FHA Home Loan 97%, FHA Mortgage Lender
For first time Alabama home buyers and other borrowers, the FHA home loans can have key advantages:
The FHA loan program was created to help increase Alabama homeownership. The FHA program makes buying a home easier and less expensive than other types of real estate mortgage home loan programs. Here are just some Examples of how FHA can help you buy a Alabama home,
FHA loans have Minimal down payment and Closing cost:
•· Down payment less than 3% of Sales Price
•· 100% Financing options available
•· No reserves or required.
•· FHA regulated closing costs.
•· Seller can credit up to 6% of sales price towards buyers costs.
Easier Credit Qualifying Guidelines such as:
•· No minimum FICO score or credit score requirements.
•· FHA will allow a home purchase 2 years after a Bankruptcy.
•· FHA will allow a home purchase 3 years after a Foreclosure.
Easier Debt Ratio & Job Requirement Guidelines such as:
•· Higher Debt Ratio's than other home loan programs.
•· Less than two years on the job is allowed.
•· Self-Employed individuals o.k.
For Alabama banks and other mortgage lenders, FHA mortgage loan financing offers the security of a government insured Mortgage. Win/Win! To learn more, call today at 1-800-570-0448 or just use our fast and easy Alabama quick application! Or fill out a FHA full Mortgage Application and get approved TODAY!
Answers to Mortgage Questions,
Whether Refinancing or Buying, We
Deliver Good Answers to Great Questions!
I need a mortgage. Why should I do business with you?
What is a Home Loan?
What is a Mortgage?
What is Refinancing?
What is FHA?
What is HUD?
What is Sub Prime?
What is a Lender? Do I need a Lender?
What is a Broker? Should I use a Mortgage Broker?
What is a Mortgage Originator?
What is a Mortgage Loan Processor?
What is a Mortgage Underwriter?
What is a Pre-Approval Letter?
What is a Mortgage Commitment?
What do I need to apply for a mortgage?
What is the difference between a fixed and adjustable rate mortgage?
Can I buy a house using a FHA Loan?
How much mortgage do I qualify for using an FHA Loan?
Does the FHA loan impact how much house I can qualify to buy?
How do I qualify for a home mortgage using the FHA program?
What is the difference between a regular mortgage and a FHA Loan?
Do you have to improve your credit score to get a better rate with FHA?
What is the importance of credit when you apply for an FHA Loan?
I heard the FHA loan is only for 1st time buyers, is that true?
My mortgage company says I should not consider the FHA program. Why should I listen to you and not them?
I want to improve my mortgage term. Can I refinance my FHA loan now?
How soon can I refinance to a new home loan?
How often can I refinance my home?
How can I refinance my home when I have credit problems?
Where can I refinance my home if I'm late on my mortgage?
FHA Home Loans for Purchasing a Alabama Home
Although Florida FHA home loans require additional paperwork, the reality is that applying for an FHA mortgage loan in Alabama is not much different from applying for conventional financing. In fact, for many borrowers the small amount of extra time turns out to be an exceptional mortgage bargain because they save thousands of dollars over the life of their Alabama Mortgage.
At 1st Continental Mortgage, we have been working with the FHA program for many years. We're experts at assembling the proper paperwork and presenting your loan application to FHA approved lenders diligently and professionally. It's one of the ways that we have earned our reputation for closing FHA home loans in Alabama on-time.
You may be surprised at how flexible sellers are in the current market and how many programs there are that provide Down payment assistance to applicants for FHA financing to purchase Alabama homes, condos, and townhouses. The fact is, seller can pay up to 6% towards your closing costs. This means, no closing costs for you when negotiated during the purchase contract!
The FHA program offers excellent fixed rate options and never a prepayment penalty. If other mortgage lenders are quoting you subprime rates, you owe it to yourself to make the call to 1st Continental Mortgage to compare the costs of getting an FHA home loan for your home purchase. Call 1-800-570-0448 to speak with an FHA mortgage expert before accepting any conventional mortgage quote as the best you can do!
FHA Home Loans Offer the Convenience of Streamlined Refinance
An FHA streamline refinance is one of the easiest home loans for Mortgage Lenders and borrowers. Since HUD approved you for the original FHA loan, the paperwork to refinance is minimal and the process is simple.
So long as you have made your Alabama FHA loan mortgage payments on time for the previous 12 months, you can lower your monthly payment if interest rates go down with minimal out of pocket expense. Even if you have been late on your FHA mortgage, you might still qualify for an FHA streamline refinance in Alabama under very specific conditions.
Less documentation and no appraisal are just two of the reasons a FHA streamline refinance is cheaper and faster for the borrowers who qualify.
Alabama FHA Mortgage Loan
Alabama Streamline Refinance Requirements
When your 1st Continental Mortgage lender helps you get a streamlined FHA refinance on your existing mortgage loan, he or she will make certain that you meet these conditions:
- Your current mortgage must be an FHA mortgage.
- You must have had your FHA Mortgage for at least 6 months.
- You must have paid your mortgage on time for the most current 12 months.
- Your FHA Streamline Refinance must lower the principal and interest portion of your mortgage payment by at least $50 or convert the mortgage from an ARM to a fixed rate FHA home loan.
- You can't get cash out on the FHA streamline refi.
- You must have an FHA appraisal if you are rolling the closing costs into the FHA streamline refinance.
- Any existing liens on your Florida home must be subordinate to the new FHA mortgage.
