Florida a Low Down Payment home Loan

To be considered for a low down payment Florida home loan, you generally need to have:

• Sufficient income to support the monthly Florida mortgage payment
• Enough cash to cover the down payment
• Sufficient cash to cover normal closing costs and related expenses (explained below)
• Within the recent 12 months have A good credit background that indicates your payment history or “willingness to pay”
• Sufficient appraisal value, which shows the house is at least equal to the purchase price
• In some instances, a cash reserve equivalent to two monthly mortgage payments

Closing costs, or settlement costs, are paid when the home buyer and the seller meet to exchange the necessary papers for the house to be legally transferred. On the average, closing costs run approximately 3.5% of the Florida house purchase price. This percentage may vary, depending on where in Florida you live.

Closing costs include the loan origination fee (if not already paid), points, prepaid homeowner’s insurance, appraisal fee, lawyer’s fee, recording fee, title search and insurance, tax adjustments, agent commissions, mortgage insurance (if you are putting less than 20% down) and other expenses. Your Florida mortgage professional will give you a more exact estimate of your closing costs.

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

Apply for an FHA home loan today at

http://www.fhamortgageprograms.com/florida/

Points are finance charges that are calculated at closing. Each point equals 1% of the Florida home loan amount. For example, 2 points on a $100,000 loan equals $2,000. Florida home loan companies may charge 1, 2 or 3 points in upfront costs in addition to the down payment. The more points you pay, the lower your interest rate will be. In some cases, you may be able to finance the points into your Florida home loan.

So How Much of a Florida home loan Can You Afford?
There are two basic formulas commonly used to determine how much of a Florida home loan mortgage you can reasonably afford. These formulas are called qualifying ratios because they estimate the amount of money you should spend on mortgage payments in relation to your income and other expenses.

It is important to remember that the following ratios may vary and each application is handled on an individual basis, so the guidelines are just that — guidelines. There are many affordability programs, both government and conventional, that have more lenient requirements for low and moderate income families.

Many of these programs involve financial counseling for low and moderate income people interested in buying a home and in return, offer more lenient requirements.

Generally speaking, to qualify for conventional loans, housing expenses should not exceed 31% to 35% of your gross monthly income. For FHA loans, the ratio is 31% of gross monthly income. Monthly housing costs include the mortgage principal, interest, taxes and insurance, often abbreviated PITI. For example, if your annual income is $30,000, your gross monthly income is $2,500, times 28% = $700. So you would probably qualify for a conventional home loan that requires monthly payments of $700.

Any expenses that extend 11 months or more into the future are termed long term debt, such as a car loan. Total monthly costs, including PITI and all other long term debt, should equal no greater than 33% to 36% of your gross monthly income for conventional loans. Using the same example, $2,500 x 36% = $900. So the total of your monthly housing expenses plus any long term debts each month cannot exceed $900. For FHA the ratio is 43%.

Maximum Allowable Monthly Housing Expense
27% – 28% of gross monthly income – Conventional
31% of gross monthly income – FHA

Maximum Allowable Monthly Housing Expense and Long Term Debt
28% – 36% of gross monthly income – Conventional
43% of gross monthly income – FHA

One way to determine how much to spend for a Florida home is to compare your monthly income with monthly long term obligations and expenses. Use the worksheet, “Evaluating Your Financial Resources,” to determine how much money you can spend on Florida home. Be sure to only include income you can definitely count on.

When budgeting to buy a Florida home, it is important to allow enough money for additional expenses such as maintenance and insurance costs. If you are purchasing an existing Florida home, gather information such as utility cost averages and maintenance costs from previous owners or tenants to help you better prepare for Florida home ownership.

Homeowner’s insurance or property insurance is another Florida home loan cost you will have to consider. The Florida home loan lending institution holding the mortgage will require insurance in an amount sufficient to cover the loan. However, to protect the full value of your Florida investment, you might want to consider purchasing insurance that provides the full replacement cost if the home is destroyed. Some insurance only provides a fixed dollar amount which may be insufficient to rebuild a badly damaged Florida home.

Miami FHA Home  Loans -((97% W/530 FICO)) Buying a Miami Home using a FHA Mortgage

Miami Dade County Mortgage

Providing mortgage solutions for real estate buyers and owners throughout the Miami Dade county area.

Like many home buyers and homeowners looking for a mortgage in Miami and Dade county, 1st Continental Mortgage has weathered the storm and come out stronger and wiser. With a keen focus on core principles and products like the FHA home loan, we’re ready and able to make a broad range of real estate loans throughout Miami Dade County.

