Finance, Loan, Debt and Credit.

January 10, 2018

What Is A Reverse Mortgage?

Filed under: Mortgage — Tags: , , , , , — admin @ 12:47 am


You may have heard your friends and family talking reverse mortgages. There have also been a lot of television commercials offering information about reverse mortgages and reverse mortgage companies. Yet, with all of this talk going on about FHA insured reverse mortgages and what they mean to you, what exactly is a reverse mortgage?

A reversed mortgage is designed specifically for homeowners who are age 62 and older. Through this product, you can receive loan money from your home in the form of a lump sum, regular monthly checks or a line of credit. The money is typically repaid with interest when you sell your house, permanently move away, or pass away.

Reverse mortgages are getting to be more and more common these days. Why? Reverse mortgage loan advances are not taxable, and generally don’t affect your Social Security or Medicare benefits. You retain the title to your home, and you don’t have to make monthly repayments. The loan must be repaid when the last surviving borrower dies, sells the home, or no longer lives in the home as a principal residence. Unlike a regular mortgage, the homeowner makes no payments and all interest is added to the lien on the property.

There are three types of reverse mortgages:

• Single-purpose reverse mortgages, offered by some state and local government agencies and nonprofit organizations

• Federally-insured reverse mortgages, known as Home Equity Conversion Mortgages (HECMs) and backed by the U. S. Department of Housing and Urban Development (HUD)

• Proprietary reverse mortgages, private loans that are backed by the companies that develop them.

Single-purpose reverse mortgages are the least expensive option. They are not available everywhere and can be used for only one purpose, which is specified by the government or nonprofit lender. For example, the lender might say the loan may be used only to pay for home repairs, improvements, or property taxes. Most homeowners with low or moderate income can qualify for these loans.

An FHA insured home equity conversion mortgage (HECM) and proprietary reverse mortgages are sometimes more expensive than traditional home loans. That’s important to consider, especially if you plan to stay in your home for just a short time or borrow a small amount. HECM reverses are widely available, have no income or medical requirements, and can be used for any purpose.

Reverse mortgages pay you in a variety of ways. You can receive a lump-sum, periodic payments, a line of credit, or some type of combination. Lump Sum is the easiest. You get the loan balance all at once. Do with it what you will, yet there won’t be more for you tomorrow. If you sign up for a periodic payment plan, you’ll get regular payments. These payments might last for a number of years (10 years, for example), or until your loan comes due (often as a result of your death or your permanently moving out of the home).

If you don’t know exactly how much you’ll spend or how soon you’ll need it, a line of credit may make sense. Some reverse mortgage lines of credit are “growing” lines of credit meaning you may have more and more money available to you as time goes on. Not bad. Can’t decide? You can use a combination of the programs above. For example, you might take a smaller lump sum up front and keep a line of credit for later. This may be a reasonable approach if you need to pay off existing debt with a portion of your reverse mortgage loan.

Reverse mortgages have helped hundreds of thousands of homeowners improve their quality of life in retirement. A Reverse Mortgage can help you retire more comfortably. It can provide you with money when you need it most. No Monthly Mortgage Payments, Easy Qualification, Tax-Free Money and No cash needed for closing costs. Can it get any better? If you’d like to find out how much money you qualify for and if you’re eligible, give us a call at (800)630-0650.

Tim JacobsGolden Years Mortgage SolutionsYour Money…When You Need It www.GoldenYearsMortgageSolutions.com (800)630-0650 [email protected]

Tim Jacobs @ Golden Years Mortgage Solutions www.GoldenYearsMortgageSolutions.com (800)630-0650 [email protected] Golden Years Mortgage Solutions is a reverse mortgage approved FHA Lender. We’ve helped thousands of senior homeowners solve their financial problems. Our agents and brokers collectively have over 60 years of experience in Reverse Mortgage Loans and general financial services, including managers who are industry pioneers with more than 12 years of reverse mortgage experience. Our dedication to providing financial solutions for seniors is evidenced by the number of referrals that come from our existing clients.

Tim Jacobs @ Golden Years Mortgage Solutions www.GoldenYearsMortgageSolutions.com (800)630-0650 [email protected] Golden Years Mortgage Solutions is a reverse mortgage approved FHA Lender. We?ve helped thousands of senior homeowners solve their financial problems.

