How to Get an FHA Certificate for a Florida Double Wide Manufactured Home.

By 911Loan

How to Get an FHA Certificate for a Florida Double Wide Manufactured Home.

FHA’S Federal Housing Authority is the lending arm of the Florida Housing and Urban Development administration. The Federal Housing Administration is not a direct lender; rather it approves certain Florida Mortgage lenders, insures their secured FHA loans, and maintains the rules and guidelines for FHA manufactured mortgage financing. The FHA does allow for Florida manufactured home mortgages on Florida mobile homes including doublewides, but those mortgages must be approved with a foundation certificate. A professional engineer must review and approve these certificates.

First you must have the Title to mobile home.

Step 1

Apply with us for an FHA Mortgage we service all of Florida.

Step 2

Give your us a copy of the title to the double wide. This title must confirm that the Florida manufactured was built after June 15, 1976–this is a non-negotiable aspect of the property compliance certificate. Any property built before this date is not eligible for FHA mortgage.

Step 3

Schedule foundation engineer . This person will conduct the foundation assessment necessary to grant an FHA certificate of compliance.

Step 4

Keep a copy of the title to the Florida mobile home for when the engineer arrives–she may need to double-check the ownership report. Clear all debris, vehicles, lawn decorations, and patio furniture from the base of the mobile home. Florida FHA mortgage lenders want to make sure the mobile home is no longer “mobile.” This means the engineer must find sufficient evidence that the Florida home sits on a viable foundation. He must be able to see the entire foundation.

Step 5

Answer any questions the FHA foundation engineer has about the structure, the land and when you purchased Florida manufactured home. Be prepared to show the engineer the interior of the mobile home, too.

Step 6

Contact your FHA loan officer a few days after the visit by the engineer. This should be a sufficient period of time for the underwriters and FHA loan officer at the FHA-approved mortgage lender to review the report, and deny or approve the foundation certificate.

Serving These Fine Florida Communities:

Arcadia :: Boca Raton :: Boynton Beach :: Bradenton :: Brandon :: Cape Coral :: Clearwater :: Clewiston
Crestview :: Daytona Beach :: Deerfield Beach :: Deland :: Delray Beach :: Deltona :: Destin :: Englewood
Fort Pierce :: Ft. Lauderdale :: Ft. Myers :: Ft. Walton Beach :: Gainesville :: Hollywood :: Homosassa Springs
Jacksonville :: Key West :: Kissimmee :: Lake City :: Lakeland :: Lynn Haven :: Marathon :: Marco Island
Melbourne :: Miami :: Miami Beach :: North Fort Myers :: North Miami Beach :: Naples :: Ocala :: Okeechobee
Orlando :: Ormond Beach :: Osprey :: Palatka :: Palm Bay :: Palm Beach :: Palm Coast :: Panama City :: Pensacola
Pompano Beach :: Port St. Lucie :: Punta Gorda :: Santa Rosa :: Sarasota :: Sebastian :: Sebring :: Springhill
St. Augustine :: St. Petersburg :: Tallahassee :: Tampa :: The Villages :: Titusville :: Venice :: Vero Beach
Wauchula :: Wesley Chapel :: West Palm Beach :: Winter Park

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March 11th, 2010

Why Florida Homebuyers Ask For An FHA Loan? We Have The Answer!

By 911Loan

Purchasing a Florida home is one of life’s major landmarks for some, it is even a dream come true. We understand the importance of this decision and it is our goal to make your transition into your new home unforgettable. Regardless of whether this is your first Florida home or your fourth Florida home purchase we will do our best to ensure that getting you into your new Florida home is a pleasant and memorable experience..

Why Florida Homebuyers Ask For An FHA Loan?

There are lots of reasons why Florida loan applicants should choose an FHA loan instead of taking a risky conventional or an expensive or expensive sub-prime mortgage loan. Florida homebuyers are learning to take advantage of the many benefits and protections that only come with FHA:

Much easier to Qualify – Because FHA insures your FHA mortgage, Florida mortgage lenders are more willing to give FHA loans with lower qualifying requirements making it easier for you to qualify.

Lower Down payment Requirements – FHA loans require a low 3.5% down payment, and the down payment money can come from a family member, employer or charitable organization. Other mortgage programs don’t allow this.

