Your Team Lender

Florida FHA loans, from a Florida FHA lender specializing in FHA Home loan

admin — Wed, 10 Mar 2010 01:20:08 +0000

FHA mortgage loans, FHA home loans,

FHA is short for Federal Housing Administration. FHA loans were created in 1934 to help stabilize the US economy during the great depression. The FHA mortgage helps Floridians realize the dream of Homing a Florida home. FHA was absorbed into HUD in the 1960s and is now known as FHA/HUD.

There are a great many benefits for those Florida homebuyers seeking an FHA loan that can only be found with an FHA Home loan.. Florida FHA loans are insured by the US government. They provide Florida FHA mortgage lenders with greater security against borrowers defaulting in contract to conventional mortgage programs.. FHA has sets the basic FHA guidelines for FHA mortgage lenders, however FHA approved lenders are able to add on their own specific underwriting requirements. This is why not all FHA lenders are able to offer Florida FHA loans to the same individuals. It is very important that you deal with a strong reputable a company well versed in FHA loans and that knows exactly how to take advantage of all of their great FHA mortgage programs. For the Florida home buyer the FHA program can simplify the purchase of a Florida home, making financing with an FHA loan easier and less expensive than a conventional home loan program. Some highlights of the Florida FHA loan program include:

Minimal Down Payment and Closing costs. Down payment less than 3.5% of Sales Price Gifts are allowed Seller can credit up to 6% of sales price towards closing and prepaid costs. 100% Financing available No reserves required. FHA regulated closing costs. Easier Credit Qualifying Guidelines such as: No minimum FICO score or credit score requirements. FHA will allow a home purchase 2 year after a Bankruptcy. FHA will allow a home purchase 3 years after a Foreclosure.

Apply for an FHA loan at www.FHAmortgagePrograms.com

Most Florida banks and other Florida lending institutions require a middle score of 640 to qualify for an FHA Home loan. However at FHAmortgageprograms.com we can provide FHA financing to anyone with a middle credit score of 530 or higher. For those with credit scores lower than 530 we will work with you until your credit is sufficient to qualify for an FHA home loan in Florida.

Here are some of the prime benefits of an FHA loan:

Low down payment of 3.5% Very low mortgage insurance coverage only .55% and is (typically 50%-75% lower than conventional Florida mortgage insurance) Co-signers (including non occupant co-signers) are allowed for FHA qualifying medical collections don’t need to be paid or small collection accounts FHA has No income limitations at all Ability to use non tradition trade lines to qualify (phone bills, light bill, electric bill, cell phone bill, etc..) No approved zoning requirements FHA loans on Mobile Homes loans are allowed 97.75% refinance is OK or 85% Cash out No reductions to FHA loan amount for declining markets Not credit score driven Resident aliens are allowed No prepayment penalties EVER Security of a 30 year fixed mortgage 6% seller contribution are OK! High debt to income ratios up to 42% and up to 50% with compensating factors Compensating factors such as length of time on the job or funds in reserves help overlook negative factors No reserves required from buyer Gifts are allowed from family, friends, work, or other interested parties Down Payment Assistance Programs allowed

FHA home loan are very popular right now for Florida first time home buyers and people with challenged credit access to low cost secure fixed rate mortgage.

5 Essential Tips to Finding the Right Payday Lender

admin — Wed, 10 Mar 2010 01:12:41 +0000

There has been a lot of discussion lately about the costs associated with cash advance or post dated check loans. Consumer advocates and community activists are quick to point out that the annual percentage rates (APR) associated with these types of loans reach into triple digit rates and that the loan may do more harm than good. A broad consensus of lenders and consumers recognize that the payday loan fees are a cheaper alternative to costly bounced check fees or overdraft protection charges that consumers would face without access to short-term credit. Regardless of one’s opinion on short term loans there are several factors that potential borrowers should examine prior to getting a cash advance.

First, consumers should look to deal with companies who are members of the Community of Financial Services Association of America (CFSA). Companies that belong to CFSA agree to adhere to its consumer advocacy program and best practices policy. Borrowers who use a CFSA member company are given the assurance that they are dealing with a lender who is registered and licensed in the state where they operate, a lender who promises to limit the fees they charge, and provide a payment plan for consumers who find they cannot pay off their loan on the next payday. Borrowers who shop online should ask the lender if they are member of CFSA and know they are dealing with a reputable lender.

