Many financial and mortgage training institutes offer these mortgage officer training courses which are available in a new pattern. The old pattern followed was considered inefficient by the experts and thus, theses days new and revised pattern of teaching is followed which includes imparting practical knowledge instead of theoretical knowledge. This is managed by showing the students video clips which helps them make their ideas clear about all the things and get to know the actions that they should take at precise conditions. Such video clips give a student the first hand experience of handling various situations. Thus, the revised pattern of these mortgage officer training courses is extremely efficient and to the point.

The mortgage officer training course involves subjects like loan origination, mortgage products, underwritings and appraisals and many such important subjects from the point of view of the mortgage industry. The course also allows the trainees to pick up values like time management, getting and retaining customers, solving problems efficiently and avoiding mistakes. These values are extremely important from the point of view of a mortgage industry career.

Mortgage officer training courses are available live as well as online. The online courses can be used by people who work but wish to learn as well. The online course provides the user some specific time limit to complete a specific part of hi or her work thus teaching them to manage their time. The user may access the website any time he wishes to as they are kept accessible round the clock to their users. The online mortgage officer training program has been developed to match an average learner’s pace. This allows the people who have joined the mortgage officer training course at the speed a comfortable pace, and at the time they want. The online course too contains video clips to provide more practical expertise to the user along with mere theoretical knowledge.

The mortgage officer training course can also be taken by trained mortgage officers in order to brush up their existing knowledge and get some new knowledge. This may help the person in making his or her work more efficient and gain more income. The mortgage officer training course offers a 12 month valid license after the completion of the course. In these 12 months, the trainees may revise the mortgage officer training course by repeating the course.

Short Sale Training

In today’s real estate market, the once lucrative opportunity of being a loan officer or mortgage broker originating loans and refinancing homeowners is no longer so lucrative. The sub prime mortgage meltdown and the mortgage credit crunch has really put a damper on that traditional business model.

What all of the mortgage news sources don’t tell you is that the short sale mortgage business is doing fantastic right now. There are more defaulted mortgages in the marketplace right now than we have ever seen before. The transition from a residential mortgage broker business to a short sale mortgage business is very easy. The mortgage brokers and loan officers that use my short sale mortgage system are making ten times more now per file than they used to make by only originating loans. The opportunity to make big money in real estate short sales is now.

A mortgage loan officer has to know everything about short sales, defaulted mortgages and foreclosure investing. The short sale mortgage business is the best mortgage business opportunity right now in the mortgage market. The traditional mortgage business is not nearly as lucrative as it used to be. The big money in the mortgage business is being made with defaulted mortgages.

You can get started in the Short Sale Business Today with no cash, no credit and no previous experience. Also, there are no licenses needed like there is with a traditional mortgage business. This allows you to get started immediately because you don’t have to prepare for a test or anything like that. You can start making money now and continue learning along the way.

Traditional mortgage loan officer training classes do not cover short sales, defaulted mortgages or foreclosure investing. For years the traditional mortgage broker training or mortgage lending training classes didn’t need to cover foreclosures or preforeclosures. Now that the sub prime mortgage meltdown has created this huge opportunity for us, I have prepared a free online short sale course to show you how to make a fortune with foreclosures and short sales in today’s market.

Once you implement my strategies that you can’t get from any other mortgage loan officer training program, you will be the envy of all of your loan officer friends. What do you think they’re going to say why you’re bringing home $40,000 to $200,000 paydays on your deals and they’re still faring around with the same old lifestyle because they haven’t taken the time to get short sale mortgage training. Those who fail to adapt to our new and improved real estate market will fail to get the results you will see once you start using real estate short sales in your mortgage business.

If you are just now starting mortgage business, you should skip the traditional mortgage business, and start a real estate foreclosures investing business instead. The market is ripe with foreclosures and you should take advantage of the situation while it lasts. My Free Online Mortgage broker training course shows you how to start a mortgage business with a short sale business model. If you already have a mortgage business, you will discover how to leverage your current business relationships by adding short sales as a service you offer to your customers and referral partners.

To get a Free Online Mortgage Officer Training Course in Short Sales, Go here:

Mortgage Officer Training in Short Sales

The adjustable rate mortgage sure sounded good a few years back; you got 100% financing at a very low interest rate; fixed for 3 years before it resets or adjusts according to the market. You probably had a plan to sell the home soon or refinance before the rates went up. You didn’t count on the values declining to the point where you owe more than the home is worth, making refinancing difficult to impossible. Your rate continues to adjust, the payment increases significantly, you cannot afford the payments and you are in danger of losing your home.