FHA Mortgage Loan Refinance in Alabama
Programs for Cashing Out Equity
Although a streamline refinance does not allow you to cash out equity, we have a FHA loan refinance program that is specifically designed for borrowers who want to cash out equity to consolidate debts, make home improvements or to access funds for other purposes.
Unlike many conventional loan programs, the FHA mortgage does not adjust the rate based upon loan to value or credit score. You will find the FHA has very reasonable underwriting guidelines for cash out refinancing.
We have helped many clients borrow up to 85% of the appraised value of their homes and use the funds to consolidate debts or to make home improvements and other purposes. Qualified borrowers will have to look hard to find lower rates and better terms than they can get on Florida FHA cash out refinance right now!
Call 1st Continental Mortgage today at 1-800-570-0448 or use our quick application to apply for an FHA refinance on your home in Sumter County or any of the other Florida counties we offer FHA mortgages in.
FHA Alabama Home Loans For Mobile Homes with Land
Although some conventional lenders in Florida shy away from making a loan on Mobile Homes or Alabama manufactured homes, many FHA mortgage loan lenders do not.
In fact, mobile homeowners fortunate enough to connect with a Alabama mortgage lender, who is well schooled in how FHA loans work for mobiles and manufactured homes, can get a better interest rate, better terms, and a lower monthly payment by going FHA in nearly every case.
If you're shopping for financing to buy a mobile or manufactured home on land in Sumter County or any of the other 66 counties in Florida that we serve, call 1-800-570-0448 and let us give you a quote for an FHA mortgage loan to purchase your mobile or manufactured home.
It only takes a few minutes to get an FHA loan mortgage quote on your Alabama mobile home. We'll wager that the savings on your monthly mortgage payments will make it some of the highest paid work you've ever done.
Few people realize that the FHA loan uses the same underwriting criteria for single and double wide mobile homes and manufactured housing as it does for traditional site built block or stick homes. In addition, FHA is one of the very few programs that can offer up to 97% financing on mobile homes on land. In addition, did you know that the seller can contribute up 6% toward your closing costs on an FHA mobile home loan and that down payment assistance can be used in Alabama? It's true! You could package your Alabama mobile home financing to create a real no money down loan with unbelievably low rates.
Call 1-800-570-0448 or use our secure online quick application for a free no obligation quote on financing your manufactured or mobile home using an FHA mortgage loan.
Welcome to the 1st Continental Mortgage FHA home loan program options. We're very excited that you've elected to give consideration to the very real and many benefits the FHA home loan has to offer the average homeowner and home buyer.
Did you know, the FHA home loan provides more security to homeowners than ANY other mortgage program today. In cases of financial difficulty, you have a higher probability of NOT losing your home if you have an FHA home loan Vs. having a conventional or Sub-Prime mortgage loan. Plus, all FHA home loans are FULLY assumable, adding one more layer of protection for you and your family!
The fact is, there are a wide range for FHA home loans available to qualified applicants. The real truth is, these programs do not consider your credit score. Many people find this very difficult to believe, but it is in fact dictated by the Government that credit scores cannot be considered during underwriting, Only credit quality. This gives consumers who might not otherwise have an opportunity at a low fixed interest rate mortgage, ample opportunity to succeed and it is one of the biggest benefits that many FHA home loans offer to people just like you.
The FHA home loan programs vary, and to learn more, simply select the FHA loan product type that interest you from the main navigation menu, or use the links in our brief overview below:
- Using the FHA home loan to purchase a home is really no different that a conventional loan. There are some additional documentation requirements, but these are actually blown out of proportion to discourage the loss of business by those Lenders who can't actually originate the FHA program and want to push you into a conventional mortgage loan program or Sub-Prime bad credit mortgage.
- Refinancing an existing FHA home loan is actually called a streamline refinance. However, streamline only applies to properties in which you are refinancing your home for rate and term improvement only. If taking cash out, our refinancing with an FHA home loan you will have to go through traditional qualifying processes.
- Amazingly enough, you can finance mobile home and land with the FHA home loan program. In some instances, you can get up to 97% loan-to-value and much, much, much lower rates than you will get through any other loan program available today!
- The reverse mortgage program is designed for Seniors who are wanting either to cash-out their equity in their home, or create a monthly income stream to supplement their income. In both cases, you make NO monthly payments and it's back by the Federal Government!
- The FHA 203K Mortgage program is perfect for that "Fixer Upper" house you want to buy. The one that's perfect for you, in the perfect location, but just needs some renovation!
- For those can't qualify for the traditional FHA underwriting standards, 1st Continental Mortgage offers our Exclusive FHA Credit Flex program. This program was developed to help qualified applicants in qualified communities to buy today. If your credit has been recently beat up, this FHA home loan program could be the perfect alternative to those high risk, high default rate sub prime loans.
As you can see, our program diversity is uniquely ours. We serve a broad range of clients across the country and it goes without saying; Whether you have outstanding credit, or credit challenges, the FHA home loan programs offer homeowners and home buyers alike, unmatched benefits with exceptionally competitive rates. Give us call today!
Many borrowers are finding out what a good deal a Alabama FHA home loan really is. Call 1-800-570-0448 today or simply use our quick application to find out more!
Alabama FHA lender in all Alabama County and cities including:
Cleburne
Fayette
Pike
Coffee
Lowndes
Barbour
Macon
Conecuh
Coosa
Hale
Marengo
Henry
Sumter
Butler
Crenshaw
Tallapoosa
Monroe
Lamar
Washington
Choctaw
Pickens
Clay
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