Bad Credit Past is OK- If you have had credit problems in the past such as a bankruptcy or foreclosure you will find , its easier for you to qualify for an FHA loan than any other mortgage program.

Costs Less – Many Florida homebuyers will find that FHA loans have better interest rates because FHA home loans are insured by the Federal Government.

Help You Stay in Your Home – FHA began in 1934 and will continue to be around to protect you when the others walk away. Should you encounter a temporary hardship after buying your Florida home, FHA has many options to help keep you in your home and avoid foreclosure.

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March 10th, 2010

Why FHA Loans are #1 for Florida Homebuyers – FHA Loans Provide Many Advantages For Florida Homebuyers

By 911Loan

Why FHA Loans are #1 for Florida Homebuyers.

What is an FHA loan?

It’s a mystery to most Florida homebuyers, since Federal Housing Administration (FHA) loans are not loans at all. What FHA does is insure FHA loans so that Florida mortgage lenders can offer FHA mortgage assistance to Florida loan applicants who:

Have fair or poor credit due to past credit problems
Have a low down payment (currently 3.5%)
Have undergone bankruptcy more than 2 years ago
Have been foreclosed on more than 3 years ago.

Essentially, the federal government insures loans for FHA-approved Florida mortgage lenders so that lenders reduce their risk of loss if they lend to Florida homebuyers and homeowners who could default on their mortgage payments. The FHA loan program was created during the great depression and been in place since the 1930s to help stimulate the housing market by making FHA loan easy to qualify for and affordable. Traditionally, FHA home loans have helped military families who return from war, the elderly, handicapped, or lower-income families, but really, anyone that can show the ability to make regular monthly payment can get an FHA loan – FHA loans are not just reserved for Florida first-time home buyers.

What are the advantages of an FHA mortgage?

An FHA mortgage loan is the easiest type of home mortgage loan to qualify for because it requires borrowers to come up with low down payment and you can have less-than-perfect credit. Also, as a result of the FHA insurance FHA mortgage lenders are more willing to provide loans. Another advantage for Florida homebuyers is that an FHA loan is fully assumable, which means if you want to sell your Florida home, the buyer can “assume” the FHA loan you currently have. FHA loans can be used for a Florida home purchase or a refinance.

What’s needed to qualify for an FHA loan?

FHA Loan applicants must have stable predictable income and worked for same employer for the last two years.
FHA Mortgage applicants must have valid Social Security number, lawful residency in the U.S., and be of legal age to sign a mortgage in your state.
Must have a minimum down payment of 3.5% on the house and it can be gifted by a family member (conventional financing does not allow gifting).
FHA requires that the Florida home be appraised by an FHA-approved appraiser.
New FHA Mortgage payment (including principal, interest, property taxes, property insurance) needs to be less than 35% of your gross monthly income.
All Monthly debt including mortgage, credit cards, auto, student loans, etc. cannot be more than 50% of your gross (before tax) monthly income.
FHA has no minimum requirement for credit scores, but past credit performance will be scrutinized. Florida FHA mortgage lenders will use a case-by-case basis to determine an FHA loan applicants’ credit worthiness.
Must be 2 years out of bankruptcy, with good credit.
Must be 3 years out of foreclosure, with good credit.

What are the disadvantages of using an FHA mortgage?

Over all the advantages far outweigh the disadvantages but we want you to be fully informed. Since an FHA mortgage does not have the strict standards of a conventional loan, it requires 2 kinds of FHA mortgage insurance premiums: one is paid in full upfront -or, it can be financed into the mortgage — and the other is included in the monthly payment. Also, FHA loans require that the Florida home meet certain conditions and must be appraised by an FHA-approved appraiser.

(UFMIP) Upfront mortgage insurance premium— Appropriately named, this is an upfront monthly premium payment, which means Florida homebuyers will pay an UFMIP of 1.75% of the home loan, regardless of their credit score. Example: $300,000 loan x 1.75% = $5,250. The UFMIP can be paid upfront at closing as part of the settlement charges or can be rolled into the mortgage.
MIP Monthly Insurance premium (charged monthly) —MIP is charged monthly that will be figured into your monthly mortgage payment. It is based on a borrower’s loan-to-value (LTV) ratio and length of loan. There are two different Annual MIP values: 0.50% and 0.55%. If the LTV is less than or equal to 95 percent, a FHA loan applicant will pay 0.50%. For LTVs above 95 percent, annual premiums will be .55%. Example (for LTV less than 95%): $300,000 loan x 0.5 = $1,500. Then, divide $1,500 by 12 months = $125. Your monthly premium is $125 per month. To understand when you will stop paying mortgage insurance:

