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Five Stars Florida

Florida's leading home loan mortgage resource - USDA, FHA, VA

By Five Stars Mortgage | Mortgage Broker
or Lender in 32257
  • VA IRRRL Refinance - Jacksonville

    Posted Under: Financing in Jacksonville, Credit Score in Jacksonville, Military Movers in Jacksonville  |  July 12, 2014 7:15 AM  |  93 views  |  No comments

    This VA refinance mortgage is designed to assist Jacksonville Veterans lower their current VA mortgage interest rate, with minimum  hassle.  The “streamline process” greatly reduces the paperwork and qualifying criteria.  The VA IRRL Refinance Loan was created by the Veterans Administration in order to help veterans and active duty members refinance and take advantage of lower mortgage interest rates we see today in FL.

    The VA Streamline, which is also referred to as IRRRL (Interest Rate Reduction Refinancing Loan Program), is pretty easy for US Veterans and active duty members to qualify for. Keep in mind, that you can use the terms IRRRL and VA Streamline Refinance Loan interchangeably. Below we have listed on the highlights of the VA Streamline Refinance Loan program:

     

    • Appraisal of your home is NOT required, Underwater on your home? Ok.  
    • Any closing costs are rolled into the new loan – However, the borrower cannot receive any cash out.
    • Min documentation - no bank statements, job verification, pay stubs are needed as conventional underwriting process does NOT apply.
    • Min 620 FICO score needed by most lenders. In the last 12 months you cannot have more than ONE 30 day late payment on your current VA mortgage.
    • Energy efficiency improvements to your home can be rolled into the loan amount.
    • This program gives Veterans and active duty service men and women a fast simple process to refinance their current mortgage loan and lower their mortgage payment.

     

    Benefits of the IRRRL - VA Streamline Refinance Loan.

    • The VA IRRRL doesn't require any income or asset verification.
    • Almost all Vets qualify.
    • Out of pocket expense is ZERO - closing costs are rolled into the new loan.
    • Property is not appraised as long as property AVM value qualifies.
    • No need to verify income.
    • Reduce your monthly payment by reducing your interest rate .
    • Avoids potential foreclosure.
    • Easily transition from an ARM to Fixed rate mortgage.
    • No out of pocket closing costs - You are allowed to add up to $6000 over the amount you owe on your loan to cover closing expenses. This will be rolled into your new loan amount.
    • Interest rates are still low in 2014!

     

    Refinancing from an adjustable rate loan.

    Refinance could lower foreclosure risk - If you have an (ARM) adjustable rate mortgage, your housing bill may very well INCREASE when the fixed period expires. Depending on your exact mortgage terms, which is usually anywhere from 3-5 years.

    It's not uncommon for your interest rate to jump dramatically - 2 to 5 percentage points after your ARM expires forcing you into conventional "refinance". The results can be devastating financially as you may not be able to afford to keep your home.

    If you NEED to get out of an ARM and into a fixed rate mortgage! IRRRL can help you accomplish this.

    If you’re not sure you have an adjustable rate mortgage, check your original closing paper work, you need to know when the adjustable period expires so you can take action and get into a fixed rate mortgage using the IRRRL program.

    Need assistance? Please contact us at http://www.fivestarsmortgage.com/floridavaloan  or call 800-871-2636.   Take advantage a IRRRL may drastically reduce the overall dollar amount spent on interest by lowering your interest rate.

    Serving all of NE FLA including Duval, Nassau, Clay St. Johns County – Jacksonville, Middleburg, Orange Park, Green Cove Springs, Amelia Island, Callahan, Fernandina Beach, Hilliard, Yulee

  • 100% USDA Loans St. Johns County Florida

    Posted Under: Home Buying in Saint Johns County, Financing in Saint Johns County  |  July 2, 2014 7:31 PM  |  104 views  |  No comments

    The 100% USDA Loan Program, where absolutely no money is required for a down payment, is perhaps the hottest mortgage in Florida.  After all, this special program not only requires zero for a down payment there are also no maximum loan amounts.

