Chicago, IL (PRWEB) April 19, 2009

Winnie Uluocha, a Mortgage Planner specializing in FHA Rehabilitation loans – FHA 203 (k) – recently published an article titled, “Rehabilitate Your Database With FHA 203 (k) Loans,” in Chicago Agent Magazine and Miami Agent Magazine. With foreclosures on the rise around the country and many of those homes missing essentials such as appliances, lighting fixtures, cabinets, etc., the Federal Housing Administration (FHA) 203 (k) Streamline Limited Repair Program has become an excellent solution in today’s market. The 203 (k) Streamline Program allows the buyer to finance both the purchase and the cost of minor repairs and/ or upgrades through a single mortgage. The FHA 203 (k) Streamline Limited Repair Program permits prospective home buyers to finance up to an additional ,000 into their dream home before moving in.

Understanding the way this product works and aligning yourself with an experienced mortgage planner who knows the intricacies of the FHA 203 (k) Streamline loan will ensure your survival and allow you to thrive in today’s emerging market. As home prices continue to soften, more first-time homebuyers will be motivated to seize these bargain opportunities. Therefore, those in real estate should focus on first-time homebuyers to pump life back into the market. Home buyers who wish to take full advantage of this great opportunity must first understand the 203 (k) Streamline loan processes, in terms of which properties and improvements are eligible, and how the repairs are going to be completed.

“Fannie Mae and Freddie Mac are continuously tightening their lending guidelines and bargain-priced foreclosure properties typically demand basic improvements,” said Winnie Uluocha, mortgage planner at American Street Mortgage Company. “The FHA 203 (K) Streamline Program is a refreshing answer for potential home buyers that may not have the personal funds to complete much needed repairs.”

For additional information on the FHA 203 (k) home buying process, contact Winnie Uluocha or visit http://www.americanstreetmortgage.com

About Winnie Uluocha:

Winnie Uluocha is a Mortgage Planner with American Street Mortgage Company and has been in the industry for over three years. She is an expert in the FHA 203 (k) Streamline Loans, with a specialization in Federal Housing Administration Loans. Winnie has been published in Chicago Agent Magazine and Miami Agent Magazine. To setup media interviews, Winnie can be reached at (312) 376-3760.

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More FHA 203K Press Releases

Springfield, PA and Vidalia, GA (PRWEB) July 9, 2009

InnoVative Capital, LLC, a HUD-licensed FHA mortgage lender and healthcare financial advisory firm, has closed an .76 million FHA 242 insured mortgage loan for Meadows Regional Medical Center. Backed by Ginnie Mae securities, the fixed rate loan combines construction and permanent financing within a 25-year term.

To facilitate a cost-effective borrowing rate and access to debt financing in an increasingly credit conscious lending environment, InnoVative Capital obtained FHA Section 242 Hospital Mortgage Insurance from the U.S. Department of Housing and Urban Development (“HUD”), which provides borrowers with the backing of the full faith and credit of the U.S. Treasury. “The security provided by FHA 242 mortgage insurance was instrumental in assuring InnoVative Capital and Meadows that funding for the project loan would never be in doubt and a much-deserved replacement hospital would become a reality,” said Alan P. Richman, InnoVative Capital’s President and CEO.

The proceeds of Meadows’ FHA 242 loan will fund the replacement of a 45-year old “landlocked” facility with its new “state-of-the-art” 195,000 square foot hospital to be located on the major transportation artery and growth corridor of Vidalia. Meadows’ new hospital will have 65 acute care beds, including: 32 medical/surgical, 8 ICU, 12 PCU, and 13 LDRP/PP beds.

Located in Vidalia, Toombs County, Georgia, 100 miles west of Savannah, Meadows serves the 28,000 residents of Toombs County, including the 17,000 residents of Vidalia. With a market share in excess of 60%, Meadows dominates hospital care in its service area. An award winning hospital, in 2009, Meadows was recognized by Thompson Reuters as one of the Top 100 U.S. Hospitals in the Category of Small Community Hospitals. This is the third time within the last four years that Meadows has earned this prestigious distinction.

“The goal of Meadows is to deliver the best hospital experience possible for the residents of Vidalia and its neighbors,” said Alan Kent, CEO of Meadows. “The construction of our new FHA 242 financed hospital, with its modern technology and enhanced facilities, plus our growing roster of physicians will expand the scope and quality of healthcare for generations to come,” added Kent. “As our banker and advisor, InnoVative Capital’s judgment was on target before, and throughout, the FHA process. InnoVative Capital’s financial metrics right-sized our project, so we never exceeded our debt capacity limits and afterwards, they financed our FHA 242 insured mortgage loan without a hitch. By educating our Board and the Hospital Authority, InnoVative Capital built a trust that was essential in expediting key decisions,” concluded Kent.