- For FHA mortgage loan with terms more than 15 years, the MIP will drop off after five years (in most cases) or when the remaining loan balance on the loan is 78 percent of the property value— whichever is longer.
- For FHA mortgages with terms 15 years and less and with LTV ratios of 90% and greater, the MIP will stop when the LTV ratio reaches 78% — no matter what length of time the FHA loan applicant has paid the MIP.
- For FHA mortgages with terms 15 years and less and with LTV ratios of 89.99% and less, you will not be charged MIP.
The Florida home needs to meet certain standards — Also, an FHA mortgage loan requires that the home meet certain minimum standards by the FHA appraiser. If the Florida home you are purchasing does not meet these FHA minimum property standards and a seller will not agree to the required repairs, your only option is to pay for the required repairs at closing (to be held in escrow until the FHA required repairs are complete).

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March 9th, 2010

Florida Refinance with FHA mortgage, Florida FHA mortgage Refinance,95% No Min FICO

By 911Loan

Florida Refinance with FHA mortgage, Florida FHA mortgage Refinance,

Some advantages of using a FHA mortgage for your Florida mortgage refinance are as follows:

Cash-Out Refinance up to 95% for existing or new FHA mortgages.

Cash-Out up to 95% of your properties value.
Consolidate first and second mortgages into single loan.
Bill consolidation programs.
Easier credit and income qualifications.
FHA regulated closing costs.

Rate and Term Mortgage Refinancing up to 97% of your homes value.

Consolidate first and second mortgages into a single loan.
No FICO score or credit score requirements
Competitive rates for borrowers with a Bankruptcy older than two years.
Competitive rates for borrowers with a Foreclosure older than three years.
Easier credit and income qualifications.
FHA regulated closing costs.

FHA Streamline Refinance for existing FHA loans only.

No Cost Interest Rate Reductions programs.
No Income or Credit Qualifications.
Zero cost refinance options available.
Easily switch amortization for adjustable to fixed or vice versa.
Easily shorten or lengthen term of your existing loan.
Easier credit and income qualifications.

FHA Secure Refinance with current mortgage lates.

Refinance your mortgage at competitive rates even if you have a mortgage late on your credit that is directly due to adjusting mortgage.
Qualify for refinance even if currently in foreclosure.
Complete details of FHA Secure loan.

Apply NOW at www.FHAMortgagePrograms.com

Florida Mortgage Refinance

As a Florida homeowner, eventually, you’ll consider refinancing your Florida mortgage. Before you decide to refinance, you should confer with an experienced Florida Mortgage Lender. Our licensed mortgage pros work hard to stay current on the best refinance mortgage programs. Our training objectives are to help each of our clients achieve the best combination of interest rate, mortgage terms, and low home loan closing fees for a Florida refinance. Call today at 1-800-570-0448 or use our quick application to learn more!

For over a decade, 1st Continental Mortgage has been the Florida mortgage lender of choice in Florida because we deliver excellent Florida mortgage rates and superb white glove mortgage service to Florida homeowners. 1st Continental Mortgage loan officers are well equipped to make refinancing your Florida Mortgage a smooth and pleasant transaction from application to closing.

After conferring with one of our loan officers, you may find that refinancing your existing mortgage loan isn’t the most suitable way to meet your financial goals. In finance, there are often many ways to achieve a goal, and a conversation with a Florida mortgage expert can save you time in locating the homeowner loan that is going to work the best for your unique set of circumstances.

Why not call one of our friendly experienced loan officers today for a free review your financial situation and objectives. We’re confident that when you complete your phone interview, you’ll be certain you are applying for the best Florida refinance homeowner loan. A loan that will serve your long-term interests and not just the interest of the Florida mortgage originator you’re working with. Call 1-800-570-0448 today or use our quick application for a free, no-obligation consultation.

For most of our clients, getting a Florida refinance on their Florida Mortgage is the most important single financial transaction they will ever undertake. It’s actually more important than when you first decided to purchase your Florida home! It’s not something that most people do every day. In fact, some homeowners may only refinance two or three times in a lifetime.