    Funny though, this program has been around in St. Johns County for years but the popularity has risen in recent years. Why?  Zero down loan programs have mostly disappeared.  Yet this popularity can also present a problem, unlike other mortgage programs...scarcity.

    The USDA mortgage program funds are provided through Congress in the federal budget.  And when the money's gone, it's gone. That is until Congress authorizes additional funds via a continuing resolution.  When the funds are provided, lenders can make USDA loans and when the funds run out, lenders have to wait until there's more money to fund the program.

    Other programs available in Saint Johns County including those underwritten to Fannie Mae, Freddie Mae, FHA or VA standards are funded by the lender and the source of funds is never-ending. If a lender wants to raise more capital in which to place more mortgage loans they can sell the loans they currently have, work off of a pre-arranged credit line or even open up their vault.

    Not so USDA.  When the program is funded it's "first come, first served" for all USDA applicants. That means when the program has money available, you need to run, not walk to your USDA lender and get your loan package approved as soon you can.  This is especially important in light of the current low interest rates we are seeing today. If you think the property you're looking for can qualify for a 100% USDA loan in St. Johns County, pick up the phone and call us right away to see if this special program is right for you!

    Keep in mind Julington Creek, World Golf Village, Palm Coast and most of St. Augustine is currently approved for USDA Rural financing. However, this could be changing Oct 1st 2014, so act now.  Visit  http://www.fivestarsmortgage.com/usda-rural-loan

    For more info or call 800-871-2636

  • Home Loan Mortgage Options - Ocala,Gainesville

    Posted Under: Home Buying in Ocala, Financing in Ocala, Home Ownership in Ocala  |  May 2, 2014 8:37 AM  |  303 views  |  No comments


    In recent years, a number of alternative home mortgage options have risen to allow Ocala and Gainesville homebuyers to purchase a home with little to NO down payment.  Conventional mortgages have always required a 10-20% min down payment, which is out of reach for the average home buyer, especially first time buyers.  Some other options in 2014 allow buyers to purchase a home up to 100% financing.  Federal Housing Administration (FHA) and U.S. Department of Agriculture (USDA) loans are very popular choices and we will take a closer look at them below.  While the average borrower may be aware of these types of mortgages, he or she may not understand the difference. Each variation carries its own specific set of criteria that may or may not suit the borrower's needs.

    Ocala - Gainesville Conventional Mortgage:

    A conventional home loan is among the most common type of mortgage. Loan providers require the buyer to put down 10-20% of the purchase price. The buyer needs to qualify within the lender's debt-to-income ratio. The ratio for home expenditures - home loan and escrow- is no more than 28 % of the buyer's gross monthly earnings. The ratio for general debt is no more than 36 % of the buyer's gross monthly earnings. The buyer must present evidence they have money available for the down payment. Please do note the ratio limits above can be exceeded for strong buyers that have good credit, stable job history, cash savings. Generally, credit score should be a min of 620.  Learn more at http://www.fivestarsmortgage.com/florida-loan-programs/conventional-loan

    Ocala - Gainesville FHA Mortgage:

    An Federal Housing Administration (FHA) loan is sponsored by the U.S. Department of Housing and Urban Development. The buyer only has to put 3.5 % down payment with the FHA program. The credit score and underwriting guidelines are less firm than those for a conventional loan. The buyer can put down as little as 3.5% down payment, however, he must pay monthly private mortgage insurance. This yearly premium is typically 1.35% of the loan amount. Payments are broken up over a 12-month period. In addition, FHA loans require a 1.75% upfront funding fee that is normally added to the buyers loan.  FHA loans are only available to those who will occupy the property as a primary residence. Investment home and vacation homes are not permitted. Learn more about the FHA program at http://www.fivestarsmortgage.com/florida-fha-loan

    Ocala – Gainesville USDA Mortgage:

    A USDA mortgage is sponsored by the United States Department of Agriculture (USDA Rural Housing) These loans are specifically targeted to more rural areas. Here is the great news… all of Marion County outside of the immediate Ocala area is eligible and approved for 100% financing USDA loans!   Belleview, Citra, Dunnellon, Eastlake Weir, Eureka, Fort McCoy, McIntosh, parts of Ocala, Ocklawaha, Orange Springs, Pedro, Reddick, Romeo, Salt Springs, Summerfield, Weirsdale – all approved.  Same goes for Alachua County outside of the immediate area of Gainesville -  Alachua, Archer, parts of Gainesville, Hawthorne, High Springs, La Crosse, Micanopy, Newberry, Waldo – all approved!