Mortgage Programs With Minimal Down payment and Closing Cost

• Down payment less than 3% of Sales Price
• 100% Financing options available
• Seller can credit up to 6% of sales price towards buyers costs.
• No cash or bank reserves are required.
• FHA regulated closing costs.

Easier Credit Qualifying Guidelines

• No minimum Credit Score or credit score requirements.
• FHA will allow a home purchase 1 year after a Bankruptcy.
• FHA will allow a home purchase 2 year after a Foreclosure.

Apply now at www.FHAmortgagePrograms.com

A Dade County Mortgage Lender with Years of Experience!
Experience counts when choosing a mortgage lender, especially in the current Dade County real estate market where home values have slipped and lenders are scrutinizing loan applications far more closely.

It is especially important for first-time home buyers in Dade County communities like Miami Beach and Coral Gables to work with a knowledgeable, service-oriented, and experienced residential loan expert like the ones at 1st Continental Mortgage. Call today at 1-800-570-0448.

Dade County’s FHA Home Loan Boom

As experts in Dade County FHA loans, 1st Continental home loan specialists have helped first time home buyers in communities such as Aventura and West Miami, FL secure the funding necessary to buy homes.

With low interest rates and a glut of homes on the market in Dade County, it’s an excellent time for renters to become first time home buyers in Miami-Dade communities from Bal Harbor to Virginia Gardens.

Because FHA home loans are government backed, lenders making loans on property in Dade County can qualify buyers who have less than perfect credit so long as they have a stable employment history, have a modest down payment, and meet the other FHA home loan requirements.

In the last 6 months, we have seen record numbers of applications for FHA financing from Dade County from cities like Opa-Loca, Pinecrest, and Miami Gardens.

To learn more about the FHA home loan program or to apply for an FHA mortgage in Dade County cities such as North Miami or North Miami Beach, call 1st Continental Mortgage at1-800-570-0448.

Working with experienced Dade County FHA lender will help you get the right home loan. You will have a broker with substantial experience in FHA mortgages, government guaranteed VA home loans, and other special mortgage programs for which you may qualify helping you secure the right loan to buy your Dade County home.

Very few things are worse for you as a home buyer than working with a mortgage broker without enough experience in FHA loans to properly prepare and document a loan application. At a minimum, it delays getting your financing approved. At worst, it can result in your missing your closing date, losing out on a home you want, or not getting approved for an FHA loan at all.

Preparing to Buy a Home in Dade County: Mortgage Pre qualification and Mortgage Pre approval

When a home priced below market in Sunny Isles Beach, FL or Miami Springs, FL comes on the market, it doesn’t last. The selling agent is going to accept the best offer from a pre-approved buyer because he or she does not want to tie up the property with a Home Buyer who can’t get the mortgage financing to close the deal.

Many Dade County real estate agents insist on getting a pre-approval letter with any offer. Because some Dade County mortgage brokers were doing pre qualification letters on nothing more than a conversation with a potential buyer – no credit check, no verification of employment or assets – many Dade County Realtors now require more than a pre qualification letter to accompany any offer to buy.

What does that mean to you?

Get a mortgage pre approval before you look at any homes in Bay Harbor Islands, FL or Florida City or anywhere in Dade County. You will know exactly how much home you can afford, and selling agents will be more likely to accept your offer because you have demonstrated your ability to get financing for your Dade County home.

How Having the Right Mortgage Lender Helps You

Many Dade County home buyers focus on finding the perfect home, not on finding the right mortgage lender to help them get the best loan to finance it. As a result, they pay higher-than-necessary interest rates and get home loans with less than ideal terms.

A good mortgage lender will help you by doing these things:

• Doing the preliminary work to give you an accurate picture of the price range of Dade County home that you can afford: Whether you are qualifying for a Jumbo loan to buy a luxury condo in South Miami or a manufactured home loan to buy a lot and home in Homestead, Florida, you need to know how large a loan you can get before you start home shopping in Dade County;

• Identifying the best mortgage program to use to buy your home in Doral or Key Biscayne or any other Dade County community: The team of mortgage brokers from 1st Continental Mortgage will be happy to help you compare Dade County mortgage programs to assure you of getting the best combination of rate and terms on your home purchase or refinance;

• Explaining the documentation required to get your Dade County home loan: Your licensed FL mortgage broker will assemble your loan package and check that you have met your lender’s requirements before he submits your loan package to the lender;

