Archive for November, 2009
November 29th, 2009 | 
Author: FHA home loans for Buying a Florida home.
Florida home buyers should know the many advantages of the FHA mortgage loan programs. FHA loans were created to help increase home ownership. For the Florida home buyer the FHA home loan program can simplify the purchase of buying a Florida home, making financing easier and less expensive than an other home loan program. Some highlights of the Florida FHA loan program include:
Minimal Down Payment and Closing costs.
Down payment less than 3% of Sales Price Gifts are allowed Seller can credit up to 6% of sales price towards closing and prepaid costs. 100% Financing available No reserves required. FHA regulated closing costs.
Easier Credit Qualifying Guidelines such as:
No minimum FICO score or credit score requirements. FHA will allow a home purchase 1 year after a Bankruptcy. FHA will allow a home purchase2 years after a Foreclosure.
To take advantage of the FHA program in Florida, give us a call 1-800-570-0448 or use our quick application at www.FHAmortgageFHALoan.com
Common FHA Mortgage Questions Why should I apply for an FHA home loan?
There are lots of good reasons to choose an FHA home loan over other Florida mortgage programs, especially if one or more of the following apply to you:
You’re a Florida first-time homebuyer. You want to keep your monthly payments as low as possible. You’re worried about your monthly payments going up You don’t have a lot of money to put down on a house. You’re worried about qualifying for a loan. You don’t have perfect credit.
If any of these things describe you, then an FHA home loan may be right for you. Why? FHA home loans offer many benefits and a level of security that you won’t find in other loans including:
Low cost: FHA home loans have competitive interest rates because the federal government insures the loans for lenders.
Lower down payment requirements: FHA home loans have a low 3.5% down payment and the money can come from a family member, employer or charitable organization as a gift.
Easier qualification: Because FHA insures your mortgage, FHA mortgage lenders may be more willing to give you FHA home loan terms that make it easier for you to qualify.
Less than perfect credit: You don’t have to have perfect credit to get an FHA home loan. In fact, even if you have had credit problems, such as a bankruptcy, it’s easier for you to qualify for an FHA home loan than any other mortgage program.
More protection to keep your home: The FHA has been helping people since 1934. Should you encounter hard times after buying your home, the FHA has many options to keep you in your home and avoid foreclosure.
FHA insures loans for lenders against defaults - it does not lend money or set interest rates. For the best interest rate and terms on a mortgage, you should compare mortgages from several different lenders. An FHA-approved lender can help you start the loan application process.
You may use an FHA-insured mortgage to purchase or refinance a new or existing 1- to 4-unit home, a condominium or a manufactured or mobile home (provided it is on a permanent foundation).
What kinds of FHA home loans does FHA offer?
Fixed-rate loans - Most FHA home loans are fixed-rate mortgages (loans). The advantage of a fixed-rate mortgage is that your interest rate stays the same during the loan period, so you know exactly how much your monthly payment will be.
Adjustable rate loans – First-time homebuyers can be a little stretched financially. With FHA’s adjustable rate mortgage (ARM), the initial interest rate and monthly payments are low, but these may change during the life of the loan. FHA uses the 1-Year Constant Maturity Treasury Index (CMT) to calculate the changes in interest rates. An index is a measure of interest rate changes that determine how much the interest rate on an ARM will change over time.
The maximum FHA home loan that the interest rate on your FHA home loan may increase or decrease in any one year is 1 or 2 percentage points, depending upon the type of ARM you choose. Over the life of the loan, the maximum interest rate change is 5 or 6 percentage points from the initial rate. The advantage of selecting an ARM is that you may be able to expand your house-hunting value range because your initial interest rate will be low, as will your payment. Click for a more in-depth explanation…
Purchase/Rehabilitation loans – Sometimes you might see a home you’d like to buy, but it needs a lot of work. FHA has a loan for rehabilitating and repairing single-family properties called the SF Rehabilitation Loan program (203k). You can get one loan which combines the mortgage and the cost of repairs. The mortgage amount is based on the projected value of the property with the work completed. The advantage of this loan is that you can buy a home that needs a lot of work, but have only one mortgage payment, and you can complete the repairs after buying the home.
Read more about these loans.
Indian Reservations and Other Restricted Lands – A family who purchases a home under this program can apply for financing through an FHA-approved lending institution such as a bank, savings and loan, or a mortgage company. To qualify, the borrower must meet standard FHA credit qualifications. An eligible borrower can receive approximately 97% financing and use a gift for the downpayment. Closing cost can be financed; covered by a gift, grant or secondary financing; or paid by the seller without reduction in value. More…
How do FHA-insured loans compare to subprime loans?