December 25, 2017

Tips to Find Bad Credit Mortgage Refinance Loan


Getting a home loan with bad credit has actually never been easier than it is today. Here are some tips to help improve your chances of success:

Find A Good Real Estate Deal – If you can find a property that has some equity in it when you purchase it, you may have an easier time getting financing on that property. To the lender it may be almost as good as if you had some kind of down payment on the property. Some lenders will consider the properties loan to value ratio when they consider the loan. Talk to your mortgage broker and see if this factor could help you get qualified.

Try Creative Financing – See if the seller would be willing to carry back a second mortgage on the home. This is where you set up a contract or agreement with the seller that you will pay them monthly payments, including interest of, let’s say, $150/mo on $10,000 dollars of the price of the property, as a second mortgage. Then, to make it nice for the seller, perhaps put in the agreement that the entire amount is due in full within 2 years or something. That should give you plenty of time to refinance and then the seller doesn’t feel permanently locked into the contract.

Save For A Down Payment – There are lenders who may be able to qualify you for 100% financing, even with low credit scores, but your interest rate will be much lower if you can put even 3-5% down. If possible, try to save as much as possible for a down payment. Sometimes it may be better to wait about 3-6 months to get into a new home loan if it means the difference of having a down payment. The interest rate could be quite a bit better because of that factor. However, if you don’t want to have a down payment, you can always refinance later for a lower interest rate.

Shop Around – There are some mortgage brokers out there that you will talk to who will say, “I can’t help you, and if I can’t help you, no one can help you.” But, if you persist in talking with other brokers, 10 minutes later you could be talking to someone who knows a way to help you, no problem. Most brokers feel that if they can’t help you, no one can. However, the ironic thing is that each broker is varied in the types of loans they can do. Some brokers have relationships with flexible mortgage lenders and others do not. I recommend applying online to mortgage services that will submit your application to multiple lenders. That way, your credit is only pulled once, and you can analyze offers from multiple lenders. To see our list of recommended bad credit mortgage lenders, visit here bad credit mortgage lenders.

Improve Your Credit Score – There are some really simple ways to improve your credit score without spending too much time at it. All 3 major credit bureaus now have areas on their websites where you can dispute incorrect items on your credit. The process is very quick and easy. Make your current payments on time to help your score. Keep your number of credit inquiries down. Too many inquiries can hurt your credit score. If you want to buy a house, don’t apply for any credit cards, auto loans or any other type of loan if you can avoid it. For your reference, here are the links to all 3 major credit bureau’s

websites: www.loansolutioncenter.com/cashout_refinance.htm .

If you really do want to get into a home, don’t let bad credit stop you. There are lenders out there who can help you, it just takes some persistence. Apply with multiple lenders. Like I said, apply with mortgage services that specialize in bad credit mortgage loans and will submit your application to multiple lenders with only having one credit inquiry.

Gerald Bouthner the owner of Loan Solution Center provides a wide range of loan options including bad credit, home loans, cash out home loans, debt consolidation loans, and payment select home loans. Our loan application is very easy and We get your loan closed fast. We will help you get the loan that?s right for you, and assist you in rebuilding your credit. Visit this site:http://www.loansolutioncenter.com

November 30, 2017

Is Debt Consolidation Always to Your Advantage?

Filed under: Debt — Tags: , , , , , , , , , — admin @ 12:46 am


You may wonder if by consolidating your debt you really will be able to reduce your income-spending ratio and obtain monthly payments you will actually be able afford. This is a question that needs to be answered by carefully considering your debt as debt consolidation cannot be successful with all kind of loans and other debt.

If debt and bills keep pilling up you may eventually have to make a decision. Whether that decision is to take a debt consolidation loan, contact a debt consolidation agency or resort to more critical decisions like filing for Bankruptcy, it is definitely a choice that cannot be rushed in.

Debt Consolidation = Debt Reduction?

Debt consolidation in particular can provide up to a 70% of debt reduction in certain situations, however, this is an ideal scenario. Only if your debt is composed of unsecured loans and credit card balances or store card balances you will be able to achieve such amazing results.

However, if too much of your debt is secured, it is less probable that you will be able to obtain such a significant cut on your debt. Moreover, there are certain loans that though not secured, have promotional interest rates that cannot be matched or reduced even more. Thus, it makes no sense to try to include them in a debt consolidation program.