Second, borrowers should also look for the fee chart that clearly illustrates the cost associated with the cash advance loan. A typical fee for an online lender is between $17- and $30- per $100- borrowed. Borrowers should avoid cash advance lenders who charge administrative fees, loan insurance, or other add-on fees. A consumer will pay the fee or finance charge at the same time the amount borrowed is repaid. Loan terms should easy to find in a store or on a website and should be easy to understand.

Third, borrowers who need money longer than a single pay period should find out whether a lender will allow them to extend the loan longer than the initial term. Most lenders will allow borrowers to extend one to four times, but borrowers should make certain that the lender will not automatically extend their loan for them. Consumers should only deal with lenders who extend a loan when it is requested by the borrower. Some unregulated lenders will take advantage of borrowers by automatically extending a customer’s loan and charging the customer an additional fee. Reputable lenders leave the choice to extend a loan in the borrower’s hands.

Fourth, online borrowers should be able to call, write, or email a lender. If a lender does not post an email address, a contact telephone number, and a mailing address then the lender is probably not interested in resolving consumer concerns. Honest online lenders have different ways consumers can contact them to resolve questions and receive answers regarding the loan. Some unregulated lenders will avoid posting a telephone number or a mailing address to limit the amount of contact they have with their customers. A consumer’s inability to contact a lender can lead to confusion on the part of the consumer. Reputable lenders want to discuss customer questions or concerns with their borrowers.

Lastly, borrowers should look for lenders who are well established. There are many lenders that are new to offering short-term loans. Sometimes these lenders can overlook important factors that are critical to a successful loan. Consumers should ask their lender how many years they have been around and how many loans they have serviced. If they have been established at least five or more years they are more likely to resolve any concern or question one may have because they have likely faced similar situations before. Experience in short-term lending does matter. Consumers who use established lenders are likely to have fewer problems.

Most lenders strive to satisfy their consumers’ money needs. With increased scrutiny on the short-term lending industry most lenders are taking measures to ensure they offer their consumers additional safeguards and protections. Smart borrowers should review these common sense issues with their lender to ensure that they are not only dealing with a trustworthy lender, but they are also getting a great rate as well. Borrowers should always remember to use cash advances responsibly and remember that cash advance fees are less expensive than returned item fees and overdraft protection charges from other financial institutions.

The Advantages and Disadvantages of Getting Mortgage Lender Vs Mortgage Broker

admin — Wed, 10 Mar 2010 01:08:31 +0000

f the downfall of the US economy, the mortgage industry has become more rampant on the news. You can always hear something regarding foreclosures, mortgage industry, refinances, loan modifications and a lot more almost each night. And because of this, you will need to make a wise decision if you are planning to get a home loan. One of the most important decisions you have to make is to choose between a mortgage lender vs a mortgage broker. There are many people who prefer one over the other. But what can you get from each? The disadvantages and advantages of each of these options will be discussed in this article.

There are several reasons why most loans are being started by mortgage brokers nowadays. But the biggest reason is because the brokers are able to look around in order to give the consumer the best home loan available with the best lender as well. Since they are familiar with the different lenders, they can easily get the loan of the consumer to whatever lender that has the best service and interest rates. Aside from this, they are also aware that there are some areas wherein certain lenders are more strict on as compared to others. Because of this, consumers will benefit from the expertise of the broker in the end.

However, a disadvantage of choosing a broker over the lender is because there are some which are not good with the job. Aside from submitting your loan to a wrong lender, they will only waste your valuable time. Because of this, it is important for the consumer to really find a good and a trustworthy broker which is knowledgeable in the different products that are also offered by various lenders.

On the other hand, if you go directly to a lender, you will have a benefit of having your loan directly worked on by the underwriter which is the partner of your loan officer. Since the loan officer acts as a salesperson for just one mortgage company, he will be knowledgeable of the products more than the broker. This is because brokers are working for different lenders while the officer is handled by only one. Because of this, consumers can get the advantage of knowing directly the issues involved once they apply for a loan.

However, direct lenders can only provide the consumer just one set of products. If the consumer is not qualified for the products presented to him, then he might need to go elsewhere and find another mortgage lender. This can waste the valuable time of the consumer. But if the mortgage lender will pre-approve the consumer, then there is a good probability that the consumer will chose the loan which is offered by the lender.

Either option works just fine. Whether you choose a mortgage lender vs mortgage brokers, the end product will still require you to have a good lender and a good broker. This is because if you don’t, your time is wasted.