What is so great about Jacksonville FHA Mortgages?

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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Unravelling the Confusion of Closing Costs

 In comparing loans for your new Jacksonville home, keep the following in mind.  Closing costs are split into two main categories: the closing costs controlled by the lender which vary from place to place and closing costs not controlled by the lender that will not be negotiated. 

The Process

You will first obtain a "Good Faith Estimate" of closing costs when talking to a mortgage lender.  It is your right to receive a copy although they may send it to you within three business days of your application.

Remember, the mortgage lender is not the only one charging all of your final closing costs, nor do they know what all the costs will actually be. They will normally give you a higher end estimate based on an educated guess from…

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Reduced Closing Fees, No Closing Costs, Seller Will/Won’t Pay - Did You Count the Closing Costs?

Closing Costs are those pesky things that you do not always think about up front when looking for a home or even selling one.  Part of understanding closing costs and how they are determined has to do with governmental taxes, fees for recording of the new deed, fees for the title search to verify that the seller has clear title to sell.  Others may be ‘discount points’ for your loan.  In any case, getting an estimate at the beginning of the process is the best you can hope for. Often times, although a trained professional can perform a close estimation process, even your realtor will not know the exact bottom line until the paper is ready to sign and you have to put the money on the table.

Closing Costs for the Seller

Easy. They take the closing costs…

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Breaking up is Hard to Do…….

…….especially when one of you will need a new home now! Maybe it is time for a fresh start and a relocation is in order. They say that absence makes the heart grow fonder. Where do you start if its time for a relocation?

Your Job

Will your job transfer? Many companies have offices all across the country. If you like your job and the company, your first stop will be Human Resources, to see what may be available in other areas. Polish up your resume, and begin some serious networking. Make an appointment in HR, and get started!

If your company does not have offices anywhere you want to go, begin your job hunt. Post your resume online, using online services like Monster.com or Hotjobs. Utilize online newspapers to check the Want Ads in locations…

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New FHA Mortgage Limits for Jacksonville and Ponte Vedra Beach Florida

Buyers can now buy a more expensive home in Jacksonville and Ponte Vedra Beach with less money down and lower credit score!

New rates are for loans obtained on July 1, 2008 or later and must close no later than Dec 31, 2008.

New FHA Maximum Loan Limits for Northeast Florida Counties:

Single-Family FHA Loan Limit is now $387,500 for Duval County Real Estate.

Single-Family FHA Loan Limit is now $387,500 for St. Johns County Real Estate.

Single-Family FHA Loan Limit is now $387,500 for Clay County Real Estate.

Single-Family FHA Loan Limit is now $387,500 for Nassau County Real Estate.

Single-Family FHA Loan Limit is now $387,500 for Baker County Real Estate.

This is an increase of $93,000 from the old FHA maximum loan limit of…

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