Most people refinance their mortgage loan when it is up for renewal from its term. Mortgage loans come in a variety of terms, anywhere from six months to 10 years at a time, amortized over 25 to 50 years. Each term of a mortgage loan is its own mortgage loan – meaning that you can change the mortgage loan type you have as well as the term when your mortgage loan renews. If your mortgage loan is up for renewal, it’s a good time to see if you can get a better interest rate on your new mortgage loan by shopping around. However, there are other times when refinancing your mortgage loan makes sense.

Renewal Time

Term renewal on mortgage loans is, obviously, the time when most mortgage loans are renewed. It is a time when you can search for a different lender for your mortgage loan or stay with the same lender. However, refinancing your mortgage loan is similar to taking out a new one to begin with, except that you’re not required to have a down payment.

Refinancing your mortgage loan means having a new mortgage loan – you can use this opportunity to change the type of mortgage loan you have, such as going from an adjustable rate mortgage loan to a fixed rate mortgage loan, or vice versa. You can also change the term of your mortgage loan, make it longer or shorter, depending upon your wants and needs.

If you’re term mortgage loan is up for renewal and the interest rates are low, it’s a good time to lock in the good interest rate for a longer period of time with a fixed rate, long term mortgage loan. However if your renewal comes up and the interest rates are high, it’s a good time to go with either a short term fixed rate or an adjustable rate mortgage loan. Adjustable rate mortgage loans’ interest rate changes at various points in the term, which means you could end up with a much lower interest rate, and therefore lower payments when the rate changes.

Need extra money?

Mortgage loan refinancing is also a good time to take out some of the equity you’ve been saving. You can refinance your mortgage loan for higher than is owed to the previous mortgage loan and get cash from your equity to spend as you see fit. The most common uses for equity cash is home improvements, consolidating high-interest debts (such as loans and credit cards), and paying for college tuition for children.

Other times it’s a good idea to refinance

There are other times throughout the term of your mortgage loan that you may want to consider refinancing. If the interest rates plummet, it’s a consideration to refinance your mortgage loan with a longer term, fixed rate mortgage loan. Locking in a low interest rate on your refinanced mortgage loan could mean that you save tens of thousands of dollars in interest payments to your lender.

A word of caution about refinancing mid- mortgage loan term – prepayment penalties come with some mortgage loans and if you have a prepayment penalty on your mortgage loan, talk with your loan officer before you begin the refinancing process.

There’s an easy way to figure out if it’s worth refinancing your mortgage loan mid term and paying the prepayment penalties – find out what your yearly interest payments will be with a new mortgage and compare them to what they are with your current mortgage. Subtract the new mortgage interest from the old mortgage interest – this is how much interest you’re saving in a year. Compare this number with the amount you’ll pay in prepayment penalties. If it is less than half (which means it would take two years to “pay” for the refinancing), then it’s not worth refinancing your mortgage loan. However if you can “pay” for the refinancing within two years on a five year term or more mortgage loan, then it may be worth paying the prepayment penalty.

You can ask your mortgage loan lender if they will waive the prepayment penalty if you refinance your mortgage loan with the same company. Prepayment penalties are in place from some lenders because they’re losing your business and thusly the thousands of dollars of interest payments you were to make to them for the remaining term on your mortgage loan. Most prepayment penalties are six months interest on 80 per cent of the total of your mortgage loan. However, some lenders may be willing to waive the prepayment penalty if you’re staying with them for the longer term mortgage you want to lock in with lower interest rates. While the interest they’re receiving is lower, it can add up to much more than the prepayment penalty amount they will receive if you refinance early.

In order to make paying a prepayment penalty worth it to refinance your mortgage loan, you shouldn’t take any longer than two years in saved money to make up the amount you pay out to the old mortgage loan company in penalties. Be sure that if you do make the payment that your new mortgage doesn’t have prepayment penalties attached to it.

Refinancing your mortgage loan is a good opportunity to seek out better interest rates and terms. Many people choose to use a mortgage broker to find a new lender to refinance their mortgage loan. The reason for this is because mortgage brokers work with several lenders and can submit the single application you fill out to many lenders at the same time. They then enter a ‘bartering stage’ with the lenders who are willing to refinance your mortgage loan. By using a mortgage broker, you can get great interest rates from lenders vying for your business.