Nevertheless, differences among Florida mortgage programs for refinancing that appear small can make a huge difference over the life of a typical Florida mortgage. The hard truth is, refinancing your home into the wrong loan can cost you tens of thousands of dollars or even put you at risk of losing your Florida home to foreclosure.

At 1st Continental Mortgage, we’ll listen carefully to your objectives for the refinance loan, ask the right questions, and use our experience to match you with the best program and lender from among the hundreds of Florida debt consolidation refinance programs we offer.

At 1st Continental Mortgage, we’re experts at identifying the small differences in competing refinance mortgage loan programs that can save our clients big dollars. We’ll be glad to share what we know to help you create the best refinance scenario for your situation. Call 1-800-570-0448 or use our secure online quick application to see how simple it is to refinance a mortgage in Collier County or any of the other Florida counties we serve.

Whether you are motivated to refinance your Florida home by a desire to lower your interest rate, lower your monthly payment, change your terms, or remove a former spouse from a mortgage, we will be happy to help. Over the last decade, we have heard our share of excellent reasons for making changes to an existing Florida mortgage. We have excellent Florida refi solutions for all kinds of homeowners from interest only refinances for a newly single professional; to refinancing a Mobile Home on land with a low fixed rate FHA mortgage in Wesley Chapel, Florida; to helping a young family avoid the shock of dramatically higher mortgage payments from an ARM.

Florida Debt Consolidation Refinance

Cash Out Refi in Florida

For some Florida clients, the need to refinance is driven by debt consolidation. It’s not uncommon today for borrowers to feel that their credit card debt or other installment debt has taken on a life of its own. We know how to help you get the most for your hard-earned home equity when it comes to doing a cash out refinance for debt consolidation. Refinancing for debt consolidation can help free up hundreds of dollars a month and in some cases, the mortgage interest may be tax deductible. If you have home equity and need a fresh start, call 1-800-570-0448 or use our quick application. We think you’ll be glad you did!

We don’t recommend refinancing a first mortgage to every client as a vehicle to consolidate debt or get cash out. Sometimes a prepayment penalty on the first mortgage makes a Second Mortgage or home equity line of credit a better way to access home equity. In other cases, the first mortgage may have a desirable characteristic, such as a below market interest rate, that makes refinancing simply not worthwhile. We’ll be happy to help you generate a range of refinance program options and to choose the best from among them.

Why not call us today at 1-800-570-0448 or fill out our quick application to get a fast quote on refinancing your Florida mortgage!

Here are just a few of the reasons our past clients have expressed for refinancing their Florida homes:

Lower the interest rate on your present fixed rate mortgage;
Convert a high risk Florida ARM to a stable 30 year fixed rate mortgage;
Refinance out of a fully indexed Adjustable Rate Mortgage into a FHA fixed rate loan;
Consolidate all your high interest credit card debts into a single monthly mortgage payment
Refinance to pull cash out for hospital bills, college tuition, or to finance a wedding, honeymoon or exotic vacation;
Escape a Florida bad credit mortgage program into a more permanent mortgage;
Improve your cash flow with a refinance to an Interest Only mortgage.

With more than 100 lender programs to draw upon, 1st Continental Mortgage loan officers have been delivering the right homeowner refinancing loans for over a decade to thousands of Floridians. Here is a partial list of the mortgage programs that we can help you with:

Fixed rate mortgage refinance with 10 year, 15 year, 20 year, 30 year and 40 year fixed rate terms;
Interest only mortgage refi options;
Debt consolidation refinance programs;
Florida Jumbo mortgage and Super Jumbo mortgage refinancing programs;
Bad Credit mortgage programs;
Second mortgage, home equity loans, and home equity lines of credit options;
Specialty mortgage products such as no income verification, no ratio, SISA and no doc mortgage programs.

The mortgage professionals of 1st Continental Mortgage are waiting to hear from you right now about your next Florida homeowner refinance opportunity. Just give them a ring at 1-800-570-0448 or apply securely online using our quick application. With so many excellent refinancing options for Florida homeowners, we’re certain to have a Florida refinancing mortgage program designed for you!

