Florida FHA Mortgage Lender

Forida 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 home buyer the FHA program can simplify the purchase of a home, making financing easier and less expensive than a conventional mortgage loan product. 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 1 year after a Bankruptcy.

• FHA will allow a home purchase 3 years after a Foreclosure.

FHA Requirements:   

•   Owner occupied, full doc, 1-4 Unit, Florida Townhome, Condo, Mobile, modular Florida home.
•   Maximum loan size requirements vary and are determined by state and county. See (www.hud.gov) for specific information.
•   Max LTV 97% on purchase 1-4 Florida home.
•   Max LTV 85% on cash out refinance on 1-2 unit properties (cash out and debt consolidation are treated the same) 
•   Must own and occupy property at least 1 year with no lates or max 85% / No non-occupant co-borrower 
•   Max LTV 85% on 3-4 unit properties, loans with mortgage lates and properties owned less than 1 year. 
•   The lesser of appraised value or original purchase price will be used when property has been owned less than 1 year 

FHA Guideline Summary- Full Doc  

•   4506 required on all loans
•   Wage Earner - 2 years W2′s and current pay stub (4506 is required and checked prior to close)
•   Self Employed Sole Proprietor/1099 commissioned 
•   2 years signed and dated tax returns (all schedules)
•   YTD P & L from accountant
•   Self Employed Partnership or S Corp
•   2 years signed and dated personal and business tax returns (all schedules)
•   YTD P&L from accountant
•  2 years continuous employment necessary for primary borrower (does not have to be same job)
•  Part-time jobs for any borrower must have 1 year minimum continuous employment

FHA Guideline Summary- Assets

• Reserves 
• Refi- Not Required
• Purchase- 3 months PITI(S&S for 3 months) required on 3-4 units only
• Purchase Down Payment/Funds to close
• Must have minimum 3% into transaction
• Funds must be seasoned minimum of 3 months with any large deposits sourced and explained
• Gifts are allowed from immediate family member
• Gift letter, proof of funds (S & S in donor’s account for minimum 3 months) and transfer( certified check and deposit into borrowers account) are required
• Down Payment assistance programs are allowed (see approved list)

FHA Guideline Summary- Credit

• No minimum credit score(620 at Most Banks)
• Tri-merge credit bureau is required
• Limited or no credit borrowers are considered
• Use alternative – 3 tradelines for 12 months
• Explanations (from the borrower) are required on; All lates in last 2 years; All major lates beyond last 2 years
• Secured borrowing such as 401k is not inluded in DTI
• Collections and judgements may not have to be paid if they are>12 months old, unless they effect title or are court ordered. Tax liens may be left open if they are subordinated and included in DTI
• Last 12 months mortgage history must be shown on credit report, documented via institutional VOM or 12 months cancelled checks
• Last 12 monts rental history must be documented via 12 months cancelled checks
• 3 years seasoning required on foreclosure/NOD deed in lieu (extenuating circumstances considered as exception)
• Community property states require that DTI includes debts of any non-borrowing spouse.

FHA Guideline Summary- Past BK

• Chapter 7: 2 years discharged; Exception for 1 year with extenuating circumstances beyond customer control (illness,loss of job,etc. and proof ; No derog since BK
• Chapter 13: 1 year since filing; Discharged already or through closing (considered cash out if closing) ; Perfect pay on BK and no other derog since
• CCCS: 1 year since filing; On time CCCS payments

FHA Guideline Summary- Other

• Borrower may not have defaulted on any prior government loans (exceptions can be considered if the borrower has now rectified the debt with the government).   
• Borrower may be delinquent on current non-government ARM loan if reason for delinquency is ARM re-set 
• Debt ratio guidelines are 42/47 (exceptions can be made with AU approval or comp factors).
• 6% seller concessions on purchase loans
• Non-occupant Co-Borrower is acceptable(max LTV 85% on cash out refi)
• Non-permanent resident aliens are acceptable
• Unlimited cash out refinance

