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!

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Home Equity Loans: Providing Optimal Service

Loans that are secured in nature are popular loans because they are approved without fusses. Various high value assets can be pledged as collateral. The equity of your home is one that can fetch you a big loan amount at low interest rates. It is the market value of your home minus any kind of obligation or claims upon it. When you placed this value as collateral against a loan, you are said to be availing a home equity loan.

There are two types of home equity loans. The classification is based on how you prefer to withdraw your loan amount:

* Closed home equity loan

Under this scheme, you can have your home equity loan granted as a lump sum. Interest rate is calculated according to this total amount.

* Home equity line of credit (HELOC)

If you don’t need a large sum of money right away but would be requiring smaller amounts over a period of time, this option will be more feasible for you. It allows you to withdraw the necessary amount from an agreed total. The rate of interest will vary according to how much you are withdrawing at a particular instance.

Home equity loans allow you to borrow up to 100% of the equity of your home. To speak generally, an amount in the range of £3000 to £100000 can be obtained. The repayment period is accordingly long. Depending on how much you are borrowing, it may last up to a period of 25 years.

Home equity loans are made viable loans by the following features:

* Low interest rate

* Interest rate is also tax deductible

* Payment in the form of easy monthly installments

* Large amounts can be loaned

A home equity loan can be the solution to any of your financial crisis. But it is better to apply for them when you are in serious need and when you require a large sum. Having said that, while applying for a loan, request for a loan quote first and ascertain whether the total repayment amount is within your capability of paying back.

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Pros and Cons of FHA Loans for Florida homebuyers

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.

i>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.

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How To Save Money When You Apply For A Mortgage!

So, you’re about to get a mortgage? Take a deep breath. Prepare to spend a little bit of time doing your homework. Three or four hours of effort may end up saving you thousands of dollars now, and tens of thousands of dollars over time. Home financing can be intimidating, but it’s not rocket science. A few basic considerations can make a world of difference.

Let’s get started

Educate yourself. Get several quotes. Mortgage brokers will generally offer a better deal than a bank, but it doesn’t hurt to call a bank or two for comparison as well. A good loan originator will spend as much time with you on the phone as you need. And a truly professional loan originator will ask enough questions to understand your goals. If you don’t feel good about a conversation, trust your instinct; cross them off your list and move on.

Get everything in writing

Make sure to ask for Good Faith Estimates. There can be quite a few costs associated with getting a mortgage. You want to see every one. Comparing Good Faith Estimates can be challenging because different mortgage lenders often use different terminology. Don’t let that stop you. It’s also a good idea to ask the mortgage broker if there are any additional costs that are not shown on the estimate.

Ignore the APR

APR, or Annual Percentage Rate, was originally designed to help borrowers compare mortgages. I won’t go into the mathematics involved, but in principle APR was a good idea. In practice it has turned out to be useless. Lenders do not all use the same inclusion methods in calculating APR. To add to the confusion, adjustable rate mortgage calculations are notoriously misleading. But that’s okay! APR involves two variables, note rate, and closing costs, and all you need to see is on the Good Faith Estimate.

Points versus rate

I’ve been a Florida mortgage broker since 1989. My company is also licensed in Georgia, Massachusetts, and Virginia. We talk to lots of people about home financing. It’s my experience that when people are shopping for a mortgage they often fixate on the interest rate, and overlook the points. Interest rate and points are inversely related. Unless you specify that you don’t want to pay points a lender is likely to price your loan with one or two points. This will make your rate lower, but it may not be a better deal. If the lower rate saves you fifty dollars a month on your payment but you pay an extra five thousand dollars in points, it will take you eight years to catch up with the cost of the points. Do the math.

The margin trap

Many adjustable rate mortgage programs now offer a variety of margins for you to choose from. This means that you may have an opportunity to control your future interest rate. Sooner or later all adjustable rate mortgages adjust to an interest rate that is equal to an index plus the value of your margin. You have no control over the movement of the index. But if you can get a lower margin you will have a lower rate (once your loan starts adjusting) for as long as you have your loan. Your good faith estimates should all indicate the margin for your loan. Call the individual mortgage brokers and tell them you are interested in a lower margin. Don’t be shy. It’s your money!