“Our client presented us with some distinct challenges in meeting both FHA guidelines and Georgia statutes, which we identified and addressed upfront,” said Richman. “We needed to rework their existing hospital lease and restructure the ownership of their real property being mortgaged for the financing. After executing these changes, Meadows’ goal to become the first Georgia hospital to receive an FHA 242 mortgage insurance commitment was within sight.” Richman added, “with the support of account executives at HUD’s Office of Insured Health Care Facilities, and a strong project team led by owner’s representative American Health Facilities Development the financing became a reality, when a Ginnie Mae collateralized loan funded Meadows’ first project disbursement on June 30, 2009. Richman concluded, “the collaboration between the Board and staff of Meadows and particularly its CEO, Alan Kent, and CFO, John Cornell, led to our favorable outcome, which I believe was never in question throughout the HUD application process.”

About InnoVative Capital

InnoVative Capital, LLC, a HUD licensed FHA mortgage bank and financial advisory firm, specializes in the development and funding of major capital projects for rural, community and critical access hospitals. InnoVative Capital originates and underwrites hospital loans guaranteed by FHA 242 Mortgage Insurance through the issuance of tax-exempt debt, Build America Bonds, and Ginnie Mae collateralized mortgage loans. With HUD, USDA, commercial lending, and equity, InnoVative Capital finances capital projects for hospitals, assisted living facilities, nursing homes and medical real estate properties across the United States. As mortgage banker, InnoVative Capital has financed over 0 million in FHA 242 loans for new hospitals in Georgia, Texas, Idaho, Montana, Alabama and Colorado. Building upon a reputation for client-specific, creative financing solutions, InnoVative Capital is pleased to presently represent community hospitals in Tennessee, Georgia, Wisconsin, Mississippi, California, Pennsylvania and West Virginia with over 0 million in active FHA 242 engagements. InnoVative Capital, LLC

InnoVative Capital is pleased to announce that as of July 1, 2009, it will begin accepting hospital applications for debt refinancing under HUD’s newly approved FHA Section 242/223(f) debt refinancing guidelines.

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More FHA Guideline Press Releases

FHA Mortgage Florida

FHA Hone loan Advantages Include:

Minimal Down Payment and Closing Costs.

Down payment less than 3.5% of Sales Price Gift for down payment and closing costs allowed. 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 credit score 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.

http://www.fhamortgagefhaloan.com/

The FHA mortgage program is a mortgage loan designed to assist every qualified and eligible Florida homebuyer with having the opportunity to qualify for the home of their dream. Insured by FHA the Federal Housing Administration, the FHA loan program provides prospective FHA mortgage applicants with tremendous opportunities. Offering FHA mortgage rates that are traditionally lower than conventional Freddie/Fannie home loans.

The FHA mortgage is fast becoming the Florida mortgage loan of choice for many Florida Home Buyers around Florida, including the areas we cover:

Serving These Fine Florida Communities:

Arcadia :: Boca Raton :: Boynton Beach :: Bradenton :: Brandon :: Cape Coral :: Clearwater :: Clewiston
Crestview :: Daytona Beach :: Deerfield Beach :: Deland :: Delray Beach :: Deltona :: Destin :: Englewood
Fort Pierce :: Ft. Lauderdale :: Ft. Myers :: Ft. Walton Beach :: Gainesville :: Hollywood :: Homosassa Springs
Jacksonville :: Key West :: Kissimmee :: Lake City :: Lakeland :: Lynn Haven :: Marathon :: Marco Island
Melbourne :: Miami :: Miami Beach :: North Fort Myers :: North Miami Beach :: Naples :: Ocala :: Okeechobee
Orlando :: Ormond Beach :: Osprey :: Palatka :: Palm Bay :: Palm Beach :: Palm Coast :: Panama City :: Pensacola
Pompano Beach :: Port St. Lucie :: Punta Gorda :: Santa Rosa :: Sarasota :: Sebastian :: Sebring :: Springhill
St. Augustine :: St. Petersburg :: Tallahassee :: Tampa :: The Villages :: Titusville :: Venice :: Vero Beach
Wauchula :: Wesley Chapel :: West Palm Beach :: Winter Park :: Broward :::: Dade ::
Palm Beach ::

Not every Florida mortgage Broker can originate the FHA home loan. FHA maintains strict guidelines which limit wich Florida mortgage lenders can assist Florida home buyers and home owners like you. With such strict quality guidelines for Florida mortgage lender , you can know with confidence that you’re dealing with a strong reputable Florida mortgage lender if they originates the FHA mortgage Program, they are a strong and reputable firm. our job is to place you in the right FHA Mortgage the first time, and the FHA home loan program is a solid foundation to your next Florida home loan.

benefits that homebuyers find with FHA include:

Down payment is much lower than any other mortgage only 3.5% Interest Rates much Lower if you have had collections or past judgments. Down Payment GIFTS ok from Family and Family Friends is Allowed. Collections do NOT disqualify you from qualifying for an FHA home loan. NO INCOME Limitations- This means EVERYONE is eligible for the FHA home loan program regardless of whether you’re wealthy or poor, have owned a home before or are a Florida First Time Buyer. No credit history is required to qualify for an FHA home  Loan Works with Grant and Charity organizations – You don’t have to provide your own down payment. Home Buyers – Seller paid closing costs are allowed. Florida Home Owners – A cash out Refi with the FHA program is just fine. Higher Debt to income ratios are allowed for eligible Florida mortgage applicants Typically, there are NO Cash Reserve requirements. Underwriting Flexibility that is based upon your credit not your credit score – Credit score is not even considered – 520? Hey, you may be eligible for the FHA Loan program! Underwriting is done using both Automated and Manual review – This means if a loan makes sense, it doesn’t matter what the computer says. Overtime, Bonuses and Part Time Income can typically be used for qualifying for your FHA financing

The fact is, there are many good reasons Florida home buyers and Florida home owners consider an FHA home loan over other mortgage programs. Beyond just the Best FHA interest rate benefits, Most flexible qualifying guidelines  and great terms, the FHA home loan gives you peace of mind.

The FHA home loan program is administered in such a way that it is actually designed to protect Florida homebuyers in times of hardship! How you ask? Unlike Sub-Prime or Bad Credit home loans, the FHA mortgage offers many different Foreclosure prevention programs that actually you keep your home.

(480) 839-6709 www.456LOAN.com Mateo Garcia Mortgage Broker

Related FHA Refi Articles

FHA mortgages have always been very good loans for the homebuyer. In today’s market the FHA refinance programs offer maximum benefits to the homeowner that wants to lower payments or get out of an adjustable rate mortgage. FHA offers three types of refinance mortgage loans: Cash-Out, No Cash-Out, and Streamline Refinance.

Streamline refinances were designed to lower monthly payments on FHA mortgages only. They can be done with or without an appraisal, and with or without credit qualification. The borrower cannot receive any cash back with a streamline refinance.

Loan Type Conversion Allowed:

1. 30 yr fixed to 30 yr fixed: The new payment must be lower than the old payment.

2. 30 yr fixed to 15 yr fixed: New payment cannot be more than higher. Note: 15 yr fixed to 30 yr fixed is not allowed.

3. Fixed Rate to ARM: Owner occupied homes only

4. ARM to Fixed Rate

5. ARM to ARM: Rate must be lower than current loan

6. 203K to 203B

Streamline Refinance “Without” An Appraisal:

The new loan amount cannot be more than the original loan amount, OR more than the current principle balance plus closing cost. … Which ever is less. This only applies to owner occupied as non-owner occupied borrowers can only refinance the existing balance do not have the option of rolling in the closing costs.

The only credit verification required is a verification of mortgage payments. This can be done with 12 copies of cancelled checks, front and back. IF cancelled checks are available, no in-file report is required unless the underwriter prefers that method to verify mortgage payments.

Streamline Refinance “With” An Appraisal:

An FHA streamline refinance with an appraisal allows the borrower to finance in the closing costs, discount points, and prepaids provided it all fits within the loan to value limits. The new loan amount may be the current principle plus closing costs, discount points and prepaids, OR, the appraised value x 97.75% (97.65%, or 97.15%, high or low cost state). Which ever is less!

IF the smallest of these two values is greater than the original mortgage balance credit verification is required.

Streamline Refinance – “Credit Qualifying”:

The loan amount is calculated based on the previous formulas and qualifying requires full employment verification, credit report, and debt to income ratio compliance. Typically these loans are used when the new mortgage payment will be higher, deletion of a borrower on new mortgage, or in assumptions involving due-on-sale clauses.

FHA “No Cash Out” Refinance:

This regular no-cash-out loan may be used to refinance an FHA mortgage, VA mortgage, or a conventional mortgage and requires the borrower to fully qualify. Second mortgages may be included in the new loan if they are older than one year or you can prove that the funds were used solely to repair or rehabilitate the home. If not, paying off or including these loans would be considered a cash-out refinance.

This loan can be used to buy out the equity of an ex-spouse provided it is documented in the divorce papers. It is still considered a no-cash-out because this equity is considered indebtedness.

IF the property was purchased less than a year ago and is not currently an FHA loan, the loan amount will be the appraised value plus closing cost, OR the original sales price plus closing cost. Which ever is less!

If the home was purchased more than a year ago and does not have FHA financeing, the loan amount should be calculated as the “streamline refinance with an appraisal” above.

FHA “Cash Out” Refinance:

This loan can be used to refinance a conventional mortgage, VA mortgage, or FHA mortgage. This loan has many advantages: Max loan to value is 75% for conventional loans but FHA loans allow 85% plus a portion of the closing costs.

The property must be owner occupied and the borrower must fully qualify.

FHA mortgage Loan

The FHA home loan program is a FHA mortgage loan designed to assist every qualified and eligible Florida mortgage applicant with having the opportunity to qualify for a Florida mortgage. Insured by HUD and administered by FHA (Federal Housing Authority), the FHA home loan provides prospective Florida FHA mortgage clients with tremendous opportunities. Offering FHA mortgage rates that are traditionally lower than conventional Freddie/Fannie mortgage loan programs, the FHA mortgage loan is fast becoming the FHA mortgage loan of choice for many Florida Home Buyers

FHA Home  loan Advantages For Florida homebuyers Include:

Minimal Down Payment and Closing Costs.