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February 21st, 2010

FHA Loans – Reasons Florida Home Buyers Love FHA Loans

By 911Loan

FHA Loans – Reasons Florida Home Buyers Love FHA Loans

FHA Loans Carry Many Benefits for Florida Home Buyers or Refinancing

FHA loans are fell off the map a few years, but since 2005 have become the market share! It’s an institution that has been around for a long time, since June 27, 1934. The Department of Housing & Urban Development folded the Federal Housing Administration (FHA) under its umbrella in 1965.

FHA mortgage loans began to lose appeal in the late 1990s, when Florida home values began to inch upwards, surpassing Florida FHA mortgage limits, and Florida home sellers balked at FHA’s stringent appraisal guidelines.

Why FHA Mortgages Work for Florida Homebuyers
Now, FHA does not make loans or guarantee loans made by private Florida FHA approved lenders. FHA insures these home loans. The FHA mortgage insurance removes or minimizes the default risk lenders face when buyers put down less than 20 percent. Without further approval from FHA, its FHA approved mortgage lenders are authorized to:

Take FHA loan applications
Process loan applications
Underwrite, Approve and close the FHA loan

FHA Loans Allow a Troubled Credit History
If your credit is less than perfect, an FHA home loan might be the loan for you. You may qualify for an FHA mortgage even though you have had past financial problems.

FHA loans have No minimum credit score requirements. Its the private FHA mortgage lender that sets the minimum credit score.
Bankruptcy. You can obtain an FHA loan two to three years from the date of a Florida bankruptcy discharge, as long as you’ve maintained good credit since your debts were discharged.
Foreclosure. If you keep your credit in excellent shape since a foreclosure, an FHA loan will be available to you two to three years from the final date of your foreclosure.

FHA Loans Now Demand Fewer Repairs
At one point, FHA repair demands were so excessive that Florida home sellers would discount the list price to buyers who would agree to obtain conventional loans over FHA loans. Today the FHA requirements are minimal.

FHA requires Defective roofs that leak still need to be replaced or patched but an older roof does not necessitate replacement if it doesn’t leak.
Homes with Windows that stick upon opening or have cracked panes do not require replacement.
FHA appraisals do not take the place of a home inspection, never have. FHA recommends that Florida homebuyers still obtain a professional home inspection.

FHA loans are available to anybody but are used most often by Florida first-time home buyers and low- to moderate-income buyers. However, there are no income limit qualifications

Serving Home Buyer Financing Fine Florida Communities: FHA Loans

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February 21st, 2010

How can FHA help you buy a Florida Home?

By 911Loan

How can FHA help you buy a Florida Home?

The Federal Housing Administration, generally known as “FHA”, is the largest government insurer of mortgages in the world. A part of the United States Department of Housing and Urban Development (HUD), FHA provides FHA mortgage insurance on Florida single-family homes, Florida multifamily, Florida manufactured homes made by FHA-approved lenders throughout Florida. While Florida homebuyers must meet certain requirements established by FHA to qualify for the insurance, Florida mortgage lenders bear less risk because FHA will pay the Florida lender if a homeowner defaults on his or her loan. FHA has insured over 37 million home mortgages and 47,205 multifamily project mortgages since 1934. Currently, FHA has 5.2 million insured single-family mortgages and 13,000 insured multifamily projects in its portfolio. Clearly, FHA home loans provide a huge economic boost and today is the best option for Florida homebuyers and homeowners.

Using the FHA Loan to buy a Florida home

The FHA mortgage loan was created to help increase homeownership. The FHA program makes buying a Florida home easier and less expensive than other types of Florida home loan programs. Some highlights of the FHA mortgage are:

Minimal Down Payment and Closing Costs.

Downpayment less than 3.5% of Sales Price
100% Financing options available*
Gift for downpayment and closing costs allowed.
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:

Minimum FICO credit score of 530.
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 Florida home loan.
Less than two years on the job is allowed.
Self-Employed individuals o.k.

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!

These advantages of the FHA loan program has made it one of the best options for most first time home buyers as well as move-up Florida home buyers.

You do not have to be a Florida first time buyer to obtain a FHA loan, anyone may use a FHA loan as long as you do not have more than one Florida FHA insured loan at any one time.

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

Easier Qualification – The FHA loan insures Florida FHA mortgage 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 experienced and expert 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 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. 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!

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!

Serving These Fine Florida Communities:

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February 21st, 2010

What is an FHA Loan? How can it Help Florida Homebuyers?