Subprime loans are loans designed for homebuyers who don’t have a strong credit history or can’t qualify for a regular or prime loan. Lenders charge a high interest rate on subprime loans because the risk that a homebuyer may not make their payments is high. Because FHA insures the lender against this risk, the interest rates on FHA-insured loans are generally among the lowest in the market. Most subprime loans carry interest rates at least 3 percentage points higher than an FHA-insured loan. On a $100,000 mortgage, the monthly payment for a subprime loan would be over $200 a month higher than an FHA-insured loan.
The majority of subprime loans are also ARMs, where the interest rate can change a lot and greatly increase your monthly payments. Most FHA-insured loans are fixed-rate loans where the mortgage payment always stays the same. If you have an FHA-insured ARM loan, the rate can’t go up by more than one or two points in a year. The fees that lenders charge their borrowers for processing a subprime loan are also generally higher than on an FHA-insured loan.
Most subprime loans carry a heavy prepayment penalty that you must pay if you want to refinance your loan to a lower interest rate. These penalties can cost you hundreds or even thousands of dollars. There is never a prepayment penalty on an FHA-insured loan. You can refinance at any time and not worry about paying any penalties.
Unfortunately, because they don’t know these facts, many homebuyers who could qualify to buy a home with a fixed-rate FHA-insured loan only apply for subprime loans. Check out an FHA-insured loan before settling for a subprime loan!
How do FHA home loans compare to conventional loans?
Conventional loans usually require a larger downpayment than FHA and if you have less than perfect credit you may not qualify for an affordable mortgage with a low interest rate . The best thing to do is compare the cost of the conventional loan to an FHA-insured loan line-by-line. What are the fees for each? What is the interest rate? How much is the mortgage insurance? How much downpayment is required? For some borrowers, a conventional loan may be less expensive. For many others, getting an FHA-insured loan is the way to go.
Do you have to buy mortgage insurance on an FHA home loan?
Yes – as you will with most loans.
The Housing and Economic Recovery Act of 2008 provides for a one-year moratorium on the implementation of FHA’s risk-based premiums beginning October 1, 2008. Consequently, effective with new FHA case number assignments on or after that date, FHA will no longer base its mortgage insurance premiums on a combination of credit bureau score and loan-to-value ratio. The new premiums (upfront and annual) to be implemented for all loans for which a case number is assigned on or after October 1, 2008, are described below. Mortgagee Letter 2008-16 is rescinded in its entirety. Please note that certain parts of that mortgagee letter are retained and reiterated in the guidance that follows.
UFMIP= Upfront Mortgage Insurance Premiums: FHA home loans will charge an upfront premium in an amount equal to the following percentages of the mortgage:
Purchase Money Mortgages and Full-Credit Qualifying Refinances = 1.75 Percent Streamline Refinances (all types) = 1.50 Percent
Most home loans require mortgage insurance when your downpayment is less than 20% of the sales price. On conventional and subprime loans, mortgage insurance is provided by private companies. Whether private mortgage insurance is less than, equal to, or more than an FHA-insured loan’s insurance will depend upon the loan program and your qualifications.
Compare the cost of FHA home loan home loan compare to subprime and conventional types of loans over the life of your loan. Then compare how much each one costs monthly. With the protection and value you get from an FHA home loan you will find it’s a very good deal.
One of the best aspects of Moroccan home decor is that you can combine it easily with any other home decor style and create an eclectic interior design in your home.
If you are seeking color, texture and innovative design, you will find it when it comes to Moroccan style. As time has moved, this colorful and dramatic style has captivated the inspiration of many interior designers and evolved to the point where it can be mixed to make an eclectic blend in any home. If you are seeking dramatic effect in your home decorating, consider using Moroccan home decor on your walls.
5 Ways of Using Moroccan Home decor on Walls
1.Take a look at the Moroccan wall shelves that are available in the market today and use them to add instant decor to your walls. You can place clay vases and other Moroccan art on the shelves that can be attached to the wall or even put in the corner. If you want to add both culture and beauty to your home, consider Moroccan wall shelves.
2.Do not ignore Moroccan lighting. You can use wall sconces that not only reflect light but are also pieces of art by themselves. Whether large or small, Moroccan wall sconces are both practical as well as artistic. They can be a focal point of any wall or corner in your home. They also make for a great way to fill up an empty space on any wall.
3.You can find patterned Moroccan rugs that will look great on the floor as well as up on the wall. Do not think that rugs have to be placed only on the floor. Some of the Moroccan rugs look great on the wall and are an excellent idea when you have a large wall space that may be difficult to cover. You can choose a tapestry or any patterned rug and give any wall instant culture.
