Stated Loans Florida, No Income verification Florida Loans, No Doc Florida Loans, Florida Bad Credit Lender, FHA home loans, Bankruptcy Loans,
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ADVANTAGES TO THE FHA HOME LOAN INCLUDE
•· Low Down Payment requirements of 3% and 100% financing options available.
•· 95% of Appraised Value for a Cash-Out Refinance
•· FHA Streamline Refinance
•· NO Income Maximum Limits
•· Gift Funds: 3% down payment can come from FRIEND, FAMILY MEMBER OR NON PROFIT
•· Seller CAN PAY UP TO 6% OF YOUR CLOSING COST!
•· Down Payment Assistance for Texas Homebuyers
•· NO Cash Reserves Required
•· Self Employed OK
•· Permanent Alien OK
•· NO pre-payment penalty
•· FHA Secure
•· FHA Frequently Asked Questions
Fill out a Quick Application Call us with any questions in regards to FHA financing at 954-391-8387
Florida FHA Lender, FLorida FHA home loans, serving, Jacksonville | Miami | Tampa | St. Petersburg | Orlando | Hialeah | Fort Lauderdale | Tallahassee | Cape Coral | Pembroke Pines | Hollywood | Port St. Lucie | Coral Springs | Gainesville | Miramar | Clearwater | Pompano Beach | Miami Gardens | West Palm Beach | Palm Bay | Sunrise | Lakeland | Miami Beach | Boca Raton | Plantation, Alachua | Baker | Bay | Bradford | Brevard | Broward | Calhoun | Charlotte | Citrus | Clay | Collier | Columbia | 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 | Santa Rosa | Sarasota | Seminole | St. Johns | St. Lucie | Sumter | Suwannee | Taylor | Union | Volusia | Wakulla | Walton | Washington
Not two generations ago, it was difficult for home buyers in Florida to get a mortgage from their local financial institution without a 20% Down payment. Few people could manage the savings required and many otherwise qualified Floridians didn't get approved for the funds to buy a home in Florida because they did not have the minimum Down payment to qualify for a Florida Mortgage.
Although recent problems in the subprime market have made lenders more careful about how they extend credit, it's still very possible to buy a home in Florida with little or no money down. To learn more about our Florida home buyer programs, just give us a call at 1-800-570-0448 or use our quick application to inquire today!
Back in good old days, there were really just one variety of mortgage option available to home buyers and homeowners wanting a mortgage - a fixed rate and with repayment terms typically set at 30 years. As a borrower, you paid off the home loan through your lifetime, to enjoy a mortgage free ownership of property in your golden years. Such ownership provided complete financial stability and peace of mind to senior citizens today, many of whom owned their homes by the time they retired. (If you're 62 years old or more, and own your home right now, we recommend considering a reverse mortgage!)
Thanks to deregulation within the finance industry, today's mortgage customers now enjoy a wide expansion of funding sources and home loan options to include Stated Income, No Documentation Mortgage, No Ratio Loans and the No Income No Asset Mortgage. These diverse home loan options have many buyers and homeowners looking at loans which are different from the conventional mortgage loans our grand parents once had. Today, the mortgage market is full of nontraditional or specialty loans and caters to all kinds of borrowers.
Each of our specialty loan programs have various finance "Options" to choose from. While a few items within this list do not apply to every loan type listed below, it does provide for a good overall feel of what options are available for each of the specialty mortgage programs we offer.
- Homeowners and Home Buyer can elect an Adjustable Rate Mortgage option that can include:
- A 3/1 ARM Option
- A 5/1 ARM Option
- A 7/1 ARM Option
- A 10/1 ARM Option
- An Option ARM Mortgage Program also known as "Pick A Payment"
- Some specialty programs can include Interest Only payments
- Real Estate Investors and take advantage of many of these loan programs
- Many Jumbo and Super Jumbo properties are eligible for specialty financing
- We can also assist some bad credit homeowners and homebuyers using several specialty loan options
Let's take a look at some of the specialty loan options available in the market today.
Florida is known as the sunshine state and a haven for buying and finding really good real estate property. The fact for most home buyers is, when you need a home, you will require a home loan and who best to work with than 1st Continental Mortgage and our many FHA loan programs. When we talk about a Florida FHA loan, there is a FHA loan limit applicable in different counties and these change to keep up with market conditions.
For example: Baker County in Jacksonville, FL has a one family loan limit of $294,500; a two family loan limit of $331,700; a three family loan limit of $403,000 and a four family loan limit of $465,000. Similarly the non metro county of Lafayette has a one family loan limit of $200,160; a two family loan limit of $256,248; a three family loan limit of $309,744 and a four family loan limit of $384,936. So basically the loan limit in Lafayette is less than that of Baker County.