Down payment less than 3.5% of Sales Price Gift for down payment and closing costs allowed. 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:

Minimum FICO credit score of 540. 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 NOW AT http://www.fhamortgagefhaloan.com/

Did you know? According to Fannie Mae, over 40% of Florida mortgage loans were originated through High Interest Rate and subprime home loan programs that could have qualified for a low Fixed FHA homeloan? Staggering – over 50% of Florida home buyers and home owners were placed in the WRONG loan program.

Not every Florida mortgage lender can originate the FHA mortgage loan. HUD maintains strict FHA lender guidelines which limit which Florida FHA mortgage lenders can assist Florida home buyers and Florida home owners like you, with FHA home loan financing. With HUD oversight and such strict quality FHA mortgage qualifying guidelines for FHA mortgage companies, Florida homebuyers know with confidence, if the Florida mortgage company you are working with originates the FHA home loans, they are a strong and FHA mortgage lender. At FHAmortgageFHALoan.com , our goal is to place you in the right FHA mortgage loan the first time, and the FHA home loan program is a solid foundation to financing success. Learn more about the FHA home loan at http://www.fhamortgagefhaloan.com/.

There are tremendous benefits of applying for an FHA mortgage:

FHA mortgage Interest Rates much Lower than Bad Credit Loans FHA Underwriting is Flexibility and is not based upon your credit score is not even considered – 520? Hey, you may still qualify. Collections do NOT disqualify homebuyers from being eligible for an FHA mortgage Prior Bankruptcies  do not disqualify FHA mortgage applicants , or if you qualify, mean you have to pay a higher interest rate as a “Penalty” NO INCOME LIMITATIONS- This means EVERYONE is eligible for the FHA mortgage loan program regardless of whether you’re wealthy or poor, have owned a home before or are a First Time Buyer. Higher Ratios are allowed for eligible borrowers than through Traditional home loan Mortgage programs Typically, there are NO Cash savings or Reserve requirements. FHA Approvals is done using both Automated and Manual review – This means if a FHA home loan makes sense you will get approved. No Credit score or No credit history is required to qualify for an FHA Loan FHA Home loans Work with Grant and Charity organizations – You don’t have to provide your own down payment. Home Buyers – Seller paid closing costs up to 6% are allowed. Florida Home Owners – A cash out Refi with the FHA mortgage program is just fine. Down Payment Assistance Help from Family and Family Friends is Allowed. You don’t have to have a bank account to qualify for an FHA Loan Overtime, Bonuses and Part Time Income can typically be used for qualifying for your FHA financing Non-Occupant Co-Borrowers are just fine with the FHA Loan program – You can have a parent co-sign for you and help you qualify if you can’t qualify on your own. FHA Mortgages are assumable

The truth is, there are many good reasons for all Florida home buyers and Florida home owners to consider the FHA mortgage loan. Beyond the fact that FHA interest rate benefits, and the most flexible qualifying and great terms, the FHA loan gives you peace of mind.

The FHA home loan program is administered in such a way that it is actually designed to protect you in tough times! How? Unlike conventional and Sub-Prime (Bad Credit home Loans), the FHA mortgage Loan offers 3  different Foreclosure intervention programs that actually help tens of thousands of Florida home owners keep their homes – EVERY SINGLE YEAR. To have these intervention options available should you have a financial nightmare, you have to have a HUD/FHA insured FHA mortgage Loan to be eligible! Just one more reason you should think hard about getting an FHA Mortgage. To find out more, visit http://www.fhamortgagefhaloan.com/

Icon Mortgage Lending, your trusted local Mortgage Team now guarantee the lowest rates with our Government Adjustable Bailout Program. Get out of that adjustable rate now and into a low fixed rate that can save you $$$ Thousands!

Find More FHA Refi Articles

San Diego, CA (PRWEB) July 22, 2009

With the passing of the Home Valuation Code of Conduct (HVCC) on May 1, 2009, appraisers have been working through third party Appraisal Management Companies to complete appraisals for banks and mortgage companies. Many appraisers have decided to close their doors rather than try to locate fair AMCs that offer competitive rates and realistic turn times.

Bryan Knowlton, a Certified Appraiser in San Diego who recently published a book, “2009 Appraisal Management Companies,” is helping appraisers get listed with appraisal management companies while providing additional information on how to receive more FHA appraisal requests and estate appraisals.

Each of the 180 companies mentioned in the book has been verified as a legitimate appraisal management company. Knowlton provides direct links to online applications and contact information. The book has helped hundreds of appraisers faced with the choice of making a career change or decreased livelihood as a result of the HVCC.

