Posted by admin on Feb 19, 2011 in
Loans Generally, FHA standards are less strict when it comes to mortgage insurance, and while you likely will not qualify for conventional financing, an FHA Home Loan is your key to home ownership. Because every FHA Specialist from our company is fully trained in the HUD-insured loan industry, we can help you:
* Find all the information you need on FHA Guidelines to see if you qualify for an FHA Loan
* Determine the options and money saving benefits available to you with FHA Financing
First time home buyers should explore FHA loan options because it’s easier to qualify for an FHA home mortgage. Your loan is guaranteed by the government, making your application more attractive to lenders. An FHA Home Loan mortgage often costs less and is more forgiving of youthful indiscretions with credit and payments.
FHA home loans do not require a huge down payment at closing time. For first-time home buyers this can be a real plus. The FHA mortgage requires a low 3.5% down payment, and that money can come from a variety of sources including HUD down payment assistance grants.
For first time buyers, closing costs are another issue that can be a financial drain; typical closing costs for FHA home loans are around 2% or 3% of the total mortgage. FHA mortgage terms may allow you to build in closing costs into your mortgage.
Requirements for an FHA Loan mortgage product such as FHA purchase loans require copies of your income tax returns to verify the actual amount of money you report to the government. If your job situation has changed since your last tax filing, you may be able to furnish proof of income through your new employer. FHA home loans also have requirements for income, debt-to-income ratios, maximum loan amounts and other details. Read more...
Tags: Benefits, Home, Loan
Posted by admin on Feb 17, 2011 in
Credit Tips ou have your home and you need money, you are looking for the best home equity lender possible? You have heard about many lenders, but before choosing an institution, you do research all over the internet on Home Equity Line Of Credit to decrease risks of losing your house? If you seriously are looking for information, this article will guide you systematically how to find and negotiate your line of credit loan.
First of all, to be approved by a credit institution, there are conditions that must be met. These conditions include but not limited to job stability (at least two years in your current job or business), reasonable income, credit rating (personal credit history), the nature of the construction (personal home, retirement home, location, condition, etc.), etc.
A loan can come with variable or fixed interest rates, which differ depending of the lender and your credit score. However, to attract customers, some lenders offer attractive low introductory interest rates. Nevertheless, all these methods are often accompanied with upfront or closing costs. Whatever the benefits, there is no single loan that is good for every owner. What is good for X can be disadvantageous for Y. The important thing is to contact and compare different lenders. By comparing their options, you can wisely choose the home equity line of credit best suits your needs.
Tricks you need to be careful about
On TV as in newspapers, lenders making claims to offer the best home Equity loan, which is, most of the times, not true. Even when the words are appealing, you must read and re-read the terms and conditions of the contract before signing it. While reading the contract, note the essential points. Do not hesitate to ask questions on anything that is unclear or confusing. Read more...
Tags: Advice, Credit, Equity, Home, Line, Tips
Posted by admin on Feb 1, 2011 in
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Miami FHA Mortgage Loans – Buying a Miami Home using a FHA Loan
The FHA mortgage loan program was created to help increase homeownership. The FHA program makes buying a home easier and less expensive than other Miami FL mortgage loan programs. Just few key advantages to FHA home loans are
Minimal Down Payment and Closing Costs.
Down payment less than 3.5% of Sales Price 100% Financing options available 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 530. FHA will allow a home purchase two years after a Bankruptcy. FHA will allow a home purchase three years after a Foreclosure.Â
Easier Debt Ratio & Job Requirement Guidelines such as:
Higher Debt Ratio’s than other Miami mortgage loan programs. Less than two years on the job is allowed. Self-Employed individuals o.k.
These advantages of the FHA loan program has made it one of the best options for most Miami FL first time home buyers as well as move-up home buyers.
You do not have to be a first time buyer in Miami Fl to obtain a FHA loan, anyone in Miami  may use a FHA loan to purchase a home as long as you do not have more than one FHA mortgage loan at any one time.
FHA Home Loans for Purchasing a Miami Florida Home
Although Miami Florida FHA home loans require additional paperwork, the reality is that applying for an FHA mortgage loan in Miami Florida is not much different from applying for conventional financing. In fact, for many Miami FL borrowers the small amount of extra time turns out to be an exceptional mortgage bargain because they save thousands of dollars over the life of their Miami Florida Mortgage.
Read more... Tags: Home, Loan, Miami, Mortgage
Posted by admin on Jan 29, 2011 in
Loans FHA loans for Florida home buyers, 97% Financing down to a <530 FICO SCORE> The FHA loan program is a mortgage Florida loan program designed to assist every qualified and eligible Florida homebuyer with having the opportunity to own their own Florida home. Insured by FHA/HUD the FHA loan program provides prospective Florida mortgage applicants with a tremendous opportunity  to own a Florida home.  FHA loans offer the best Florida mortgage rates and are traditionally lower than conventional Freddie/Fannie home loan programs, the FHA program is fast becoming the Florida mortgage loan of choice for many Florida Home Buyers.
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
 No Score Borrowers
 3 Alt tradelines 0×30 with 12 month history Management VOR or 12 months cancelled checks Max ratio 31/43
NO collection other than medical
APPLY NOW ATÂ Â http://www.fhamortgageprograms.com/florida/
Using the FHA loan program to attain a Florida mortgage just makes good sense.
Read more... Tags: Buyers, down, Financing, Florida, Home, Loans
Posted by admin on Jan 21, 2011 in
Finance Advantages for the buyer in an Owner Financed Home purchase.
Despite the elevated purchase price and higher interest rate, there are many benefits to a buyer who engages in an installment sale transaction.
1. Easy Qualification. The buyer, in many cases, prefers an installment sale to conventional financing because it does not require traditional bank income and credit approval. The buyer may have poor credit because of a divorce or recent bankruptcy. He may be self-employed and cannot prove income. He may be new to his job and cannot meet strict lender guidelines.
Even if he could qualify for a loan, the rate will be astronomical if he has poor credit. Furthermore, few conventional lenders offer fixed interest rate loans to people with a poor credit rating.
As you can see, there are dozens of reasons why a buyer cannot (or will not) qualify for a conventional bank loan. The installment sale becomes the perfect solution for him.
2. Credit Rating. An installment sale may give the buyer a chance to improve his credit rating by owning a home and making payments timely.
3. No Loan Costs. One of the biggest benefits for the buyer is not having to pay the costs associated with conventional loans. Points, origination fees, underwriting charges, appraisal, credit reports, title insurance and the plethora of other “junk” fees charged by conventional lenders can amount to thousands of dollars at closing. The buyer is free from these with an owner-carry installment sale.
4. Fast Closing. A buyer can close and move into a property within days, since there is no third party lender holding up the transaction.
Tags: Advantages, Austin, Buyer, Buying, Financed, Home, Owner