FHA is a part of HUD and the first thing looked at before issuing a Florida FHA mortgage is that you as a borrower have demonstrated a good repayment history for all your debts within the last 12 months. The credit history basically outlines your willingness to pay back your Florida FHA loan, the same loan that you will hopefully be getting from 1st Continental Mortgage, a Florida mortgage company, and not directly from the FHA. FHA insures the loans underwritten and approved by various Florida mortgage companies. FHA also provides security to the mortgage lenders in case you default on a loan and hence the Florida lenders will be more than willing to offer you the best FHA loan at some of the lowest interest rates in the market.
If your credit history, in spite of sufficient income, keeps on reflecting late payments, and delinquent credit accounts, then approving your loan may be impossible without sufficient documentation and explanation. Here's a brief synopsis of various credit underwriting guidelines for a FHA home loan:
- Credit history: You as a borrower will need to have a minimum of 4 trade lines. If they are not reflected on your credit report, we can use alternative credit such as phone bills, utilities and rent.
- Credit obligations: An installment loan like a student loan or a car loan, which has less than 10 months remaining does not have to be included for a FL FHA home loan qualification. The things that can be considered will include large debts, and this is independent of the number of months. If you have an open revolving account that doesn't show any balance then a $10 fee per open account may be included for qualification.
- Bankruptcy, Chapter 7: Florida FHA requires a minimum time of 2 years since the time of discharge of the bankruptcy. You will have to attach an explanation of the bankruptcy along with your bankruptcy discharge documentation. You will also have to show a reestablished credit without any late payments. In some instances, under our FHA credit flex program we can consider a bankruptcy discharged as little as 12 months ago.
- Bankruptcy, Chapter 13: FL FHA will consider you for a FHA loan if you are still paying on a Chapter 13 bankruptcy provided all your payments have been made to the court satisfactorily within the previous 1 year.
- Foreclosures: You need to make sure than when you are applying for the Florida FHA loan, you do not have any pending foreclosure on your property or a foreclosure in the last three years.
- Federal debt: Before you apply for a FL FHA mortgage, make sure that you don't have any defaults on other federal debts. A federal debt can include a past; FHA Loan, VA mortgages, SBA loans and student loans.
Qualifying for Florida FHA loans
In a nut shell, it's typically easier to qualify for FHA home loans in Florida as compared to conventional loans with like kind terms and conditions. The FHA loans are underwritten and funded by a FL mortgage lender like 1st Continental Mortgage Some of the benefits of a Florida Federal Housing Administration home loan are:
- FHA loans offer tax deductible interest
- You can acquire equity over a certain period of time
- The closing costs on the FHA loans are regulated
- There are no set income limits
- The credit criteria for qualification is lenient as compared to other loans
- They are fully assumable
- Absolutely never a prepayment penalty
- And Much More
Proudly Serving These Communities:
Arcadia | Boca Raton | Boynton Beach | Bradenton | Brandon | Cape Coral | Clearwater
Clewiston | Crestview | Daytona Beach | Deerfield Beach | DeLand | Delray Beach | Deltona
Destin | Englewood | Fort Lauderdale | Fort Myers | Fort Pierce | Fort Walton Beach
Gainesville | Hollywood | Homosassa Springs | Jacksonville | Key West | Kissimmee | Lake City
Lakeland | Lynn Haven | Marathon | Marco Island | Melbourne | Miami | Miami Beach | Naples
North Fort Myers | North Miami Beach | Ocala | Okeechobee | Orlando | Ormond Beach
Osprey | Palatka | Palm Bay | Palm Coast | Panama City | Pensacola | Pompano Beach
Port St. Lucie | Punta Gorda | Saint Augustine | Santa Rosa County | Sarasota | Sebastian
Sebring | Spring Hill | St. Petersburg | Tallahassee | Tampa | The Villages County | Titusville
Venice | Vero Beach | Wauchula | Wesley Chapel | West Palm Beach | Winter Park
Proudly Serving These Counties:
Marion | Sumter | Lake | Seminole | Orange | Osceola | Polk | Hardee | Highlands | Volusia
Brevard | Indian River | Okeechobee | St. Lucie | Citrus | Hernando | Pasco | Pinellas
Hillsborough | Manatee | Sarasota | DeSoto | Gadsden | Leon | Wakulla | Jefferson | Madison
Taylor | Hamilton | Suwannee | Lafayette | Dixie | Columbia | Union | Bradford | Gilchrist
Alachua | Levy | Baker | Nassau | Duval | Clay | St Johns | Putnam | Flagler | Escambia
Santa Rosa | Okaloosa | Walton | Holmes | Washington | Bay | Jackson | Calhoun | Liberty
Gulf | Franklin | Martin | Palm Beach | Broward | Miami-Dade | Monroe | Charlotte
Glades | Lee | Hendry | Collier
No Doc Loans
The no documentation mortgage is one of the easiest ways to purchase a home, or for a homeowner to refinance and take cash out. Also known as no documentation loan or no doc mortgage, the program does not require income, asset or employment verification. No W-2s, tax returns, pay slips, bank statements etc. A real no doc loan requires that the borrower have a good credit record, but beyond basic residence information, you do not provide any of the traditional disclosures related to your sources of income, assets and employment. Basically, you list the property, your current name, address and social security number, sign the application and your application is now complete. The definition of good credit varies but in almost all cases initial qualification for our no documentation mortgage means a middle credit score of 660, though we may consider lower scores based upon the loan to value risk on the property. For well qualified credit borrowers, we can help with financing up to 95% LTV.
