Alabama FHA Loans, Alabama FHA Mortgage Lender offiers 97% Financing

Alabama FHA Loans, Alabama FHA Mortgage Lender offiers 97% Financing

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

If you are looking to buy property in Alabama then you want to seriously consider an Alabama FHA mortgage. The FHA loan offers some of the most competitive home loan rates and programs, but still there are a lot of finer details that you may miss out on. Alabama is fast turning out to be the new condominium destination apart from the other real estate options that are also available.

An Alabama FHA Loan is insured by the Federal Housing Administration, which is one of the divisions of Department of Housing and Urban Development or HUD. FHA loans offer flexible credit guidelines. There are certain criteria and requirements that you will have to meet in order to apply and get an Alabama FHA Home Loan. Some of the criteria are:

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

Minimal Down payment Requirements - FHA mortgages 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 Mortgage loan officer can point you to many Down payment assistance programs that work well with Florida FHA home loans.

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

Lower Cost Over the Life of the Loan - The Alabama FHA home loan rates are extraordinarily competitive. FHA's lower risk to the lender means a better rate for the borrower.

Safeguards for Borrowers Who Get Behind - The Alabama 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 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 mortgage.

Options for Manufactured Housing - Under certain conditions, you can even finance a Mobile Home or manufactured home using a Alabama FHA mortgage loan. Call 1-800-570-0448 to get pre-approved for a Alabama 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 FHA mortgage. Call 1-800-570-0448 to speak with a friendly Alabama 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.

Alabama FHA Mortgage Lender 97% Financing, Alabama FHA mortgage.

At one point and time many years ago, the Alabama FHA loan was the only alternative to Alabama bank financing for home buyers. In the fashion world, there is a saying: Wait long enough, and everything comes back into style. That rule applies just as well to Alabama FHA mortgage program. Long-overlooked, the FHA mortgage is becoming popular again with Florida Home Buyers for its low rates and the real security it provides for Alabama borrowers.

For Alabama banks and other mortgage Alabama 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!

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.

 www.FHAmortgageprograms.com

• You should be able to show a good credit payment history for the previous 12 months
• If you have filed for bankruptcy then you should be in Chapter 13 bankruptcy and need to be paying on time or in Chapter 7 bankruptcy but discharged for at least 2 years.
• An FHA loan also entitles you to apply for a home loan with a market limit that is in sync with that specific area's FHA loan limits.
• FHA loans don't have any income restrictions.

Some of the major benefits that you can enjoy with an FHA loan in Alabama are:

• All types of closing costs may be paid by the seller
• There is only a 3% down payment
• Down payment programs are allowed

The most important part is to find a good or reputable Alabama mortgage company like 1st Continental Mortgage Any Alabama FHA lender must be approved by HUD in order to originate the FHA home loan program.

Our FHA Loan program in Alabama is very competitive, beneficial and regarded as an outstanding mortgage opportunity for any home buyer or homeowner. You need to know that the Federal housing authority or FHA does not originate the FHA home loans, which are basically funded under the FHA loan category. They will only insure FHA mortgages, which have been underwritten by an approved FHA mortgage lender like 1st Continental Mortgage, or placed with a lender by a HUD approved mortgage broker.

The Federal Housing Administration was actually created by congress in 1937 to provide more Americans with an opportunity at buying a home through financing options that were not present at the time. Before FHA came into the picture, owning a home meant a huge down payment of anywhere between 30 to 50%, plus the loans were offered through the local community banks with limitations in the form of terms and conditions. FHA revolutionized the mortgage lending industry for the average America.

As an Alabama Mortgage originator, 1st Continental Mortgage charges standard FHA Lending Fees, which normally don't change. On top of that you get a great mortgage rate, which is independent of your credit scores. The home inspection and home appraisal are the two costs, which need to be paid for before closing. So if you haven't closed then you won't have to pay any other lender fee.

There are various types of loan costs involved in an Alabama FHA loan, as a AL FHA borrower, there are also certain fees you cannot be charged. Below is a simple list and not all items may apply to you:

• The lenders fee: This includes underwriting, loan processing, wire transfers, loan origination, credit report, funding, and prepaid interest.
• Closing Costs: This includes settlement, closing, title inspection, title search, insurance binder, warehouse, owner policy and lender policy.
• Various government costs: These would include recording fee, document tax, state document tax, appraisals, home inspection and termite inspection.

When you are considering an Alabama FHA mortgage lender, there are certain considerations or finer points that you need to check. At 1st Continental Mortgage we strive hard to meet our own and your expectations:

• The mortgage lender should offer you a competitive FHA Interest Rates
• They should have flexible FHA Loan qualification guidelines
• The mortgage company should have creative financing solutions
• They should offer simple interest, fixed and adjustable interest rates for more variation and choice
• The lending company should offer low rate debt consolidation loans
• They should have the FHA 203k loan for home rehabilitation and improvement
• They should be a true, full service FHA company and not discriminate by type of home you want to finance. FHA will finance a wide range of home types including manufactured homes with land. Lenders who "Do FHA" but won't underwrite and fund qualified borrowers for a manufactured home loan don't deserve your business! All the FHA loans offered by them should be HUD approved including manufactured home loans.

Consider 1st Continental Mortgage for your next Alabama FHA mortgage. We offer all of the above and more and you can know with confidence, we specialize in FHA.

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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?