Sammarusich Blog

Florida FHA Mortgage Programs

FHA loans have been helping Florida homebuyers become homeowners since 1934. How do we do it? The Federal Housing Administration (FHA) – which is part of HUD – insures the loan, so your Florida mortgage lender can offer you a better deal.

Low down payments Low closing costs Easy credit qualifying

What does FHA have for you?

Buying your first home?

FHA might be just what you need. Your down payment can be as low as 3% of the purchase price, and most of your closing costs and fees can be included in the loan. Available on 1-4 unit properties.

Want a fixer-upper?

FHA has a loan that allows you to buy a home, fix it up, and include all the costs in one loan. Or, if you own a home that you want to re-model or repair, you can refinance what you owe and add the cost of repairs – all in one loan.

Financial help for seniors

Are you 62 or older? Do you live in your home? Do you own it outright or have a low loan balance? If you can answer “yes” to all of these questions, then the FHA Reverse Mortgage might be right for you. It lets you convert a portion of your equity into cash.

Want to make your home more energy efficent?

You can include the costs of energy improvements into an FHA Energy-Efficient Mortgage.

How about manufactured housing and mobile homes?

Yes, FHA has financing for mobile homes and factory-built housing. We have two loan products – one for those who own the land that the home is on and another for mobile homes that are – or will be – located in mobile home parks.

The FHA loan program was created to help increase homeownership. The  FHA program makes buying a home easier and less expensive than other types of real estate mortgage home loan programs. Here are just some Examples of how FHA can help you buy a home,

Minimal Down Payment and Closing Costs.

Down payment less than 3% 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 and 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.

Answers to Mortgage Questions

Whether Refinancing or Buying, We

Deliver Good Answers to Great Questions!

1st Continental Mortgage
Thomas Martin
http://www.fhamortgageprograms.com/florida/

http://www.fhamortgageprograms.com/mortgage/fha-loan-program.shtml

To mortgage lenders, your credit info is going to be very important. While it may feel invasive, your mortgage credit reports will tell the banks whether or not they can trust you to repay them. They’ll look for late payments, missed payments, bankruptcy filings, previous foreclosures, loans, total available credit, types of it, open accounts, closed accounts, collection accounts and pretty much everything financial you can think of, dating back 7-10 years. Low credit scores can be built back up through good behavior, but it may take 1-3 years for the worst offenders to be mortgage worthy again.

Once you know your credit scores, you can work out any blemishes before home shopping. This should be done six months to a year before you plan on buying. If you have a score higher than 700, you needn’t worry.

If you’re in the 500s or 600s, then try to pull your score up 100 points to get the best mortgage interest rates. There are five ways you can do this in six months time. First, you can reduce your credit card balances down to 30% of their limits.

Secondly, you can cut your credit cards in half, but don’t cancel your account because you’ll lose points and increase the amount of available credit you’re using up. Thirdly, it can boost your credit score to mix up your credit portfolio.

A healthy portfolio may include three unsecured cards, as well as a form of secured credit, which is like a student loan, auto loan, home equity loan or installment loan. Lastly, you can negotiate with all of your creditors to remove late payments, which can improve your credit overnight.

In addition to having healthy credit info and good credit scores, a prospective homeowner should work out a budget to see what kind of a monthly payment can realistically be afforded, given the monthly budget. As a general rule, borrowers can pay two-and-a-half times their annual salary. Lenders have traditionally calculated monthly payments using no more than 28% to 44% of your monthly income.

For instance, you should not pay more than $800 toward all your debts if your monthly income is $2,000. You can also calculate your debt-to-income ratio by adding up all your monthly debts and dividing by your monthly income. If your debt-to-income ratio is under 20-30%, then congratulations, you are financially stable!

Understanding how your credit info factors into your mortgage approval process is important. One of the biggest problems for many people is that they sell themselves short or feel they have limited options, even though there are many. Poor credit scores aren’t the end of the world. Do not seek a sub-prime outlet if your credit is in the 500s; instead, try to work on your portfolio and be patient.