Don’t underestimate some of the mortgage loan refinancing companies as well – because they are online and don’t have as much overhead as standard lenders, they can sometimes offer even better deals on interest rates and terms.

This is not always the case. Terms for residential mortgages can vary widely between lending institutions, even for those with bad or less than perfect credit. There is also often latitude in interest rates for residential mortgages, depending again upon the lending institution and what terms the borrower is looking for.

Here are some of the considerations for borrowers looking for a residential mortgage: A loan for no more than 80% of the appraised value or purchase price of the property (whichever is less) is a conventional residential mortgage. The remaining 20% required for a purchase is referred to as the down payment and comes from your own resources. If you have to borrow more than 80% of the money you need, you’ll be applying for what is called a high-ratio residential mortgage. If you are self-employed or don’t have verifiable income, most traditional lending institutions won’t go over 75% on a conventional residential mortgage.

If high ratio, the residential mortgage must then be insured by the Canada Mortgage and Housing Corporation (CMHC), Genworth Financial Canada (Genworth), or AIG. The fee that the insurer will charge for this insurance will depend on the amount you are borrowing and the percentage of your own down payment. Whethor or not you are self-employed and have verifiable income or if you have a bad credit history will also determine the amount the insurer will charge. Typical fees range from 1.00% to 7% of the principal amount of your residential mortgage.

With a fixed-rate residential mortgage, your interest rate will not change throughout the entire term of your mortgage. The benefit of this is that you’ll always know exactly how much your payments will be and how much of your mortgage will be paid off at the end of your term. With a variable-rate residential mortgage, your rate will be set in relation to the prime rate at the beginning of each month. The interest rate may vary from month to month (although your payment remains the same). Historically, variable-rate residential mortgages have tended to cost less than fixed-rate residential mortgages when interest rates are fairly stable. You can potentially pay off your residential mortgage faster with a variable rate residential mortgage.

The term of a residential mortgage is the length of the current mortgage agreement. A residential mortgage typically has a term of six months to 10 years. Usually, the shorter the term, the lower the interest rate. Two years or less equals a short-term mortgage. Three years or more is usually a long term mortgage. Short-term mortgages are appropriate for buyers who believe interest rates will drop at renewal time. Long-term mortgages are suitable when current rates are reasonable and borrowers want the security of budgeting for the future. The key to choosing between short and long terms is to feel comfortable with your mortgage payments.

After a term expires, the balance of the principal owing on the mortgage can be repaid, or a new mortgage agreement can be established at the then-current interest rates. Open mortgages can be paid off at any time without penalty and are usually negotiated for a very short term. Homeowners who are planning to sell in the near future or those who want the flexibility to make large, lump-sum payments before maturity will find this type of residential mortgage helpful. Closed mortgages are commitments for specific terms. If you pay off the mortgage balance before the maturity date, you will pay a penalty for breaking the term. The good news is, refinancing a residential mortgage for a lower rate or more attractive terms can often offset any penalty incurred by breaking the term.

Residential mortgages are available through banks, mortgage companies and private lenders. Mortgage rates vary widely. Traditional banks offer some very low rates. However, due to their restrictive lending criteria, they are prevented from providing residential mortgages in many instances. Previous bankruptcy, bruised credit (bad or less than perfect credit), or even owning multiple properties can make it difficult or even impossible to obtain residential mortgages through traditional banks.

Hard money residential mortgages are available through private lenders. Unlike traditional banks, private lenders have more flexible lending criteria. Also known as hard money lenders, private residential mortgage companies focus more on a clear method of repayment and the current value of a property rather than looking exclusively on your personal financial package, which may indicate bad credit.

Private lenders are often able to fund a residential mortgage if there is a clear picture of how the loan will be paid back. When determining whether to fund a residential mortgage, private lenders will often look at the ratio of income to expenses. Unless a borrower has repeated defaults and bankruptcies, private lenders are not as concerned if the borrower has bad or less than perfect credit.

When applying for a residential mortgage, be prepared to provide your residential mortgage company, be it a bank or a hard money private residential mortgage lender, with the following:

- A completed standard residential mortgage loan application, which includes a personal balance sheet
- A description of the use of proceeds of the residential mortgage you are seeking (strictly refinance, debt consolidation, home improvements, etc.)
- A description of the property
- The current value/purchase price of the property
- An estimate of the property’s value after improvements, if any
- For a hard money loan, provide an exit strategy for the residential mortgage
- Will you refinance this mortgage with a traditional bank after making improvements or alterations to the existing property or some other scenario?