To be more specific, the following loans are seldom consolidated: Home loans, home equity loans, home equity lines of credit, refinanced home loans, federal loans for first time home buyers, federal student loans, other government loans, private student loans from non-profit organizations, etc.

Secured loans can only be consolidated by means of a secured consolidation loan. In other words, you have to resort to refinancing in order to reduce the burden from home loans and home equity loans and lines of credit. When it comes to car loans, the problem is the same, an unsecured consolidation loan will never be able to match the low interest rate that car loans provide due to being secured and thus you will need to refinance the car loan if possible or consolidate via a secured consolidation loan guaranteed with another property.

Debt Consolidation

However, do not get confused; debt consolidation loans are not the only form of debt consolidation. Debt consolidation is mainly debt negotiation and sometimes, by means of a debt consolidation loan, all your debt (or most of it) can be reduced to a single loan with a unique and lower monthly payment.

Debt consolidation agencies however, first contact your creditors and agree with them a reduction on your debt by reducing the interest rate you pay and sometimes they can even obtain a cut on your debt’s capital. As stated above, by these means you can achieve a debt reduction of up to 70% but most importantly you will be able to make your debt affordable again, thus driving away the risk of defaulting or having to go through a bankruptcy process. After this negotiation deal has ended debt consolidation agencies can provide a debt consolidation loan or not. In most cases, even without a debt consolidation loan, all payments to creditors will be made through the agency.

Devora Witts is a certified loan consultant with several years of experience in the credit area who instructs people regarding credit recovery and approval for personal loans, home loans, consolidation loans, car loans, student loans, unsecured loans and many other types of loans. If you want to understand Government Grants and Credit Cards thoroughly you can visit her site http://www.badcreditloanservices.com

November 29, 2017

Debt Consolidation is not Always the Right Solution

Debt consolidation can save you from debt problems, can improve your credit score and save you thousands of dollars. However, not all debt can be consolidated and given that there are different consolidation programs you should check if the one you chose or the one that the agent chose for you is really to your advantage.

There are many reasons why debt consolidation may not be the right solution for you. Debt consolidation cannot solve debt problems for all kind of debts. Debt consolidation may be too expensive if debt has already affected your credit and you do not have collateral. And certain debt consolidation programs may be nothing but scams. Thus, you need to be well aware of what you are getting into.

Debt Not To Be Consolidated

For starters, you should understand than not all debt is suitable to be consolidated. The reasons for this are varied. Most subsidized loans already carry very low interest rates and thus, it makes no sense to consolidate those loans by using a more expensive loan. This is always true, unless of course what you need is to reduce the monthly payments by extending the loan repayment period.

There are many subsidized loans. Government loans for students, private loans for students, government loans for first time home buyers, government loans for starting businesses, government loans for research disciplines, etc. are just a few examples of subsidized loans that are not suitable for consolidation.

There are loans that being secured are not suitable for consolidation. Though refinancing can be a form of consolidation if other loans and debt are repaid with the exceeding cash obtained from a cash-out refinance loan, truth is that very seldom a home loan or home equity loan is included in a debt consolidation program.

Debt Suitable For Consolidation

Generally speaking only debt which is unsecured in nature and secured debt taken when your credit score was low (bad credit debt) is suitable for debt consolidation. The latter will be suitable only if your credit score has improved or if you can provide better collateral and thus obtain a more competitive interest rate.

Examples of unsecured debt are: unsecured personal loans and personal lines of credit, credit card debt, store card debt, pay day loans, cash advance loans, certain student debt, bank account overdraw agreements, bank pre-approved personal loans. All of these can be consolidated into a single loan or the terms negotiated by a debt consolidation agent.

Debt consolidation in the form of a loan carries the advantage of obtaining a single and lower monthly payment that will simplify your budget while you work on your expenses. Debt consolidation in the form of negotiation is also an excellent tool that can provide a solution by reducing rates, eliminating debt generated by interests or extending the repayment programs so as to make debt more affordable. And finally, both methods can be combined offering an excellent way of eliminating debt, managing finances and improving credit score in the same debt consolidation program.

