FHA home loans for Buying a Florida home.Florida 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 home loan program can simplify the purchase of buying a  Florida home, making financing easier and less expensive than an other home loan program. 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 purchase2 years after a Foreclosure.

To take advantage of the FHA program in Florida, give us a call 1-800-570-0448 or use our quick application at www.FHAmortgageFHALoan.com

Common FHA Mortgage Questions

Why should I apply for an FHA home loan?

There are lots of good reasons to choose an FHA home loan over other Florida mortgage programs, especially if one or more of the following apply to you:

• You’re a Florida first-time homebuyer.
• You want to keep your monthly payments as low as possible.
• You’re worried about your monthly payments going up
• You don’t have a lot of money to put down on a house.
• You’re worried about qualifying for a loan.
• You don’t have perfect credit.

If any of these things describe you, then an FHA home  loan may be right for you. Why? FHA home loans offer many benefits and a level of security that you won’t find in other loans including:

Low cost: FHA home loans have competitive interest rates because the federal government insures the loans for lenders.

Lower down payment requirements: FHA home loans have a low 3.5% down payment and the money can come from a family member, employer or charitable organization as a gift.

Easier qualification: Because FHA insures your mortgage, FHA mortgage lenders may be more willing to give you FHA home loan terms that make it easier for you to qualify.

Less than perfect credit: You don’t have to have perfect credit to get an FHA home loan. In fact, even if you have had credit problems, such as a bankruptcy, it’s easier for you to qualify for an FHA home loan than any other mortgage program.

More protection to keep your home: The FHA has been helping people since 1934. Should you encounter hard times after buying your home, the FHA has many options to keep you in your home and avoid foreclosure.

FHA insures loans for lenders against defaults - it does not lend money or set interest rates. For the best interest rate and terms on a mortgage, you should compare mortgages from several different lenders. An FHA-approved lender can help you start the loan application process.

You may use an FHA-insured mortgage to purchase or refinance a new or existing 1- to 4-unit home, a condominium or a manufactured or mobile home (provided it is on a permanent foundation).

What kinds of FHA home loans does FHA offer?

Fixed-rate loans - Most FHA home loans are fixed-rate mortgages (loans). The advantage of a fixed-rate mortgage is that your interest rate stays the same during the loan period, so you know exactly how much your monthly payment will be.

Adjustable rate loans – First-time homebuyers can be a little stretched financially. With FHA’s adjustable rate mortgage (ARM), the initial interest rate and monthly payments are low, but these may change during the life of the loan. FHA uses the 1-Year Constant Maturity Treasury Index (CMT) to calculate the changes in interest rates. An index is a measure of interest rate changes that determine how much the interest rate on an ARM will change over time.

The maximum FHA home loan that the interest rate on your FHA home loan may increase or decrease in any one year is 1 or 2 percentage points, depending upon the type of ARM you choose. Over the life of the loan, the maximum interest rate change is 5 or 6 percentage points from the initial rate. The advantage of selecting an ARM is that you may be able to expand your house-hunting value range because your initial interest rate will be low, as will your payment. Click for a more in-depth explanation…

Purchase/Rehabilitation loans – Sometimes you might see a home you’d like to buy, but it needs a lot of work. FHA has a loan for rehabilitating and repairing single-family properties called the SF Rehabilitation Loan program (203k). You can get one loan which combines the mortgage and the cost of repairs. The mortgage amount is based on the projected value of the property with the work completed. The advantage of this loan is that you can buy a home that needs a lot of work, but have only one mortgage payment, and you can complete the repairs after buying the home.
Read more about these loans.

Indian Reservations and Other Restricted Lands – A family who purchases a home under this program can apply for financing through an FHA-approved lending institution such as a bank, savings and loan, or a mortgage company. To qualify, the borrower must meet standard FHA credit qualifications. An eligible borrower can receive approximately 97% financing and use a gift for the downpayment. Closing cost can be financed; covered by a gift, grant or secondary financing; or paid by the seller without reduction in value. More…

How do FHA-insured loans compare to subprime loans?

Subprime loans are loans designed for homebuyers who don’t have a strong credit history or can’t qualify for a regular or prime loan. Lenders charge a high interest rate on subprime loans because the risk that a homebuyer may not make their payments is high. Because FHA insures the lender against this risk, the interest rates on FHA-insured loans are generally among the lowest in the market. Most subprime loans carry interest rates at least 3 percentage points higher than an FHA-insured loan. On a $100,000 mortgage, the monthly payment for a subprime loan would be over $200 a month higher than an FHA-insured loan.