 FHA Upfront and Monthly MIP

• Upfront MIP-Borrowers are required to pay an upfront, one time fee of 1.75% of the base loan amount
• Monthly MIP-is .55%x loan amount divided by 12 (borrower will pay every month) on loans >15 yrs. 15 yrs. and less is .25%x loan amount divided by 12
• For mortgages with terms 15 years and less and with Loan to value ratios 90 percent and greater, annual premiums will be canceled when the Loan to Value ratio reaches 78 percent regardless of the amount of time the mortgagor has paid the premiums
• For mortgages with terms more than 15 years, the annual mortgage insurance premiums will be canceled when the Loan to Value ratio reaches 78 percent , provided the mortgagor has paid the annual premium for at least 5 years

Mortgages with terms 15 years and less with Loan to Value ratio of 89.99% and less will not be charged annual mortgage insurance premiums

Florida FHA Mortgage Spcialist
Thomas Martin
http://www.fhamortgageprograms.com/florida/
http://www.fhamortgageprograms.com/mortgage/fha-loan-program.shtml
http://www.fhamortgageprograms.com/faq/fha.shtml

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Florida FHA mortgage Qualifying is Easy with FHA

 When Analyzing the Florida mortgage applicant’s credit past performance serves as the most useful guide in determining a Florida mortgage applicant’s attitude toward credit obligations and predicting a borrower’s future actions. A Florida mortgage applicant who has made payments on previous and current obligations in a timely manner represents reduced risk. Conversely, a Florida mortgage applicant’s credit history, despite adequate income to support obligations, reflects continuous slow payments, judgments, and delinquent accounts, strong compensating factors will be necessary to approve the Florida mortgage applicant’s loan request.

 When analyzing a Florida mortgage applicant’s credit history, examine the overall pattern of credit behavior, rather than isolated occurrences of unsatisfactory or slow payments. A period of financial difficulty in the past does not necessarily make the risk unacceptable if the Florida mortgage applicant has maintained a good payment record for a considerable time period since the difficulty. When delinquent accounts are revealed, the Florida mortgage lender must document their analysis as to whether the late payments were based on a disregard for financial obligations, an inability to manage debt, or factors beyond the control of the Florida mortgage applicant including delayed mail delivery or disputes with creditors.

 While minor derogatory information occurring two or more years in the past does not require explanation, major indications of derogatory credit — including judgments, collections, and any other recent credit problems — require sufficient written explanation from the Florida mortgage applicant. The Florida mortgage applicant’s explanation must make sense and be consistent with other credit information in the file.

Neither the lack of credit history nor the borrower’s decision not to use credit may be used as a basis for rejecting the loan application. Florida mortgage lenders recognize that some prospective borrowers may not have an established credit history. For those Florida mortgage applicants, and for those who do not use traditional credit, the Florida mortgage lender must develop a credit history from utility payment records, rental payments, automobile insurance payments, or other means of direct access from the credit provider. The Florida mortgage lender must document that the providers of nontraditional credit do, in fact, exist and verify the credit information. Documents confirming the existence of a nontraditional credit provider may include a public record from the state, county, or city records, or other means providing a similar level of objective confirmation. To verify the credit information, lenders must use a published address or telephone number for that creditor.

 As an alternative, the Florida mortgage lender may elect to use a nontraditional mortgage credit report developed by a credit-reporting agency, provided that the credit reporting agency has verified the existence of the credit providers and the lender verifies that the nontraditional credit was extended to the applicant.The Florida mortgage lender must verify the credit using a published address or telephone number to make that verification.The basic hierarchy of credit evaluation is the manner of payments made on previous housing expenses, including utilities, followed by the payment history of installment debts, and then revolving accounts. Generally, an individual with no late housing or installment debt payments should be considered as having an acceptable credit history, unless there is major derogatory credit on his or her revolving accounts. When reviewing Florida mortgage applicant’s credit and credit report, the lender must pay particular attention to the following:

 A. Previous Rental Or Mortgage Payment History. The payment history of the borrower’s housing obligations holds significant importance in evaluating credit. The lender must determine the borrower’s payment history of housing obligations through either the credit report, verification of rent directly from the landlord (with no identity-of-interest with the borrower) or verification of mortgage directly from the mortgage servicer,or through canceled checks covering the most recent 12-month period.