The stated income mortgage loan is perfect for people who work but do not have a regular source of income, collect tips or are self employed. So if you are self-employed and live off commissions or tips or don't want to disclose all of your sources of earnings, then this is a great loan product for you. With a stated income loan, no W-2s, pay stubs or tax returns documents are required. However, you must be able to prove that you have been working continuously for at least 2 years. You can use this loan for purchase or refinance, but the interest rate on a Stated Income Mortgage is usually about a half-point above the comparable rate for a traditional mortgage, dependent upon your credit score. Get up to 100% financing with a credit score of as low as 620! Call us today.
The no ratio mortgage program is a great compliment to our portfolio of mortgage programs. If you have a strong asset base, can show the ability to make mortgage payments on a timely basis and can verify your employment for the past 2 years in the same industry or the same job but do not want to divulge the details of your income then a No Ratio Mortgage Loan may be ideal for you. For purchase purposes you are required to verify your employment and assets, but rarely for refinances. Your job or title will ideally support and reflect your ability to repay the mortgage.
The no income no asset loan is really a unique hybrid of a stated income and no ratio loan. Also known as a NINA mortgage, this program is best suited for a borrower who wants to get a mortgage loan without verifying his income or assets. Financing terms very by quality of credit and higher loan amounts may require a larger down payment and homeowner refinancing for cash out may have have lower LTV caps. As a borrower you will have to verify your employment or self-employment in the same job/industry for a minimum of 2 years. Similar to No Doc Loans, the no income no asset loans, or NINA, makes for a pretty straightforward transaction!
Back in good old days, there were really just one variety of mortgage option available to home buyers and homeowners wanting a mortgage - a fixed rate and with repayment terms typically set at 30 years. As a borrower, you paid off the home loan through your lifetime, to enjoy a mortgage free ownership of property in your golden years. Such ownership provided complete financial stability and peace of mind to senior citizens today, many of whom owned their homes by the time they retired. (If you're 62 years old or more, and own your home right now, we recommend considering a reverse mortgage!)
Thanks to deregulation within the finance industry, today's mortgage customers now enjoy a wide expansion of funding sources and home loan options to include Stated Income, No Documentation Mortgage, No Ratio Loans and the No Income No Asset Mortgage. These diverse home loan options have many buyers and homeowners looking at loans which are different from the conventional mortgage loans our grand parents once had. Today, the mortgage market is full of nontraditional or specialty loans and caters to all kinds of borrowers.
Each of our specialty loan programs have various finance "Options" to choose from. While a few items within this list do not apply to every loan type listed below, it does provide for a good overall feel of what options are available for each of the specialty mortgage programs we offer.
- Homeowners and Home Buyer can elect an Adjustable Rate Mortgage option that can include:
- A 3/1 ARM Option
- A 5/1 ARM Option
- A 7/1 ARM Option
- A 10/1 ARM Option
- An Option ARM Mortgage Program also known as "Pick A Payment"
- Some specialty programs can include Interest Only payments
- Real Estate Investors and take advantage of many of these loan programs
- Many Jumbo and Super Jumbo properties are eligible for specialty financing
- We can also assist some bad credit homeowners and homebuyers using several specialty loan options
Let's take a look at some of the specialty loan options available in the market today.
Bankruptcy Mortgage Program
Contrary to popular belief, filing for bankruptcy is not the end of the world. So whether you filed for Chapter 7 or Chapter 13 bankruptcy, you could still be eligible for a bankruptcy mortgage loan. Home buyers can still get financed for a mortgage despite having filed for bankruptcy in the past and should consider our FHA purchase loan options.
Our Bankruptcy home loan programs are designed to help you re-establish your life and get your finances in order. It also helps you with opportunities that you may not have otherwise such as a chapter 13 bankruptcy refinance loan or financing to purchase your own home. If you have a bad credit history, which you are most likely to have, importance will be given to many factors to include - income verification and down payment - in order to get a mortgage loan.
Usually most lenders require you to wait for at least 2 years from the time of the bankruptcy discharge. After the 2 years are over, you will have a better opportunity to qualify for financing a home purchase or to refinance a mortgage. At 1st Continental Mortgage, you could potentially get financing to buy a home in as little as 30 days after your bankruptcy discharge! We even have up to 100% finance options available for well qualified home buyers.
For eligible home buyers looking for a mortgage after Bankruptcy, keep in mind that 1st Continental Mortgage will consider eligible applicants in which your chapter 7 bankruptcy case has been discharged. For chapter 13 buyout clients, beyond standard qualifying, you must have trustee approval for the buyout and you must have made all payments to the court on time.
Find out more about our various bankruptcy mortgage options by contacting 1st Continental Mortgage today!
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