    The USDA 502 program allows up to 100% of the appraised value of the home with no down payment required. Another advantage with USDA loans, the monthly mortgage insurance is much less than FHA home loans. One thing important to remember is the USDA program does have household income limits – read here to for info - http://www.fivestarsmortgage.com/usda-rural-loan

    Pro and Cons:

    A conventional mortgage is favorable in that a borrower starts out with at least 20% down payment and can avoid private mortgage insurance (PMI) The downside is that saving that enough for so large a down payment can take a considerable amount of time. FHA loans give you the flexibility to purchase a home with less money down. There are also no income or location restrictions with FHA. The disadvantage is that you can be stuck with PMI for half the term of the loan. USDA loans have the least rigid guidelines, but you must be looking for a rural home specifically and have household income below the limit for Marion and Alachua County. USDA is also the only loan that permits 100% financing.

    If you have questions about any of the mortgage programs mentioned above, please contact us at 800-871-2636 or visit www.FiveStarsMortgage.com

  • New USDA Rural Development Program Income Limits

    Posted Under: Home Buying in Alachua County, Financing in Alachua County  |  February 18, 2014 10:57 AM  |  387 views  |  No comments

    USDA and rural housing as finished their annual updates to the 2014 program income limits. Please see below for the Florida income limits.

     

    FLORIDA

    COUNTIES

    1- 4 person household

    5 – 8 person household

     

     

     

    All Florida counties EXCEPT those listed below:

    $74,750

    $ 98,650

    Clay, Duval, Nassau, St Johns

    $77,400

    $102,150

    Collier

    $83,750

    $110,550

    Manatee and Sarasota

    $75,200

    $99,264

    Okaloosa and

    Wakulla

    $78,650

    $103,818

    Palm Beach

    $87,550

    $115,550

    NOT ELIGIBLE are Broward, Pinellas and Monroe

     

    Add 8% of 1-4 person limit for each person in excess of 8 persons.

     

    A few things to remember when calculating USDA income eligibility -

    Homebuyers are permitted to deduct for certain things minor children living in the household. In addition, documentable child care expenses, disabilities, elderly household members. Please add $480.00 to the income limits for each child living in household.

    The USDA income eligibility limits above apply to ALL members in the household that produce income, regardless if they apply for the loan or not. If they are living in the home at the time of closing, their income must be added to the total.

    The USDA income limits only applies to household income at the time of closing. Future income “down the road” is not considered.

    If you have questions, please visit http://www.fivestarsmortgage.com/usda-rural-loan or call 800-871-2636

    Serving all of Florida:

    Alachua county

    Baker

    Bay

    Bradford

    Brevard

    Broward

    Calhoun

    Charlotte

    Citrus

    Clay

    Collier

    Columbia

    DeSoto

    Dixie

    Duval

    Escambia

    Flagler

    Franklin

    Gadsden

    Gilchrist

    Glades

    Gulf

    Hamilton

    Hardee

    Hendry

    Hernando

    Highlands

    Hillsborough

    Holmes

    Indian River

    Jackson

    Jefferson

    Lafayette

    Lake

    Lee

    Leon

    Levy

    Liberty

    Madison

    Manatee

    Marion

    Martin

    Miami-Dade

    Monroe

    Nassau

    Okaloosa

    Okeechobee

    Orange

    Osceola

    Palm Beach

    Pasco

    Pinellas

    Polk

    Putnam

    Santa Rosa

    Sarasota

    Seminole

    St. Johns

    St. Lucie

    Sumter

    Suwannee

    Taylor

    Union

    Volusia

    Wakulla

    Walton

    Washington

  • USDA Property Eligibility Map for 2014

    Posted Under: Home Buying in Tallahassee, Financing in Tallahassee  |  January 21, 2014 7:40 AM  |  506 views  |  No comments

