Florida Mortgages
November 25, 2008
When you decide to buy a home or refinance a mortgage in Florida, your search for a home loan or mortgage should start and end here. With so many Tampa Mortgage lenders to choose from, and nationally, you need to choose one you can trust to find the mortgage loan that’s best for you.
Sure, there are dozens of big bank mortgage lenders nationally, but you need a lender in FLORIDA. Why? Because we know Florida. We know the local REALTORS®, appraisers, inspectors, and so much more. We also have state-of-the-art technology that makes the loan process as easy and fast as possible, all while delivering personal customer service that can’t be beat. Don’t gamble your family’s largest investment with a big name lender that may not know Florida. Choose us, the Florida mortgage broker and loan specialist!
We serve ALL OF FLORIDA INCLUDING the following areas with home loans and related services:
- Hillsborough County
- Pinellas County
- Pasco County
- Polk County
- Hardee County
- Manatee County
We’ll help you find the perfect home loan or mortgage.
Refinance loans, or refinancing your current home in FL
We helped FLORIDA families lower their mortgage payments and/or lock in lower interest rates for their home loans every day.
We can help you draw from home equity for home improvements, school or medical expenses, a family vacation, and any other reason under the sun!
Bridge loans, jumbo loans, reverse mortgages and so much more!
No matter what type of home loan you need, we’re ready to help.
We will give you the personal attention you deserve and treat you as a valued customer.
Give us a call or apply online now!
VA Loan Checklist
November 25, 2008
Before starting the mortgage process, you’ll need to have documents that applies to all loan applicants:
- Social Security cards
- Residential history for the past two years
- Employment History for the past two years
- Last 2 LES (paystubs) or provide income sources
- Last 2 months of asset statements
- Credit report
- Information on all real estate owned properties
- Estimated value of all personal assets
- Certificate of Eligibility and DD214, (for veterans only)
- W2′s for the past two years
In addition, you may need to pay for a credit report and appraisal of the property.
USDA Rural Housing Guaranteed Loan
November 19, 2008
Section 502 loans are primarily used to help low-income individuals or households purchase homes in rural areas. Funds can be used to build, repair, renovate or relocate a home, or to purchase and prepare sites, including providing water and sewage facilities.
Eligibility: Applicants for loans may have an income of up to 115% of the median income for the area. Area income limits for this program are here. Families must be without adequate housing, but be able to afford the mortgage payments, including taxes and insurance. In addition, applicants must have reasonable credit histories.
Approved lenders under the Single Family Housing Guaranteed Loan program include:
Any State housing agency;
Lenders approved by:
HUD for submission of applications for Federal Housing Mortgage Insurance or as an issuer of Ginnie Mae mortgage backed securities;
the U.S. Veterans Administration as a qualified mortgagee;
Fannie Mae for participation in family mortgage loans;
Freddie Mac for participation in family mortgage loans;
Any FCS (Farm Credit System) institution with direct lending authority;
Any lender participating in other USDA Rural Development and/or Farm Service Agency guaranteed loan programs.
Terms: Loans are for 30 years. The promissory note interest rate is set by the lender.
There is no required down payment. The lender must also determine repayment feasibility, using ratios of repayment (gross) income to PITI and to total family debt.
Standards: Under the Section 502 program, housing must be modest in size, design, and cost. Houses constructed, purchased, or rehabilitated must meet the voluntary national model building code adopted by the state and HCFP thermal and site standards. New Manufactured housing must be permanently installed and meet the HUD Manufactured Housing Construction and Safety Standards and HCFP thermal and site standards. Existing manufactured housing will not be guaranteed unless it is already financed with an HCFP direct or guaranteed loan or it is Real Estate Owned (REO) formerly secured by an HCFP direct or guaranteed loan.
Approval: Rural Development officials have the authority to approve most Section 502 loan guarantee requests.
