Miami Florida FHA Loan ((97% Financing)), First time homebuyer programs Miami Florida

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Mortgage and Lending with 1st Continental Mortgage

Miami Florida FHA Loan, Miami Florida FHA home loans

Here are just a few reasons why Miami Homebuyers and homeowners should consider an FHA loan.

Minimal Down Payment and Closing Costs.

•·  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.

Apply for an FHA loan at www.FHAmortgagePrograms.com

For Miami first time home buyers and other borrowers, the FHA home loan can have key advantages:

Easy Qualification - Miami FHA loan insures lenders against loss for loans made to properly qualified FHA home loan borrowers. So you're likely to find FHA loans with terms that make it easier for you to qualify.

Minimal Downpayment Requirements - Miami FHA loans can work with as little as 3% down and those funds can come from a family member, charity, or your employer. Although the FHA loan does not have a zero down mortgage option yet, you will find that your 1st Continental loan officer can point you to many Downpayment assistance programs that work well with Florida FHA home loans.

Less than A-1 Credit is Okay - The Miami Florida FHA home loan program exists to expand the pool of home buyers. Even borrowers with prior bankruptcies or home loan with lates get approved every day for FHA loan to buy or Refinance homes in Miami dade  County or any of the other Miami Florida areas we serve. The FHA loan program uses credit quality, not credit score!

Lower Cost Over the Life of the Loan - The Miami Florida FHA home loan rates are extraordinarily competitive. FHA loans offer  lower risk to the lender means a better rate for the borrower.

Safeguards for Borrowers Who Get Behind - The Miami Florida FHA loan mortgages also allow the lender more options in helping borrowers who fall behind keep their homes are get current again: special forbearance, workouts, even free mortgage loan counseling. Further, HUD can allow the lender to take past due payments and move them to the end of the loan and in some instance will actually pay your past due payments for you. Options to save your home you'll never get from a conventional loan! In an uncertain world, this is another excellent reason for you to get an FHA loan.

Options for Manufactured Housing - Under certain conditions, you can even finance a Mobile Home or manufactured home using a Miami Florida FHA mortgage loan. Call 1-800-570-0448 to get pre-approved for a Miami Florida FHA loan for manufactured housing or just use our quick application to learn more!

FHA Loans Are Fully Assumable - When you are ready to sell your home, you can offer buyers FHA financing! All FHA loans can be assumed by qualified buyers.

These are just seven of the many good reasons to apply for an Miami FHA loan or mortgage. Call 1-800-570-0448 to speak with a friendly Miami Florida FHA loan specialist now!

The FHA program has evolved since it started in 1934 and now has options for HUD insured loans that fit a variety of different borrowers and situations.

FHA Home Loans for Purchasing a Miami Florida Home

Although Florida FHA home loans require additional paperwork, the reality is that applying for an FHA mortgage loan in Miami Florida 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 loan bargain because they save thousands of dollars over the life of their Florida Mortgage home loan.

At 1st Continental Mortgage in Miami Dade, 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 Miami Florida on-time.

You may be surprised at how flexible sellers are in the current market and how many programs there are that provide Downpayment assistance to applicants for FHA financing to purchase Miami Florida homes, Miami condos, and Miami Dade townhouses. The fact is, seller can pay up to 6% towards your Miami Dade home loan. 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!

Miami Dade FHA Home Loans Offer the Convenience of Streamlined Refinance, Miami Dade Streamlines offer Less documentation and lower cost!

An FHA streamline refinance is one of the easiest Miami 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 Miami FL 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 Miami Florida 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.

FHA Mortgage Loan

Streamline Refinance your Miami Florida Home

Here are just a few of the reasons our past clients have expressed for refinancing their Florida homes:

  • Lower the interest rate on your present fixed rate mortgage;
  • Convert a high risk Florida ARM to a stable 30 year fixed rate mortgage;
  • Refinance out of a fully indexed Adjustable Rate Mortgage into a FHA fixed rate loan;
  • Consolidate all your high interest credit card debts into a single monthly mortgage payment
  • Refinance to pull cash out for hospital bills, college tuition, or to finance a wedding, honeymoon or exotic vacation;
  • Escape a Florida bad credit mortgage program into a more permanent mortgage;
  • Improve your cash flow with a refinance to an Interest Only mortgage.

With more than 100 lender programs to draw upon, 1st Continental Mortgage loan officers have been delivering the right homeowner refinancing loans for over a decade to thousands of Floridians. Here is a partial list of the mortgage programs that we can help you with:

  • Fixed rate mortgage refinance with 10 year, 15 year, 20 year, 30 year and 40 year fixed rate terms;
  • Interest only mortgage refi options;
  • Debt consolidation refinance programs;
  • Florida Jumbo mortgage and Super Jumbo mortgage refinancing programs;
  • Bad Credit mortgage programs;
  • Second mortgage, home equity loans, and home equity lines of credit options;
  • Specialty mortgage products such as no income verification, no ratio, SISA and no doc mortgage programs.

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

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 Miami Dade County or any of the other Miami dade areas we offer FHA mortgages in.

FHA Home Loans For Mobile Homes with Land

Although some conventional lenders in Miami Florida shy away from making a loan on Mobile Homes or manufactured homes, many FHA mortgage loan lenders do not.

In fact, mobile homeowners fortunate enough to connect with a Miami Dade Florida 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 Florida 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 Florida? It's true! You could package your 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.

 

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