| Why use FHA to purchase a Florida home? | | | | Difficult to get, a mortgage commitment letter is a |
| For the Florida FHA mortgage applicant Using the FHA | | | | legally binding document that commits a lender to |
| mortgage loan program to attain FHA mortgage | | | | make a specific loan under very specific conditions. |
| financing makes better sense than any other Florida | | | | The only way to void a mortgage commitment is for it |
| home loan program. The FHA mortgage and home | | | | to either expire, or the borrowers financial situation |
| loan program has to offer the average Florida | | | | changes to such an extent that the borrower no |
| homeowner and home buyer. | | | | longer meets the program guidelines used to issue the |
| The reality is, there are a wide range of FHA | | | | original mortgage commitment letter. |
| mortgage loans available to qualified Florida mortgage | | | | What do I need to apply for a FHA mortgage? |
| applicants. And the real truth is, these FHA home loan | | | | When applying for a mortgage, you will want to gather |
| programs don't even consider your credit score. Many | | | | up all of financial documents that will support your |
| Florida mortgage applicants find this very difficult to | | | | application. Typical things each borrower will be |
| understand, but it is under FHA/HUD guidelines credit | | | | required to have copies of include; |
| scores cannot be considered during the underwriting | | | | - Driver License and Social Security Card |
| process, only payment history. This gives FHA home | | | | - 90 days of bank statement for all checking and |
| loan applicants who might not otherwise have the | | | | savings accounts |
| ability to secure a low fixed FHA interest rate | | | | - For any financial accounts that report quarterly (401k |
| mortgage ample opportunity to succeed in purchasing | | | | etc) your last quarterly statement |
| a new Florida home. It is one of the biggest benefits | | | | - 30 days of your most recent pay stub |
| that many FHA mortgage offer to people just like you. | | | | - Your last two years of tax returns including all W2's |
| Want to learn more? Call 954-667-9110 or Visit us at | | | | or 1099's |
| www. Did you know the FHA home loan program | | | | These are the core fundamental documents you'll |
| typically only requires a 3% down payment and FHA | | | | need to have, and when making copies, all pages |
| allows the seller to pay up to 6% concessions | | | | include even blank pages which are numbered. The |
| towards your closing costs and prepaid taxes and | | | | balance of documents for those who need to apply |
| insurance? You wont find this with anyother mortgage | | | | for a mortgage will be based upon your individual |
| program | | | | circumstances. These added documents include things |
| The FHA home loan programs vary; to learn more, | | | | like bankruptcy paperwork, child support paperwork, |
| simply select the FHA loan product type that interests | | | | social security benefits paperwork, existing mortgage |
| you and contact us for a pre approval on a FHA | | | | paperwork, existing creditor statements etc. |
| home loan in Florida.: | | | | If you need to apply for a mortgage, 1st Continental |
| Answers to FHA Mortgage Questions | | | | Mortgage would be thrilled with the opportunity to help |
| Whether FHA Refinancing or Buying with FHA, We | | | | you along! Just give us a call today at 1-800-570-0448 |
| Deliver Good Answers to Great Questions! | | | | or use our quick application to learn more. |
| I need an FHA mortgage. Why should I do business | | | | What is the difference between afixed and adjustable |
| with you? | | | | rate mortgage? |
| We love the fact you've recognized you need a | | | | The fundamental difference between a fixed rate |
| mortgage. 1st Continental Mortgage is a 14 year old | | | | mortgage and adjustable rate mortgage really are |
| company licensed to lend in 17 states, to include; | | | | easily defined. |
| Alaska, California, Colorado, Florida, Montana, Indiana, | | | | A fixed rate mortgage has an Interest rate that will |
| Louisiana, Maryland, Minnesota, Mississippi, New Mexico, | | | | never change throughout the term of the loan. |
| North Carolina, North Dakota, Pennsylvania, South | | | | An adjustable rate mortgage has an Interest rate that |
| Carolina, South Dakota, Tennessee and Texas. | | | | comes with periodic changes based upon pre-defined |
| So really, why work with us just because you believe | | | | criteria established within the original loan agreement. |
| "I need a mortgage"? Within every financial institution, | | | | Can I buy a house using a FHA Loan? |