Following are stages of foreclosure and your options:

Miss one payment: Payments that are 30 days late are reported to credit bureaus to be reflected on your credit report and factored into your credit score.

Miss three payments: Typically, lenders file a notice of default at this time; some are very aggressive and some wait up to a year to file. Some hold off if you have contacted them and made satisfactory payment arrangements. Of course, more late payments are reflected on your credit report.

The notice of default is public record; soon you are receiving mail and phone calls from companies promising to save your home or reduce your payments. You are also an easy target for scam artists who promise to take over your mortgage while you pay them rent; they collect your rent, they don’t pay the mortgage and the foreclosure process continues as your credit suffers more damage.

90 days after the notice of default: Lenders typically give borrowers 90 days from the notice of default to make up their payments, late fees, legal fees and any other charges that have accrued. If the arrearage is not paid up, a notice of sale is sent out and the foreclosure sale takes place within the next 30 to 60 days. At this point, your credit report is quite bruised and your lender may or may not be willing to work with you.

Options: It is important to contact your lender and speak to someone in the loss mitigation department as soon as possible; the earlier in the process you are the more options you will have. Resolving issues early will help avoid serious damage to your credit report. You will be more likely to work something out with the lender before the foreclosure sale, also known as sheriff’s sale.

Look into Refinance Options: If you have equity in your home and your lender hasn’t yet filed a notice of default, you may be able to refinance with a more affordable mortgage. An experienced mortgage broker will be able to help you determine your best option. Do not get into another adjustable rate mortgage or interest only mortgage, leaving you vulnerable to repeating the process.

Workout or Modification: If you enter into a workout agreement with your lender it is important to be focused on a plan that works with your budget. You must be able to make the payments as agreed; if you fail to make the payments, the lender will accelerate the foreclosure process.

Short Sale: If you owe more than your home is worth, it is sometimes in the lender’s best interest to accept a short payoff on the mortgage balance. This saves having a non-performing property on the books that continues to lose value in today’s declining market. A short sale will have less damaging effect on your credit report as you are doing something to meet your obligation to the lender.

Deed in Lieu of Foreclosure: You can offer to sign your home over to your lender in exchange for being released from the mortgage obligation. This keeps you from having to pay off the mortgage and the lender avoids further legal costs to complete a foreclosure. The lender does not have to accept a deed in lieu of foreclosure; typically, he will require that you try to sell the home first.

Credit Counseling Services: Legitimate credit counseling services typically have housing counselors who can analyze your situation and help you evaluate your options.

Let Foreclosure Run its Course: You should save this for your last option after all other methods to avoid foreclosure have been exhausted. In some states and some cases, the lender can go after you for any deficit between what the house eventually sells for and what he is owed.

Foreclosure, though devastating and overwhelming, is not the end of the world. You can get through this difficult time, reorganize and rebuild your life and your credit score. You will be able to get another mortgage and with knowledge and experience gained from this situation, you will be less likely to go through this a second time.

This article was written by David Smith of U-Move-On, a company who helps people find the best solution to their foreclosure problem. U-Move-On assists in evaluating the individual situation and explains all one’s options. They provide the resources and services for help with the entire foreclosure process, credit restoration, finding another nice home, moving expenses, legal help and more. There is no complicated contract to sign and you do not quit claim interest in your home.

Even the most responsible are sometimes caught up in situations beyond their control, and faced with consequences which can, almost overnight, lay waste to years of careful planning.. Millions of American homeowners who took on the responsibilities of a mortgage in the past few years now find themselves teetering on the brink of foreclosure, trapped in a collapsing housing market which will not let them get out of homes they can no longer afford.

But there are mortgage foreclosure solutions available, and you too may be able to stop foreclosure if you research the kinds of foreclosure help now available. If you can’t save your home, you can, at the very least, save your credit rating by keeping it free of a foreclosure record.

When it comes to mortgage foreclosure solutions, speed is of the essence, and as soon as you find yourself wondering where the next monthly house payment will come from, it’s time to act. Don’t feel intimidated when the foreclosure notice arrives; ignoring your plight will accomplish nothing. Contact a mortgage foreclosure prevention specialist as soon a possible, because it is the best way to stop the foreclosure machine from mowing you and your loved ones down where you stand.