Amanda Hash is an expert financial consultant who specializes in helping people to recover their credit and get approved for home loans, car loans, personal unsecured loans, unsecured credit cards, refinance home loans, consolidation loans, student loans and other financial products. If you want to learn more on how to get approved for Bad Credit Personal Loans and Instant Payday Loans just visit http://www.yourloanservices.com/ and you’ll find all the information you need.

Debt Consolidation Agents Need to be Supervised


Debt consolidation is a complex process and the aid of professionals is almost always needed. However, it is smart not to confide too much on the consolidation agents and keep an eye on whatever they do with your debt. A proper supervision of their work can save you a lot of trouble and probably money too.

As with any financial product, debt consolidation is provided by many different agents. The debt consolidation market is packed with different consolidation agencies offering their services to anyone who needs them. However, there are also unscrupulous agents and agents that though are legit, are just beginning to work on the field and their expertise is not that promising.

What Debt Consolidation Agents Do

There are different debt consolidation programs and a wide variety of actions that debt consolidation agents can do in order to reduce the amount of debt you hold and the weight of that debt in terms of interests and monthly payments. All these actions have consequences and you should discuss them with your agent in order to avoid future problems.

Among the things that debt consolidation agents can do are the following actions: negotiating with your creditors new repayment programs, debt cancellations, reductions, interest eliminations and reductions, closing accounts, opening new accounts, transferring balances, taking up loans to repay debt, etc.

All the above have serious implications in your credit and can reduce or eliminate your ability to get finance during the consolidation process and later too. Thus, you should make the agent well aware of your financial needs prior to him starting the debt consolidation program. Whether he takes full control of your finances or not, his actions will irremediably have consequences that you need to consider.

Debt Negotiation, Reductions And Cancellations

When a debt consolidation agent negotiates with your creditors he can modify the variables of your debts. But these modifications will have immediate consequences on your credit. A repayment program extension will modify your income to debt ratio not only on the current loan years but on the years added too. Besides, the lenders may decide to inform that their debt has been subject to negotiation to the credit bureaus which will trigger an alarm on most lenders in the future when they read your credit report.

Opening And Closing Accounts

Both opening and closing accounts do not have to carry consequences to your credit provided that are done moderately. But if you suddenly close all but one of your many accounts, your credit will undoubtedly reflect this fact and not precisely in a positive way. Any report that shows lenders that you have been included in a debt consolidation program will scare them away if you want to get finance in the near future.

Transferring Balances And Taking Up Loans

To consolidate debt you can transfer credit card debt to other low interest cards or take a loan to consolidate all your debt into a single monthly payment. If a loan is taken, your debt will increase, because although the balances will be paid, on your report, the credit cards will remain as outstanding credit. And if your credit cards are cancelled and the accounts closed, that will also be reported and will show up on your credit report.

Thus, you should expect low chances of getting approved for new loans in the near future if you plan to consolidate your debt. However, that is probably the whole idea of debt consolidation: To avoid new debt and eliminate progressively your current debt so you can become debt free and your credit score starts to recover.

Melissa Kellett is an expert loan consultant who has worked for twenty years in the financial industry and helps people to repair their credit and get approved for home loans, unsecured personal loans, student loans, consolidation loans, car loans and many other types of loans and financial products. If you want to learn more about Loans for People with Bad Credit History and Unsecured Loans you can visit her site http://www.speedybadcreditloans.com/

November 26, 2017

Is Getting A Bad Credit Mortgage Refinance Loan Suitable For Me?

Filed under: Loan — Tags: , , , , , , , , , — admin @ 12:47 pm


Usually, when one avails of refinancing, they want lower interest rates, but this may not always be the case with a bad credit mortgage refinance loan. When you have bad credit it means that you haven’t been paying your debts as diligently as you ought to, which means that you also have a low credit or FICO score. Because of this, banks and other lending firm will be less willing to give you the refinancing loan that you want to lower interest rates and lessen payment periods.

The good news, however, is that all is not lost. Many lending firms have special programs that will reconsider offering poor debtors with refinancing options. These bad credit mortgage refinance loans will not offer the lowest interest rate and the best repayment terms, however, they will help ease the burden of high monthly payments or, if you’re lucky, give you a better value than your previous mortgage if your credit has somewhat improved from when you got your first loan, but only if you are lucky.

When you are considering a bad credit mortgage refinance loan, it is best to take your time in deciding what is best for you. If you are at a loss, it might be helpful to get a broker or an expert who can advise you on what direction to take or to help you find the loan with the most helpful payment terms.

