Sammarusich Blog

 

 

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. 

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.

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 Miami FL lenders diligently and professionally. It’s one of the ways that we have earned our reputation for closing FHA home loans in Miami Florida on-time.

You may be surprised at how flexible sellers are in the current market and how many programs there are that provide Down payment assistance to applicants for FHA financing to purchase Miami Florida homes, Miami condos, and Miami 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 Miami mortgage lenders are quoting you subprime rates, you owe it to yourself to look into Miami FHA mortgage loans to  to compare the costs of getting an FHA home loan for your home purchase.

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

Easy Qualification – The FHA loan insures Miami FL 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 Miami FL FHA loan does not have a zero down mortgage option yet, you will find a local grant or other Downpayment assistance programs that work well with Miami Florida FHA home loans.

Less than A-1 Credit is Okay – The Miami 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 Miami FL FHA mortgages to buy or Refinance homes.The FHA loan program uses credit quality, not credit score!

Lower Cost Over the Life of the Loan – The Miami Florida FHA home loan rates are extraordinarily competitive. FHA’s lower risk to the Miami FHA mortgage lender means a better rate for the Miami FL home buyer.

Safeguards for Borrowers Who Get Behind – The Miami 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 Miami mortgage counseling. Further, FHA/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 in Miami FL.

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

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

The FHA program has evolved since it started in 1934 and now has options for HUD insured loans that fit a variety of different Miami FL mortgage applicants and situations.

http://www.fhamortgageprograms.com/florida/Dade-County/
http://www.fhamortgageprograms.com/florida/Miami/
http://www.fhamortgageprograms.com/faq/fha.shtml
http://www.fhamortgageprograms.com/mortgage/fha-loan-program.shtml
http://www.fhamortgageprograms.com/

FHA Manufactured home loans Florida 97%w 580 FICO

Under the Title I program, Florida FHA approved lenders make loans from their own funds to eligible borrowers to finance the purchase or refinance of a Florida manufactured home and/or lot. FHA insures the Florida mortgage lender against loss if the borrower defaults. Credit is granted based upon the Florida mortgage applicant’s credit history and ability to repay the loan in regular monthly installments.

Florida manufactured home buyers should know the many advantages of the FHA mortgage loan programs. FHA loans were created to help increase home ownership. For the Florida manufactured home buyer the FHA program can simplify the purchase of a home, making financing easier and less expensive than a conventional manufactured mortgage loan. Some highlights of the Florida FHA loan program for manufactured homes  include:

Minimal Down Payment and Closing costs.

Down payment less than 3% of Sales Price Gifts are allowed Seller can credit up to 6% of sales price towards closing and prepaid costs. 100% Financing available No reserves required. FHA regulated closing costs.

Easier Credit Qualifying Guidelines such as:  

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

Apply today at http://www.fhamortgageprograms.com/mortgage/manufactured-homes.shtml

FHA does not lend money to Florida mortgage applicants, they only insure the FHA loans made to mortgage applicants. The Florida Title I manufactured home loans are not Federal Government loans or grants. These FHA mortgage loans to Florida mortgage applicants  fixed for the entire term of the loan, which is generally 15-30 years.

Florida Modular homes or manufactured homes from top manufactures now compare in quality with homes built by better custom home builders No matter what name they go by, factory built homes cost between ten and thirty percent less than traditional site built homes. At 1st Continental Mortgage, we know why you want a fixed rate mortgage to buy a modular home in a subdivision, an FHA home loan for a manufactured home on an acre lot, or conventional home loan for a mobile home on a rural retreat. With our network of financing, we can help you get the manufactured home financing for your Florida dream home at interest rates and terms you deserve.

 Florida FHA Mobile Home loan Criteria

 General Eligibility Criteria for Florida Manufactured loan by FHA/HUD.

The Florida home must be constructed in conformance with the Federal Manufactured Home Construction and Safety Standards as evidenced by the affixed certification label. This is the RED TAG that is on the rear of each section of the Florida manufactured home. If the RED TAG is missing the house is not eligible for Section 184 financing. Only Florida manufactured homes built after June 15, 1976 will bear that seal. Florida manufactured homes built before that date are ineligible for Section 184 financing. The Florida  home must be classified and taxed as real estate (as applicable). The Florida mortgage must cover both the manufactured unit and its site or the appropriate lease documents must be in place. The Florida mortgage must have a term of no more than 30 years from the date amortization begins. The Florida manufactured home must not have been installed or occupied previously at any other Florida site or location. The finished grade elevation beneath the manufactured home or, if a basement is used, the lowest exterior grade adjacent to the perimeter enclosure, must be at or above the 100-year return frequency flood elevation. The Florida manufactured home must be permanently attached to the foundation system. Existing Florida homes must be attached to the foundation system by either cable or rebar welded to the frame rail or similar fashion. The unit must be anchored to the footing (or pier). The axles and tongue must be removed from the unit. The chassis must stay in place. The Florida home must have adequate skirting and insulation around the perimeter to prevent the crawl space area from freezing and allow proper ventilation of the crawl space. If the skirting is wood, the wood must be properly treated to prevent decay.