    Some good news for FL homebuyers and the USDA Rural Housing program -  it was annoced that the eligable property map will not be changing until Sept 2014. All the locations that have been eligable, will remain eligable.  So it's business as usual with 100% USDA home loans. Homebuyers in Florida can learn more about the USDA program by visiting  http://www.fivestarsmortgage.com/usda-rural-loan  or call 800-871-2636
  • Avon Park, Lake Placid, Highlands - First Time Home Buyers

    Posted Under: Home Buying in Avon Park, Financing in Avon Park  |  November 19, 2013 3:11 PM  |  444 views  |  No comments

    First time home owners in Highlands County FL still have plenty of great government mortgage programs available that require little to NO down payment. Government home loans offer many benefits including secure 30 year fix low rates, no pre payment penalty and minimum down payments. The USDA and VA home loan are the only two mortgages in Florida that still offer 100% financing

    Visit www.UsdaMortgageSource.com to learn more about the 100% USDA loan basics in Avon Park or Lake Placid. The USDA loan is available to all Florida home buyers looking to purchase a home in a rural approved location. All of Highlands County is currently eligible for 100% USDA rural housing!

    The VA home loan also offers 100% zero down payment to all of our past and present military heroes. To learn more about the VA home loan, please click here.

    The FHA home loan is probably the most widely used Government home loan option. The FHA mortgage does require a 3.5% minimum down payment, but can be used in any location. To learn more about the benefits of the FHA loan in Florida, please click here.

    Five Stars is Florida's leading first time homebuyer resource. Serving all of  Highlands County 7 days a week including Avon Park, Lake Placid, Leisure Lakes, Lorida, Sebring and Venus. Call us at 800-871-2636 or visit www.FiveStarsMortgage.com to learn more about any program listed above. 2014

  • VA Mortgage Pre Approval

    Posted Under: Home Buying in Pensacola, Financing in Pensacola  |  September 17, 2013 8:56 AM  |  903 views  |  No comments

    Florida veterans and active duty military personnel have some wonderful benefit to take advantage of, in particular the 100% VA mortgage. The Department of Veterans Affairs guarantees these loans, which can finance as much as 100% of the value of the property in Florida, ensuring low rates and easier qualification guidelines than with conventional loans.

    Benefits of a VA Mortgage

    • Many VA loans are assumable, meaning if you sell your home the new owners can take over your mortgage rather than applying for a new loan. This is extremely attractive to many buyers and will set your property apart from others for sale.
    • Those with less than perfect credit can sometimes qualify for a VA home loan even if they would not qualify for most conventional loans. The current min credit score is 620.
    • The VA mortgage can allow you to purchase a home with very little initial out of pocket expenses. Up to 100% of the property value can be financed, and so can the VA funding fee. Closing costs are permitted to be covered by gift funds or paid by the seller.
    • If you already hold a VA mortgage and would like to take advantage of today's low VA mortgage rates a streamlined refinance can be considerably simpler, less time consuming, and less expensive than a conventional refinance. Request a quote now to see what the rates are today and what you could be saving.

    Get started on a VA Mortgage Loan today

    Our mortgage consultants are experienced VA home loan experts. They can help you determine whether you are eligible and apply for your certificate of eligibility from the Department of Veterans Affairs. They can also let you know what the current loan limit is for the county in which you live or are looking for a home, and guide you through the entire process. Florida home buyers can contact us today at 800- 871-2636 for a no-obligation VA home loan consultation. Please also visit http://www.fivestarsmortgage.com/floridavaloan for more details. 

    Serving Escambia County - including: Bellview, Brent, Brownsville, Century, Cantonment, Ensley, Gonzalez, Molino, Muscogee, Myrtle Grove, Pensacola, Pensacola Beach, Perdido Key, Warrington, West Pensacola, 2014

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