florida home loans: FHA mortgages are not just for First Time Homebuyers....... - 04/26/08 06:12 PM
FHA mortgages are not as complex as many make them out to be. They are not the next subprime mortgages. FHA loans have been around since 1934, while subprime mortgages started to come into full force back in 1994. Lastly, just because someone said that they can qualify you for a conventional loan and that it would be cheaper than a FHA mortgage, might not always be correct.
What else should you know about FHA mortgages?
If you put 10% or less down and your credit scores are less than 680, 99% of the time, your payment … (8 comments)
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florida home loans: Adjustable Rate Mortgages - FHA Secure mortgages could be your answer.... - 01/05/08 04:38 PM
Could your adjustable rate mortgage be ready to adjust? Has it adjusted and you are now having problems making your new mortgage payments?
As I stated here, the FHA Secure Loan sounds great, but not all will qualify. But you need to a true mortgage professional to make sure that you would qualify and not just a bunch of broken promises from a sales person.
So what do you need to know to possibly qualify for the FHA Secure loan? Keep in mind, you currently don't have to have a FHA mortgage. But you do have to meet these … (9 comments)
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florida home loans: Do you want that ultimate pill to relieve all mortgage related problems? - 12/20/07 07:43 AM
The ultimate pill to relieve the real estate and the mortgage problems doesn't exist. What's up with the media and all the negativity? Isn't that how they sell the news? What about the government that keeps coming out with solutions with several lenders making promises. Don't forget, we are in an election period. So is all of this smoke and mirrors? What about these new programs that they are coming out with? Most programs will only help a select few. Sure, helping a few is better than nothing. But when they come out with a program that sounds great, … (11 comments)
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florida home loans: FHA 203-k Mortgage -- What can it do for you..... - 11/02/07 08:12 AM
What is the FHA 203(k) Loan?
The FHA 203(k) allows homeowners and homebuyers an opportunity to purchase or refinance existing homes and finance 110% of the costs needed to improve the home! The 203(k) is ideal for neighborhood revitalization! This program is one of the fastest growing mortgage programs in the country.
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What you can do with the FHA 203(k):
☆ Include all repairs in the mortgage - … (47 comments)
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florida home loans: Is a FHA Loan Officer like a Doctor? - 10/12/07 02:47 PM
How does a loan officer compare to the life of a doctor that performs surgery? One thing for sure is that there is no comparison when it comes to the years of schooling that one has to go through to become a doctor. Matter of fact, you don't even need to have an education to become a loan officer. This might sound scary to many because buying a home is one of the biggest investments that one will make in his or her lifetime.
Is education needed to get by in life? Is education and college important? Can you be successful … (19 comments)
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florida home loans: FHA - Conventional - APR vs Rate -- Understanding the difference....... - 10/06/07 12:04 AM
Aren't mortgages confusing enough? It doesn't matter if it's a FHA, conventional, VA, or subprime mortgage. Let's add some more confusion. Most of us know what the rate is in regards to mortgages. Rate : A charge or payment calculated in relation to a particular sum or quantity: interest rates. (from answer.com) APR (Annual Percentage Rate) : Is the cost of your credit expressed as an annual rate. This is a federally required formula, designed to help the borrower compare the cost of credit. The APR rate is different from the note rate of your mortgage and is usually higher than … (28 comments)
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florida home loans: FHA Secure Loan -- A political move or just being helpful -- The Positives/Negatives - 09/13/07 07:59 AM
The biggest thing to remember is that most of this loan is written under the normal FHA guidelines. The FHA Secure loan program will help some property owners, but not as many as one would think. I will explain this part later.
Now the question has been, who does this really help? Homeowners who might go into foreclosure if they don't get any payment relief? The government or President Bush, telling people that they care? Possibly some loan officers who can make so more money off those that they gave subprime loans to in the previous years? My estimate? I would … (17 comments)
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florida home loans: FHA refinancing or purchasing -- The full scoop and nothing but the scoop - 09/02/07 03:31 PM
With the mortgage meltdown back in the beginning of the year for 2007 which has carried throughout the summer, FHA has become popular again. Kris Wales wrote in a comment that she received an e-mail from a loan officer stating that FHA is back. She wrote back stating that it never left and this is coming from a realtor.
Folks, FHA has never left. If your lender or loan officer can't offer you a FHA mortgage and your credit is less than perfect, then please seek out a mortgage professional that can offer FHA financing. Otherwise you might be going backwards. But … (36 comments)
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florida home loans: FHA origination fee and what it means...... - 08/20/07 10:10 PM
Don't let your lender confuse you with definitions of certain fees. It's amazing how some loan officers will define such fees, especially when explaining what an origination fee is. In regards to conventional loans, most companies just put their points under discount points. Sometimes you will see a lender place nothing under origination or discount points, but under broker fee. And then you have the FHA origination fee.
Definition: Origination Fee
A fee related to establishing your mortgage. The exact use can be unclear, but the fee ultimately compensates your lender or broker for putting your loan in place. This is from … (14 comments)
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florida home loans: Interest Credit -- Do you want to save your clients money at closing? - 08/04/07 07:56 PM
Do you want to sound like the savor to your clients when they are buying their house? How about talking to a loan officer that not only educates their clients, but who educates the realtor.
I wrote a post the other day called Curiosity is killing this cat...... what about you? for members only. I mentioned to Katrina that you can have clients settle at the beginning of the month so there isn't such a log jam at the end of the month. Then David Kucic and Missy Caulk both chimed in asking how this can be done and if I … (16 comments)
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florida home loans: Foreclosure Tips -- How to avoid foreclosure..... - 08/03/07 10:14 PM
Foreclosure can be such a scary word at times. It has become an epidemic in recent years and sometimes it just can't be helped. There are many circumstances that can put you behind the eight ball that have put fear in many Americans. One thing that you can't allow to happen is not to face the truth.
The fear of foreclosure, especially when it starts to happen to you can take a toll on you, your family, affect your work, and anything else that you hold true to yourself. Never, never be afraid to ask for help. It's human nature to … (50 comments)
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florida home loans: Buyers..... get ahead of the buying game of your new home!!!!! - 08/01/07 11:51 PM
Are you seriously shopping for a house? It doesn't matter if you have done this before or even if you are a first time homebuyer.
If you have bought before, don't think it's the same way as once before. The market changes every day. Mortgage programs can change at the blink of an eye. First time home buyers, just because your friend or family member had an easy time when they bought their house doesn't mean that it could be as easy and or simple as their purchase.
The number one rule of advice, try and get a referral of a … (14 comments)
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florida home loans: Bankruptcies - Knowing what to do after the fact - 07/22/07 11:37 PM
Bankruptcies can sometimes not be avoided, depending on what happens in your life. I am not here to judge you at all. My job is to help you understand your current position and to help you with any future considerations when it comes to your financing options.
What I want to cover is if you have already gone through a Chapter 13 or 7 bankruptcy. So many people that did fall on hard times sometimes think that their lives are over with. This is not always the case, hence why you need to speak to a mortgage professional. One option … (14 comments)
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