| the quality of the service and counsel you receive is | | | | Absolutely! As one of the largest FHA lenders in the |
| directly related to the quality of the individual you work | | | | states we do business, we would love the opportunity |
| with. This fact remains whether you're working with a | | | | to assist you in buying a house using our FHA loan |
| big box lender, or a small town broker. With us, we | | | | program! Give us a call today at 1-800-570-0448 or |
| don't want to just give you a mortgage because you | | | | apply today using our hassle free no obligation quick |
| believe you need a home loan. We want to evaluate | | | | application! |
| your needs and see if a new FHA Mortgage really is | | | | How much mortgage do I qualify forusing an FHA |
| the right decision for you. | | | | Loan? |
| We operate branches in multiple cities throughout | | | | With flexible FHA housing and debt ratios, the FHA |
| multiple states. We consistently provide a local small | | | | insured loan program can actually allow a home buyer |
| town relationship based service that is combined with | | | | or homeowner to qualify for financing a larger loan |
| real, big business capabilities. Finally, we work hard to | | | | amount than could be achieved through a comparable |
| ensure each of our representatives is well qualified | | | | traditional conventional loan program. The front end |
| and well trained to understand the home loan | | | | housing ratio allowance can range anywhere from 1% |
| requirements of every searcher that types "I need a | | | | to 5% above conventional financing based upon the |
| mortgage". | | | | income, credit quality and compensating factors of the |
| Interested in learning more? We are to! Lets learn | | | | borrower. To learn more, give us a call today at |
| about one another together. Give us a call today at | | | | 1-800-570-0448 or use our quick application! |
| 1-800-570-0448 or just use our fast and easy quick | | | | Does the FHA loan impact how muchhouse I can |
| application to find out more. | | | | qualify to buy? |
| What is an FHA Home Loan? | | | | Yes and No. The FHA insured loan program offers |
| An FHA home loan is a loan that is secured by a | | | | Loan Limits which are very comparable to those |
| residence. This includes property that is owner | | | | offered via traditional conventional financing. Unlike |
| occupied and investment property. What property | | | | traditional financing, the FHA insured program does not |
| types are included? We're glad you asked! Property | | | | offer "creative" financing programs that could |
| types that can be associated with a home loan include | | | | potentially allow an unqualified borrower to purchase a |
| single family homes, condominiums, townhomes, duplex | | | | home they really couldn't afford. The motto of the |
| units, tri-plex units (three apartments) and four-plex | | | | FHA insured program is "Disclosure" that not only |
| units (four apartments). We do hope this answer | | | | covers that of a lender, but that of a borrower. If you |
| thoroughly addressed your original question of "What is | | | | cannot disclose your income, then you cannot qualify |
| a home loan". | | | | for an FHA loan. To learn more, call us today at |
| What is a FHA Mortgage? | | | | 1-800-570-0448. |
| While this question has multiple answers, for the | | | | How do I qualify for a FHA home mortgageusing the |
| purpose of answering the "What is a mortgage" | | | | FHA program? |
| question illustrated here, a mortgage is basically a | | | | Qualifying for a home mortgage using the FHA loan |
| pledge of your home made to a mortgage lender in | | | | program is traditionally much easier than the |
| the form of a lien which is filed with the local county. | | | | qualification process involved in comparable |
| Basically, you sign home loan documents which pledge | | | | conventional Freddie/Fannie loan or Sub-Prime loan |
| the home as collateral for meeting the repayment | | | | product. The benefits of the FHA insured loan program |
| terms as outlined in the loan documents. These | | | | are substantial and many, with the most important |
| documents are registered as a lien (mortgage) with | | | | being the security offered to borrowers and the |
| the county. | | | | expanded opportunities of homeownership that home |
| What is FHA Refinancing? | | | | buyers will receive Versus that offered by any other |
| FHA Refinancing a home is the process by which a | | | | product. To learn more about the FHA insured loan |
| borrowers seeks out a lender who will meet the terms | | | | program. |