There is a caveat. Even if a lending firm offers you more affordable monthly payments, this doesn’t mean that your overall loan will be less than your previous mortgage. Chances are the lower monthly payments will only help ease the financial burden that you face every month in making ends meet. However, in the long term, you will end up paying more than your previous mortgage offered.

Our best advice is to do your homework, write it down, and see the differences that the different lenders have in their individual bad credit mortgage refinance loans. Major factors to look into are the interest rate, the annual percentage rate, the service fees and processing charges, and the loan payment duration. With these pieces of information, you can make a good comparison on the different options you can apply to your situation.

If you feel that the refinance loan is not worth it, you may opt to continue with your mortgage now and simply try your best to improve your FICO score so that you can refinance and get a better interest rate in the future. However, for those who may be desperate to find an immediate solution to keeping their homes refinancing on bad credit, this may be the best option that you’ve got.

Find out if Bad Credit Mortgage Refinance Loan is what you are looking for to ease your financial burdens. Read more about bad credit and home refinancing on http://www.bad-credit-home-mortgage-loan-refinance.com/things-to-do-before-you-get-a-bad-credit-mortgage-refinance-loan.php for the best advice in home loans.

November 22, 2017

Fha Mortgage Lender Florida, Fha Loan Florida,

Filed under: Mortgage — Tags: , , , , , , , , — admin @ 12:46 am


 Other FHA Mortgage loan Advantages Include:

Minimal Down Payment and Closing Costs.

Easier Credit Qualifying Guidelines such as:

Easier Debt Ratio & Job Requirement Guidelines such as:

www.FHAmortgageFHALoan.com

Other FHA advantages Florida homebuyers should know:

Easy Qualification – The FHA loan 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 Downpayment 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 Downpayment assistance programs that work well with Florida FHA home loans.

Less than A-1 Credit is Okay – The Florida 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. Call 1-800-570-0448 to get pre-approved for a Florida FHA loan for manufactured housing or just use our quick application to learn more!

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.

These are just seven of the many good reasons to apply for an FHA mortgage. Call 1-800-570-0448 to speak with a friendly Florida FHA loan specialist now!

The FHA program has evolved since it started in 1934 and now has options for HUD insured loans that fit a variety of different borrowers and situations.

Florida FHA Loan Programs

At one point and time many years ago, the FHA loan was the only alternative to local bank financing for home buyers. In the fashion world, there is a saying: Wait long enough, and everything comes back into style. That rule applies just as well to Florida FHA mortgage program. Long-overlooked, the FHA mortgage is becoming popular again with Florida Home Buyers for its low rates and the real security it provides borrowers.

For Florida banks and other mortgage lenders, FHA mortgage loan financing offers the security of a government insured Mortgage. Win/Win! To learn more, call today at 1-800-570-0448 or just use our fast and easy quick application!

Although Florida FHA home loans require additional paperwork, the reality is that applying for an FHA mortgage loan in Florida is not much different from applying for conventional financing. In fact, for many borrowers the small amount of extra time turns out to be an exceptional mortgage bargain because they save thousands of dollars over the life of their Florida Mortgage.

At 1st Continental Mortgage, we have been working with the FHA program for many years. We’re experts at assembling the proper paperwork and presenting your loan application to FHA approved lenders diligently and professionally. It’s one of the ways that we have earned our reputation for closing FHA home loans in Florida on-time.

You may be surprised at how flexible sellers are in the current market and how many programs there are that provide Downpayment assistance to applicants for FHA financing to purchase Florida homes, condos, and townhouses. The fact is, seller can pay up to 6% towards your closing costs. This means, no closing costs for you when negotiated during the purchase contract!

The FHA program offers excellent fixed rate options and never a prepayment penalty. If other mortgage lenders are quoting you subprime rates, you owe it to yourself to make the call to 1st Continental Mortgage to compare the costs of getting an FHA home loan for your home purchase. Call 1-800-570-0448 to speak with an FHA mortgage expert before accepting any conventional mortgage quote as the best you can do!

An FHA streamline refinance is one of the easiest home loans for Mortgage Lenders and borrowers. Since HUD approved you for the original FHA loan, the paperwork to refinance is minimal and the process is simple.