Purpose of the Loan

The Florida FHA loan for Manufactured homes can be used for the purchase or refinancing of a Florida manufactured home, a developed lot on which to place a manufactured home, or a manufactured home and lot in combination. The home must be used as the principal residence of the borrower.

Locating a Florida manufactured home Dealer

Florida Manufactured homes are usually purchased through Florida dealers or retailers that sell the homes. The names of lenders in your area which specialize in financing of Florida manufactured homes can be obtained from local Florida retailers. These retailers are listed in the yellow pages of your telephone directory. They have the required application forms.

Manufactured homes must comply with the Model Manufactured Home Installation Standards, and all applicable state and local requirements governing the installation and construction of the manufactured home foundation system.

An Eligible Manufactured Home Must:

Meet the Model Manufactured Home Installation Standards. Must carry a one-year manufacturer’s warranty if the unit is new Be installed on a homesite that meets established local standards for site suitability and has adequate water supply and sewage disposal facilities available.

The proceeds of a Title I manufactured home loan may not be used to finance furniture (for example, beds, chairs, sofas, lamps, rugs, etc.). However, built-in appliances and equipment and wall-to-wall carpeting are eligible for financing.

 

Answers to Mobile Home Questions

Apply for FLorida Manufactured home loan financing at http://www.fhamortgageprograms.com/mortgage/manufactured-homes.shtml,
http://www.trulia.com/blog/jimmy_joe_allen/2009/04/florida_mobile_home_loan, http://www.trulia.com/blog/thomas_martin_1/2009/01/florida_manufactured_hom, http://www.hud.gov/offices/hsg/sfh/title/repair.cfm

Homeowners having trouble keeping up with monthly mortgage payments have an option that is gaining in popularity: mortgage loan modification. Loan modification involves modifying your existing mortgage to a lower interest rate and/or extended term, thereby reducing monthly mortgage payments.

Mortgage loan modification differs from refinancing in that refinancing gives borrowers a new loan. Refinancing involves more paperwork and more strict eligibility requirements. Loan modification simply changes the existing loan. The purpose of both loan modification and refinancing is to help troubled homeowners avoid foreclosure and remain in their homes.

A Temporary Solution

Unlike mortgage refinancing, which involves a new loan and a locked rate for the life of the new loan, loan modification may only be a temporary solution. After five years, the modified (lowered) interest rate may gradually increase to a set maximum rate. Most lenders recommend refinancing to homeowners who can qualify for it. They suggest loan modification to homeowners who currently have financial strain and may already be late on their monthly mortgage payment.

What are the First Steps?

First, you will need to determine which lender holds your mortgage. Simply look on your mortgage statement to find this information. Then, contact the lender and inquire about the various loan modification programs, including the Making Home Affordable Loan Modification Program and the Federal Housing Finance Agency Program. Next, you will need to provide the following documentation to the lender:

a letter explaining your current financial situation; income and employment verification, so the lender knows you’ll be able to make the modified mortgage payment; a detailed monthly expense report.

Loan Modification Eligibility Requirements

Some homeowners take advantage of the loan modification system and apply for mortgage modification when it’s not financially necessary. Therefore, most lenders require that you:

show documented proof of financial difficulty or change (e.g. recent job loss); have made a solid effort to fulfill your mortgage payments on time; own and occupy the home in question as your primary residence; are cooperative and honest about your financial situation, needs, and budget; are currently late on your mortgage payment; provide all necessary documentation; have not filed for bankruptcy.

Avoiding Foreclosure is Good for You, Your Bank, & Your Neighbors

It’s in the best interest of the bank to help homeowners avoid foreclosure. This is because a loan in default or a foreclosed home costs banks a lot of money. Avoiding foreclosure and remaining in your home is also good for the economy. Too many foreclosures in a neighborhood, town, or city significantly lower the value of other homes in the area.

WOW Mortgage Rates

http://www.wowmortgagerates.com

Many people are trying to sell their house right now and they’re finding that the market still favors home buyers over home sellers. In order to make your home more attractive to a potential buyer you may need to consider some small upgrades or home improvements to set it apart from the competition. Home improvements can not only help you sell your home but depending upon the upgrades you choose to perform they may actually help you get a higher selling price for your home.