You can find many specialists in mortgage foreclosure prevention with an online search, so look for local attorneys familiar with foreclosure laws. Take the time, however, to get some background on any consultants you are considering, because the current foreclosure crisis has given rise to an entire culture of foreclosure scam artists who have nothing good in mind for those in your position. They will happily relieve you not only of your home, but also of the money you put up for their services, and you will still be faced with foreclosure.

You can also begin your quest for mortgage foreclosure solutions with an area debt counseling agency, which may be able to solve your problems by negotiating a modified payment schedule with your lender. A debt counselor can also offer advice on refinancing your mortgage at a lower interest rate, or even selling your home while it is still in preforeclosure.

You may be surprised to learn that your bank is not eager to foreclose on your home, and your best chance to avoid foreclosure may actually lie in sitting down with your banker to determine your options to avoid foreclosure. No bank in the world is thrilled with the idea of having to insure and maintain an empty home, so keeping you in it even if you are only making interest payments for the time being may, from the bank’s point of view, be an attractive alternative to foreclosure.

And above all, learn about your rights concerning foreclosure. Become familiar with terms like recasting, home equity loan term modification, and special forbearance, and if none of the professionals with whom you are dealing mention them, don’t hesitate to bring them up yourself. Your home and your financial future are in no one’s hands but your own!

Finally, you are ready to purchase a house. However, you know that relying on your savings is not enough. This makes it necessary for you to acquire a loan. When you apply for a housing loan, you need a mortgage.

Mortgage is a lien for a loan. This is an assurance that the loan will be paid. Since it involves a big amount of money, the lender has to have some kind of security for the payment.

When you apply for a mortgage, the first thing that you need to do is to get a credit approval. To do this, you have to acquire a copy of your credit report. Evaluate the entries one by one. Many credits do not get approval because of unsettled transactions. If you have checked your credit ahead of time, you will be able to dispute any anomalous entries and have it fixed ahead of time.

It is also important that you scout for the homes that will suit your budget and lifestyle. There are Gilbert Homes for sale from time to time. You might be able to have a good deal with your agent. Make sure that you will be able to handle the price. If you are unsure about it, ask the agent about other options that could work well for you.

Find a reputable lender as well. When you found one, prepare the information that they will require. The usual information that they need are account information. This includes the name of the bank, your financial status, and some of the investments you made. They will also need information regarding your means of income. They will require documents of proof of your employment. If you are self-employed, they might ask for your tax returns.

Before you check houses, it would be better if you were aware of how much mortgage you will get. Lenders do several steps to identify the amount to grant. They will normally base it on your monthly income and other long-term debts. This is advantageous for both you and the lender. If lenders will grant you more than what you can manage, you may run short on your monthly budget.

If you are done with the mortgage application and approval, you need to acquire certain documents from the lender. You should know when the interest rate would take effect. The lender is also responsible for providing you with detailed information of the closing cost of your loan as well as other cost incurred during the duration of the loan.

Prior to releasing the loan, the lender will require you to present market value appraisal. You can ask an appraiser to check the house of the Gilbert Homes for sale to come up with the necessary documents. Appraisers will give their objective assessment of the property.

Keep in mind that in purchasing a house, you have to make sure that your credit is good. Your credit record will influence the approval of your mortgage application. Prepare the information you will need beforehand. This will help you have a worry free mortgage applications.

 The FHA mortgage loan is a loan insured by the Federal Housing Administration and may be issued by federally qualified Florida mortgage lenders. FHA loans historically allowed lower income Americans to borrow money for the purchase of a Florida home that they would not otherwise be able to afford. These FHA loan programs however have become a lot more mainstream and popular after the subprime mortgage foreclosure crisis.

Apply for an FHA loan at http://www.fhamortgagefhaloan.com/

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

Minimal Down Payment and Closing Costs.

•·  Down payment less than 3.5% 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 http://www.fhamortgagefhaloan.com/

Benefits of FHA-insured mortgage loans  include lower costs (federal backing makes for competitive interest rates); smaller down-payment requirements, FHA loans require only 3.5 percent down); and easier qualification (with FHA insurance, Florida lenders are often more willing to craft loan terms that make it easier for you to qualify).

Even if you have less-than-perfect credit, you may qualify for an FHA-insured mortgage loan . And if you run into hard times later, the FHA mortgage has many assistance options designed specifically to keep you and your family in your Florida home.