• Giving you an accurate good faith estimate on your Dade County home loan: Some Dade County brokers are notorious for playing games with the numbers on their good faith estimates. They underestimate insurance costs or taxes or omit line items to make the bottom line on their good faith estimates come in lower than those of other Dade County mortgage brokers. These shady mortgage brokers count on the fact that their deception will not become apparent to the home buyer until the HUD arrives right before the closing. Then, the home buyer will pay the difference just to avoid having to start over with another mortgage broker and Florida mortgage lender. It’s unethical, but mortgage brokers in Miami, FL and Miami Shores Village, FL do it all the time. It’s no way to earn a reputation as a competent and customer-focused mortgage broker in Dade County. Expect a properly prepared good faith estimate and white glove service from 1st Continental Mortgage, whether you are buying a home in Hialeah, Miami Springs or any of the other cities in Dade County.

• Keeping you updated on the progress of your lender in approving your financing for your Dade County home: 1st Continental Mortgage will be proactive in keeping you informed of the status of your Dade County home loan and in dealing with any issues that might delay the closing of your Dade County FHA loan in Hialeah Gardens or any other Dade County neighborhood. Whether you are refinancing an ARM in South Bay Village or getting a mobile home loan in Pahokee, we will give you the best combination of interest rates and terms on your Dade County mortgage.

• Coordinating the activities of the many professionals who play a role in getting your Dade County home loan closed: Your 1st Continental Dade County mortgage specialist will be your liaison in dealing with Realtors, appraisers, home inspectors, underwriters, title company representatives, etc. You can relax knowing that your mortgage broker is taking care of the details so that your closing will happen on-time and without any surprises.

1st Continental Mortgage’s mortgage pros will be your single point of contact for your mortgage in Biscayne Park or El Portal or any other Dade County city. Call them today at 800-570-0448.

Dade County Pre foreclosure and Bank Owned Properties Attract Miami Real Estate Investors

Prices that are much lower than a year or two ago and the high rate of foreclosure on sub-prime mortgages has created strong interest in Dade County real estate among real estate investors. Many of our best repeat mortgage customers in Dade County are real estate investors purchasing pre-foreclosure homes in cities like Medley, FL or South Miami or rehabbers buying and flipping REOs in Surfside or Sweetwater.

Seasoned real estate investors recognize that now is an excellent time to be bargain hunting in Dade County’s real estate market. With the long term prospects for continued population growth and with good prospects for the Dade economy, now may be the right time to buy investment property in Dade County.

FHA 203b home loans allow qualified home buyers to borrow 100% of the purchase price of a home and up to $5000 to make repairs on Fannie Mae foreclosures. FHA home loans and specialized home loans such as the FHA 203b loan have been popular home loans for investing in Miami Dade County real estate.

Whether you are buying a first home with an FHA mortgage in North Bay Village, building a custom luxury home in Islandia, or looking to buy a bargain priced pre foreclosure using a conventional mortgage in Indian Creek Village, you should start now by calling 1st Continental Mortgage at 1-800-570-0448. Don’t miss the best opportunity to buy a home in Dade County in decades.

The Federal Housing Administration (FHA) runs several FHA Bad Credit mortgage programs to promote home ownership in Florida. In most cases, Bad Credit FHA home loans are mortgages obtained with the help of the FHA. With a small down payment today only 3.5%, Florida Bad Credit homebuyers   buyers can purchase a home. FHA loans make it easier for Florida  Bad Credit homebuyers  to qualify for a Florida Bad Credit mortgage,

Minimal Down Payment and Closing Costs.

• 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

Bad Credit home loans In Florida

Getting a Florida bad creidt Mortgage with isn’t as easy as it was a year or two ago. However, it isn’t as impossible as some news reports make it seem. Even Bad Credit  Floridians with bad credit reports which reveal past financial sins still sometimes get to the promised land of mortgage approval. Most Florida Bad Credit mortgage applicants and Refinance clients do so with the help of a skilled and experienced Florida mortgage lender who specializes in Florida FHA bad credit home mortgages to Refinance or Purchase a Florida home

For the Florida Bad Credit home buyer the FHA program can simplify the purchase of a home, making financing easier and less expensive than a conventional mortgage loan product. Most Florida mortgage applicants didn’t know this but FHA has No minimum credit score requirements. Its the Florida FHA approved mortgage lenders that set minimum credit score requirements. At FHAmortgageprograms.com we can go down to a 530 FICO score when most Florida  banks and other Mortgage lenders  require a  minimum 620 FICO. Some highlights of the Florida Bad Credit FHA mortgage program include:

Minimal Down Payment and Closing costs.

• Down payment less than 3.5% 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.
• Purchases (Min 530 score)

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.