 B. Recent and/or Undisclosed Debts. The lender must ascertain the purpose of any recent debts, as the indebtedness may have been incurred to obtain part of the required cash investment on the property being purchased. Similarly, the borrower must provide a satisfactory explanation for any significant debt that is shown on the credit report but not listed on the loan application. The borrower must explain in writing all inquiries shown on the credit report in the last 90 days.

 C. Collections and Judgments. Court-ordered judgments must be paid off before the mortgage loan is eligible for FHA insurance endorsement. (An exception may be made if the borrower has agreed with the creditor to make regular and timely payments on the judgment and documentation is provided that the payments have been made in accordance with the agreement.) FHA does not require that collection accounts be paid off as a condition of mortgage approval. Collections and judgments indicate a borrower’s regard for credit obligations and must be considered in the analysis of creditworthiness with the lender documenting its reasons for approving a mortgage where the borrower has collection accounts or judgments. The borrower must explain in writing all collections and judgments.

 D. Previous Mortgage Foreclosure. A borrower whose previous principal residence or other real property was foreclosed or has given a deed-in lieu of foreclosure within the previous three years is generally not eligible for a new FHA-insured mortgage. However, if the foreclosure was the result of documented extenuating circumstances that were beyond the control of the borrower and the borrower has reestablished good credit since the foreclosure, the lender may grant an exception to the three-year requirement. Extenuating circumstances include serious illness or death of a wage earner, but do not include the inability to sell the house because of a job transfer or relocation to another area.

 E. Bankruptcy. A Chapter 7 bankruptcy (liquidation) does not disqualify a borrower from obtaining an FHA-insured mortgage if at least two years have elapsed since the date of the discharge of the bankruptcy. Additionally, the borrower must have reestablished good credit or chosen not to incur new credit obligations. The borrower also must have demonstrated a documented ability to responsibly manage his or her financial affairs. An elapsed period of less than two years, but not less than 12 months, may be acceptable if the borrower can show that the bankruptcy was caused by extenuating circumstances beyond his or her control and has since exhibited a documented ability to manage his or her financial affairs in a responsible manner. Additionally, the lender must document that the borrower’s current situation indicates that the events that led to the bankruptcy are not likely to recur. A Chapter 13 bankruptcy does not disqualify a borrower from obtaining an FHA-insured mortgage provided the lender documents that one year of the payout period under the bankruptcy has elapsed and the borrower’s payment performance has been satisfactory (i.e., all required payments made on time). In addition, the borrower must receive permission from the court to enter into the mortgage transaction.

 F. Consumer Credit Counseling Payment Plans. Participation in a consumer credit counseling payment program does not disqualify a borrower from obtaining an FHA-insured mortgage provided the lender documents that one year of the pay-out period has elapsed under the plan and the borrower’s payment performance has been satisfactory (i.e., all required payments made on time). In addition, the borrower must receive written permission from the counseling agency to enter into the mortgage transaction.

Thomas Martin Florida FHA mortgage specialist
Apply for an FHA home loan at http://www.fhamortgageprograms.com/
FHA questions and Answers located at http://www.fhamortgageprograms.com/faq/fha.shtml
http://www.fhamortgageprograms.com/mortgage/fha-loan-program.shtml

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when you are in the market looking for a home loan or an investment mortgage. There are many different types of mortgage calculators but probably the most accessed by home loan borrowers is the mortgage calculator that works out how much you can borrower.

You do not need to feel daunted by a mortgage calculator – they are simple to use and will automatically estimate how much you can borrow. If you have a property in mind that you would like to purchase then these are the steps you need to take to ensure that the mortgage calculator gives you assistance in your property purchase decision.

Step One: Think of a purchase price that you believe is within your reach.

Step Two: Add approximately 5% to the price to cover off expected costs of the purchase.

Step Three: Calculate your expected savings. To keep your costs to a minimum it is best to try and put at least 20% towards the purchase price. This way you avoid the costly exercise of Lenders Mortgage Insurance (lenders will ensure against loss if you borrow more that 80% of the value of the property.)

