Florida FHA Loan, Florida FHA Mortgage For Many Florida homebuyers FHA home loan is the only option.

The FHA loan program was made to help increase homeownership. The  FHA program makes buying a home simpler and less expensive than other types of real estate mortgage home loan programs. Here are just some Examples of how FHA can help you buy a home,

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. Simpler Credit Qualifying Guidelines such as: No minimum FICO score or credit score requirements. FHA will allow a home buy 2 years after a Bankruptcy. FHA will allow a home buy  2 years after a Foreclosure.  Simpler 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 Now at http://www.fhamortgagefhaloan.com/

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 well loved 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 quick and simple quick application!

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

Simple 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 simpler for you to qualify.

Minimal Downpayment Requirements – FHA mortgages can work with as small 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 help 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 go them to the end of the loan and in some instance will really 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 brilliant 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 excellent 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.

FHA Home Loans for Purchasing a Florida Home

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 help to applicants for FHA financing to buy 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 buy contract!

The FHA program offers brilliant 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 buy. Call 1-800-570-0448 to speak with an FHA mortgage expert before accepting any conventional mortgage quote as the best you can do!

FHA Home Loans Offer the Convenience of Streamlined Refinance

An FHA streamline refinance is one of the simplest 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 quicker for the borrowers who qualify.

FHA Mortgage Loan Streamline Refinance Requirements

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:

Your current mortgage must be an FHA mortgage. You must have had your FHA Mortgage for at least 6 months. You must have paid your mortgage on time for the most current 12 months. Your FHA Streamline Refinance must lower the principal and interest part of your mortgage payment by at least $50 or convert the mortgage from an ARM to a fixed rate FHA home loan. You can’t get cash out on the FHA streamline refi. You must have an FHA appraisal if you are rolling the closing costs into the FHA streamline refinance. Any existing liens on your Florida home must be subordinate to the new FHA mortgage. FHA Mortgage Loan Refinance Programs for Cashing Out Equity

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.

FHA Home Loans For Mobile Homes with Land

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 buy 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 help can be used in Florida? It’s right! You could package your mobile home financing to make 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.

FHA Mobile Home Lending Guidelines

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:

The mobile or manufactured home must be constructed in accordance with the Federal Manufactured Home Construction and Safety Standards. A red tag is attached to the rear of each section of homes that comply with the standards. The home must be taxed as real estate by the local tax assessor’s office. The mobile or manufactured home must have been built after June 15, 1976. The mortgage must have a term of at least 30 years from when amortization starts. The mobile home or manufactured home must be on a permanent foundation. The axles and tongue must be removed from the mobile or manufactured home. The mobile home or manufactured home must have adequate skirting and insulation, and the crawl space must have adequate ventilation.

If you want 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.

FHA 203k Mortgages For Florida Homeowners Making Home Improvements

The FHA 203k loan program is nothing more than a specialized FHA home loan designed to help homeowners make home improvements. It is especially well loved 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 buy of a Florida home.

Target Borrowers for FHA 203K Mortgages

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 buy of the Florida real estate and renovation. FHA 203K financing can be used to buy a property on a site and go 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 excellent deal a Florida FHA home loan really is. Call 1-800-570-0448 today or simply use our quick application to find out more!

 I need a mortgage. Why should I do business with you?
What is a Home Loan?
What is a Mortgage?
What is Refinancing?
What is FHA?
What is HUD?
What is Sub Prime?
What is a Lender? Do I need a Lender?
What is a Broker? Should I use a Mortgage Broker?
What is a Mortgage Originator?
What is a Mortgage Loan Processor?
What is a Mortgage Underwriter?
What is a Pre-Approval Letter?
What is a Mortgage Commitment?
What do I need to apply for a mortgage?
What is the difference between a fixed and adjustable rate mortgage?
Can I buy a house using a FHA Loan?
How much mortgage do I qualify for using an FHA Loan?
Does the FHA loan impact how much house I can qualify to buy?
How do I qualify for a home mortgage using the FHA program?
What is the difference between a regular mortgage and a FHA Loan?
Do you have to improve your credit score to get a better rate with FHA?
What is the importance of credit when you apply for an FHA Loan?
I heard the FHA loan is only for 1st time buyers, is that right?
My mortgage company says I should not consider the FHA program. Why should I listen to you and not them?
I want to improve my mortgage term. Can I refinance my FHA loan now?
How soon can I refinance to a new home loan?
How often can I refinance my home?
How can I refinance my home when I have credit problems?
Where can I refinance my home if I’m late on my mortgage?