By 911Loan

What is an FHA Loan?

Many first time Florida homebuyers want to know, what is an FHA loan? And, what are the advantages over other types of Florida mortgage programs? For many FHA loan applicants the FHA loan presents several advantages over a traditional home loan. The FHA loan is a government-backed loan that is pre approved based upon a common sense approach to Florida home loans rather than a credit score driven approach used by most conventional home loan programs.

Here are a few advantages of the FHA loan.

Government Insured

The most important aspect of an FHA loan is that it is insured by HUD and guarantees private FHA approved Florida mortgage lenders against default. This means that if an FHA Loan applicant defaults on the FHA loan, FHA will repay the lender. Because these FHA loans are guaranteed by HUD, it represents a very low risk opportunity for the FHA lender. With this Florida FHA loan guarantee, mortgage lenders provide FHA loans to many loan applicants that they otherwise not quality. It helps Florida FHA loan applicants with low credit scores buy a Florida home. The FHA loan opens the door for almost anyone who has shown the ability to make the payments to purchase a Florida home.

No Restrictions

Unlike many other loan programs out there, with the FHA loan there are no restrictions for who can get approved FHA loan. The qualify FHA loan applicants still have to display a minimal level of creditworthiness, but you do not have to have a minimum credit score to qualify. For example, you do not have to be a veteran in order to get an FHA loan. You simply fill out a full FHA loan application and we will pre approve you for an FHA Loan. Most FHA lenders work with the FHA loan applicants in every market. Therefore, the access to this type of FHA loan is unparalleled in the industry.

Lowest Down Payment

Another way that FHA loans help Florida home buyers is with a reduced down payment. With this type of loan, you can realistically expect to put about 3.5 percent down on the house. With a regular Florida home loan, you might be required to put down as much as 10 to 20 percent. This can add up to a substantial amount of money and eliminate many potential buyers. If you think you do not have enough money saved up for a down payment to buy a house, an FHA loan is definitely something that you should consider.

Upfront PMI

With FHA loans, they will charge you an upfront fee to cover mortgage insurance. Their closing costs can be lumped into the loan, so you have to be careful to see what you are paying. In some cases, this fee can actually add up to more than PMI with a normal mortgage would. The upfront mortgage insurance premium usually works out to about 2.25% of the loan amount. On a $100,000 loan that works out to $2250 in mortgage insurance.

In addition to the upfront mortgage insurance premium, you will also have to pay a monthly amount for mortgage insurance. In most cases, this is about 0.55% of the loan amount. Therefore, you have to consider your options carefully with this type of mortgage. You will save in some areas and pay more in others. Compare your options and decide if an FHA loan is right for you.

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!

Serving These Fine Florida Communities:

Serving These Fine Florida Counties:

Alachua :: Baker :: Bay :: Bradford :: Brevard :: Broward :: Calhoun :: Charlotte :: Citrus :: Clay :: Collier
Columbia :: Dade :: DeSoto :: Dixie :: Duval :: Escambia :: Flagler :: Franklin :: Gadsden :: Gilchrist :: Glades
Gulf :: Hamilton :: Hardee :: Hendry :: Hernando :: Highlands :: Hillsborough :: Holmes :: Indian River :: Jackson
Jefferson :: Lafayette :: Lake :: Lee :: Leon :: Levy :: Liberty :: Madison :: Manatee :: Marion :: Martin :: Miami-Dade
Monroe :: Nassau :: Okaloosa :: Okeechobee :: Orange :: Osceola :: Palm Beach :: Pasco :: Pinellas :: Polk
Putnam :: Saint Johns :: Saint Lucie :: Santa Rosa :: Sarasota :: Seminole :: Sumter :: Suwannee :: Taylor :: Union
Volusia :: Wakulla :: Walton :: Washington

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February 21st, 2010

By 911Loan

By 911Loan

By 911Loan

What is an FHA loan?

What are the advantages of an FHA mortgage?

What are the disadvantages of using an FHA mortgage?

By 911Loan

Florida Mortgage Refinance

Florida Debt Consolidation Refinance

Cash Out Refi in Florida

Here are just a few of the reasons our past clients have expressed for refinancing their Florida homes:

By 911Loan

FHA Loans – Reasons Florida Home Buyers Love FHA Loans

By 911Loan

By 911Loan

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