FHA, VA mortgage in Tampa, or even in South Tampa...is this an option? Yes! In fact, it is a solution. As a direct lender, we are fortunate to have the capabilities to write government loans. Now, I have to sidebar and give you a bit of background about me to paint a picture here.
I started as a mortgage consultant in Kalamazoo, Michigan. In Kalamazoo, we have a number of banks and mortgage lenders, quite a few less mortgage brokers. What this means is that we wrote quite a few government loans for borrowers. They have many advantages, but I will get to that a bit later. So, back to me and lots of experience in government loans, from FHA, VA to MSHDA (Michigan State Housing Development Authority). Flash forward to my move to Florida. AmeriFirst wanted to open in office in Tampa, Florida...can you believe I decided to come down to Florida...from Michigan. I did, with a big smile! When I started originating loans in Florida, I realized that government loans were VERY rarely used and most REALTORS thought very negatively of these loans. I do believe it was mainly because of the many, MANY options that were available at the time.
Now, here we are again to today. Because our market is changin daily and fewer and fewer investors have options for first time buyers, I am here on my FHA soap box YELLING AT THE TOP OF MY LUNGS...We can do it!! Give government loans a chance!!
Here is what I am seeing, first hand as perfect scenarios:
- Young borrowers with few tradelines, albeit good credit scores, and limited history
- Borrowers who have had previous credit issues, including bankruptcy, but have been working hard to get it corrected for the past 2 years, but still haven't reached credit scores acceptable to standard guidelines
- Borrower with sub 600 scores looking for 100% financing
- 100% financing in general...we can accomplish this through down payment assistance programs
- Cash out refinance available up to 95% LTV
- Up to 9% in seller concessions
- Great rates, fixed rates terms, no prepayment penalties and they are assumable!
I believe everyone should know why these are good options. I also believe people should be aware that FHA loans have changed dramatically over the past 3 years. The guidelines are more in tune with conventional loans and the appraisal requirements are MUCH easier to work with.
How can the government help you today?