Product Description
A simple, no-nonsense book that clarifies mortgages and different types of loans that you can buy to purchace a loan. This is a fantastic book for the first time home buyer. Written in a conversational manner, this book will help know the house buying process…. More >>
Understanding Mortgages: A Beginners Guide to Mortgages and Refinancing for the First Time Homebuyers

Tax Credit To Help Atlanta HomeBuyers In the midst of one of this countries deepest recessions comes one of it’s greatest opportunities, for new homebuyers. With mortgage rates and housing prices at an all time low, there has never been a better time to buy a new home. And The American Recovery and Reinvestment Act of 2009 has provided yet another tool to help Atlanta families on the road to homeownership. Along with securing a home loan and a excellent real estate agent, Atlanta Homebuyers should start plotting now to take advantage of a new tax credit that will supplement, or even provide, the downpayment for that new home. The following section will provide questions and answers to help new homebuyers know how the tax credit can, and will, work for them. Am I eligible for the tax credit? First-time home buyers purchasing any type of home—new, resale or foreclosure—are eligible for the tax credit. A home buy must occur on or after January 1, 2009 and before December 1, 2009, to qualify for the tax credit. The qualifying buy date is the date when closing occurs and the title to the property transfers to the new home owner. Do I qualify as a first-time home buyer? A “first-time home buyer” is defined as a buyer who has not owned a principal residence during the three-year period prior to the buy. The definition applies to the homeownership history of both the home buyer and his/her spouse, for married homebuyers. For example, if you have not owned a home in the past three years but your spouse has owned a home in that time, neither you nor your spouse may qualify for the first-time home buyer tax credit. But, unmarried joint purchasers may assign the tax credit to whichever one qualifies as a first-time homebuyer (i. e. a parent buys a home with a son or daughter). Also, a homebuyer may still qualify as a ‘first-time’ homebuyer if the property they own is a vacation home or rental property, and not used as a principal residence. How will my tax credit be calculated? The tax credit is calculated as 10 percent of the home’s buy price up to a maximum of $8,000. Is there an income limit for the tax credit? Yes. Single taxpayers have an income limit of $75,000; the limit for married taxpayers filing a joint return is $150,000. For homebuyers with a modified adjusted yucky income (MAGI) of more than $75,000, and filing a single tax return, and $150,000, for married homebuyers filing a joint tax return, the tax credit amount is reduced. As a final adjusted limit, the tax credit amount is reduced to zero for taxpayers with a MAGI of more than $95,000 (single) or $170,000 (married) and is proportionally reduced for taxpayers with MAGIs that fall between these amounts. How do I know my “modified adjusted yucky income”? As defined by the IRS, to find the Modified adjusted yucky income, or MAGI, a taxpayer must first determine their “adjusted yucky income” or AGI. The AGI is the total income for a year minus certain deductions, not including itemized deductions from Schedule A or personal exemptions. On Forms 1040 and 1040A, the AGI is the last number on page 1 and first number on page 2 of these forms. For Form 1040-EZ, the AGI appears on line 4 (as of the 2007 form). Please note that the AGI includes all forms of income including wages, salaries, interest income, dividends and capital gains. The modified adjusted yucky income (MAGI) is determined by adding certain amounts of foreign-earned income to the AGI . Please see IRS Form 5405 for more details. If my modified adjusted yucky income (MAGI) is above the limit, can I still qualify for the tax credit? Possibly. Depending on your income, you may qualify for a partial credit of less than $8,000, even though your MAGI exceeds the qualifying limits. What is an example of how the partial tax credit is determined? Assume that a married couple has an MAGI of $160,000. The qualifying income limit for the tax credit is $150,000, therefore the couple is $10,000 over the limit. They would Divide $10,000 by $20,000 (the final adjusted limit range) which yields 0. 5. They would then subtract 0. 5 from 1. 0, the result is 0. 5. To determine the final first-time home buyer tax credit amount that is available to them, they would multiply $8,000 by 0. 5. The result is $4,000. Or, assume that a single home buyer has a modified adjusted yucky income of $88,000. The home buyer’s income exceeds $75,000 by $13,000. They would Divide $13,000 by the adjusted limit range of $20,000 which yields 0. 65. When they subtract 0. 65 from 1. 0, the result is 0. 35. Multiplying $8,000 by 0. 35 shows that the home buyer is eligible for a partial tax credit of $2,800. Please remember that you should always consult your tax advisor for information relating to your specific scenario, as these examples are intended to provide a general thought of how the tax credit might be applied in different instances. How is this home buyer tax credit different from the tax credit that was enacted in July of 2008? The most significant difference is that this tax credit does not have to be repaid. Because it had to be repaid, the previous “credit” was essentially an interest-free loan. This tax incentive is a right tax credit. But, home buyers must use the residence as a principal residence for at least three years or face recapture of the tax credit amount. Certain exceptions apply. How do I claim the tax credit? Is there a form or application to fill out? Participating in the tax credit program is simple. You claim the tax credit on your federal income tax return. Specifically, home buyers should complet IRS Form 5405 to determine their tax credit amount, and then claim this amount on Line 69 of their 1040 income tax return. No other applications or forms are required, and no pre-approval is necessary. But, you will want to be sure that you qualify for the credit under the income limits and first-time home buyer tests. Note that you cannot claim the credit on Form 5405 for an intended buy for some future date; it must be a completed buy. Is the tax credit only for certain types of homes? Any home that will