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$8000 Tax Credit for buying a home! Cash to you from the Government
Sweeping new stimulus packages from Washington to help homeowners and the sluggish housing market. If you've been on the fence about buying a home in today's real estate market, NOW is the time to take advantage of a temporary $8,000 tax credit specifically designed for first-time home buyers, or anyone who has not owned a home in the past three years.
DON'T WASTE THE OPPORTUNITY It ends Nov 30, 2009
READ ALL THE DETAILS!
You've heard the name before, but did you know that FHA financing is one of the most popular ways to become a homeowner or refinance an existing mortgage. FHA's mortgage insurance programs help low- and moderate-income families become homeowners by lowering some of the costs of their mortgage loans. FHA mortgage insurance also encourages mortgage companies to make loans to otherwise creditworthy borrowers and projects that might not be able to meet conventional underwriting requirements, by protecting the mortgage company against loan default on mortgages for properties that meet certain minimum requirements--including manufactured homes, single-family and multifamily properties. We are a top provider of FHA Home Loans in Minnesota, Wisconsin, and Florida.
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Find out why more and more people are turning back to FHA! Although there are similarities between FHA and Conventional mortgage loans there are also some big differences. While interest rates are similar, credit guidelines are different. FHA allows for borrowers with less than perfect credit to receive the same interest rate as a borrower with unblemished credit. Low down payment conventional financing, like FLEX 97, are much harder to qualify for these days. Minimum credit scores are much higher, and private mortgage insurance is double the cost of FHA.
Most applicants are inundated with a variety of terms describing mortgages that are available on the market. The most popular include, Conforming, FHA, and VA.
FHA was created by the Federal Government to provide affordable housing financing for qualified borrowers. FHA doesn't actually lend, they just insure the loan, eliminating the lender's risk. The borrower pays a small upfront insurance premium, called MIP, which is added to the loan amount. The borrower also pays a small monthly mortgage insurance premium. These funds go into a default pool, while covers any foreclosures, and all FHA borrowers have to pay into this fund.
FHA Home Loan Down payment requirements can be low. In contrast to conventional mortgage products, which frequently require down payments of 5-10 percent or more of the purchase price of the home, single-family mortgages insured by FHA make it possible to have small down payments. FHA RULES HAVE CHANGED. I won't repeat the old rules to avoid confusion, but currently FHA REQUIRES only a 3.5% down payment. This money can be your own money, a gift from a blood relative, or a gift or grant from a true community, state, or city program.
There are also Closing costs which need to be paid, but almost 100% of the time, these closing costs can be financed into the loan amount by having the seller pay them. Seller paid closing costs really is simply a fancy term by which you are allowed to "roll" your closing costs into the loan, and pay them over the life of the loan, versus having to come up with the money today out of pocket.
FHA closing costs can be financed, up to 6% of the purchase price. With most conventional loans, the maximum is just 3%. Typically borrower must pay, at the time of purchase, closing costs (the many fees and charges associated with buying a home). This program allows the borrower to finance many of these charges, thus reducing the up-front cost of buying a home. FHA mortgage insurance is not free: borrowers pay an up-front insurance premium (which may be financed) at the time of purchase, as well as monthly premiums that are not financed, but instead are added to the regular mortgage payment.
Borrowers must provide proof of sufficient income to show ability to pay the mortgage. While FHA guidelines are generally more relaxed, FHA is NOT, and does not do sub-prime loans. FHA interest rates are extremely competitive with conventional rates.
We are an Official HUD Certified (Department of Housing and Urban Development) FHA Provider for Minnesota, Wisconsin, and Florida.
Buy a home with a $100 down payment! Call to learn about The $100 down HUD / FHA REPO Loan
Some fees are limited. FHA rules impose limits on some of the fees that mortgage companies may charge in making a loan. For example, the loan origination fee charged by the mortgage company for the administrative cost of processing the loan may not exceed one percent of the amount of the mortgage.
Maximum Loan Amounts Vary By County and State. Find out your limit with our FREE
FHA LOAN LIMIT Lookup Tool
HUD FHA Loan Limits. Limits on the loan amount. To make sure that its programs serve low and moderate-income people, FHA sets limits on the dollar value of the mortgage loan. It is always changing, and does vary depending on which county the property is located. Use our FREE Loan Limit Lookup Tool to find out the limits in your area.