 The FHA Home Loan allows borrowers to mortgage up to 97% of the purchase price or appraised value of their Florida home. FHA Home Loan is one of the few lenders that offer mortgages for borrowers even with poor credit. So whether you need to refinance your Florida mortgage up to 95% of its value or if you are looking to purchase a Florida home with little or no money down, FHA Home Loan can help make your dreams possible!

FHA Home Loan understands that applying for a FHA Mortgage can often seem overwhelming. Our unique FHA mortgage Loan Application to Approval process was created to help you seamlessly and efficiently obtain the best mortgage rate and closing cost.

If you are in the market for a FHA Mortgage  loan or need a FHA Loan refinancing, then take a minute and Request A Quote now and almost immediately you will receive an FHA Home Loan quote delivered right to you, from one of our licensed FHA Loan professionals.

 FHA CREDIT Qualifying

 ANALYZING THE FHA Mortgage applicants  Credit History

 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

www.FHAmortgageFHAloan.com

Past credit performance serves as the most useful guide in determining a borrower’s attitude toward credit obligations and predicting a borrower’s future actions. A borrower who has made

payments on previous and current obligations in a timely manner represents

reduced risk. Conversely, if the credit history, despite adequate income to support obligations, reflects continuous slow payments, judgments, and delinquent accounts, strong compensating factors will be necessary to approve the loan.

When analyzing a borrower’s credit history, examine the overall pattern of credit behavior, rather than isolated occurrences of unsatisfactory or slow payments. A period of financial difficulty in the past does not necessarily make the risk unacceptable if the borrower has maintained a good payment record for a considerable time period since the difficulty. When delinquent accounts are

revealed, the lender must document their analysis as to whether the late payments were based on a disregard for financial obligations, an inability to manage debt, or factors beyond the control of the borrower, including delayed mail delivery or disputes with creditors.

While minor derogatory information occurring two or more years in the past does not require explanation, major indications of derogatory credit–including

judgments, collections, and any other recent credit problems–require sufficient

written explanation from the borrower. The borrower’s explanation must make

sense and be consistent with other credit information in the file. Neither the lack of credit history nor the borrower’s decision not to use credit may

be used as a basis for rejecting the loan application. We also recognize that some prospective borrowers may not have an established credit history. For those borrowers, and for those who do not use traditional credit, the lender must develop a credit history from utility payment records, rental payments, automobile insurance payments, or other means of direct access from the credit provider. The lender must document that the providers of non-traditional credit do, in fact, exist and verify the credit information. Documents confirming the existence of a nontraditional credit provider may include a public record from the state, county, or city records, or other means providing a similar level of objective confirmation. To verify the credit information, lenders must use a published address or telephone number for that creditor. As an alternative, the lender may elect to use a non-traditional mortgage credit report developed by a credit-reporting agency, provided that the credit reporting agency has verified the existence of the credit providers and the lender verifies that the non-traditional credit was extended to the applicant. The lender must verify the credit using a published address or telephone number to make that

verification.

The basic hierarchy of credit evaluation is the manner of payments made on

previous housing expenses, including utilities, followed by the payment history of installment debts, and then revolving accounts. Generally, an individual with no late housing or installment debt payments should be considered as having an acceptable credit history, unless there is major derogatory credit on his or her revolving accounts.

When reviewing the borrower’s credit and credit report, the lender must pay

particular attention to the following:

A. Previous Rental or Mortgage Payment History. The payment history

of the borrower’s housing obligations holds significant importance in

evaluating credit. The lender must determine the borrower’s payment

history of housing obligations through either the credit report, verification

of rent directly from the landlord (with no identity-of-interest with the

borrower) or verification of mortgage directly from the mortgage servicer,

or through canceled checks covering the most recent 12-month period.

B. Recent and/or Undisclosed Debts. The lender must ascertain the

purpose of any recent debts, as the indebtedness may have been incurred

to obtain part of the required cash investment on the property being

purchased. Similarly, the borrower must provide a satisfactory

explanation for any significant debt that is shown on the credit report but

not listed on the loan application. The borrower must explain in writing

all inquiries shown on the credit report in the last 90 days.