So long as you have made your FL FHA loan mortgage payments on time for the previous 12 months, you can lower your monthly payment if interest rates go down with minimal out of pocket expense. Even if you have been late on your FHA mortgage, you might still qualify for an FHA streamline refinance in Florida under very specific conditions.

Less documentation and no appraisal are just two of the reasons a FHA streamline refinance is cheaper and faster for the borrowers who qualify.

When your 1st Continental Mortgage lender helps you get a streamlined FHA refinance on your existing mortgage loan, he or she will make certain that you meet these conditions:

Although a streamline refinance does not allow you to cash out equity, we have a FHA loan refinance program that is specifically designed for borrowers who want to cash out equity to consolidate debts, make home improvements or to access funds for other purposes.

Unlike many conventional loan programs, the FHA mortgage does not adjust the rate based upon loan to value or credit score. You will find the FHA has very reasonable underwriting guidelines for cash out refinancing.

We have helped many clients borrow up to 85% of the appraised value of their homes and use the funds to consolidate debts or to make home improvements and other purposes. Qualified borrowers will have to look hard to find lower rates and better terms than they can get on Florida FHA cash out refinance right now!

Call 1st Continental Mortgage today at 1-800-570-0448 or use our quick application to apply for an FHA refinance on your home in Sumter County or any of the other Florida counties we offer FHA mortgages in.

Although some conventional lenders in Florida shy away from making a loan on Mobile Homes or manufactured homes, many FHA mortgage loan lenders do not.

In fact, mobile homeowners fortunate enough to connect with a Florida mortgage lender, who is well schooled in how FHA loans work for mobiles and manufactured homes, can get a better interest rate, better terms, and a lower monthly payment by going FHA in nearly every case.

If you’re shopping for financing to buy a mobile or manufactured home on land in Sumter County or any of the other 66 counties in Florida that we serve, call 1-800-570-0448 and let us give you a quote for an FHA mortgage loan to purchase your mobile or manufactured home.

It only takes a few minutes to get an FHA loan mortgage quote on your Florida mobile home. We’ll wager that the savings on your monthly mortgage payments will make it some of the highest paid work you’ve ever done.

Few people realize that the FHA loan uses the same underwriting criteria for single and double wide mobile homes and manufactured housing as it does for traditional site built block or stick homes. In addition, FHA is one of the very few programs that can offer up to 97% financing on mobile homes on land. In addition, did you know that the seller can contribute up 6% toward your closing costs on an FHA mobile home loan and that down payment assistance can be used in Florida? It’s true! You could package your mobile home financing to create a real no money down loan with unbelievably low rates.

Call 1-800-570-0448 or use our secure online quick application for a free no obligation quote on financing your manufactured or mobile home using an FHA mortgage loan.

This specialized FHA mortgage is for Floridians who wish to buy a home that needs repairs or renovations. Just as is the case with a conventional construction loan, a single FHA 203k loan covers both purchase of the Florida real estate and renovation. FHA 203K financing can be used to purchase a property on a site and move it to a new foundation on the mortgaged property and rehabilitate it.

In addition, Florida homeowners can also use a 203k FHA mortgage to refinance existing debt when they finance one or more home improvements using the FHA 203k mortgage program.

Many borrowers are finding out what a good deal a Florida FHA home loan really is. Call 1-800-570-0448 today or simply use our quick application to find out more!

The Department of Housing and Urban Development (HUD) sets forth these guidelines for determining if a mobile or manufactured home qualifies for an FHA mortgage loan in Florida:

If you would like to determine if your mobile or manufactured home meets the guidelines for section 184 financing from FHA, call one of our Florida mortgage pros at 1-800-570-0448. We’ll be glad to help you determine if the property that you are interested in can be used as collateral for an FHA mobile home mortgage.

The FHA 203k loan program is nothing more than a specialized FHA home loan designed to help homeowners make home improvements. It is especially popular in neighborhoods with properties in need of rehabilitation.

The FHA 203k loans work in Florida communities in much the same way as Construction loans for home improvement. Eligible borrowers can use the proceeds from these mortgage to renovate and improve their primary residences.

Qualifying for a 203k FHA mortgage uses the same guidelines as a standard FHA mortgage for the purchase of a Florida home.