4.Mirrors are often used to give a room more depth and Moroccan mirrors are no different. They can add more dramatic flair to your home because they are made of metal frames with intricate details. You can place the wall sconces next to the mirrors and get the maximum reflection of the light. A mirror can be used in place of a painting on any wall and broadens the appearance of the room as well as adds beauty.
5.Do not forget paint when you are considering Moroccan decorating. If you want the best effect when you are painting, use warm earth tones on the walls. This will give your home a feeling of warmth as well as beauty. Paint your walls a warm, earthy tone and then decorate the walls using Moroccan artwork and decor. You will have a fun when you are implementing Moroccan decorating and your guests will always feel welcome.
One of the reasons why Mediterranean design is popular is because it is both comfortable, welcoming and will combine with any other home decor style. In addition to that, the designs are timeless and will not “go out of style” any time soon as they have been used for ages. You can pick a wall or a room and just begin adding pieces bit by bit to fill your home with Moroccan home decor.
Summary of FHA Home loan Advantages for Florida Home buyers.
Florida Mortgage, Florida FHA Loan, FHA home loan, FHA mortgage refinance
For the Florida mortgage applicant the FHA mortgage program can simplify the purchase of a home, making financing easier and less expensive for Florida mortgage seekers. Some highlights of the Florida FHA loan program include:
Minimal Down Payment and Closing costs.
Down payment less than 3% of Sales Price Gifts are allowed
Seller can credit up to 6% of sales price towards closing and prepaid costs.
100% Financing available
No reserves required.
FHA regulated closing costs.
Easier Credit Qualifying Guidelines such as:
No minimum FICO score or credit score requirements.
FHA will allow a home purchase 2 year after a Bankruptcy.
FHA will allow a home purchase 3 years after a Foreclosure.
To take advantage of the FHA program in Florida, give us a call 1-800-570-0448.
Many Florida mortgage applicants are confused about what types of FHA mortgage programs are available to them. In the Florida real estate market that has been hit with large declining values, this is especially true. So, let me try to help you understand what is available to the average Florida home owner or purchaser as far as FHA mortgage loans in Florida are concerned.
In a market such as Florida, FHA works great because even with the declining values that Floridian property owners have experienced, a Florida FHA buyer can borrow up to 97% of the Florida home’s appraised value or purchase price -whichever is less. Apply now for a FL FHA home loan with a HUD approved Florida FHA lender.
The maximum loan amount varies by which county in florida the property is located. The FHA mortgage may be used to purchase or refinance a single family home, 1-4 unit projects, Condos, PUDS, Modular and Manufactured homes.
The FHA mortgage is available to U.S. Citizens, permanent resident aliens, and non permanent resident aliens may qualify too, so talk to your licensed Florida loan officer to check your eligibility.
The income ratios allowed are up to 31% for housing and up to 43% total payments, but may vary depending on compensating factors. So again, make sure you ask your licensed Florida loan officer. Florida is considered a high closing cost state, which means the costs are at or above 2.1% of the sales price. One of the reasons for this is that Florida has a 1% Mortgage tax; even on a refinance, the state of Florida requires you to pay tax of 1% on the new mortgage amount.
FHA Loans in high closing cost states such as Florida can have a loan to value on a purchase of up to 98.75% if the property is valued at less than $50,000, and 97.5% for a value of $50,000, up to $125,000. For all values above $125,000, the rate is 97.15%.
FHA mortgages are insured with up front mortgage insurance, referred to as (UFMIP) and monthly mortgage insurance (MIP). UFMIP is 1.50% of the base loan amount excluding UFMIP, which can be rolled into the loan or paid all in one shot at close. FHA/HUD charges an annual premium which is split into 12 payments – this is what is known as MIP.
Some Florida borrowers may be entitled to a partial refund of the UFMIP, if their loan closed on or after January 1, 2001, to pay off or refinance an FHA loan within five to seven years of its original closing date.
When making a decision on taking out a Florida FHA mortgage on your purchase or refinance of a home, you must make sure that you can qualify for this type of loan. So again, make sure that you work with an experienced FHA licensed Florida loan officer.
FHA loans require full documentation of income and assets. You will be required to show 2 months most recent pay stubs, 2 years W-2s and/or tax returns, a written verification of employment, as well as 2 most recent statements for all checking, savings, 401k, and like accounts with a verification of deposit from your bank. Also required is a 4506 form, which gives the IRS permission to verify your taxes.