C. Collections and Judgments. Court-ordered judgments must be paid off

before the mortgage loan is eligible for FHA insurance endorsement. (An

exception may be made if the borrower has agreed with the creditor to

make regular and timely payments on the judgment and documentation is

provided that the payments have been made in accordance with the

agreement.) FHA does not require that collection accounts be paid off as a

condition of mortgage approval. Collections and judgments indicate a

borrower’s regard for credit obligations and must be considered in the

analysis of creditworthiness with the lender documenting its reasons for

approving a mortgage where the borrower has collection accounts or

judgments. The borrower must explain in writing all collections and

judgments.

D. Previous Mortgage Foreclosure. A borrower whose previous principal

residence or other real property was foreclosed or has given a deed-in-lieu

of foreclosure within the previous three years is generally not eligible for a

new FHA-insured mortgage. However, if the foreclosure was the result of

documented extenuating circumstances that were beyond the control of the

borrower and the borrower has re-established good credit since the

foreclosure, the lender may grant an exception to the three-year

requirement. Extenuating circumstances include serious illness or death of

a wage earner, but do not include the inability to sell the house because of

a job transfer or relocation to another area.

E. Bankruptcy. A Chapter 7 bankruptcy (liquidation) does not disqualify a

borrower from obtaining an FHA-insured mortgage if at least two years

have elapsed since the date of the discharge of the bankruptcy.

Additionally, the borrower must have re-established good credit or chosen

not to incur new credit obligations. The borrower also must have

demonstrated a documented ability to responsibly manage his or her

financial affairs. An elapsed period of less than two years, but not less

than 12 months, may be acceptable if the borrower can show that the

bankruptcy was caused by extenuating circumstances beyond his or her

control and has since exhibited a documented ability to manage his or her

financial affairs in a responsible manner. Additionally, the lender must

document that the borrower’s current situation indicates that the events

that led to the bankruptcy are not likely to recur.

A Chapter 13 bankruptcy does not disqualify a borrower from obtaining

an FHA-insured mortgage provided the lender documents that one year of

the payout period under the bankruptcy has elapsed and the borrower’s

payment performance has been satisfactory (i.e., all required payments

made on time). In addition, the borrower must receive permission from

the court to enter into the mortgage transaction.

F. Consumer Credit Counseling Payment Plans. Participation in a

consumer credit counseling payment program does not disqualify a

borrower from obtaining an FHA-insured mortgage provided the lender

documents that one year of the pay-out period has elapsed under the plan

and the borrower’s payment performance has been satisfactory (i.e., all

required payments made on time). In addition, the borrower must receive

written permission from the counseling agency to enter into the mortgage

transaction.

FHA Mortgage Requirements

FHA loan qualifying  requirements have been relaxed as part of the Federal government’s Housing and Economic Recovery Act, 2009. The purpose of the act is to provide some relief for home owners affected by the subprime housing finance crisis, and to help stabilize the housing market overall.

Relaxing the FHA mortgage requirements will allow more FHA insured mortgages to be issued, and in some parts of Florida, will allow FHA loans to be issued for higher priced properties than was previously allowed.

If you are like most suffering from mortgage stress, you should see whether the new FHA mortgage loan requirements will allow you to qualify for an FHA insured mortgage loan

Qualifying for an FHA Loan is easy

1. Age – you must be above the minimum age required to sign a FHA mortgage loan in your state. There is no maximum age limit for FHA qualifying.

2. Citizenship – you are not required to be a citizen in the USA, however  you must be a permanent resident of the USA legally paying US taxes.

3. Social Security Number – FHA Loans require you will require a valid Social Security Number; a Tax ID number is not sufficient.

4. You must have a at least 3.5% down payment (and you must be able to finance the closing costs of the FHA mortgage loan.

5. The property in question must be a residential home consisting of 1-4 units

6. The homes value cannot exceed the allowable maximum FHA loan limits for your area and the type of dwelling.

7. You will need to meet the FHA mortgage lender’s qualification requirements for an FHA mortgage loan. The requirements for FHA loans are generally more lenient than standard mortgage qualification requirements.

8. Qualifying Credit Score – you do not need to have a good credit score to obtain an FHA mortgage loan. FHA mortgage lenders cannot reject an FHA mortgage applicants because of having no credit history. If you have declared bankruptcy in the past, or have a past foreclosure, there will be some additional requirements before you can qualify for an FHA loan.

9. FHA  Income requirements – FHA has no minimum or maximum income requirement for FHA loan qualifying.

10. FHA Debt-To-Income Ratios – With an FHA loan you can use up to 35% of your Gross monthly income or before tax income towards housing, and up to 50% of your gross monthly income on the combination of housing plus all other monthly payments on your credit report.