Owners considering a residential mortgage refinance will find many unique loan programs. Specialists of commercial and residential mortgage refinancing offer some of the best loan options available, most of which your local bank simply does not have. Refinancing your residential mortgage is not an act exclusively reserved for the time your residential mortgage matures. There are some great reasons for refinancing your residential mortgage prior to this. If you have selected a private hard money lender who is a good match for your loan scenario, you will be able to speak directly with the decision makers, avoiding the ‘run around’ that so many hard money borrowers fall prey to. You are told that your loan is going through, only to hear the next day that the lender has elected not to take on your hard money loan and now your loan is on another desk in yet another private lender’s office – or worse, on the desk of another broker who may know a broker who knows a lender who may want to fund your loan. Sometimes, the choice of direct lender is based more on the commission the broker will get than on your best interests.

By working with a private hard money lender, you can avoid the ‘run-around’ and may be able to close more rapidly. After all, no one knows your situation like you do, no one can explain any extenuating circumstances better than you can, and no one is as committed to your hard money loan as you are.

The advantage of working with a mortgage broker is also clear: a seasoned, well-informed, honest mortgage broker will have the knowledge of and direct access to the private hard money lenders in Ontario, Canada, and the United States. A mortgage broker will know where your loan has the best fit. A good mortgage broker will help you ‘package’ your loan to your best advantage, helping you determine how much to expect based on the equity in your property, how soon you need to close the deal, and more. A good mortgage broker will be able to assist you through the lengthy application process and submit your loan request to the best privatelenders for your situation. More often than not, working with a mortgage broker will save time. By representing you and presenting your loan request to the best private lenders, it often makes the transaction run more smoothly and take less time than if you were to take on this task yourself. This often saves you time and trouble in the long run and be well worth the cost of using a mortgage broker.

Adjustable rate mortgages have taken a bad rap in the latest mortgage crisis. Financial pundits from all ends of the spectrum blame the irresponsible use of adjustable rate mortgages and hybrid adjustable rate mortgages for the increasing number of home owners who are delinquent or in foreclosure on their mortgages.

That’s unfortunate, since adjustable rate mortgages can offer real benefits to home buyers in many situations. Here’s the scoop on the pros of an adjustable rate mortgage.

What an adjustable rate mortgage is

There are many kinds of mortgages, but all of them fit into one of three different types – fixed rate mortgages, adjustable rate mortgages and hybrid mortgages which use features of both adjustable and fixed rate mortgages.
A fixed rate mortgage is one in which the interest rate for the mortgage remains the same for the entire life of the loan, no matter what market interest rates do.

An adjustable rate mortgage is one with an interest rate that can fluctuate up or down. It is usually tied to a specified market index, and has specific rules for when and how much the rate can be adjusted.
The most common hybrid mortgage type features an initial low fixed rate that remains the same for two, three or five years, then adjusts to the market and becomes and adjustable rate mortgage.

Pros of an adjustable rate mortgage

There are a number of advantages to choosing an adjustable rate mortgage. Some of them are advantageous for only one type or buyer or another, others are an advantage for everyone.

1. An adjustable rate mortgage may help you afford a bigger mortgage than a fixed rate mortgage.
Because adjustable rate mortgages often have lower initial interest rates than fixed rate mortgages, they can allow you to qualify for a larger mortgage than a fixed rate mortgage. That means that you can buy a more expensive home because your monthly payments start out smaller. If you’re a young home buyer just starting in a career, this can be a major advantage because it allows you to pay smaller monthly payments in the first years when your salary is smaller.

2. The initial payments are lower than they would be with a fixed rate loan because the interest rate is lower.
With a fixed rate loan, lenders accept that if interest rates rise, they will make less money on the mortgage than they would with an adjustable rate mortgage. They offset that ‘loss’ by charging higher interest rates on fixed rate mortgages than they do on adjustable rate mortgages. That means that you start out with a lower monthly payment. As long as interest rates don’t rise, you’ll continue to pay lower monthly payments.