| and conditions (rate, length of time, loan type) required | | | | What is the difference between a regularmortgage |
| by the borrower. The borrower signs new home loan | | | | and an FHA mortgage Loan? |
| documents which then satisfies the existing home loan | | | | Aside from who establishes the underwriting |
| and mortgage. The new documents create a new | | | | parameters for the loan, the differences can involve |
| home loan which is secured by a new mortgage. This | | | | the maximum loan amount, the types of programs |
| is all a refinance represents. The creation of a new | | | | available and the loan being insured by the FHA, the |
| loan and mortgage which settles an existing loan and | | | | biggest difference is that far more people will qualify |
| mortgage. | | | | for an FHA insured loan than will qualify for a |
| What is an FHA mortgage loan? | | | | comparable conventional mortgage. The program |
| FHA is a acronym for Federal Housing Administration. | | | | offers virtually the same rates of interest. To learn |
| The FHA was created by the U.S. Federal | | | | more, give us a call at 1-800-570-0448 or use our |
| Government to be responsible for insuring loans made | | | | quick application to have a mortgage originator contact |
| by FHA approved lenders on single family homes, | | | | you at your earliest convenience. |
| multi-family homes and manufactured homes. FHA | | | | Do you have to improve your credit scoreto get a |
| does not make loans or lending decisions, rather, they | | | | better rate with FHA? |
| only manage the mortgage insurance premiums paid | | | | No. Under FHA guidelines, underwriters cannot use a |
| by borrowers of FHA insured properties. Only FHA | | | | credit score as a basis for qualifying whether a |
| approved lenders can make loans insured by FHA. | | | | borrower can be approved or declined for an FHA |
| What is FHA/HUD? | | | | loan. |
| HUD is the acronym for the U.S. Department of | | | | What is the importance of credit whenyou apply for |
| Housing and Urban Development. A branch of the | | | | an FHA Loan? |
| Federal Government, HUD is responsible for increasing | | | | The FHA loan program focuses on credit quality that is |
| homeownership, community development and access | | | | traditionally factored based upon the most recent 12 |
| to affordable housing throughout the United States. | | | | month period. Underwriters are not overly concerned |
| Part of those responsibilities include the management | | | | about late payments which occurred 18, 24 or 36 |
| of the FHA housing program in addition to regulating | | | | months ago, though letters of explanation are required. |
| lending practices, rental practices, housing discrimination | | | | They are concerned about whether the loan makes |
| etc. | | | | sense and you have addressed whatever issues may |
| What is Sub Prime? | | | | have arisen to create past credit problems. |
| Sub Prime is the term used to describe higher risk, | | | | I heard the FHA loan is only for 1st timebuyers, is that |
| non-conforming lending practices that are not utilized | | | | true? |
| within the traditional Freddie/Fannie conventional lending | | | | Absolutely not true. The FHA loan program is designed |
| market. The underwriting of Sub Prime borrowers can | | | | for everyone from single parents to individuals to |
| include combinations of traditionally unacceptable | | | | multimillionaires. Your past home buying experience |
| borrower traits such as; Loan Amounts, Housing | | | | could consist of owning 20 investment properties, 5 |
| Ratios, Debt Ratios, Bad Credit Issues, Employment | | | | primary residence or a single condominium. It doesn't |
| History, Cash Reserves, Credit Scores, Bankruptcies, | | | | matter. If it's your primary residence; and the loan |
| Foreclosures, and Legal Status. A non-traditional | | | | meets the loan limits for your area; and the home |
| borrower can have any combination of issues which | | | | meets the quality standards designed to protect home |
| would prevent them from qualifying today for a | | | | buyers; you can get approved without having to be a |
| conventional low interest rate mortgage. Sub Prime | | | | first time buyer. |
| loans involve higher risks to both the borrower and the | | | | My FHA mortgage company says I should not |
| investor. As a result, these loans charge much higher | | | | consider the FHA program. Why should I listen to you |
| than traditional Interest rates typically tied to an | | | | and not them? |
| adjustable interest rate. In the secondary mortgage | | | | While every situation is unique, most of the time when |