11. FHA Down Payment – you will need a 3.5% down payment, but this can be in the form of a grant or gift.

12. Seller paid Closing Costs – you will need to be able to pay the closing costs of the FHA loan, but with FHA the seller can pay up to 6% to cover your closing cost including prepaid taxes and homeowners insurance.

Other FHA 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:

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.

www.FHAmortgageFHALoan.com

 FHA refinancing and new FHA loan information: These FHA mortgage loans will help you buy or refinance with a low down payment, backed by FHA/HUD.FHA mortgage loan requirements are more lenient than conventional requirements.

 FHA Home Refinance Loans

Take advantage of the many benefits of FHA  refinancing your Florida home – from getting cash out, to lowering your monthly mortgage payment, to protecting your Florida home investment – our FHA mortgage refinancing programs give you financial breathing room up to 85% of your Florida  home’s value. FHA refinancing offers financial freedom, a federally insured Florida home loan, and the low fixed rate you are looking for. If you already have an FHA loan, you may be eligible for a FHA streamline refinance that doesn’t require an FHA appraisal, credit check, income verification, or a face-to-face application. visit http://www.fhamortgagefhaloan.com/ for more information

Florida FHA Mortgage Refinance

Some advantages of using a FHA mortgage for your mortgage refinance your Florida home are as follows:

Cash-Out Refinance up to 95% for existing or new FHA mortgages.

Cash-Out up to 95% of your properties value. Consolidate first and second mortgages into single loan. Bill consolidation programs. Easier credit and income qualifications. FHA regulated closing costs.

Rate and Term Mortgage Refinancing up to 97% of your homes value.

Consolidate first and second mortgages into a single loan. No FICO score or credit score requirements Competitive rates for borrowers with a Bankruptcy older than two years. Competitive rates for borrowers with a Foreclosure older than three years. Easier credit and income qualifications. FHA regulated closing costs.

FHA Streamline Refinance for existing FHA loans only.

No Cost Interest Rate Reductions programs. No Income or Credit Qualifications. Zero cost refinance options available. Easily switch amortization for adjustable to fixed or vice versa. Easily shorten or lengthen term of your existing loan. Easier credit and income qualifications.

FHA Secure Refinance with current mortgage lates.

Refinance your mortgage at competitive rates even if you have a mortgage late on your credit that is directly due to adjusting mortgage. Qualify for refinance even if currently in foreclosure. Complete details of FHA Secure loan.

APPLY NOW AT  http://www.fhamortgagefhaloan.com/

Our FHA Home Refinance Loan Benefits:

Cash Out Refinancing: Tap your Florida home’s equity with Cash Out refinancing up to 85% of your home’s value. Lower Rate Refinancing: Lower your monthly mortgage payment by reducing the interest rate on your current Florida home loan. Current Florida Home owners with current FHA loans in good standing may further qualify for an FHA streamline refinance. FHASecure is a refinancing option that gives Florida homeowners with non-FHA adjustable rate mortgages (ARMs), current or delinquent and regardless of reset status, the ability to refinance into a FHA-insured mortgage. With FHASecure, you will not automatically be disqualified because you are delinquent on your Florida home loan, and you may be offered a second Florida mortgage to make up the difference between the value of your Florida home and what you owe.

FHA refinancing is only available to Florida homeowners who are currently using their Florida home as their principal Florida home. FHA mortgage  refinancing is available for Florida homeowners of single-family, multi-family homes, with verifiable income and who are able to make their Florida mortgage payment. Cash out is not available under FHA Secure.

WHY an FHA Mortgage over other Home loan options?

Why should you choose an FHA home loan?

There are many good reasons to choose an FHA home loan over other home loan options, especially if one or more of the following apply to you:

If you’re a first-time homebuyer If you don’t have a lot of money to put down on a house If you want to keep your monthly payments as low as possible If you’re worried about your monthly payments going up If you’re worried about qualifying for a loan If you don’t have perfect credit If you’re worried about what will happen if you fall behind on your payments

If any of these things describe you, then an FHA loan may be right for you.

Other FHA 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:

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.

www.FHAmortgageFHALoan.com

FHA Home loans (Min 530 score)

12 month cancelled checks or Management VOR Must have 3 good recent tradelines Payment shock limited to 1.5 times 33/45 DTI max No late’s or collection in last 12 months NO late’s after BK

An FHA-insured loan offers many benefits and protections that you won’t find in other loans including:

FHA loans have Lower rates: An FHA home loan has competitive interest rates because the Federal government insures the loans for lenders. Always compare an FHA loan with other loan types.