3. If the interest rates go down, your interest rate and monthly payments will adjust down automatically.
If you have a fixed rate mortgage and the market interest rates drop significantly, you can only take advantage of that by refinancing your mortgage. Refinancing incurs early repayment fees and other costs that you avoid by having a mortgage that adjusts automatically to the prevailing interest rates.

4. An adjustable rate mortgage can save you a considerable amount if you only intend to stay in your new home for a short time.

Because the interest rate and monthly payments are likely to be considerably lower for an adjustable rate mortgage, If the difference between the rate for a fixed rate mortgage and an adjustable rate mortgage (the spread) is considerable, you could save several thousand dollars a year in those first few years.

In order to figure out if an adjustable rate mortgage is right for you, it’s important for you to consider all of the facts about the loan. You should know the following about the mortgage that you’re considering:

How often does the rate adjust? Most adjustable mortgage rates adjust annually, but the adjustment period is up to the individual lender. Some may adjust as often as once a month.
What is the cap on single adjustments? No matter how much the index used to determine adjustments rises, your mortgage agreement will place a cap on how much the interest rate can increase in a single adjustment.
What is the annual cap on adjustments? If your mortgage adjusts more often than once a year, what is the most that the lender can raise your interest rates in a single year?
What is the lifetime cap on adjustments? In addition to the annual cap, your mortgage agreement will also spell out the lifetime cap on adjustments. Can you afford the monthly payment at the cap?
What adjustment index does the lender use to determine rate increases? A lender can link the adjustment rate to any index that it chooses, and may be allowed to change the index according to the terms of your loan.
What is the margin? The interest rate that your lender charges will be a certain percentage above the index. This is called a margin. You should know what the margin is so that you can decide if it’s fair.

You can identify the best mortgage rate based on the interest rate, the time duration for which you wish to hold onto the mortgage, the Annual Percentage Rate or APR and whether you are refinancing or purchasing the property.

A careful comparison of various mortgage rates offered by various mortgage loan lending institutions will enable you to select the best mortgage rate that suits your requirement. A number of related websites are there to provide mortgage loan rate quotes of different loan lending institutions. Compare the current mortgage rates for the same type of mortgage. You can compare mortgage rates based on lender, points, rate, APR, fees in APR, lock, or estimated payment. Mortgage rates fluctuate based on the location, the loan amount and the economic state of the country. So it is always better to consider the mortgage rates of the same mortgage plan of few different lenders in order to choose the best mortgage rate. Mortgage rates may change considerably from day to day. Hence it is important to compare the mortgage rates of multiple lenders on the same day. After making thorough comparison, identify one or more mortgage options based on your mortgage goal.

The home mortgage calculator is one of the powerful tools used for calculating the best mortgage rate. Using home mortgage calculator you can also know whether a particular mortgage is affordable to you or not. It takes just few minutes to evaluate each option of mortgage rate using the mortgage calculator. Hence you can easily choose the mortgage that best fits your needs.

You can choose a better mortgage rate based on the advice from an experienced mortgage broker. A mortgage broker or mortgage agent researches the market and identifies the best option suitable for your mortgage goals. Mortgage brokers will guide you in every step of your mortgage process, from identifying the best mortgage rate to making the complete mortgage deal.  But the only disadvantage of using a mortgage broker is that they require a fee. Mortgage brokers who are well familiar with the mortgage industry can suggest you with smart options. The important thing in using a mortgage broker is that you must be careful in selecting an experienced and professional mortgage broker.

If you are familiar about the mortgage industry and you are comfortable with the internet, then a good mortgage lender would be your best choice. You can search out for mortgage lenders yourself. This involves educating yourself about mortgage details before contacting the lender. Contacting and working directly with mortgage loan lenders is free, but in this case you cannot expect the best deal unless you are well educated about the mortgage industry.

Some of the above useful tips enable you to identify the best mortgage rate. It is wise to get the best mortgage rate so that you can save money over time. If you are more educated about the mortgage terms and mortgage industry, it will be quite easier for you to find the best mortgage rates. And you need to invest your time and effort to learn more about mortgage loan options and rates, and do enough research in order to find the best mortgage rate.