Most appraisers feel that the passing of the HVCC has forced them to work with AMCs that demand immediate turn times, while reducing appraisal fees as much as 50-75%. Many experienced appraisers have been unable to stay in business when forced to accept the lower fees while others have chosen early retirement, leading to inexperienced people doing appraisals.

Other problems resulting from the HVCC include higher costs for consumers, loss of income for independent appraisers and increased loan turn times and fees.

But there is good news on the HVCC front: On June 25th, Representatives Childers (D-MS) and Miller (R-CA) introduced HR 3044, legislation that calls for an 18-month moratorium on the HVCC.

“The introduction of this legislation is a victory for consumers and members of the industry alike,” said the National Association of Mortgage Brokers President Marc Savitt, CRMS. “We thank Congress for recognizing the need to address the issue of appraiser coercion without causing undue harm to borrowers or diminishing competition in the marketplace.”

Until the HVCC changes, appraisers will be forced to sign up with Appraisal Management Companies to receive orders.

There are more than 200 appraisal management companies signing up appraisers and lenders. Many of them are legitimate companies offering full compensation for appraisal work, while others request payment in advance to become members of their AMC.

Some fellow appraisers are stepping up to help others wade through the AMC sign- up process and avoid companies trying to scam appraisers out of more money.

For more information on how to obtain a copy of the 2009 Appraisal Management Company Directory, please visit http://www.appraisalmanagementcompanies.org.

About Bryan Knowlton:

Bryan Knowlton is a highly respected Certified Appraiser covering San Diego County and has been providing marketing advice and information to appraisers and online businesses for more than 10 years. He has a BS in marketing from San Diego State University.

For more information, visit http://www.appraiserincome.com.

Contact:

Bryan Knowlton

Owner and Operator

Appraise All

4809 Clairemont Dr. Suite #208

San Diego, CA 92117

p: 858-232-3348

f: 866-381-4721

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Florida FHA 203k Mortgage, Buy a Florida Fixer Upper

Summary:
The FHA 203k insurance enables Florida homebuyers and Florida homeowners to finance both the purchase (and refinancing) of a Florida house and the cost of its rehabilitation through a single Florida mortgage or to finance the rehabilitation of their existing home.

Eligible Customers:
All Florida mortgage applicants who can make the monthly mortgage payments are eligible to apply. Cooperative units are not eligible; individual condominium units may be insured if they are in projects that have been approved by FHA or the Department of Veterans Affairs, or meet certain Fannie Mae guidelines.

Eligible Activities:
The extent of the rehabilitation covered by the FHA 203k insurance includes a range from relatively minor (though exceeding 00 in cost) to virtual reconstruction: a home that has been demolished or will be razed as part of rehabilitation is eligible, for example, provided that the existing foundation system remains in place. The FHA 203k loan program can finance the rehabilitation of the residential portion of a property that also has non-residential uses; they can also cover the conversion of a property of any size to a one- to four- unit structure. The types of improvements that borrowers may make using Section 203(k) financing include:

structural alterations and reconstruction modernization and improvements to the home’s function elimination of health and safety hazards changes that improve appearance and eliminate obsolescence reconditioning or replacing plumbing; installing a well and/or septic system adding or replacing roofing, gutters, and downspouts adding or replacing floors and/or floor treatments major landscape work and site improvements enhancing accessibility for a disabled person making energy conservation improvements

Purpose:
The FHA 203k loan fills a unique and important need for Florida homebuyers. When buying a house that needs repair or modernization, Florida homebuyers usually have to follow a complicated and costly process. The interim acquisition and improvement loans often have relatively high interest rates, short repayment terms and a balloon payment. However, the FHA 203k offers Florida buyers a solution that helps both borrowers and lenders, insuring a single, long term, fixed or adjustable rate loan that covers both the acquisition and rehabilitation of a property. Section 203(k) insured loans save borrowers time and money. They also protect the lender by allowing them to have the loan insured even before the condition and value of the property may offer adequate security. .

Type of Assistance:
Section 203k mortgage loans insure mortgages covering the purchase or refinancing and rehabilitation of a Florida home that is at least a year old. A portion of the loan proceeds is used to pay the seller, or, if a refinance, to pay off the existing Florida mortgage, and the remaining funds are placed in an escrow account and released as rehabilitation is completed. The cost of the rehabilitation must be at least ,000, but the total value of the property must still fall within the Florida FHA mortgage limit for the area. The value of the property is determined by either (1) the value of the property before rehabilitation plus the cost of rehabilitation, or (2) 110 percent of the appraised value of the property after rehabilitation, whichever is less.

Many of the rules and restrictions that make FHA’s basic single family mortgage insurance product (Section 203(b)) relatively convenient for lower income borrowers apply here. But lenders may charge some additional fees, such as a supplemental origination fee, fees to cover the preparation of architectural documents and review of the rehabilitation plan, and a higher appraisal fee.

Application:
Applications must be submitted through an FHA approved lender, 1st Continental Mortgage is approved by HUD to origionate FHA 203k mortgage loans in Florida.

