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Mike Brasco's Blog

By Mike Brasco | Home Seller in Jacksonville, FL

FLORIDA FIRST TIME HOME BUYER PROGRAMS:: FOR FLORIDA FIRST TIME HOME BUYER'S

FIRST TIME FLORIDA HOME BUYER PROGRAMS

(FLORIDA FHA LOANS :: FLORIDA VA LOANS :: FLORIDA USDA LOAN “)

FLORIDA FIRST TIME HOMEBUYER LOANS- Florida homebuyers will find that a government guaranteed FHA, VA, or USDA loan is easier to qualify for than any other home loan program. Details of these First time Florida homebuyer loans are listed below:
Government Homebuyer Loans  (
FLORIDA FHA LOANS :: FLORIDA VA LOANS :: FLORIDA USDA LOAN “)

·         CONVENTIONAL

·         JUMBO LOANS

·         CONDO'S

·         BAD CREDIT

·         INVESTOR LOANS

·         NO CREDIT SCORE

·         MANUFACTURED

·         HARD MONEY

·         FLORIDA MORTGAGE

·         REFINANCE

·         HOME LOAN

·         FHA REFINANCE

·         FHA LOAN LIMITS

·         FHA LOAN INFO

·         FLORIDA

·         FOREIGN NATIONAL

·         SELF EMPLOYED

·         REVERSE MORTGAGE

·         FIRST TIME BUYER

·         FHA Q&A;

·         Florida MLS

Mortgage type

Housing Expense Ratio:

Total Monthly Expense Ratio:

FHA 96.5% LTV

31%

43%

VA 100%

 

41%

USDA 100%

29%

41%

FHA LOANS-An FHA loan is insured by the Federal Housing Administration, a federal agency within the U.S. Department of Housing and Urban Development (HUD). The FHA does not loan money directly to FHA loan applicants, rather the FHA insures private FHA lenders approved against default through mortgage insurance (MIP). Available to first homebuyers and moving up buyers the FHA loan program is designed to help creditworthy families with a small down payment purchase a home.

FHA loan programs are particularly beneficial to those buyers with little money available for down payment. The rates on FHA loans are generally market rates, while down payment requirements are lower than for conventional loans.

BENIFITS TO FHA LOANS INCLUDE: 
• Only a 3.5 percent down payment is required. 
• Sellers may contribute 6% towards closing costs 
• Gifted funds may be used for down payment and closing costs 
• Some closing costs can be financed. 
• Lower monthly mortgage insurance premiums and, under certain conditions, automatic cancellation of the premium. 
• More flexible underwriting criteria than conventional loans 
• FHA regulated closing cost.
• Loans are assumable to qualified buyers.

VA LOANS-VA guaranteed loans are made by lenders and guaranteed by the U.S. Department of Veteran Affairs (VA) to active military and eligible veterans for the purchase of a home. The guaranty means the mortgage lender is protected against loss if you fail to repay the loan. In most cases, no down payment is required on a VA guaranteed loan and the borrower usually receives a lower interest rate than is ordinarily available with other loans.

OTHER BENIFITS TO THE VA LOAN INCLUDE:
• 100% financing
• Seller can pay up to 4% of your closing cost with a VA loan.
• Low interest rates  
• Closing costs are comparable, and sometimes lower, than other types of financing. 
• No private mortgage insurance (PMI) requirement.  
• Right to prepay loan without penalties 
• The Mortgage can be taken over (or assumed) by the buyer when a home is sold. 
• Counseling and assistance available to veteran borrowers having financial difficulty or facing default on their loan.

Although mortgage insurance is not required, the VA charges a funding fee to issue a guarantee to a lender against borrower default on a mortgage. The fee may be paid in cash by the buyer or seller, or it may be financed in the loan amount.

A VA loan can be used to buy a home, build a home and even improve a home with energy-saving features such as solar or heating/cooling systems, water heaters, insulation, weather-stripping/caulking, storm windows/doors or other energy efficient improvements approved by the lender and the Veterans Administration.

Veterans can apply for a VA loan with any mortgage lender that participates in the VA home loan program. A "Certificate of Eligibility" from the VA must be presented to the lender to qualify for the loan. Most other traditional loan documentation applies.
 
USDA-GUARANTEED RURUAL HOUSING PROGRAM- One of the most attractive and flexible mortgage The USDA Guaranteed Rural Housing Program is available to low- and moderate-income households in designated rural areas of Florida. Under this program 100% financing is available and no mortgage insurance is charged to the borrower, making it one programs available. The 2% Guarantee Fee may also be financed. In Florida, the maximum loan amount is $417,000.

Qualified applicants must have household income no more than 115% of area median household income and typically have a minimum credit score established by each lender. Borrowers must also lack sufficient assets to qualify for a conventional mortgage loan. 
Properties must be owner-occupied and located in a rural community with a population of 10,000 or below. A community with 20,000 residents may also qualify if it is outside of a metropolitan statistical area. To find out if a property address qualifies, visit the USDA Rural Housing Service Property Eligibility site.

(FLORIDA FHA LOANS :: FLORIDA VA LOANS :: FLORIDA USDA LOAN “)

Comments

By Andrew Liebenhaut,  Tue May 20 2014, 06:45
There is a program that I use, that gives fha buyers (who meet the requirements) a 10k interest and payment free loan to take care of the down payment and closing costs on the home. You only pay back the loan when you sell. If you pay your loan off, you do not need to pay the loan either.

Qualifications
3 years of tax returns
640 credit score
Must not make more than 70,000 individually
Must make more than 25,000
Must live in the home as the primary residence
May not own another home at the time of purchase

If interested and are not working with another realtor, you may contact me.

Andrew
954-394-7185 TEXT FIRST - NAME, NUMBER AND BRIEF DESCRIPTION
andrewLtherealtor@gmail.com
Real Living/First Service Realty
http://www.realliving.com/Andrew.Liebenhaut

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