be used as a principal residence will qualify for the credit. This includes single-family detached homes, attached homes like townhouses and condominiums, manufactured homes (also known as mobile homes) and houseboats. The definition of principal residence is identical to the one used to determine whether you may qualify for the $250,000 / $500,000 capital gain tax exclusion for principal residences. What does it mean that the tax credit is “refundable”? The fact that the credit is refundable means that the home buyer credit can be claimed even if the taxpayer has small or no federal income tax liability to offset. Typically this involves the government sending the taxpayer a check for a part or even all of the amount of the refundable tax credit. For example, if a qualified home buyer expected, notwithstanding the tax credit, federal income tax liability of $5,000 and had tax withholding of $4,000 for the year, then without the tax credit the taxpayer would owe the IRS $1,000 on April 15th. Suppose now that the taxpayer qualified for the $8,000 home buyer tax credit. As a result, the taxpayer would receive a check for $7,000 ($8,000 minus the $1,000 owed). If I have already filed to receive the $7,500 tax credit on my 2008 tax returns, for a home I bought in early 2009, can I submit a claim for the new $8,000 tax credit instead? Home buyers in this situation may file an amended 2008 tax return with a 1040X form. You should consult with a tax advisor to ensure you file this return properly. Do I still qualify for the tax credit if I hired a contractor to construct a home on a lot that I already own? Yes. For the purposes of the home buyer tax credit, a principal residence that is constructed by the home owner is treated by the tax code as having been “bought” on the date the owner first occupies the house. In this situation, the date of first occupancy must be on or after January 1, 2009 and before December 1, 2009. In contrast, for newly-constructed homes bought from a home builder, eligibility for the tax credit is determined by the settlement date. If I finance the buy of my home under a mortgage revenue bond (MRB) program, can I still claim the tax credit ? Yes. The tax credit can be combined with the MRB home buyer program. Note that first-time home buyers who bought a home in 2008 may not claim the tax credit if they are participating in an MRB program. Can I claim the tax credit even if I am not a U. S. citizen? Maybe. Anyone who is not a nonresident alien (as defined by the IRS), who has not owned a principal residence in the previous three years and who meets the income limits test may claim the tax credit for a qualified home buy. The IRS provides a definition of “nonresident alien” in IRS Publication 519. Is a tax credit the same as a tax deduction? No. A tax credit is a dollar-for-dollar reduction in what the taxpayer owes. That means that a taxpayer who owes $8,000 in income taxes and who receives an $8,000 tax credit would owe nothing to the IRS. A tax deduction is subtracted from the amount of income that is taxed. Using the same example, assume the taxpayer is in the 15 percent tax bracket and owes $8,000 in income taxes. If the taxpayer receives an $8,000 deduction, the taxpayer’s tax liability would be reduced by $1,200 (15 percent of $8,000), or lowered from $8,000 to $6,800. Can I claim this tax credit for a home I bought in 2008? No, but if you bought your first home between April 9, 2008 and January 1, 2009, you may qualify for a different tax credit. Please consult with your tax advisor for more information. If I am in the home buying process, can I access the tax credit money before I file my 2009 tax return? Yes. Prospective home buyers who believe they qualify for the tax credit are permitted to reduce their income tax withholding. Reducing tax withholding (up to the amount of the credit) will enable the buyer to accumulate cash by raising his/her take home pay. This money can then be applied to the downpayment. Buyers should adjust their withholding amount on their W-4 via their employer or through their quarterly estimated tax payment. IRS Publication 919 contains rules and guidelines for income tax withholding. Prospective home buyers should note that if income tax withholding is reduced and the tax credit qualified buy does not occur, then the individual would be liable for repayment to the IRS of income tax and possible interest charges and penalties. Further, rule changes made as part of the economic stimulus legislation allow home buyers to claim the tax credit and participate in a program financed by tax-exempt bonds. Some state housing finance agencies, such as the Missouri Housing Development Commission, have introduced programs that provide small-term credit acceleration loans that may be used to fund a downpayment. Prospective home buyers should inquire with their state housing finance agency to determine the availability of such a program in their community. The National Council of State Housing Agencies (NCSHA) has compiled a list of such programs, which can be found here. If I’m qualified for the tax credit and buy a home in 2009, can I apply the tax credit against my 2008 tax return? Yes. The law allows taxpayers to choose (“elect”) to treat qualified home buys in 2009 as if the buy occurred on December 31, 2008. This means that the 2008 income limit (MAGI) applies and the election accelerates when the credit can be claimed (tax filing for 2008 returns instead of for 2009 returns). A benefit of this election is that a home buyer in 2009 will know their 2008 MAGI with certainty, thereby helping the buyer know whether the income limit will reduce their credit amount. Taxpayers buying a home who wish to claim it on their 2008 tax return, but who have already submitted their 2008 return to the IRS, may file an amended 2008 return claiming the tax credit. You should consult with a tax professional to determine how to arrange this. If I buy a home in early 2009, can I choose whether to use the 2008 or 2009 tax credit, depending on which amount is the largest? Yes. If the applicable income phaseout would reduce your home buyer tax credit amount in 2009 and a larger credit would be available using the 2008 MAGI amounts, then you can choose the year that yields the largest credit amount. For more information, or help in using the tax credit for your new home buy, please contact Atlanta Loan Pro at 678-925-8001, or visit our website for more information.