More FHA 203K Articles

San Diego, California (PRWEB) April 16, 2008

BD Nationwide Mortgage introduces new loan limits for FHA mortgage refinance and home purchase loans. The increased loan limits for FHA mortgages offer a unique opportunity for homeowners to refinance into a lower interest rate loan that is fixed with 15 or 30-year terms. The lender is excited to release the FHA refinance loan that allows cash out up to 95% loan to value. With out cash out, borrowers can complete a rate and term refinance up to 97.5%. If financing a new home, applicants can also buy a home with less than 3% down.

This unique government insured mortgage product allows homeowners to escape their adjustable rate mortgage that has been draining their savings. The legendary FHA loan was created by the HUD in 1934 to ensure fair lending and has since evolved into a powerful refinancing tool for first time homebuyers, people with bad credit scores and for good credit borrowers who recently lost the equity in their homes due to the declining home sales that caused a foreclosure epidemic. The newly raised FHA loan limits open the doors for many homeowners residing in high cost areas across the country. For example in 2007 borrowers in Los Angeles, California were restricted to 2,000 for FHA loans and in 2008 the economic stimulus package recently enacted by Congress increased the loan amounts to 9,750 in the high cost areas in California and other states. Last year, borrowers found it extremely difficult to get approved for a mortgage refinance or FHA home loans because their first and second mortgages exceeded the conforming and FHA loan limits.

Unfortunately, many of our loyal clients who run into credit problems that hindered them from refinance qualifications. FHA loans offer significant value to consumers because the interest rates are low with fixed monthly payments and mortgage insurance is now tax deductible. Since FHA promotes evaluating credit by looking at the entire picture, there are no minimum credit score requirements so many people who were recently denied financing from a traditional lender now have an opportunity to secure a good loan. Unlike most bad credit mortgages, our FHA loans do not have any pre-payment penalties so if the interest rates drop again you will be eligible for a streamline refinance that reduces the interest rates at a minimal cost.

Jeff Moran, a CFB loan specialist, said, “The fha refinance loans enable my clients to refinance into a secure thirty year fixed rate mortgage at a competitive rate and a monthly payment that they can afford. Homeowners can get access to cash at the same time they are refinancing their adjustable rate mortgage.” According to Mr. Moran, “The sub-prime mortgage programs evaporated in 2007, so FHA home loans have become the home refinance loan in 2008. With home values declining nationally, many homeowners have been stuck in a high rate ARM, until HUD finally increased the loan amounts.” Moran continued, “Many of my clients in California, Florida, Washington and New Jersey have been held hostage by the mortgage meltdown on Wall Street.” With the new FHA home loans limits being increased between 0,000 and 9,000, thousands of homeowners finally have an opportunity to refinance into a mortgage that makes sense with their budgets.

According to mortgage executive, Jen Mclean, “The lending institutions, the Federal Reserve, HUD and Wall Street have finally come together with full support for FHA mortgage loans that are government insured with competitive rates and desirable loan terms that favor the consumer.” After so many sub-prime mortgage companies tanked last year, there was a huge void for no equity home refinancing. Let’s be honest, too many consumers were approved for 100% home financing with adjustable mortgage rates and risky negative amortization triggers that deferred the interest temporarily. The low payments with teaser rates led many borrowers down the wrong path and when the credit crunch arrived in 2007 the foreclosures increased by the thousands. Thousands of homeowners tried to refinance their ARMs only to find out that they did not qualify for mortgage refinancing because of tighten lending guidelines and declining property values. FHA mortgage loans provide prime interest rate refinancing people with past late payments, collections, consumer credit counseling and even bankruptcies.

BD Nationwide Mortgage recommends going online to read up on the latest mortgage news that has been rapidly changing with foreclosures piling up across the country. They suggest ask advice from experienced FHA lenders, like BD Nationwide. The home financing company also recommends to research government loan program parameters and credit qualifications for mortgage refinance. Consumers searching for updated FHA mortgage rates should visit: fha home loans.

About BD Nationwide Mortgage

We recently merged with CFB Loan Services who is chartered as a FHA mortgage lender to finance mortgages across the country. Our loan team specializes in cash out FHA mortgage refinancing, conventional refinance loans and debt consolidation. The company maintains cutting edge refinance products for all types of credit. This mortgage banker continues to promote fixed mortgage loans that offer a hedge against inflation and remain focused on expanding home ownership with cost effective real estate financing for borrowers with all ranges of credit scores.

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FHA Mortgage Loan Changes – Guidelines and Regulations….

Today, I am here to write to you about FHA mortgage changes that are taking place shortly and hopefully you will be informed somewhat as to whether you; if you are searching for the type loan product you might need, feel more established in your thoughts.