If you are wondering to buy a property but short of finance is the hang-up for you, than don’t get upset because there is a plausible solution for it. That is: Commercial Real Estate Loans. Through such type of loan assistance, you can effortlessly procure property for a business purpose that too at a competitive interest rate.

Chiefly, commercial real estate loans are used for business purpose but it can be also utilized for the agricultural use, shopping centers, apartments, hotels, automobile dealerships, office buildings and for many other commercial purposes.
No doubt, through commercial real estate loans, one can obtain considerable amount of money and buy the properties that they would like to but in order to obtain them, you are required to keep your one of your property as Collateral to be on the safer side of the real estate lender who will be providing you with such a large sum of money.

The main reasons behind opting for Commercial Real Estate Loans are its wealth of benefits that it provides. Besides rendering stability & high return on investment, it provides investment security. These are the two weighty points that draw an individual to get the hold of owner occupied commercial real estate loans. Longer duration period for repayment is the added advantage of acquiring commercial Real Estate Financing .

Sources that furnishes with the commercial real estate loans are: Bank, Financial Institutions and Large Building Societies. The most unsurpassed way to acquire commercial real estate loans is through internet. To bag a lucrative deal, bit research is required to be necessitated. And so, make sure that you carry out a thorough research and have in-depth knowledge of the lender, as in; if he is reputed and authorized.

This article has been provided courtesy of commercialmortgage.net. Commercial Mortgage is a Commercial real estate loan division of Griffin Capital Funding offers owner occupied commercial real estate loans and owner occupied commercial loans with no personal guarantees, favorable loans rates and good terms.

Compensating factors are factors that give your FHA home loan request that extra push needed for approval.

For the  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 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.

http://www.fhamortgagefhaloan.com/

Compensating Factors

On FHA home loans where the ratio exceeds FHA guidelines (other that Approved/Eligible findings), the underwriter must list on the MCAW the compensating factors that lead to the approval of the FHA home loan. Any compensating factor used to justify mortgage approval must be supported by documentation. The following are a list of eligible factors per FHA home loan approvals:

 A. The borrower has successfully demonstrated the ability to pay housing expenses equal to or greater than the proposed monthly housing expense for the new mortgage over the past 12-24 months.

 B. The borrower makes a large down payment (ten percent or more toward the purchase of the property.

 C. The borrower has demonstrated an ability to accumulate savings and a  conservative attitude toward the use of credit.

 D. Previous credit history shows that the borrower has the ability to devote a greater portion of income to housing expenses. 

E. The borrower receives documented compensation or income not reflected in effective income, but directly affecting the ability to pay the mortgage, including food stamps and similar public benefits.

 F. There is only a minimal increase in the borrower(s)housing expense.

 G. The borrower has substantial documented cash reserves (at least three months= worth or payments) after closing. In determining if an asset can be included as cash reserves or cash to close, the lender must judge whether or not the asset is liquid or readily convertible to cash and can be done so absent retirement or job termination.

  H. The borrower has substantial nontaxable income (if no adjustment was made previously in the ratio computations).

 I. The borrower has a potential for increased earnings, as indicated by job training or education in the borrower=s profession.

 J. The home is being purchased as a result of relocation of the primary wage earner, and the secondary wage-earner has an established history of employment, is expected to return to work, and reasonable prospects exist for securing employment in a similar occupation in the new area. The underwriter must document the availability of such possible employment.

You may even have a loan, but are thinking of mortgage refinancing to get a better deal. Financial advisors will be able to help you here. They may also advise you to take out income protection so that if something happens and you are unable to continue working, you will not lose your home.

Those who have home loans in Sydney may also consider life insurance in Sydney as a way of protecting the home if they or their partner should suffer a fatal accident or disease. While no one likes to think about such things, they do happen and the remaining spouse is left at risk of losing the home due to inability to meet the mortgage payments.

In fact, trauma insurance may also be something to provide peace of mind. This is a cash payout if you have been diagnosed with one of the specified illnesses such as heart attack, cancer or stroke. There are many more illnesses included, but the exact diseases will depend on the insurer. Life insurance does not pay out for an illness suffered where the person will probably go back to work in a few years. Meantime, you still need to pay bills, so trauma insurance will help.

There is also key man insurance which is designed to protect a business if one of the key employees becomes ill and cannot work, or dies suddenly. Key man insurance is paid to the business; not the individual.