Step Four: Subtract the 20% cash (or whatever equity you do have) from the purchase price.

This gives you your loan amount.

By making use of a mortgage calculator you now get an idea of whether you can afford the loan amount you require to purchase that dream home.

The mortgage calculator only needs minimal data.

Obviously the first thing you will be asked to input into the mortgage calculator is your income and the income of anyone else purchasing and borrowing with you.

The mortgage calculator will also ask for other income you might be earning such as overtime, second job, share dividends etc.

Once you have inputted all your income details into the mortgage calculator you will then be asked to input the monthly repayments you are making on any other loan as well as the credit card limit on all credit cards you hold. If you hold a number of credit cards you might find that when the mortgage calculator assesses your income, you are not able to borrow as much as you might have expected. In this case simply remove one or two of the credit cards you rarely use and work on the basis  that you will cancel these credit cards before you apply for a loan. The mortgage calculator will show you how much difference fewer credit cards will make to your borrowing capacity.

This is all the data that is required by the mortgage calculator to work out how much you can borrow. If you an investor then when you use the mortgage calculator you will also include the gross rental income you expect to receive from the property you re buying. The mortgage calculator will automatically calculate between 70% and 80% of the gross rental figure and use this as additional income when working out how much you can borrow.

The mortgage calculator is a very useful tool especially when used in the early stages of the potential purchase process. The mortgage calculator immediately provides you with your purchase price range and you can go out and start looking for a property knowing that from a financial perspective you will qualify for a loan. You must remember though that other factors beyond the mortgage calculator figures are also involved in the loan approval process so it is best to speak with a mortgage broker to get his input and expertise.

A Mortgage Calculator is an invaluable tool when you are in the market looking for a home loan or an investment mortgage. A good Mortgage Calculator is simple to use and will automatically estimate how much you can borrow.

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Getting a Bad Credit Loan may be a new trend that is happening all over the country because more and more people are finding themselves with credit scores that are less than perfect.

Learn How to Get a: Bad Credit Loan

Getting a loan can be difficult if you are in a situation like so many others that you have missed a credit card payment or maybe you have been late. What happens is that your credit card issuer will report you to the credit bureau and then you get your credit score lowered. A major problem with this is that if you go to get a loan and have not the best credit then you may be denied. What you need to get is a Bad Credit Loan that will allow you to get a loan even if you have bad credit.

Get Approved Today: Perfect Loan

There are many lenders out there were you can find a loan if you have bad credit and they will approve you. Keep in mind that you can get a competitive rate even with negative marks on your credit but the rate will be higher than a standard loan. You want to check with a professional that can help you get the loan that you need without getting declined. Also make sure that you know that getting approved for a bad credit loan can be easy if you do your homework.

Remember that you can get approved for a bad credit loan you just need to find the right place that can help you through your loan needs.

Bryan Burbank is an expert in the field of Finance and Debt Relief. For more information go to: http://www.bigloanguide.com

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Feldman Law Center – News by Feldman Law Center
The whole reason a loan modification becomes necessary is because the borrower needs the loan to be more manageable, so that he or she can continue to pay for it. The purpose of a loan modification is for the borrower, or someone on the borrower’s behalf, to negotiate a more feasible mortgage with the lender. At first glance, this deal seems like a good one for the borrower. And oftentimes it is. But what about the lender?

Because of the current financial crisis, many people are seeing loan modifications as a good deal. The negotiations are usually initiated by the borrowers, and allow them to keep their property, postpone payments, reduce or stabilize interest rates, and sometimes even get a better deal on the house they already live in. Their credit scores are not harmed like they would be by a foreclosure or bankruptcy. Most of all, they do not have to move from their houses, forcing upheaval on their families, during a time of financial hardship and stress.

Society seems to take the side of families and the personal stories broadcast on the nightly news shows. Stories about 50-year old, recently-laid off, single moms who can’t afford their mortgages tend to pull on people’s heartstrings, winning the allegiance of many members of the public. And since so many people are being affected by the mortgage crisis, public outcry seems to be against banks and lenders, who are being blamed for offering such ludicrous loans in the first place.