| investment market, these were an attractive buy due | | | | a mortgage company is telling a borrower not to look |
| to the return on investment. The loan products, while | | | | at an FHA loan, it's because they are not a HUD |
| still available in a more limited capacity today, are not | | | | approved FHA Lender. If this is the case, you are |
| the ideal vehicle to owning or refinancing a home. | | | | strongly encouraged to speak with a 1st Continental |
| What is an FHA mortgage Lender? Do I need a | | | | Mortgage loan representative. Give us a call today at |
| Lender? | | | | 1-800-570-0448 or use our quick application so we can |
| A Lender is a FHA mortgage company which can | | | | give you an unbiased review of your situation. If you |
| lend its own money. The typical lender makes lending | | | | find the mortgage company is FHA approved, you can |
| decisions based upon the underwriting requirements of | | | | still call for a second opinion. |
| the buyer of a loan. Establishing rates and terms | | | | I want to improve my mortgage term. |
| based upon what the investor will pay for the loan to | | | | Can I refinance my FHA loan now? |
| create the profit the lender requires to keep their | | | | The FHA loan program offers three types of |
| doors open. In answer to question of do you need a | | | | Refinance options. The first is a cash out refinance |
| lender, Yes. A borrower will always need a Mortgage | | | | which allows a borrower to take out a new loan of up |
| Lender to actually fund a loan. Mortgage brokers | | | | to 85% Maximum LTV to consolidate debts, convert |
| cannot make loans, only lenders can. | | | | equity to cash, or consolidate a Second Mortgage less |
| What is a FHA mortgage Broker? Should I use a | | | | than 12 months old into a single mortgage loan |
| Mortgage Broker? | | | | payment. The second type of refinance allows up to |
| A mortgage broker is licensed with the state. The | | | | 97% LTV and can consolidate older debts including |
| broker license give an individual or broker business the | | | | HELOC's and Second Mortgages into a single note, |
| authority to place loans with lenders in a given state. A | | | | that could create a lower mortgage payment. The last |
| mortgage broker must always have their mortgage | | | | type of refinance is called a streamline refinance. The |
| broker license placed with a mortgage broker business. | | | | streamline refinance takes an existing FHA loan and |
| Neither a mortgage broker nor a mortgage broker | | | | creates a new FHA loan to reduce either the |
| business can make a loan in any state. A mortgage | | | | repayment terms or the monthly payment. Under a |
| broker acts as a facilitator working with multiple | | | | streamline loan, a borrower does not have to qualify |
| lenders to negotiate loan terms that meet the financial | | | | for the loan provided the monthly payment is not |
| requirements of a borrower. Only a mortgage lender | | | | increasing and the loan reduces the monthly mortgage |
| can approve a loan and lend the funds necessary to | | | | payment by at least $50.00 per month. In this situation, |
| create mortgage, the broker simply acts as conduit. | | | | the streamline loan does not require an appraisal of the |
| Many of todays mortgage lenders act as both a | | | | home. Further, closing costs associated with a |
| Lender and Broker. Should you use a mortgage | | | | streamline refinance are typically much lower than |
| broker? As mortgage lender we're biased and say | | | | those experienced with a traditional refinance. To learn |
| "No" you shouldn't. | | | | more give us a call at 1-800-570-0448 or just use our |
| What is an FHA Mortgage Originator? | | | | quick application. |
| A mortgage originator is another term used to | | | | How soon can I refinance to a new home loan? |
| describe an individual who helps a borrower to prepare | | | | If you find yourself in a position of being in the wrong |
| for and complete a mortgage application. As part of | | | | home loan, in some instances you can refinance a loan |
| the duties of a mortgage originator, they will counsel | | | | within 1 to 6 months after the original closing. These |
| you on what loan products are appropriate based | | | | early loan exits require extraordinary compensating |
| upon your credit quality, debt ratios, and housing ratios. | | | | factors that can include Sub-Prime loan placement |
| Mortgage originators put together specific loan | | | | within a high risk loan product when a borrower would |
| offerings, can lock interest rates, and traditionally | | | | have qualified for a low fixed rate loan, or a recent |
