 Minimal Down Payment and Closing Costs.

Down payment less than 3.5% of Sales Price 100% Financing options available No reserves or required. FHA regulated closing costs. Seller can credit up to 6% of sales price towards buyers costs.  

Easier Credit Qualifying Guidelines such as:

No minimum FICO score or credit score requirements. FHA will allow a home purchase 2 years after a Bankruptcy. FHA will allow a home purchase  3 years after a Foreclosure

Easier Debt Ratio & Job Requirement Guidelines such as:

Higher Debt Ratio’s than other home loan programs. Less than two years on the job is allowed. Self-Employed individuals o.k.

Apply today at www.FHAmortgagePrograms.com

www.FHAmortgageFHAloan.com

What is an FHA mortgage Loan?

An FHA loan is a home loan that is insured against default by the FHA. In other words, the FHA guarantees that a Florida mortgage lender won’t have to write off a loan if the homebuyer defaults – the FHA will pay. Because of the FHA  guarantee ,Florida mortgage  lenders are willing to make large mortgage loans.

Who Can Get an FHA home Loan?

Almost anybody can qualify for an FHA loan. There are no income limits – like you may find with Florida first time home buyer programs. However, there are limits on how much you can borrow. In general, you’re limited to relatively small FHA mortgage loans relative to home prices in your area. To find the limits in your region, visit HUD’s Website.

To qualify for an FHA mortgage loan, you’ll need to have reasonable debt to income ratios. In general, you have to be better than 31/43. In addition, you have to have decent credit. You don’t need wonderful credit to get an FHA loan; it just needs to be decent.

How do FHA home Loans Work?

The FHA promises to pay Florida mortgage lenders if a borrower defaults on an FHA loan. To fund this obligation, the FHA charges Florida mortgage applicants  a fee. Florida mortgage applicants who use FHA loans pay an upfront mortgage insurance premium (MIP) of 1.75%. They also pay  .55 MIP which is a mall ongoing fee with each monthly payment.

If a borrower defaults on an FHA loan, the FHA uses collected insurance premiums to pay off the mortgage.

Why Not Use an FHA home Loan?

You may find that FHA loans are not for you. An FHA loan may not offer enough money if you need a large Florida mortgage. In addition, the upfront FHA mortgage insurance premium (and ongoing premiums) can cost more than private mortgage insurance.

In many cases, you can still buy a house with a very little down using a standard loan (not an FHA loan). In particular, Florida  home buyers with good credit can find competitive offers that beat FHA loans.

 

http://www.FHAmortgagePrograms.com
http://www.fhamortgagefhaloan.com/
http://www.fhamortgageprograms.com/florida/Arcadia/
http://www.fhamortgageprograms.com/florida/Boca-Raton/
http://www.fhamortgageprograms.com/florida/Boynton-Beach/
http://www.fhamortgageprograms.com/florida/Bradenton/
http://www.fhamortgageprograms.com/florida/Brandon/
http://www.fhamortgageprograms.com/florida/Cape-Coral/
http://www.fhamortgageprograms.com/florida/Clearwater/
http://www.fhamortgageprograms.com/florida/Clewiston/
http://www.fhamortgageprograms.com/florida/Crestview/
http://www.fhamortgageprograms.com/florida/Daytona-Beach/
http://www.fhamortgageprograms.com/florida/Deerfield-Beach/
http://www.fhamortgageprograms.com/florida/DeLand/
http://www.fhamortgageprograms.com/florida/Delray-Beach/
http://www.fhamortgageprograms.com/florida/Deltona/
http://www.fhamortgageprograms.com/florida/Destin/
http://www.fhamortgageprograms.com/florida/Englewood/
http://www.fhamortgageprograms.com/florida/Fort-Pierce/
http://www.fhamortgageprograms.com/florida/Ft-Lauderdale/
http://www.fhamortgageprograms.com/florida/Ft-Myers/
http://www.fhamortgageprograms.com/florida/Ft-Walton-Beach/
http://www.fhamortgageprograms.com/florida/Gainesville/
http://www.fhamortgageprograms.com/florida/Hollywood/
http://www.fhamortgageprograms.com/florida/Homosassa-Springs/
http://www.fhamortgageprograms.com/florida/Jacksonville/
http://www.fhamortgageprograms.com/florida/Key-West/
http://www.fhamortgageprograms.com/florida/Kissimmee/
http://www.fhamortgageprograms.com/florida/Lake-City/
http://www.fhamortgageprograms.com/florida/Lakeland/
http://www.fhamortgageprograms.com/florida/Lynn-Haven/
http://www.fhamortgageprograms.com/florida/Marathon/
http://www.fhamortgageprograms.com/florida/Marco-Island/
http://www.fhamortgageprograms.com/florida/Melbourne/
http://www.fhamortgageprograms.com/florida/Miami/
http://www.fhamortgageprograms.com/florida/Miami-Beach/
http://www.fhamortgageprograms.com/florida/N-Ft-Myers/
http://www.fhamortgageprograms.com/florida/N-Miami-Beach/
http://www.fhamortgageprograms.com/florida/Naples/
http://www.fhamortgageprograms.com/florida/Ocala/
http://www.fhamortgageprograms.com/florida/Okeechobee/
http://www.fhamortgageprograms.com/florida/Orlando/
http://www.fhamortgageprograms.com/florida/Ormond-Beach/