The government, and specifically groups such as the FDIC, are also increasingly supportive of loan modification programs. The FDIC has even built a “Mod in a Box” loan modification program guide, in order to encourage more and more lenders to offer loan modifications. Obama has plans that involve modifying home loans to keep families in their homes, and countless nonprofits and support groups seem to be cropping up to help people with distressed finances.

So, borrowers, the government, and society at large are supporting the numerous loan modification programs available. One still has to wonder what banks think about home loan modifications.

Although much less loudly proclaimed, many lenders are in support of home loan modifications too. Lenders’ motivations for modifying a loan can vary. If a home is sold in a short sale, the bank agrees to write off the amount the borrower still owes, sells the property, and takes a loss. Foreclosures are much the same. When a bank forecloses on a home, they often make less profit on the property than they would have made through a mortgage, even a mortgage modified through a loan modification. Simply put, banks have a business motivation to modify your loan: they stand to make more profit if you stay in your house. Not to mention the fact that loan modifications make them look better in the eyes of the community and the government, and could potentially help the world’s economy in the long run.

If you need a home loan modification, contact the attorneys of the Feldman Law Center. Consultations are free, and they can help you benefit from staying in your home.

The Feldman Law Center was founded for the purpose of negotiating loan modifications on behalf of their clients. These negotiations have two major goals; to reduce monthly mortgage payments to a level of affordability for the homeowner and to either stop or avoid foreclosure proceedings. The mission at The Feldman Law Center is to provide the highest level of professional service while delivering the best possible result on each loan modification we negotiate on the behalf of the families we represent. Call The Feldman Law Center today at 800-588-0425 or visit www.feldmanlawcenter.com

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What home improvements add value

You would have purchased your dream home a few years back and now feel that you do not get enough appreciations as you did at that point of time. No doubt about that, as the house has become old and does not look as attractive as it used to be. Certainly your house has faded and now, if you indeed to make it look good and bright, there area few ways you need to proceed. The point that needs deliberation is whether you can do it on your own or whether you should enlist an interior designer for the job.
If you have enough money with you to engage an interior designer, then that is a good option as these are professionals and know what exactly pleases the eye. If not, there are a few simple cost effective means of upgrading your old house and make it look brighter and shinier. You first need to decide if you are aiming for a simple renovation or an addition to the existing structure. If you intend to add a floor or a room to increase the worth, that needs to be discussed with a masonry specialist or an architect before proceeding. They will be in a better position to advice as to how to proceed without causing any safety concerns to the already existing structure. This will also include getting necessary approvals from the community or area offices.

If it is simple renovation, then you need to have a systematic way of doing the entire exercise. Start with the curb; see if it needs a repair. As you walk towards the door, cross check the condition of the main door. You can either install a new door or change the metallic components of the door. A new shining knob or handle can give the entire door a new look. Add to it, a coat of polish, and it is as good as new. You can also polish the window frames and interior doors. Add a few hanging fixtures to the interiors and if possible, even spruce up the existing furniture. Give the landscaping a facelift by planting some decorative flowers along side the curb. To finish of the entire process, paint the house with a new color. These steps can add value to your property as well as give you a new sense of living in it.

Normally, the entire exercise of improvements is taken up as a part of a bigger plan, either to sell the house or have more occupants move in. It will be a good idea to first gauge the effect of the improvement before you start implementing the plan.

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Buying Rental Property

Are you already a landlord? Do you have plans of being one? The travails of being one are very well published, with lots of literature telling you on how to manage a tenant. So are you ready to be one? If you have enough funds to buy property through an all cash deal, then being a landlord is a great option, as this investment not only gives you returns by way of rentals, but also may appreciate in the long run for you top make a profit, if sold after a period of time. If you intend to purchase a property for rental purposes only through a mortgage loan, then you might as well get your arithmetic right, as you would want to know if it is worth giving out of rentals, while you would be paying your monthly mortgage payments. It has to make sense only if the rent amount is closer to the monthly installment that you are paying to the bank.

