FHA loans are Gaining Florida Market Share, (((97% w 530 FICO)))

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FHA loans are Gaining Florida Market Share

FHA loans in Florida are gaining Florida market share at an incredible pace.  Four years ago very few sellers would accept an offer from an FHA buyer who wanted to take advantage of an  FHA mortgage loan in Florida.  This is because it was a sellers market.  In fact most Florida sellers wouldn't accept an offer where the home was not sold, "as is".  This meant that the Florida buyer would be responsible for any repairs and all repairs  needed to the property uncovered in the home inspection.  Since Florida sellers would just kill the contract, wait 2 weeks and more than likely have a higher offer from a Florida buyer willing to pay more.

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.

Apply for FHA financing in Florida at www.FHAMortgageFHAloan.com

FHA loans in Florida were less than 5% of the Florida market back then.  Today most Florida sellers didn't want to be responsible for a tougher FHA appraisal that most Florida FHA loans were known for.  In today's Florida real estate market most sellers would be happy for any offer.  Since it is a Florida buyers market now the added an FHA appraisal requirements no longer are an impediment to a offer being accepted.  FHA loans across Florida now make up over 30% of the market.  It is even higher in some Florida places.

 With Florida FHA loans being more popular, Florida realtors and Florida closing agents and Florida mortgage companies are getting more comfortable with them.  This is great for Florida homebuyers since they have some protections that most other loans do not have.  These include streamline refinances and an assumable feature.  Conventional loans do not have these same advantages.  Also most conventional loans now require at least  10% down payment compared to a 3.5% down payment for FHA loans in Florida.

FHA loans in Florida also have another big advantage.  The Florida mortgage applicant can get the entire down payment as a gift.  They also allow  the seller pay up to 6% of the closing costs.  The mortgage conventional loans are not as flexible with their requirements.  You also don't need to be a Florida first time home buyer to take advantage of a Florida FHA loan.  You can only have one FHA loan at a time (except under rare circumstances), and it needs to be a primary Florida home. I would not be surprised to see the FHA loans in Florida secure an even greater market share in the future.

Apply today at http://www.fhamortgageprograms.com

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

Easy Qualification - The FHA loan insures Florida mortgage lenders against loss for loans made to properly qualified Florida FHA home loan mortgage applicants. So you're likely to find FLorida FHA mortgage loans with terms that make it easier for you to qualify.

Minimal Down payment Requirements - Florida 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 Florida  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.

FHA Home Loans for Purchasing a Florida Home

Although Florida FHA mortgage 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!