The majority of subprime loans are also ARMs, where the interest rate can change a lot and greatly increase your monthly payments. Most FHA-insured loans are fixed-rate loans where the mortgage payment always stays the same. If you have an FHA-insured ARM loan, the rate can’t go up by more than one or two points in a year. The fees that lenders charge their borrowers for processing a subprime loan are also generally higher than on an FHA-insured loan.

Most subprime loans carry a heavy prepayment penalty that you must pay if you want to refinance your loan to a lower interest rate. These penalties can cost you hundreds or even thousands of dollars. There is never a prepayment penalty on an FHA-insured loan. You can refinance at any time and not worry about paying any penalties.

Unfortunately, because they don’t know these facts, many homebuyers who could qualify to buy a home with a fixed-rate FHA-insured loan only apply for subprime loans. Check out an FHA-insured loan before settling for a subprime loan!

How do FHA home loans compare to conventional loans?

Conventional loans usually require a larger downpayment than FHA and if you have less than perfect credit you may not qualify for an affordable mortgage with a low interest rate . The best thing to do is compare the cost of the conventional loan to an FHA-insured loan line-by-line. What are the fees for each? What is the interest rate? How much is the mortgage insurance? How much downpayment is required? For some borrowers, a conventional loan may be less expensive. For many others, getting an FHA-insured loan is the way to go.

Do you have to buy mortgage insurance on an FHA home loan?

Yes – as you will with most loans.

The Housing and Economic Recovery Act of 2008 provides for a one-year moratorium on the implementation of FHA’s risk-based premiums beginning October 1, 2008.  Consequently, effective with new FHA case number assignments on or after that date, FHA will no longer base its mortgage insurance premiums on a combination of credit bureau score and loan-to-value ratio.  The new premiums (upfront and annual) to be implemented for all loans for which a case number is assigned on or after October 1, 2008, are described below.  Mortgagee Letter 2008-16 is rescinded in its entirety.  Please note that certain parts of that mortgagee letter are retained and reiterated in the guidance that follows.

UFMIP= Upfront Mortgage Insurance Premiums: FHA home loans will charge an upfront premium in an amount equal to the following percentages of the mortgage:

• Purchase Money Mortgages and Full-Credit Qualifying Refinances = 1.75 Percent
• Streamline Refinances (all types) = 1.50 Percent

Most home loans require mortgage insurance when your downpayment is less than 20% of the sales price. On conventional and subprime loans, mortgage insurance is provided by private companies. Whether private mortgage insurance is less than, equal to, or more than an FHA-insured loan’s insurance will depend upon the loan program and your qualifications.

Compare the cost of FHA home loan home loan compare  to subprime and conventional types of loans over the life of your loan. Then compare how much each one costs monthly. With the protection and value you get from an FHA home loan you will find it’s a very good deal.

Planning a kid’s bedroom design can be a lot of fun. It can also be a daunting task as you tackle the issue of storage and making things easy to clean. Here are a few ideas about kid’s bedroom design.
If the room is for just one child, choosing a single bed is the normal choice. If you have two kids sharing one room, bunk beds are the most practical choice. They save a lot of room since you don’t have to allocate two big chunks of space for beds. Most bunk beds also separate into two beds, so you have additional options as time goes on. There are many beds that have an option of storage underneath in the form of drawers. Under bed drawers can also take the place of an upright dresser, which can help with small spaces.
Storage is usually a huge issue in kid’s bedroom design. A nice big toy box is a staple of any kid’s bedroom. Look for one that is of sturdy construction and has a lid. You want to be able to hide that jumble of toys away. For those little toys that have a tendency to get lost in the bottom of the toy box, purchase small, clear, plastic boxes with lids. Label them with a picture so your child knows exactly what goes in each box. This makes clean up a breeze.
If you do not want to use a dresser to house your child’s clothes, try buying some coordinating baskets with liners. You can fill them with socks, underwear, pajamas, and pants. These baskets can be placed on a shelf in the closet for easy access, and all their clothes can be contained in one place. Shoes can be delegated to a special box in the closet or you can by a cloth shoe organizer to hang on the closet door or the bedroom door.
When planning a kid’s bedroom design, consult with the child that will be living in it. If they love their room, they will be more likely to keep it clean. That means less mess for Mom to deal with! Ask them what color they want their walls, then give them a choice between two different shades that are acceptable to you. Take them shopping for accessories with you, and listen to their ideas. Remember, it is their room and they have to live with the results.
A cute idea in kid’s bedroom design is to spell out the child’s name in wooden letters on the wall. You can find them at many stores in all different colors and styles. This is a great way to personalize their room. Kids also love mirrors. Hang a full length mirror in their room so they can see what they look like. You can paint the frame to match your decor. Putting family pictures around the room is also a big hit, especially if your child is in a lot of them. It is also a good way to reinforce names and relationships of family members.
There are many ways to plan a kid’s bedroom design. Make it a fun place to be that reflects your child’s taste and personality.