For a First Time Home Buyer, mortgage advice and information is not just important, it is critical. Timely and accurate mortgage advice and choosing the right product can be a boon to the enjoyment of your first purchase. There is no reason to rush the purchase of your first home – remember, it is also an investment in you life and lifestyle.

And for a Repeat Buyer, you need to know that your options are extensive. With a changing mortgage marketplace, you need to be kept up to date so that you can make a decision that is tailored to your current situation with the flexibility that you require.

In conclusion, the value of any property in Vancouver will keep increasing, especially after Vancouver 2010 winter Olympic. Location is always important in buying a property and if you could afford to buy a property in Central areas in Vancouver (such as Downtown, Vancouver), you could definitely see the increase of value in just a year. Ronin Mortgage will help you to get a finance to buy any property in Vancouver areas. Please visit our website http://www.roninmortgage.com/

 FHA loans make it Easy to buy a Florida home.

FHA Home loans have been helping Florida homebuyers become homeowners since 1934. How does FHA help? The Federal Housing Administration (FHA) – which is part of (HUD), provides FHA home loan insurance to insure private lenders against loss. The FHA home loan mortgage insurance allows private Florida lenders to lend up to 97% of the purchase price and allows financing with No Minimum credit score requirement for Florida homebuyers.

Apply at http://www.fhamortgagefhaloan.com/

Easy Qualification – The FHA loan insures lenders against loss for loans made to properly qualified FHA home loan borrowers. So you’re likely to find FHA loans with terms that make it easier for you to qualify.

Minimal Down payment Requirements – FHA loan can work with as little as 3% down and those funds can come from a family, grant , or your employer. Although the FHA loan does not have a zero down mortgage option yet, you will find that there are many Florida down payment assistance programs to help you with the down payment.

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 loan lates get approved every day for FHA loans to buy or Refinance homes in. The FHA loan program uses credit quality, not credit score!

Lower Cost Over the Life of the Loan – Florida FHA home loan rates are extraordinarily competitive. FHA’s lower risk to the lender means a better rate for the Florida borrower.

Safeguards for Borrowers Who Get Behind – FHA loans 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 loan.

Options for Manufactured Housing – Under certain conditions, you can even secure an FHA loan for a Mobile Home or manufactured home using a Florida FHA mortgage loan.

FHA Loans Are Fully Assumable – When you are ready to sell your Miami home, you can offer buyers FHA financing! All FHA loans can be assumed by qualified buyers.

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

Apply at http://www.fhamortgagefhaloan.com/

The FHA mortgage was created to help increase homeownership. The  FHA loan makes buying a Florida home easier and less expensive than other types of Florida real estate loan programs. Below we have outlined some basic FHA qualifying criteria

Other FHA loan Advantages Include:

Minimal Down Payment and Closing Costs.

Down payment less than 3.5% of Sales Price Gift for down payment and closing costs allowed. No reserves or required. FHA regulated closing costs. Seller can credit up to 6% of sales price towards buyers costs.

Easier Credit Qualifying Guidelines such as:

Minimum FICO credit score of 540. FHA will allow a home purchase 2 years after a Bankruptcy. FHA will allow a home purchase  3 years after a Foreclosure. 

Easier Debt Ratio & Job Requirement Guidelines such as:

Higher Debt Ratio’s than other home loan programs. Less than two years on the job is allowed. Self-Employed individuals o.k.

APPLY TODAY AT www.FHAmortgageFHALoan.com,

 FHA Mortgage Loan Qualifying Summary

FHA mortgage loans are the easiest type of Florida real estate mortgage loan to qualify for. The FHA guidelines for loan qualification are the most flexible of all home loans that require only 3.5% down payment.

Following is the basic FHA loan qualification guidelines.

Stable, predicable income with at  two Years of steady employment history. Applicants Average Last two years Income should be the same or increasing. Credit report should show minimal collections over the past 12months and have at least a 530 FICO Bankruptcy’s must be at least 2 years old, with perfect credit since discharge. Foreclosure’s must be at least 3 years old, with perfect credit since. Your new FHA mortgage payment should be approximately 35% of your gross (before taxes)  income.

These are some basic of FHA guidelines for qualifying for a FHA mortgage.  If   you  answered “YES” to most of these statements, you probably qualify for a FHA mortgage loan.