Mortgages

Found 14 blog entries about Mortgages.

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FHA Mortgage in Jacksonville May Start the End of The Current Real Estate Dip

What is the FHA?

FHA stands for the Federal Housing Administration.  The FHA actually doesn't make the loan but insures the loan to the lender who is loaning the money.  Since the lender is being insured against loosing their money they are able to offer FHA borrowers easier qualifying terms and lower down payment requirements.

Low Down Payment

As a FHA Borrower you can work with as little as 3% down.  What is great is this 3% can come as a "gift" from family, non-profit charities and even an employer.

Don't Have Great Credit?  That's OK

The purpose of the FHA is to increase housing ownership.  So often borrowers who can't qualify for a conventional loan can

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june2013-42_400Not only do you get a loan with just 3.5% down but you will also be able to save around $10,000 over the life of the loan if you attend classes from the Homeowners Armed with Knowledge (HAWK) program before shopping for your home.

But that is not all!

2 years with no deliquent payments means another 15 basis-point reduction.

 

 

How does this work?

Home Buyers must take the class before signing a purchase contract for real estate. Additional classes will be needed before completing the sale. The actual savings will be in "50 basis-point reduction in upfront mortgage insurance and a 10 basis-point reduction in the annual premium cost. Upfront mortgage insurance premiums are 1.75% of the total loan amount, while annual monthly premium

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Pre-Qualify Yourself

Getting pre-qualified by a mortgage professional is always the first step in the house hunt. After all, you don't know what to look at if you don't have a price range to start with. Having a professional pre-qualify you will help clarify those hard to figure items: rental income, bonuses, insurance cost, taxes, etc. However, if you need a place to start to see if you even want to approach a mortgage professional then this is a quick and dirty way to pre-qualify yourself.

Front End Ratio

Your monthly housing expense or Principal , Interest, Taxes and Insurance (PITI) can't be higher than 28% of your monthly income. This does not include your hoa fee.

Back End Ratio

This differs depending on your type of loan. For the two most…
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Mortgage rates have been rising lately. Rates are toward the highest they have been for all of 2013.

Most believe the cause of the rising interest rates is the Federal Reserve withdrawing their purchasing from the Mortgage Back Securities market. In fact, a few Fed Reserve bank presidents have mentioned their should be a total stopage of MBS purchase by the Fed. This lack of purchasing by the Fed has led to investors selling fixed income investments and thus a rise in yields to entice others to buy such fixed income investments. However, the current thought on the market is that rising rates will cause the Fed to intervene to moderate rates. That being said higher rates are expected in the future, just not immediately. This thought is justified by

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As a first-time home buyer, your lender has likely informed you that you must carry homeowner’s insurance. But apart from knowing that you must purchase homeowner’s insurance, what is there really to know?

Well, a lot. Homeowner’s insurance policies are not all the same, and they certainly not all created equal.

Here is what you should know about homeowner’s insurance so you can be sure you purchase the best policy for your sawgrass country club homes for sale:

Understand the reason behind the quote.

An insurance agent will likely ask you a multitude of questions regarding the home you want to purchase, including the year the home was built, the square footage of the home, the location of the home, the city or town in which the home is…
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You can look and dream all you want, but the fact of the matter is that a home mortgage is usually what separates most buyers from homeownership. It is very important to have a firm understanding of the mortgage process before you dive into a home search for a St. Johns County property. And to do so you need to go through a specific process. Here’s how it usually plays out:


  • A trip to a lender – Before you even begin looking, there are two things you need to find out: (1) if you can be approved for a loan; and (2) how much of a loan you qualify for. A qualified lender can help you figure out both of these things, so it is important to head straight to a lender before doing anything else. Once the lender has pre-approved
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Are you in the market to buy a home for sale in St. Johns County?  Are you willing to put a little “sweat equity” into a home for a lower purchase price?  If yes, then an FHA insured HUD 203(k) loan may be just the thing for you.  If you qualify you could be approved for a loan equal to the selling costs, and the estimated costs of repair and remodeling. 

There are many reasons why a home may be in disrepair.  The age of the home, or it may have been unoccupied for a length of time causing the property to wither.  Or, perhaps an owner simply ignored maintenance issues and would now rather sell than fix the property.  In any case, a fixer-upper home can be a good start for an individual or family willing to invest the time and effort in a St. Johns

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You may want to purchase Jacksonville property but you have doubts about your qualifications.  You may think you don’t earn enough money, or your credit score is too low to qualify for a loan. Possibly you have experienced a foreclosure and even a bankruptcy in the recent past.  In your mind you have about as much chance of owning a home as you do of owning a private island in the South Pacific.

But you could be mistaken.  An FHA guarantee allows more potential home owners to be approved for a mortgage with less stringent requirements.  The government wants you to own property, and it is willing to back up the banks who lend money so that the economy continues to thrive. 

Income and Employment

Since qualifying for a FHA loan is more flexible than a

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As a potential home buyer, you may or may not understand the benefits of an FHA mortgage loan. Using an FHA loan to purchase a St. Augustine property is a good idea for many reasons. With lower interest rates than most conventional loans, less strict qualification guidelines, and down payment grant programs available to those who qualify, FHA mortgage loans can even make home ownership possible for those with less than perfect credit or for buyers with limited or no money for a down payment. If you dream of owning a home, it is possible that an FHA loan is the right choice for you.

What Is An FHA Loan?

An FHA mortgage loan is a loan which is insured by the FHA, or Federal Housing Authority. These loans are issued through private lenders based on a set

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learn_how_to_accommodate_for_the_new_mortgage_lending_requirements_360_01The vacillation of the stock market is being seen in the mortgage market in their rates, terms and timing.   You've probably heard that lenders have been strengthening their guidelines requiring higher credit scores for the best rates and/or bigger down payments from borrowers.   You might of heard that lender are changing their programs more regularly. But have you heard of buyers going to the closing table and the lender no longer keeping to the terms that were offered?  I am being told that it is happening.   In addition, I am just being told that the rates the lenders are charging can change up to 4 times a day!  So if your mortgage broker calls you with a great rate and you don't lock in ... you can pretty much be assured that the…
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