Home staging is the proven way to sell your house quicker and at a better price…even in today’s poor market. Home staging makes your house more competitive by presenting the house as “ready-to-move-in” to prospective buyer’s. And; home staging can be a way to get more organized and de-cluttered. This applies to both inside and out of the home.

Staging can be simple or more work and could require the help of a professional home stager. But; in some cases you can do it yourself if it is a simple project.

The first step is to look around each room. Bring a note pad with you if you are serious about doing this. Make notes about any problem items; such as broken doors, light switches. Yes; the ‘honey do’ type list, but it gets much more detailed as you go.

Now look inside the closets. Yes; buyers look in closets to see if there is enough room. Mark in your pad whether the closet is neat or packed and needs some thinning out.

Bathroom is the next stop. Any broken tiles, dripping faucets, etc? Also is there any areas that need to really be cleaned? Look at this as though you were buying.

The kitchen is an important area. Is it cluttered with items all over the counters? Are the cabinets messy and over flowing? Clear out the items you don’t use on a regular basis. Store them where you can get to them; but not clutter a cabinet in doing so.

Look around the living and dining rooms. Clean up as much clutter and items you don’t use daily. Clean out he display case of any items that are not “display casable”.

The garage is another place that gets cluttered very quickly. If you get a hold on it before it gets too cluttered you will be ahead of the game. If you are beyond that you may want to do a little at a time to make it easier on yourself. A cluttered garage can create an issue for buyers. You want to have the garage clear so they can determine what vehicle(s) will fit and how much room they have for their belongings.

Curb appeal is just as it sounds. An appeal of your house from the curb view. What do you see when you look at your house from the curb? Peeling pain, a broken mailbox, dead plants, etc? You will be surprised at how different the house will look once you make the effort to clean up the yard. Take a drive past your house and see what needs to be changed or repaired. And; don’t forget the back yard. This is a particular area where buyer’s like to see how they will use it – especially if they have children. So this area needs a special cleaning.

Staging is just making your home more presentable to yourself and/or prospective buyers. To make it easier on yourself; just make a list of the items that need to be fixed, repaired or cleaned and do it a little at a time.

Ask yourself this question: Would you buy a house that needed a lot of work; unless you were a handyman?

Terrazzo is one of the most time-tested of building materials. It was used in palaces, courtyards, assembly halls, villas and bathhouses during the height of the Roman Empire. Many of those ancient structures are still intact. When the ruins of Pompeii were unearthed, the forgotten terrazzo floors were virtually undamaged. Terrazzo is an historic and very strong, enduring — and endearing flooring product.

The National Terrazzo and Mosaic Association defines terrazzo as “a material consisting of marble, granite, onyx or glass chips in Portland cement, modified Portland cement or resinous matrix. The terrazzo is poured, cured, ground and polished. Typically used as a finish for floors, stairs or walls, Terrazzo can be poured in place or precast.”

There has been a renaissance in the usage of terrazzo over the last decade. According to Jim Belilove, president and CEO of Fairfield, Iowa’s, Creative Edge Corp., “Terrazzo is now offered with an epoxy matrix. This is stronger than the cementitious material which was the traditional binder. Epoxy doesn’t crack, can be offered in many more and much brighter colors, the color does not fade, and curing time is much less. Terrazzo with an epoxy matrix can also accommodate larger chips … and the thickness of the material, even for a major industrial application, can be just 3/8 inches thick.

“Additionally, with computerized waterjet technology, shapes into which the terrazzo are poured can be cut perfectly over and over again,” Belilove says. “As a result, designs for stores or malls can be duplicated quickly and without worrying about the visual differentiation from one hand-formed shape to another.”

A good example of a major retail installation which featured waterjet technology can be found at the Grand Coastal Mall in Myrtle Beach, S.C. T.B. Penick & Sons, Inc., the San Diego-based general contractor with a specialty in the installation of high-end terrazzo projects, was involved in this creative flooring project, which included a food court with a multi-colored, highly focal terrazzo floor design.