Fannie Mae & Freddie Mac loans are conventional loans made at the risk of the lender without benefit of any government guarantee or government insurance. A conventional loan with an LTV (loan to value ratio) of greater than 80% requires primary mortgage insurance, which can be paid monthly. The borrower must (usually) have 5% of his/her own funds for the down payment.
Requirements of a conventional loan applicant include excellent credit, job stability with sufficient income, a sizable down payment, and low debt to income ratios. Borrowers who meet Fannie Mae or Freddie Mac conventional guidelines are rewarded with an interest rate only slightly lower than an FHA interest rate.
FHA Mortgage Insurance. Mortgage insurance is required under all programs where the borrower does not put at least 20% down payment. Under the OLD FHA rules, mortgage insurance was required for the entire loan period. Conventional loans are able to eliminate mortgage insurance when you reach 80% loan-to-value (20% equity). A BIG advantage over FHA. NOT ANYMORE! FHA mortgage insurance is eliminated when you get to 78% loan-to-value (22% equity) by making payments, just like conventional loans!
Non-conforming Bad Credit, Sub-prime, Alt-A Loans GoneLenders, and the crazy lender days from 2000 - 2006 are long gone. Bad credit, sub-prime, stated income, no doc, Alt-A, and everything else crazy is no longer available. FHA is your best option if you are a weak credit risk, but it is NOT a bad credit loan. You have to qualify, it has to make sense, and you have to have a little skin in the game (down payment).
| 203(k) & 203(k) Streamline | Streamline Refinance | $100 Down Payment | FHASecure | HOPE for Homeowners | FHA LOAN LIMIT Lookup Tool |
The FHA Streamline RefinanceIf you currently have an FHA mortgage you are eligible for one of the simplest money saving refinances available today. The FHA Streamline Refinance allows existing FHA borrowers to reduce their interest rate without having to jump through hoops. Basically, if you have made on time payments on your current FHA loan for the past 12 months. You get (almost) an automatic approval for the streamline refinance! No qualifying, and no appraisal. Closing costs are rolled into the new loan, so you have no out of pocket costs.
How easy is that? Apply online right now to explore your FHA Streamline Refinance options
The COMPLETE Home Buyers Guide to Financing Your Home
Understanding Your FICO Credit Score
Knowing and Understanding Your Credit
#1 Mistake People Make When Buying a Home
An important tool for community and neighborhood revitalization, the FHA 203(k) loan offers flexible qualifying and low down payments:
Made available to certain lenders by the U.S. Department of Housing and Urban Development (HUD), the FHA 203(k) program has already provided many buyers with the funds necessary to buy their first home, or greatly improve a current home. The FHA 203(k) loan is available to borrowers of all income levels, to homeowners who plan to occupy the house, and for homes with one to four units.
For a limited time, the $100 down payments program is available to owner-occupied home buyers when purchasing a HUD home for full price and using an FHA-insured new home loan. This is a national program, and there are qualifying homes in every state. We lend on this program for homes ONLY in Minnesota and Wisconsin, so please do NOT contact us about other states.
Click here for HOPE for Homeowners Information
The FHASecure Initiative is NOT LONGER AVAILABLE. It was cancelled December 31, 2008.
Congress designed it with hopes of helping 500,000 homeowners in two years.
It helped less than 5,000 before being cancelled one-year early.
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Policies, Procedures, Disclaimers
33 Wentworth Ave E - Suite 290West Saint Paul, MN 55118
(651) 552-3681
Our services available only for properties located in Minnesota, Wisconsin, and Florida. PLEASE DO NOT KEEP US A SECRET from your FRIENDS. Licensed as Mortgages Unlimited, Inc. As a Lenders One partner, we are part of the 9th Largest Retail Mortgage Originators in the country. We are consistently ranked as one of the top lenders in Minnesota by Minneapolis St. Paul Business Journal. Any use or duplication of any materials is strictly prohibited. All images, text, and materials Copyright © 1998-2009. Metzler Enterprises, LLC. All Rights Reserved.
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