Free Credit Report
November 19, 2008
There are a few ways of obtaining a free credit report without a creditor pulling it for you. To obtain a free copy of your credit report please visit https://www.annualcreditreport.com/ which is the primary source for all 3 agencies
Annual Credit Report Request Service
PO Box 105281 Atlanta, GA 30348-5281
(Make sure to print it out, and mail to the above address)
877-322-8228 to order over the phone
You can receive a free copy of your credit file if: you have been denied credit, insurance, or employment and request the report within 60 days of notice, or if you can prove that (1) you’re unemployed and plan to look for a job within 60 days, (2) you’re on welfare, or (3) fraud on your credit file.
If you have already used annualcreditreport.com: If you have a current copy with Equifax or Experian, you will be able to view your credit report by initiating a dispute. You will need a ‘confirmation number’ that is less than 60days old. After disputing an item, make sure to keep the new confirmation number that is generated. You will need to ‘login’ to Transunion’s website, and initiate a dispute. They will allow you to view a current copy of your credit file.
*Please remember that annualcreditreport does not provide credit scores.
If you’re tired of receiving offers from creditors you can go to https://www.optoutprescreen.com/ or call 1-888-5-OPTOUT (1-888-567-8688) to OPT OUT from receiving offers.
Types of FHA Loans
November 19, 2008
Section 203(b) is the centerpiece of FHA’s single-family insurance programs-the successor of the program that helped save homeowners from default in the 1930s, that helped open the suburbs for returning veterans in the 1940s and 1950s, and that helped shape the modern mortgage finance system. Today, FHA One- to Four-Family Mortgage Insurance is still an important tool through which the Federal Government expands homeownership opportunities for first-time homebuyers and other borrowers who would not otherwise qualify for conventional loans on affordable terms, as well as for those who live in underserved areas where mortgages may be harder to get. In FY 1997 FHA insured more than 790,000 homes, valued at almost $60 billion, under this program. FHA currently insures a total of about 7 million loans valued at nearly $400 billion. These obligations are protected by FHA’s Mutual Mortgage Insurance Fund, which is sustained entirely by borrower premiums.
Section 251 insures home purchase or refinancing loans with interest rates that may increase or decrease over time (adjustable rate mortgages), enabling consumers to purchase or refinance their home at a lower initial interest rate.
Section 245 enables a household with a limited income that is expected to rise to buy a home sooner by making mortgage payments that start small and increase gradually over time.
Section 245(a) enables a household with a limited income that is expected to rise to buy a home sooner by making mortgage payments that start small and increase gradually over time. The increased payments are applied to reduce the principal owed on the mortgage and thus shorten the mortgage term.
The Energy Efficient Mortgages Program (EEM) helps homebuyers or homeowners save money on utility bills by enabling them to finance the cost of adding energy-efficiency features to new or existing housing as part of their FHA-insured home purchase or refinancing mortgage.
Insurance for condominiums, such as is provided through Section 234(c), can be important for low- and moderate-income renters who wish to avoid being displaced by the conversion of their apartment building into a condominium.
Jumbo Mortgage Options
November 19, 2008
Jumbo mortgage loan options are similar to traditional loan programs. They simply require a slightly higher down payment, usually of an additional 5% for similar program types. No-money-down programs are generally not available, but instead require a minimum of 5% down payment for a jumbo mortgage. Because the loans are large, jumbo lenders frequently offer variable loan programs to the jumbo client. The risk of an interest rate increase can result in a large dollar amount increase.
It can be more expensive to refinance a jumbo loan due to the closing costs. Some lenders will offer the service of an extension and consolidation agreement, so that a jumbo refinancer will not have to pay for mortgage tax again on the same principal balance. In other cases, title insurance companies will offer up to a 50% discount, often required by law for those refinancing within 1 year to 10 years. The largest discount is for refinancing within one year.
Some consumers seeking a jumbo mortgage choose to seek advice from a competent professional familiar with jumbo mortgage loans.