This food court had beautiful shapes which were achieved by pouring the terrazzo into waterjet-cut aluminum forms. This was a project that included intricate images that had to be re-created in terrazzo to exactly replicate the artist’s original drawings.

Retail construction executives should know about waterjet technology. The process is a computerized, cold cutting technology that can cut most materials into any two-dimensional shape. Marble, granite, porcelain, ceramic, linoleum, sports flooring, vinyl, and all metals are excellent materials for the waterjet process. Waterjet cutting does not heat, harden or distort metals. Those are some other reasons why the aluminum forms into which terrazzo was to be poured at Coastal Grand Mall’s food court were best cut by waterjet.

Anything that can be drawn on a computer can be cut by waterjet. Many materials like stone, porcelain, and stainless steel cannot economically be cut into complex shapes in any other way. Terrazzo is more versatile than most developers or designers can imagine. For example, it can be poured onto many different substrates, or right over existing floor materials such as concrete, vinyl tile, ceramic/porcelain tile or even wood.

It is still ideal for any retail construction project, particularly those that have heavy foot traffic.

Universal Design means planning the spaces that everyone finds easy to use. Kitchen design is a sea of opportunity filled with potential. There are certain areas that require consideration when a homeowner is remodeling or renovating the kitchen. It is important to ensure the basic principles of kitchen design are kept in mind, while incorporating innovative ideas. Once found only in the rear of the house, today’s kitchen design takes the kitchen out the background. The challenge for kitchen design is in creating a more open-faced kitchen that is part of a dining area, a family room or a great room.

Kitchens need a personality and a look and feel that can liven up the senses in addition to being a functional place for the preparation of food. The French Country Kitchen design is one of many classic kitchen design themes that you could consider. Tuscany a region in north central Italy is known as a warm place almost year round and Tuscan kitchen design should reflect this. In Tuscany families tend to eat and cook together. A good kitchen design should have sensible work triangles and the right appliance arrangements so it will be easy to move around.

Family

The design of a kitchen, the settings and the appliances vary from one person or family to another. The design will depend on how large the family is, the size of the kitchen, the lifestyle of the family and how much time is spent in the kitchen. There is no place in the house that is used more often than the kitchen. The kitchen is the nerve center of any family’s operations; meals are created there, snacks prepared, often it is the area where the family will get together.

Color

When choosing the color for the curtains; make sure that the color is bright and matches to your kitchen textures. Painting is the easiest and most affordable kitchen remodeling jobs and can easily alter an existing kitchens environment. Fresh, clean walls in a neutral color are best. You will want to consider a neutral color, and two accent colors. Color is an important place to start the design process. Color is very important design element for kitchens and bathrooms since it plays an important role in affecting our moods.

Space

The design will depend on how large the family is, the size of the kitchen, the lifestyle of the family and how much time is spent in the kitchen. Another important thing to consider when designing your kitchen is how much walking or moving space is needed. One key solution to maximizing kitchen space is to think beyond borders and don’t be limited by the designated dimensions of your kitchen. Appliance placement, kitchen traffic and your necessary workspace are all practical concerns. For example, do you really need an extra table for dining. If so, then design around that idea that the space will be for dining.

Flooring

Vinyl kitchen flooring is a very popular choice by homeowners with it’s multitude of colors and patterns as well as it’s ease of installation and cost. These floors are very durables, scratch and dent resistant. When selecting kitchen flooring, it is a good idea to select something that has elements of beauty and durability. Kitchen flooring can accent the counters, cabinets, and appliances. However kitchen flooring must be able to take everyday wear and tear such as spills and heavy traffic.

Cabinetry

The type of kitchen cabinets you have are an important consideration in regards to the overall kitchen design style. The cabinetry can have a powerful effect on the design of your kitchen. Custom cabinetry is available in both traditional and contemporary styles as well as many wood types and colors. Cabinetry should feature open shelves for displaying your ceramics, as well as baskets, and cooking utensils.

Cook

A properly designed and organized kitchen is not only lovely to look at, but is also a wonder of efficiency, convenience, and function. Any accomplished cook will tell you that one of the secrets to achieving culinary success is to have a properly designed and equipped kitchen.
Kitchens need a personality and a look and feel that can liven up the senses in addition to being a functional place for the preparation of food. The key to a successful kitchen design is the complete understanding of the true needs of the intended user.