There are indeed a few factors that you will have to consider as you buy a house to give out on rent:

1. Mortgage loan payments: As mentioned earlier, this amount has to be borne by the rent received, so ensure that you have a prospective tenant list in hand as you go around finalizing the sale.
2. Real estate agent: Ensure that you have the help of a good real estate agent who can help you locate an area that can give you a continuous stream of tenants. Even if one present tenant vacates, you should be able to get another within a short period of time, as the more time the house lays vacant, the more losses you are going to incur.
3. Area of purchase: The area of your purchase has to be chosen with due care, as this area should have endless opportunities for employment as well be a good social atmosphere to live in. These factors ensure that you have more and more families eager to move in to your rented house, as they tend to stay longer than bachelors who come in search of jobs and may  relocate as soon as they et better opportunities.
4. Help of attorneys and financial consultants: Take help from attorneys for the real estate deal as well while finalizing on the rental agreements. Issues such as abandonment or non-payment of rents can be taken care through relevant clauses in the agreement. Financial consultants knowledgeable about IRS codes can help you evade taxes on the rental income as well taxes which can be exempted if you intend to utilize the 1031 exchange.

These points are to be marked as critical as you go about finalizing your home purchase.

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Up until a few months ago, lenders were not modifying loans for home owners that were on time with there payments. So if you have been considering to miss a few mortgage payments to encourage your lender to modify your loan, you may want to re-consider.

Normally lenders would only grant loan modifications to home owners that were three or more months behind and the reason for this is because these delinquencies proved that the home owners were in need of a loan modification. But lenders now understand the importance of keeping a performing loan performing or keeping a home owner making timely payments by means of a loan modification, instead of making the home owner become delinquent, is not a good idea for home owner or lender.

If you check your lenders websites you will now see that majority of them now imply that being late on your mortgage payment is no longer a requirement to get a loan modification approved. I want to encourage all home owners that they should not wait until they have missed a payment, but if they foresee a problem to contact their lender immediately to possibly avoid a delinquency.

This becomes even more important if you are one the many home owners stuck with a high rate adjustable mortage.

The new Obama Plan or Making Home Affordable Plan is now dictating the direction that many lenders are tailoring their policies in reference to loan modifications. This new government loan modification program were designed for home owners that are currently on time, as well as home owners that have missed a few payments. Its also states on the main Making Home Affordable Plan website that “”responsible borrowers who are struggling to remain current on their mortgage payments are eligible if they are at risk of imminent default.”

Now what does “risk of imminent default mean? This means that a home owner that has a mortgage where the rate has recently adjusted and the payments are no longer affordable or a significantly loss of income or any other type of hardship, would make the home owner qualify under the new Obama Plan.

Now one important reason not to be delinquent with your mortgage payment, is that is will disqualify you from getting a refinance under the Making Home Affordable Plan, refinancing under this plan could help home owners refinance at current market values so they are no longer upside down with their current mortgage and get a more stable fix rate loan.

Another important reason not to miss payments is that your credit will be tarnished for years to come. Some home owners may believe that missing a few payments at the expense of their credit score, is not such a bad thing if they can get a lower mortgage payment. Here are some of the consequences that most home owners don’t take into consideration, they don’t realize how difficult refinancing will be because of the late payments, getting approved for an auto loan or getting new credit card accounts. Not to mention, having a low credit score will cause utility companies to require a deposit, your interest rate on your credit cards can go up and also you car insurance or home owners insurance can increase because of a lower credit score.

Home owners need to also take into consideration that if they miss a mortgage payment, that they still owe that payment, which because it’s late, it will now include late fees and penalties and other junk fees that your lender can tack on depending on the seriousness of the delinquency.

These add on fees can increase your mortgage payment by 20-30 percent.

Marlon Baugh is a nationally-known mortgage expert. Since 2003, he has specialized in Florida FHA Mortgage Loans for people with Bankruptcies, Foreclosure or with other credit issues, as well as Florida Loss Mitigation. If you would like a Free Copy or to get instant access to the remainder of this Insider Mortgage Report, please visit
http://specializedfinancialsolutions.com/lendersexposed.htm or Call 954-678-5796

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