Pre-payment penalties; Good and bad

As a Florida mortgage broker licensed in several states I discuss financing with many people every day. Most people are averse to considering a loan with a prepayment penalty. But it is worth looking into. Adding a prepayment penalty to your loan may reduce your interest rate significantly. Prepayment penalties typically expire after three years, but recently many lenders have started offering a choice of one, two, or three year penalties. Will you still be in the home past the expiration of the prepayment penalty? If you outlast the penalty you have reduced your monthly payment for as long as you have the loan. That can add up. And it didn’t cost a penny!

Choose wisely

There are an amazing number of mortgage programs to choose from these days. You can select a fixed or an adjustable rate mortgage. Or you might choose one of many hybrid fixed period adjustable programs designed to give the comfort of a fixed for a predetermined number of years before starting to adjust. Interest only options are available now on both fixed and adjustable rate programs. When selecting your mortgage program think about yourself. Any decision only makes sense if it makes sense in the context of your life.

Copyright ? 2007 James W. Kemish. All Content. All Rights Reserved.

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Bad Credit Mortgage – Tips and Tricks to Help You Get the Best Deal

Your credit is shot. Does this mean you can forget about owning your own home? Not at all! Just because you’re not a shoo-in for a “A” loan doesn’t mean you don’t have options. For one, you can take out a bad credit mortgage.

Online lenders can offer you tons of bad credit mortgage programs, so you can compare as many programs as you want until you find one with the best terms for you.

Applying for Bad Credit Mortgage

Applying for mortgage if you have bad credit can require a tad more paperwork, but go ahead and do it anyway. It’s a great way to rebuild credit quickly. Here are some of the things you will need to do.

1. Make Sure Your Credit Score and Credit Report Are Accurate. If something in your credit report is incorrect or even the least bit off, fix it. Improving your score – no matter how slightly – is always worth the extra effort, trust me.

2. Prepare Paperwork That Proves Steady Income. Such paperwork include deposit slips, pay stubs, and the like. Keep in mind that you have bad credit. The mortgage rate you get will depend heavily on how well you can prove you have a steady source of income.

3. Set Strict Repayment Guidelines for Yourself. Most importantly, be sure you can follow it. Always pay in full and on time. If you get in over your head and default payments, you will only make your credit situation worse.

Getting the Best Deal

The best way to get the best deal is to shop around. This can’t be emphasized enough – take the time to shop, shop, shop.

1. Ask for Explanations From Every Broker You Talk To! Ask about the mortgage rate, fees, and everything else that anyone in your position will need to know.

2. Shop Online! There are many benefits to using the services of online brokers. First, they have lower overhead so you won’t find yourself saddled with burdensome but unnecessary charges. Second – and the most important – they have more programs for borrowers like you.

3. Do Your Own Research! Don’t believe everything you’re told. Ask friends who have taken out bad credit mortgage themselves. Look up the terms you were initially quoted.

The more you shop around for options, the higher your chances of ending up with the best loan around.

Three Things to Watch For

Now, you already know what a bad credit mortgage is but do you know what to watch for, when considering your options? Here are three things to keep an eye out for.

1. Prepayment. Some companies will stick you with prepayment penalties so you will stay with their programs. Watch for this clause – it can mean a huge loss!

2. Penalties and Fees. Avoid subprime loans. They’re costlier to process and they come with higher payment penalties and fees.

3. Rewards. Are you benefiting from the rewards your lender is giving out? Certain companies give out rewards for better money management. For instance, if certain payments are made on time, you may be rewarded with a lower interest rate!

Bad credit mortgage may leave a bad taste in your mouth, but don’t let that keep you from improving your credit standing. Used wisely, it’s a great tool for credit repair!

Allegro Mortgages Corp. – Best Broker for All Your Financing Requirements (416) 987-0008

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