| manage the signing of specific loan documents among | | | | death where the deceased just purchased or |
| other duties. They are also known as loan officers, | | | | refinance and you're now required to remove their |
| loan associates, and mortgage brokers. | | | | name from the note and mortgage. If you're in a |
| What is a FHA Mortgage Loan Processor? | | | | situation where you believe you need to refinance. |
| After your initial application is reviewed by a mortgage | | | | How often can I refinance my home? |
| originator and you have selected a specific loan | | | | Traditionally, a qualified borrower can refinance their |
| product, a loan processor is traditionally responsible for | | | | home every 12 months. The reality is, if you are finding |
| organizing a loan file and gathering required loan | | | | yourself needing to refinance frequently, chances are |
| documents necessary for an underwriter to review | | | | high you're getting terrible financial advice. If you're in a |
| and approve your loan file. This process is also called | | | | position of needing repeated refinancing, give us a call |
| "File Stacking". Typically upon initial review of a properly | | | | today at 1-800-570-0448 or use our quick application |
| prepared and stacked file, and underwriter will have | | | | to make contact with us. The typical borrower pays 12 |
| what are call "Stips" that are additional documentation | | | | to 20 thousand dollars a year in mortgage interest. |
| and information required to approve a mortgage loan. | | | | That amount of interest will never go down unless you |
| The loan processor is traditionally responsible for | | | | begin paying more towards your principle. Constant |
| ensuring all outstanding stips are met and cleared by | | | | refinancing under the same 30 years term is like |
| the underwriter. | | | | starting your loan all over again. A new loan each time |
| What is an FHA Mortgage Underwriter? | | | | that in many instances increases the original amount |
| A mortgage underwriter is a person who reviews a | | | | financed through additional closing costs. It's a ground |
| borrowers file to ensure the documentation necessary | | | | hog day mortgage you don't want to repeat! |
| for approval matches the stipulations and parameters | | | | How can I refinance my home when |
| established for a particular loan product. Traditionally, | | | | I have credit problems? |
| when there are areas in which the underwriter | | | | Credit problems do not always prevent a homeowner |
| requires clarification, they will seek additional | | | | from being approved for a new home loan. While they |
| documentation from a borrower in which they use to | | | | do represent obstacles, at 1st Continental Mortgage, |
| create a paper trail that will support their underwriting | | | | we work hard to find the right program that can |
| decision. | | | | create either a short term or long term mortgage |
| What is an FHA Pre-Approval Letter? | | | | solution with almost any credit issues you have today. |
| A preapproval letter is a document which a home | | | | Give us a call at 1-800-570-0448 or apply using our |
| buyer can receive from a mortgage broker or lender | | | | quick application to learn more. Remember; Until a new |
| that tells them that, based upon the information | | | | home loan closes, never stop making a mortgage |
| provided at the time of application, they have a | | | | payment on an existing mortgage loan. |
| probability of being approved for a particular loan | | | | Where can I refinance my home if I'mlate on my |
| product. Home Buyers use these letters to reassure | | | | mortgage? |
| home sellers of their ability to receive the financing and | | | | At 1st Continental Mortgage we offer several |
| funding necessary to close on the purchase of | | | | programs that can potentially assist homeowners who |
| property. Pre-Approval letters are non-binding and are | | | | are facing financial difficulties that have resulted in late |
| not legal documents. Rather, they are a professional | | | | mortgage payments. Give us a call today at |
| assessment of a borrowers potential financial | | | | 1-800-570-0448 or use our quick application to learn |
| capability. | | | | more. Regardless of whether you do business with us, |
| What is an FHA Mortgage Commitment? | | | | or another mortgage firm, never stop paying your |
| A mortgage commitment letter is used by lenders to | | | | mortgage payment during a refinance until you've |
| confirm to a borrower they are approved for funding | | | | closed on your new mortgage! |
| of a loan under very specific terms and conditions. | | | | |