In order to improve your home the way you should you’re going to need to set some money aside to really get the job done the right way. You could save some money on your home improvement projects by perfoming them yourself, but if you’re in a hurry to sell your home then you may want to consider hiring a professional.

There are several ways you can borrow the money needed for quick home improvements, but some methods of financing a big home improvement project are much easier than others. Here are some of the more common ways of paying for large home upgrades in order from easiest to most difficult to attain.

The easiest way to actually pay for a large home improvement project is to have the money on hand already. Not a lot of people have thousands of dollars hanging around but many people do have items they can sell to raise some money. You could sell old tools, a boat, a car or simply go through your basement and sell items online all to raise the money you need to pay for a home improvement project. Depending upon what you have to sell this could either be the easiest or most difficult way to finance a home improvement project.

Home improvement store credit cards are another way to pay for smaller home improvement projects, usually totally ten thousand dollars or less. Getting a credit card from a hardware store is usually not very difficult even if you have questionable credit. The problem with cards like this is that they can sometimes have high interest rates and high fees if you aren’t careful. To get a home improvement store credit card you usually just have to fill out a single form from the store.

You can also use the equity in your home to get a home improvement loan. You could take out a home equity line of credit, a home equity loan or even a second mortgage based on your needs. These types of financing are more difficult than a credit card to obtain and they’re dependent upon you having enough equity in your home to qualify for them. Most of these types of loans carry an initial fee of a couple hundred to several thousand dollars and there are usually closing costs and inspections to go through as well.

The most difficult type of loan to get for a home improvement project is probably a loan directly from a bank without putting anything up for collateral. To get a loan like this you’ll probably want to present the bank with detailed improvement plans, quotes from one or several contractors and proof of steady income. Different banks offer different types of home improvement loans and some may be more willing to work with you than others.

Generally, it is easier to pay for home improvement projects by selling things or having the cash on hand than it is to apply for any sort of home improvement loan. Home improvement credit cards are easy to obtain and good for small projects, home equity loans are good for larger projects if you have the equity in your home and straight bank loans are usually the most difficult loans to obtain for home improvement purposes.

Visit the HomeImprovementFinancingSite.com for more information about obtaining home improvement credit card and to learn how you can get no interest home improvement financing.

Simple steps to avoid repossession – With thousands of houses being repossessed every month in the UK here are some useful and practical tips to avoid being repossessed.

Cash is king – The solution to avoid repossession is based upon the saying, Cash is king. If you can acquire or accumulate cash NOW before you are in financial trouble you will be in a better position to make your mortgage payments. A word of warning, some of these steps require discipline but the theme is to raise and save as much cash as possible. 

1. Credit crunch – You need to get over this current credit crunch so no matter what your current financial status is consider this: paying off the interest only if your mortgage is repayment. Bank the difference in monthly mortgage payments of Interest only and Repayment until this credit crunch is over.

 

2. Payment holiday – No matter what your current financial status is ask your lender for a payment holiday and horde the mortgage payments away until better times.

 

3. Downsize your car – drastic times require drastic measures so think about selling your car and getting a smaller one. Pocket the difference between what you sell your car for and the price you pay for the smaller one. You could also save money on petrol, tax and insurance with a smaller car so stash the savings away.

 

4. Be an Ebayer – Search out everything and anything of value you no longer use and sell it. Use Ebay, car boot sales or local papers allow free adverts up to a value of £100. Stick the cash in the bank.

 

5. Credit cards – Make it a habit to leave your credit cards at home unless absolutely necessary (food shopping). Try and reduce your credit card monthly payments and save the cash instead.

6. Take-aways – Times are hard so difficult decisions must be made. Cut out or reduce the number of take-aways you have. Save the money instead.

Welcome to the real world – I could go on forever, and you could Google for advice on repossessions but you will not find any of my practical tips on any other site. This is the real world and you need to take real steps to protect your home against repossession so start thinking about the king. Save as much money as you possibly can in the event that you lose your job or whatever so you can still make your mortgage repayments to avoid your home being repossessed.

Challenge – See how many sensible and realistic money making ideas you can come up with, contact me and I’ll share the ideas on my site. Remember the more ideas we all come up with the more people we might save from having their house repossessed.

How would you like to discover insider knowledge of just what exactly the mortgages rate means to you? You can grab my free e-book called the Mortgage Bible that could save you thousands over the course of your mortgage. You’d be crazy not to!

MortgageWatchdog.co.uk