FHA- Who they really are and what they really do:

FHA –Federal Housing Association was originated or should I say developed by the “government” to serve the low to moderate income population of America.  Long before “Subprime” loans came into play. They do not make the physical loan, the bank, Mortgage Company, or lender does and FHA insures the loan by a certain percentage.  They are the investor, so to speak, kind of like FNMA (Fannie Mae) and FHLMC (Freddie Mac).  Usually though when some people acknowledge where they are getting their loan they automatically say FHA.  At any rate though, FHA makes the rules and regulations and the lender abides by them in order to deliver the loan to FHA.  The guidelines have always been very detailed and a lot of them, but it did provide a way for some communities which would not have had the opportunity to experience homeownership, to do so.  The conventional loan has different criteria and somewhat not as detailed.

The “changes” which I will detail below have not exactly made everyone happy, especially some who have been in the business a long time and who more or less cut their teeth of underwriting in the old FHA world…like me for instance.  I am not unhappy about this because I am no longer underwriting FHA loans but I did cut my teeth on FHA DE underwriting.  I learned the hard way by doing a lot of FHA loans with a lot of guidelines.  So I do see some of why those that are a little disappointed have reason to be. HUD has also changed RESPA rules  that are to make a big impact on lending in some ways.

FHA has always had a lot of rules but after you got through the basics of leaned the art of how they do business, it was very interesting and worth having a designation to underwrite FHA loans.  Underwriter’s as well as lender have to be approved by FHA to do business with them, it is not just “I want to make FHA loan” and you are signed up.  There are specific’s that must be adhered to and that is a good thing.  During the past few years we all know that all investors have had losses that have cost them lots of money and hard work and made them to rethink what they have done in the past and how they got into the current financial status.

Before the Subprime market took over, FHA was the lender of choice especially for those who has less down payment, weaker credit, and circumstances that were somewhat less stable than conventional buyers.  They could get maximum financing to include up to 98% in some cases and only three (3) percent down payment was the general rule for calculating the maximum mortgage amount.  It was generally ruled by the State in which the applicant lived as to the maximum mortgage amount.  The funds for closing could be borrowed, as long as they were secured with a marketable asset, gifted from a relative, or given by a charitable organization of some sort.  The latter has not changed to my knowledge.  At any rate there was much more opportunity at FHA for help in circumstances  in which the borrower did not have sufficient savings.  The next good thing was that the seller could contribute to the closing cost by paying some of it…or all of it…depending upon the amount they needed that did not reach over into the down payment from their sources.

After giving you some details about the past; I will enlighten you to the fact that FHA changed some of their guidelines to get some of the Subprime stuff also, when it was at it’s peak.  “EVERYBODY” did… They made it where those with credit collections of high amount even did not have to be paid off etc. Well this is why FHA is now coming back and saying okay, we bent the rules just like everybody else did so we now have to tighten up and these are the exact words on FHA’s website that was written:

Washington- Federal Housing Administration (FHA) “Commissioner David Stevens today (January 20,2010), announced a set of policy changes to strengthen the FHA’s capital reserves, while enabling the agency to continue to fulfill its mission to provide access to homeownership for underserved communities.  The changes announced today are the latest in a series of changes Stevens has enacted in order to better position the FHA to manage its risk while continuing to support the nation’s housing market recovery.”

FHA Changes to Produce Recovery

In my own words

1.       Mortgage Insurance Premiums:   The changes include changing the current percentage of FHA mortgage insurance (MIP) from 1.75 percent to 2.25 percent.  This is to build up capital reserves and bring back private lending per FHA.   This means that if you have a mortgage base loan amount of 5,000 your MIP amount will be 62, making you financed total mortgage 0,062.  That is a difference of ,124.50 and averages out to be about monthly over 30 years…but you interest is based upon that total amount which is added into your loan.  You will continue to have the monthly MIP in your payment, which is normally around .50 basis points of you base loan amount and can be slightly different based upon certain criteria..Too numerous to talk about in this article.  The monthly MIP can be cancelled when the loan to value reaches 78 percent.

2.       FHA is changing the credit score structure and down payment requirements:   You may still get the 3.5 percent down payment if you credit score is above 580…please note that some lenders will not allow credit scores below 600-620, and their guidelines are prevalent in this situation.  This is excellent for those with higher credit scores and good credit practices.    Those with weaker credit will be required to have a down payment of 10 percent.

I have not seen anything yet that says that part of the down payment cannot be gifted, borrowed and secured with a marketable asset or from a down payment assistance programs.

 Regarding the credit;  there are many issues that come into play when credit is evaluated and your score alone is not what makes it a deal or no deal, unless of course it is totally not acceptable.  All areas of your financial position is evaluated to include; income stability, reserves, debt to income ratios, credit, and of course the property.  A final decision is based upon all of these characteristics.

3.  The seller concession will be reduced from 6 percent (6%) to 3 percent (3%).  FHA has said that the current level exposes FHA to excess risk by creating incentives to inflate appraised values.  This particular change will bring FHA into the industry standards. 

The latter is something that can be a good thing as we are seeing the effects now and are “not happy with” from the past; where the values were inflated. Why, because we have declining property values and in neighborhoods where substantially higher priced housing prevails.

Please note that this is latest I have read about; changes occur often and the rules and regulations change on an ongoing basis.  There are many other guidelines taken into place at application and through the process of the loan.