 

 

FHA Mortagage Florida, FHA home loan Florida, FHA loan FLorida,

www.FHAmortgageFHALoan.com

November 16, 2017

FHA Mortgage Streamline Refinance Loans – Advantages and Qualifications!

Filed under: Loan — Tags: , , , , , , , , , , — admin @ 12:47 am


FHA Mortgage Streamline Refinance loans are available to homeowners that financed their homes with FHA Loans.First a little history on FHA Refinance Loans. They have been available for a long time, all of the way back to the 1980’s. Because of the popularity of FHA Home Loans the FHA Streamline Refinance Program has at least 20% of the home refinance market and it is increasing at a steady rate.The FHA Home Loan Program is very popular in today’s housing market because of the low 3.5% down payment and the lower credit scores needed to qualify for a loan. Most conventional and insured conventional loans require 20% down payment. The credit scores for FHA loans can be around 620.There are many advantages for this type of refinancing.The Advantages of FHA Mortgage Streamline Refinance Loans:1. The homeowner can get a lower interest rate and this will help them to reduce their monthly mortgage payment.2. They can change the terms of their existing loans such as the length of the loan.3. Quick processing and reduced paperwork and documentation. This is how they get the name “streamlined”. It will take less time to close and you will spend less time trying to get all of the paperwork and information together.4. Closing costs can be can choose to include them in the new loan if there is enough equity in the home or they can choose to have no closing costs but that may result in a higher interest rate.5. The homeowner does not have to verify income or employment status.Of course there are some qualifications that you will have to meet in order to get the Streamlined FHA Refinance loan.FHA Mortgage Streamlined Refinance Loans Qualifications:1. You can not be delinquent on your monthly mortgage payments within the last 12 months.2. The new mortgage loan must reduced monthly payments or the length of the loan. 3. No cash-out option is available. 4. No credit qualifications. Unfortunately things may be changing. FHA is considering changes to their loan program because of the cost of increased home foreclosures. Among the changes being discussed are the increase in mortgage insurance and higher credit scores to qualify for a mortgage. If you are considering refinancing your home mortgage now is a good time to get more inofrmation on FHA Mortgage Streamline Refinance Loans before the changes take place!

Click here for more free advice about FHA Streamline Refinance Program where you get much more information on the different types of FHA loans.

Learn more about the FHA Home Loan Program Requirements And Guidelines.

November 13, 2017

Refinance Loans: Lending Tree Company For Refinance

Filed under: Loan — Tags: , , , , , , , , — admin @ 12:47 pm


More and more people are faced with financial problems and if you are one of them then you need not worry. Financial problems can be very distressing when you are unable to repay your loan. The answer to all your problems regarding finances is refinance loans. You may be facing several problems in relation to finances, for example your source of income may have declined or your family size may have increased, which can result in an increase in expenses.

Refinancing can help you a lot when it comes to an unexpected contingency. If you refinance your house it can be advantageous. A low interest rate will mean a lower payment. There is great diversity in refinance rates which depends on the organization with which you choose to refinance your loan.

When it comes to choosing a mortgage, it becomes difficult as there can be a number of options. You get an interest rate much lower than the existing one and it will be fixed for the duration of the loan repayment.

The major reasons for refinancing are paying back another loan and making home improvements. Refinancing can give you the following benefits:

Refinancing can also be a risky affair. Sometimes the closing and transaction fees are higher than the savings or the penalties become unbearable. The burden of paying back the loan may be greater compared to the previous one. Therefore you must choose wisely before applying for refinance loan.

This is America’s leading online lending company started in 1998 and has its headquarters in Charlotte, North California. This web-based company is a place for lenders to compete with each other for business and earning profits. There have been 23 million requests and around $185 billion in closed loan transactions made possible by Lending Tree. It offers refinance and mortgage loans, home loans, home equity, personal loans etc. HomeLoansCentre.com, GetSmart.com are owned and managed by Lending Tree.

Lending Tree provides a mortgage refinance calculator that will help you compare your mortgage with current mortgage interest rates so you can decide if it is time to refinance. If you prefer to refinance your loans, Lending Tree will connect you with lenders who provide a variety of loans and cash out refinancing. Lending Tree provides all the services through which you can enjoy all the possible benefits of refinance loans.

Refinance Loans: Lending Tree Company For Refinance

Older Posts »

Powered by WordPress