Additional Conditions include:

• 12 month cancelled checks or Management VOR
• Must have 3 good recent trade lines Can you ALT CREDIT such as Cable, Cell phone, Electric, Cable, Car Insurance, ect.
• Payment shock limited to 1.5 times
• 33/45 DTI max
• No late’s or collection in last 12 months
• NO late’s after BK

Bad Credit Florida first time home buyers and other borrowers, the FHA home loans can have key advantages:

Easy Qualification – The FHA loan has No minimum Credit score requirement and insures 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 Down payment 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 FHA loan does not have a zero down mortgage option yet, you will find that your 1st Continental Mortgage loan officer can point you to many Down payment assistance programs that work well with Florida FHA home loans.

Less than A-1 Credit is Okay – The 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 FHA mortgages to buy or Refinance homes in Hillsborough County or any of the other Florida counties we serve. The FHA loan program uses credit quality, not credit score!

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

Safeguards for Borrowers Who Get Behind – The 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 mortgage counseling. Further, 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.

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

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

FHA Loans for Bad Credit Florida Mortgage Applicants

If you have what is known in general as bad credit, and you are trying to obtain a home loan in Florida, then we encourage you to work with an experienced Florida Mortgage Lender with a track record of funding even the most difficult bad credit Florida mortgage loans.

As a bad credit FHA mortgage specialist we have been helping borrowers with bad credit find the right lenders, gather their loan documents, and present complete Bad credit loan packages to Florida bad credit lenders for over a decade. Our technique really comes down to understanding what a Florida Bad credit underwriter is looking for and putting together a complete and thorough Bad Credit loan package.

For some Florida mortgage applicants , it’s the only way to get a Bad credit lender to say yes to a home loan. This is especially the case for a borrower with Florida  bad credit mortgage issues.

At FHAmortgagePrograms.com, we know that a temporary set back like a job loss or car accident can leave you with damaged credit even though you have worked hard to meet all of your financial obligations for most of a lifetime. This episode can affect credit ratings quickly and adversely affect the loan process when applying for your Florida Bad Credit mortgage.

We feel the Florida mortgage applicant with less than perfect credit is the one who benefits the most from working with an experienced Florida mortgage lender. A good Florida mortgage lender knows which lenders have the best programs for borrowers with poor credit and knows how to present an application truthfully and ethically in the strongest light possible. No, we won’t exaggerate or misrepresent the facts on your behalf; however, we will work to properly represent you and explain why the situation you are in exists.

Your credit report is the key factor for many of the Florida Bad Credit mortgages we offer, but it is not the only factor. With an experienced Bad Credit Florida Mortgage professional from FHA mortgage programs working on your behalf, you may be pleasantly surprised at the Florida bad credit home loan quote you get from our network of quality Florida mortgage lenders.

We can help you take an objective look at your Florida home loan options regardless of your past credit history. Our experienced mortgage pros are very skilled at examining your credit report. And our Florida bad credit home loan specialists are happy to offer you free advice on how to clean up your credit report in preparation for your home loan process.

For some FLoirda bad credit mortgage applicants, the hardest lifting takes place weeks before the mortgage application. It’s never too soon to pay down collections or settle some old judgments to incease your score and purchase a FLorida home. If you have a weak credit report but want to get a Florida mortgage or refinance your existing one, now is the time to get started. As you can see FHA mortgage loans offer Florida mortgage applicants that have had difficulty in the past the ability to qualify for a Florida mortgage.

It’s actually better for borrowers with bad credit right now than it was before 1990. Before 1990, if a borrower did not qualify for a conventional or government loan, he or she was out of home loan options. The emergence of lenders willing to serve those with poor credit has been a godsend for the borrower who recognizes that a Florida bad credit home loan is a temporary loan.

Used properly with good financial planning, a subprime home loan serves the bad credit borrower for 2-4 years while he or she demonstrates the discipline to pay financial obligations on time. Once the healthier financial pattern yields a higher middle credit score, the borrower can apply for a government insured FHA home mortgage or a fixed rate conventional mortgage.

Even for mortgage borrowers with bad credit, 1st Continental Mortgage has found ways to secure financing for a decade.

• 30 year fixed rate mortgages for persons with damaged credit to purchase homes;
• Fixed rate mortgages with one, three, or five year Interest Only periods;
• Limited opportunities on loans for purchasing or refinancing single and doublewide Mobile Homes on land for buyers with low FICO scores in Polk County and the other Florida counties we serve;
• A range of Jumbo and Super Jumbo home loans for those borrowers seeking to purchase executive homes