Mike Selvon’s portal will expand your knowledge on credit info and mortgages. Visit us and leave a comment at our credit score factors blog where a free gift awaits you.

ght (c) 2009 Duncan Wierman

If you have dreamed of buying and selling houses, start looking at the bargain properties in Greenville SC and get moving because nothing is impossible when you are in the right place at the right time. Couple this with the right information and you are set to succeed.

How to Start Out

One success story revolves around a young man’s decision to get an HUD foreclosed property. He worked on it, painted the house inside and out, begged a friend to do the wiring and another to do the plumbing, and pleaded his mother to allow the use of her credit card to get the mortgage and finance the closing cost. After selling the property, he netted $10,000 after interests, capital gains tax, and associated expenses.

With several bargain properties in Greenville SC, you can do the same. First, buy a modest house, after all, prospective home buyers are on the lookout for affordable homes not luxury mansions in this economically difficult time. View the different bargain houses up for sale and consider the location of the property for environmental hazards, condition of the property, current market appraisal of the property and equity tied to it if it is HUD foreclosure.

Like the young man, you can start small. But if you have the capital to invest on your first bargain property, get the house in the best downtown location if you intend it to be a rooming house for students or workers or a log cabin near the beach for tourists or clients looking for business opportunities in the tourist belt. A word of caution, never aim for a property that is beyond your means and credit.

How to Inspect the House

Most bargain properties in Greenville SC are relatively new but some will need your thorough inspection. When looking at a house, check out the property on both sunny and rainy days to see how it holds up and to check for leaks and flooding. Scrutinize the walls for molds and watermarks and sound out the boards for termite infestation and check the plumbing and electrical wirings. Check the basement for leaks; this will clue you to a bigger problem and mind you, this requires extensive work. The telltale watermark on the basement warns you that the place is prone to flooding so avoid buying the house or your prospective client will find it hard to insure it against flooding. Get someone who can give an estimate for the house makeover or repairs and if the expense is within your budget range make a go for the house. You can do some of the repairs yourself if you want to get more money from your project.

Advertise

Greenville in South Carolina is one beautiful place and it is not a problem to resell bargain properties in Greenville SC. Put the house back on the market and aggressively advertise the house. You can do this on your own without hiring a broker. Do not rush the sale, wait for the best offer, and go for it if all your operating costs are reimbursed and you are looking at a reasonable profit after taxes and expenses – enough to buy your second project in cash and some extra to splurge on yourself and your family.

The Wierman Group are professional wholesalers who find bargain property in South Carolina for investor that are far below market value. If you are looking for bargain property deals in Greenville South Carolina please visit:
http://www.easybuyahome.us/wholesaledeals.php

Mortgage Modification-Crunch the Numbers!

            Is your current mortgage payment (Including property tax and insurance) more than 31% of your income?  The governments “Making Home Affordable” program is incredibly generous, the home equivalent of the “Cash for Clunkers” program.   We  have achieved mortgage payment reductions of over 50% for clients that were never late on their mortgage- they had just experienced or were about to experience a reduction in income.  This includes clients that had their new mortgage payments calculated and reset based on their impending pension income rather than current employed income!  There are 37 lenders participating in the “Making Home Affordable” program and working with them makes predicting an outcome easier however, we have also achieved mortgage modification for Non-participating lenders (Including West Suburban Bank and Key Bank).

  We achieved our first mortgage modification in April of 2008 and have now successfully worked on behalf of our clients with most major lenders.  Please contact us ASAP so that we can review your situation and determine whether the “Making Home Affordable” program is likely to be available to you.  Our attorney can be retained for only $500 upfront with any/all remaining funds due AFTER a loan modification has been offered to you.  Do not pay ANY upfront loan modification fees to ANYONE that isn’t an attorney licensed to practice law in Illinois.  Retain an attorney and pay for results!.  Falling Behind? Don’t Wait!  If you are currently delinquent, have experienced a reduction in income or are going through savings to keep up on the mortgage then act now

 

 

http://illinoismortgagemods.com/

One of the popular ways to save money on mortgages is to use what is known as the biweekly mortgage payment plan. With the biweekly mortgage payment plan the borrower makes payments on his mortgage every two weeks, instead of once a month. The biweekly payment is one-half of the monthly payment. So, if you converted from a monthly plan to the biweekly plan and you had been paying $2,000 a month for your principal and interest, you would now be paying $1,000 every two weeks. There is no doubt that this will save you money. By using the biweekly mortgage payment plan, you’ll pay off your loan much earlier than you would have if you continued to pay monthly. Typically, a biweekly plan will pay your mortgage, in full, 7 to 10 years earlier, on a 30-year mortgage, than a monthly plan will.