If you have questions, please feel free to ask…if I do not know the answer, I will be glad to research it for you.  Good luck!

Borrowers using FHA mortgages will pay higher costs starting on April 5, 2010. This can affect home buyers and home owners who want to refinance in the Tri-Valley area of Pleasanton, Dublin, Livermore and San Ramon. This video describes two of the major changes that will affect many borrowers who plan to use an FHA mortgage after April 4, 2010. Rodil San Mateo is a Certified Mortgage Planning Specialist (CMPS) mortgage broker in Dublin, CA. For more information visit EastBayLoanTips.com or call (925)-922-0470.

With an FHA home loan anyone can own a Florida home. If you are a Florida first-time home buyer or have bought a Florida home before and have less than perfect credit you have come to the right place. At www. FHAmortgageFhaloan.com our FHA Home Loan Specialists will take you through the FHA loan process step-by-step. With an FHA home Loan Florida mortgage applicants can :

Purchase a Home with 97% financing. Refinance a home up to 95%. Remodel Your Florida Home Make Home Repairs Make Energy-Efficient Improvements

FHA Loans are guaranteed FHA mortgage loans, which means that Florida FHA mortgage lenders will offer you lower, more affordable rates. Even if you have less than perfect credit or are a Florida first time home buyer, an FHA Loan can help you save money on the home of your dreams.

About FHA Loans

FHA mortgage loans have historically allowed lower income Florida homebuyers to borrow money for the purchase of a home that they would not otherwise be able to afford. The FHA mortgage program originated during the Great Depression of the 1930s, when the rates of foreclosures and defaults rose were at their highest, and the FHA Mortgage program was intended to provide Florida FHA mortgage lenders with sufficient insurance. Some FHA mortgage loans were subsidized by the government, but the goal was to make it self-supporting, based on FHA mortgage insurance premiums paid by FHA mortgage applicants.

Over time, private mortgage insurance (PMI) companies came into play, and now FHA mortgage loans primarily serves Florida homebuyers who cannot afford a conventional down payment or otherwise do not qualify for PMI.

Florida home buyers should know the many advantages of the FHA mortgage loan programs. FHA loans were created to help increase home ownership. For the Florida home buyer the FHA program can simplify the purchase of a home, making financing easier and less expensive than a conventional mortgage loan product. Some highlights of the Florida FHA loan program include:

Minimal Down Payment and Closing costs.

Down payment less than 3% of Sales Price Gifts are allowed Seller can credit up to 6% of sales price towards closing and prepaid costs. 100% Financing available No reserves required. FHA regulated closing costs.

Easier Credit Qualifying Guidelines such as:

  No minimum FICO score or credit score requirements. FHA will allow a home purchase 1 year after a Bankruptcy. FHA will allow a home purchase2 years after a Foreclosure.

To take advantage of the FHA program in Florida, visit

http://www.FHAmortgageFHAloan.com

 The history of FHA mortgage loans

The National Housing Act of 1934 created the Federal Housing Administration (FHA), which was established primarily to increase home construction, reduce unemployment, and operate various loan insurance programs.The FHA makes no loans, nor does it plan or build houses. As in the Veterans Administration’s VA loan program, the applicant for the loan must make arrangements with a lending institution. This financial organization then may ask if the borrower wants FHA insurance on the loan or may insist that the borrower apply for it. The federal government, through the Federal Housing Administration, investigates the applicant and, having decided that the risk is favorable, insures the lending institution against loss of principal in case the borrower fails to meet the terms and conditions of the mortgage. The borrower, who pays an insurance premium of one half of 1 percent on declining balances for the lender’s protection, receives two benefits: a careful appraisal by an FHA inspector and a lower interest rate on the mortgage than the lender might have offered without the protection.

Until the latter half of the 1960s, the Federal Housing Administration served mainly as an insuring agency for loans made by private lenders. However, in recent years this role has been expanded as the agency became the administrator of interest rate subsidy and rent supplement programs. Important subsidy programs such as the Civil Rights Act of 1968 were established by the United States Department of Housing and Urban Development.

In 1974 the Housing and Community Development Act was passed.Its provisions significantly altered federal involvement in a wide range of housing and community development activities. The new law made a variety of changes in FHA activities, although it did not involve (as had been proposed) a complete rewriting and consolidation of the National Housing Act. It did, however, include provisions relating to the lending and investment powers of federal savings and loan associations, the real estate lending authority of national banks, and the lending and depositary authority of federal credit unions.

Further changes occurred in the 1977 Housing and Community Development Act, which raised ceilings on single-family loan amounts for savings and loan association lending, federal agency purchases, FHA insurance, and security for Federal Home Loan Bank advances. In 1980 the Housing and Community Development Act was passed; it permitted negotiated interest rates on certain FHA loans and created a new FHA rental subsidy program for middle-income families.

On March 6, 2008, the “FHA Forward” program was initiated. This is the part of the stimulus package that President Bush had in place to raise the loan limits for FHA.