FHA Mortgage loans are Easier to qualify: Because FHA mortgage insures your mortgage, lenders may be more willing to give you loan terms that make it easier for you to qualify.

FHA loans If you have less than perfect credit: You don’t have to have perfect credit to get an FHA mortgage. In fact, even if you have had credit problems, such as a bankruptcy, it’s easier for you to qualify for an FHA loan than a conventional loan.

FHA mortgage have More protection to keep your home: The FHA has been around since 1934 and will continue to be here to protect you. Should you encounter hard times after buying your home, the FHA has many options to help you keep you in your home and avoid foreclosure.

FHA does not give money to people for a home and it does not set the interest rates on mortgages it insures. FHA insures loans for lenders against defaults. For the best interest rate and terms on a mortgage, you should compare mortgages from several different lenders. An FHA-approved lender can help you start the loan application process.

You may use an FHA-insured mortgage to purchase or refinance a new or existing 1-4 family home, a condominium unit or a manufactured or mobile home (provided it is on a permanent foundation).

What types of loans does FHA offer?

Fixed rate loans - Most FHA loans are fixed-rate mortgages (loans). In a fixed rate mortgage, your interest rate stays the same during the whole life of the loan, normally 30 years. The advantage of a fixed-rate mortgage is that you always know exactly how much your monthly payment will be, and you can plan for it.

Adjustable rate loans – Most first-time homebuyers are a little stretched financially, so they want payments as low as possible at the beginning. With FHA’s adjustable rate mortgage (ARM), the initial interest rate and monthly payments are low, but these may change during the life of the loan. FHA uses the 1-Year Constant Maturity Treasury Index (1 Yr CMT the most widely used index, to calculate the changes in interest rates. An index is a measure of interest rate changes that determine how much the interest rate on an ARM will change over time.

The maximum amount that the interest rate on your loan may increase or decrease in any one year is 1 or 2 percentage points, depending upon the type of ARM you choose. Over the life of the loan, the maximum interest rate change is 5 or 6 percentage points from the initial rate, again depending upon the type of ARM you choose. The advantage of an ARM is that you may be able to afford more house; because your initial interest rate will be lower, as will your payment.

Purchase – Rehabilitation loans – Sometimes you might see a home you’d like to buy, but it needs a lot of work. FHA has a loan for rehabilitating and repairing single-family properties called the SF Rehabilitation Loan program (203k). You can get just one mortgage loan which includes the mortgage and the cost of repairs combined. The mortgage amount is based on the projected value of the property with the work completed, taking into account the cost of the work. The advantage of this loan is that you can buy a home that needs a lot of work, but you still have only one mortgage payment, and you can complete the repairs after buying the home.

Indian Reservations and Other Restricted Lands - A family who purchases a home under this program can apply for financing through a FHA approved lending institution such as a bank, savings and loan, or a mortgage company. To qualify, the borrower must meet standard FHA credit qualifications. An eligible borrower can receive approximately 97% financing. An eligible party can produce a gift for the down payment. Closing cost can be financed; covered by a gift, grant or secondary financing; or paid by the seller without reduction in value.

How does a FHA loan Compare to a Conventional Loan? – Conventional loans usually require a larger down payment. And, if you have less than perfect credit you may not qualify for many conventional loans and find yourself being offered loans with higher interest rates and/or fees than you expected. The best thing to do is compare the cost of the conventional loan to an FHA loan line-by-line. What are the fees on each? What is the interest rate? How much is the mortgage insurance on each? How much down payment is required? For some borrowers, a conventional loan may be less expensive. For many others, it will be more expensive than FHA.

FHA home loan Florida, FHA mortgage Florida, Florida FHA Loans have many advantages over other financing programs including:

 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.FHAmortgageFHALoan.com

FHA Home Loans for Purchasing a Florida Home

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

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

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 Downpayment 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 Downpayment assistance programs that work well with Florida FHA home loans.

Less than A-1 Credit is Okay – The Florida 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 Florida 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 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 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 Florida FHA mortgage loan. Call 1-800-570-0448 to get pre-approved for a 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 FHA mortgage. Call 1-800-570-0448 to speak with a friendly 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.

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