first time home buyer – owner loan

January 1, 2010

Florida First Time Home Buyer FHA Loans, 97% down to 530 FICO

FHA home loan Lender asked:


irst Time Home Buyer Loans

Every Florida home buyers should know the many advantages that come with an FHA mortgage loan. FHA loans were created during the great depression to help increase home ownership. For the Florida mortgage applicant the FHA program can simplify the purchase of a Florida home, making financing easier and less expensive than a conventional or subprime mortgage loan. Some highlights of the Florida FHA loan program 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.

To take advantage of the FHA program in Florida, give us a call 1-800-570-0448 or visit http://www.fhamortgageprograms.com/florida/ to find out more about the FHA mortgage program in Florida

FHA mortgage Loans insured by the Federal Housing Authority  and are designed to help Florida homebuyers realize the dream of owning a Florida home. And they’re ideal for Florida first-time home buyers! Because the FHA insures these Florida home loan mortgages, Florida FHA mortgage lenders can offer Florida mortgage applicants a better deal and work with Florida applicants to qualify regardless of past credit problems, collections, past bankruptcy filings, or higher than average debt-to-income ratios

Applying for an Florida FHA loan

Applying for a Florida  FHA home loan through www.FHAmortgagePrograms.com is easy. As a Florida mortgage lender we have combined the speed and ease of the Internet with a hands on approach help Florida mortgage applicants qualify for FHA financing.. Once you apply online, we enter your information into our FHA mortgage database and quickly approve your Florida home loan request. And, Within  hours we will contact you for your Florida FHA home loan approval.

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

The FHA Interview

During the FHA loan consolation and phone interview, your Florida FHA mortgage consultant  will go through your application to determine your eligibility. If you don’t pre today for an FHA home loan we will make recommendations, and provide you with a road map to FHA loan approval. So as some point you will be approved for a home loan. The FHA loan interview is also a great chance to get acquainted with your Florida FHA  loan officer, who plays an important role guiding your towards approval. . Good communication with your Florida FHA  loan officer will increase your chances of get pre-approved for an FHA home loan in Florida.

FHA Loan Processing

We provide in-house processing for Florida FHA loan applicants so we know where you loan is throughout the entire approval process. with one phone call all Florida applicants will know how close they are towards obtaining the home of their dream. Processing an FHA home loan involves gathering documents to verify the information in your application. Documents may include (but are not limited to) W-2 forms, pay stubs, credit reports, and bank statements. After your phone interview, you’ll receive an FHA pre-qualification letter that includes a checklist of FHA documentation needed to submit your home loan request. This checklist will itemize all of the necessary items the Florida FHA mortgage lender will need to finalize and close your FHA loan request.

Closing your FHA mortgage loan

The closing is the “end of the line” in obtaining an FHA mortgage. At the FHA mortgage closing, you will sign all of the required FHA mortgage documents. If it’s a new FHA mortgage loan, you’ll then take possession of your new home. If it’s an FHA refinance, you’ll start to enjoy the benefits of a low FHA mortgage rate, cash out, or both..

FHA frequently asked questions  http://www.fhamortgageprograms.com/faq/fha.shtml

 

 



Corey

September 7, 2009

First Time Home Buyer Assistance – Can the Seller Contribute?

Steve Hattan asked:


First time home buyer assistance programs such as the AmeriDream and Nehemiah were extremely popular over the last several years.  They were popular because the down payment provided to the buyer was considered a gift that didn’t have to be paid back and it covered the entire down payment amount.

Unfortunately, for whatever reason, these first time home buyer assistance programs were put to rest on October 1, 2008.  Whether they will be revived is yet to be seen.

So what are the first time home buyer options?  If you’re a police officer, fireman or a teacher there are programs designed specifically for you such as HUD’s (Dept of Housing and Urban Development) Good Neighbor Next Door program.  If you are not in one of these professions you can check with your local lender to see what other programs or state grants are available.

If all of these options don’t work then it’s time to consider the home seller of the property you would like to buy from.

The way the rules are today, a home seller cannot give a down payment directly to the buyer. For example, if you were going to purchase my home, I cannot write a check to you for $5,000 and then have you use that money for your down payment. In the industry it’s called a ‘RESPA’ violation. Simply put, it’s illegal.

The good news is, under certain types of loans such as an FHA loan, a seller can pay up to 6% of the buyer’s closing costs.  When you take into consideration that an FHA loan only requires a three percent down payment it’s possible, in many circumstances, that a buyer could bring very little cash to the closing, especially when the buyer receives prorated tax credits.

What closing costs can a seller pay for the buyer?  As a general rule, anything on the second page of the Settlement Statement (an itemized list of debits and credits for both the buyer and seller provided at closing) in the buyers expense column can be paid for by the seller. It used to be that a seller could not pay pre-paid mortgage insurance required by FHA. However, that rule has recently changed and now sellers can pay the pre-paid mortgage insurance.

In summary, first time home buyer assistance programs are no longer under most circumstances. However, if a buyer is securing a FHA mortgage then the seller can pay up to six percent of the loan amount to pay for the buyer’s closing costs without violating any rules or laws.  If you are need first time home buyer assistance be sure to investigate FHA loans.



Julio

July 17, 2009

What are my refund, rebate or FHA options as a first time home buyer in Los Angeles?

all_my_life asked:


As a first time home buyer in Los Angeles, CA – with a take home of about 100k/yr, married, without debt and good credit – would I qualify for an FHA loan with a low down payment? Will I get a federal rebate or refund? What other options are out there that can help me with my purchase?

Benjamin

June 10, 2009

Can I get a loan other than an FHA and still get the first time home buyer tax credit?

asked:


Trying to buy a foreclosure as a first time home buyer. The house needs a little work (slight water damage, floors, paint) so I dont think I will be able to get an FHA loan. I want to do the work myself. If I get another type of loan will I still qualify for the first time home buyer credit?

Tamara

March 21, 2009

First time Home Buyer and confused. What is the Difference between an 80/20 and an FHA Loan?

Dennis asked:


I am a first time Home buyer, and my Loan Officer is confusing me about an 80/20 and an FHA Loan. To anybody familiar with these terms, can somebody explain it to me what these two types of Loans are? And which would be advantagous on my part. Thank you.

Tim

March 12, 2009

Can I get a FHA loan as a first time home buyer while on unemployment?

Stacy B asked:


I am currently in the process of house hunting and have been pre qualified for a FHA Loan. I am a first time home buyer with good credit and a good job. However, I just found out that I will be laid off in two weeks. Can I still get a loan on unemployment? Would having a cosigner help?

Alex
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