You will also have to show verification of rent or previous mortgage history, and depending on your underwriter, you may have to show cancelled checks for the last 6 months to one year of rent or mortgage payments made. Due to the tremendous amount of fraud that has occurred in Florida, expect that all FHA loans underwritten on Florida homes will be scrutinized.
http://www.fhamortgagefhaloan.com/
One of the hottest trends when it comes to interior design of the home is Moroccan home decor. There are many reasons why Moroccan decor is so popular that include the designs, fabrics, beauty of the colors that blend so well together and the fact that this type of decorating can stand the test of time.
In addition to that, Moroccan design can blend well with other types of decor in your home. Whether you have a traditional design or a modern home, you can mix and match – making the design more eclectic when you use the ethnic design of Moroccan home decor.
Moroccan Home decor Accessories
Moroccan Pottery: You will want to use Moroccan pottery in your home decor as it is not only just for adornment, but a big part of Moroccan culture. The pottery is still hand made and you can gets some pieces that are real works of original art. The pottery that is made from natural clay will add color as well as drama to your home and give you art pieces that can be the focal point of any table.
Moroccan Table Tops: You will also find that table tops are very intricate and designed well when it comes to Moroccan accessories. You can see the Mediterranean design in the table tops that are either carved by hand or laid with mosaic patterns that are made of glass or clay. The tables themselves are a focal point and many are a work of art unto themselves.
Moroccan Area Rugs: You really need to have an area rug in a room to make it feel more relaxed and warm. No home is really complete without this, even if you have wall to wall carpeting. But you do not have to be confined to using the Moroccan rugs only on the floor. Because these rugs are woven so artfully, they can also be used to hang on the wall in place of a painting. The rugs are woven and hand tied and make for great wall designs as well as floor designs.
Moroccan Mirrors: Mirrors are one way that you can make a smaller room look larger. You can use Moroccan mirrors that are made from bone or metal filigree frames. Using mirrors as a wall covering instead of paintings is less expensive, although the carved mirrors and those that are henna stained give most art a run for their money. You can add mirrors in any room of the house just as you would a picture or a painting. They look very well when you add sconces next to them to reflect light.
Moroccan Lighting: Do not forget lighting. Many people ignore this aspect of interior design, so do not forget to use lamps, lanterns, sconces and even chandeliers in your Moroccan home decor. The lampshades are often one of a kind and made from animal skin that has been stained and hand painted or tattooed with henna. Get the same type of lighting throughout the house that will be functional as well as offer beauty.
Moroccan Room Dividers: You can use room dividers in many different ways to add drama to your rooms as well as section them for privacy by using screening you can create space and make a room more inviting as well as more functional. For even more dramatic flair, add lanterns from the screens or star lamps. If you have a home office in the main living area of the home, the room dividers are a perfect way to section off this space.
There is so much that you can do when it comes to creating a home that embraces Moroccan home decor. These are just a few ideas. Once you begin adding this Mediterranean design to your home, you will naturally start gravitating towards lighting, rugs, furniture and accessories that have the Moroccan design. Although Moroccan home decor is hardly new, its appeal has managed to stand the test of time.
Do you enjoy buying all sorts of new products when it first hits the market? A lot of people enjoy having eccentric items in their collection of gadgets, so what better place to buy them than from an internet source?
Every season brings along new colors and designs for the gadgets made available for purchasing online. During the Christmas and Halloween Seasons, you will find favorable decorative gadgets for your home or to buy as gifts for family and friends. Some of the gadgets you may find include ornaments, plaques and metal-framed people. So if you’re looking to decorate for the holiday season, you can easily do so with the gadgets you find online at internet stores. Simply order them if there are in stock – if not, we will backorder them for you and ship them to you immediately. You will eventually find the gadgets you are looking for.
Some of the other gadgets and decorations you may find include vases and other artifacts. These aren’t your ordinary vases you find in you local supermarket; these come with unique decorations of flowers and butterflies made with wax. Then there are decorative candles and other gadgets made with different themes, like Egyptian. You can also find chimes and hangers to decorate your home. If you enjoy the exotic looks of different cultures, you may be interested in getting World Sets; these have different artifacts of figures like Buddha, angels, fairies, monks and many others.
Then if you would like to send some gadgets as gifts, you can find toys and stuffed animals for the little people in your life. There are cars, snakes, cats and balls and more. If you like collecting toys, you might want to take notice in the novelty toys and wooden toys. Wind-up gadgets are also available. When it comes to looking for gadgets online, online stores have everything you need. There are all types of items you can purchase for yourself, your home or for someone you know. You might even find something you didn’t know you were looking for. So take a look around today to see if there’s anything worth ordering.