At first glance, it looks like the biweekly plan is magical. In reality, however, there is nothing magical about a biweekly mortgage payment plan. The reason a borrower is able to pay off his mortgage sooner with a biweekly plan, is because he is, actually, making additional principal payments. In the example above, where a $1,000 payment is made every two weeks, $26,000 is being paid toward the mortgage every year. This is because, quite simply, there are 26 two-week periods in a 52-week year. With the regular $2,000 per month plan, $24,000 is being paid per year.

Now, let’s run the numbers on this $2,000 a month mortgage and see what happens when we convert to a biweekly payment plan. With a thirty-year mortgage at 7.5 percent interest, our borrowed amount is $286,035.25. With a borrowed amount of $286,035.25 at an interest rate of 7.5 percent and a $2,000 a month payment, you would save $114,697.00 by converting this mortgage to a biweekly payment plan. This seems astounding! Doesn’t it?

Here’s what makes it less astounding. Using the same numbers with a monthly plan, except using a monthly payment of $2,166.67 instead of $2,000, the saved amount is $113,682.90. Not a whole lot less astounding than the biweekly plan, is it? Why do we use a monthly payment of $2,166.67 in place of $2,000? As we noted before; when we pay a biweekly mortgage plan, we end up making one extra monthly payment per year. In our example, $2,000 is the amount of the extra yearly payment. $2,000 divided by 12 means we would be paying $166.67 extra monthly after we converted to a biweekly plan. Paying $166.67 extra each month, at 7.5% with a total borrowed amount of $286,035.25, ends up saving us almost as much with the monthly plan as we would save with the biweekly plan!

The reason the biweekly plan saves a little more than $1,000 more than the “pay a little extra each month” plan is that a $1,000 payment is made two weeks sooner with the biweekly plan. We could save just as much by doing this with our own plan, or, try this: Take the $1,000 first biweekly payment and divide it by 360 payments (30 years). Now take that $2.78 and add it to the $166.67 extra payment and it changes the monthly payment from $2,166.67 to $2,169.45. With this as the monthly payment and all other entries being the same, this plan will save $115,003.69 over the course of the mortgage; or, a little more than the biweekly plan. You see, the biweekly plan forces the payer to start paying down the interest sooner than a monthly plan because the biweekly plan demands a payment two weeks sooner. To compensate with our own monthly plan, we have to make our first payment two weeks sooner, or split the amount of the first biweekly payment, $1,000 in this case, over the course of 30 years. This makes us pay the same amount into the mortgage in the exact same time as the biweekly plan does.

Here’s what’s astounding to me! When you convert to a biweekly plan, leading lending institutions charge you between $400 and $1,300 and some lesser-known biweekly conversion companies charge you a monthly fee that can amount to $10,000 and up when totaled! As you’ve just seen, you don’t need to pay these excessive fees because you can get the same effect of a biweekly mortgage plan by simply keeping the mortgage you have and paying a little extra principal each month. Certainly, you can institute this plan without paying any upfront fees!

Also worth noting is; when you commit to a biweekly plan and the extra money becomes too much for you to pay some month, you’ll get hit with a late charge for not paying on time. If you institute your own plan, maybe you’ll be a little short and not able to pay the extra amount some month, but it won’t cost you a $35 to $100 late charge.

So you think my calling biweekly mortgage plans, “a scam”, is being a little harsh? I don’t think so, in fact, I think they are out and out robbery!

Ed Lathrop is a successful Real Estate investor. He has developed EzCalculator, a Mortgage Calculator that calculates anything to do with mortgages, shows you how to pay off credit card debt and much more. EzCalculator includes a Biweekly Mortgage Calculator and the famous “How to Make $100,000 on Paying Down Your Mortgage” calculator. There are no popups or spyware at this site. Come visit this free site at Free Mortgage Calculator!