My Home Inspire Ideas

Guest author, Joe Ahmann, owner of Ahmann Design Inc, has kindly written this article to help you in your house plan search. So you’ve bought your home lot and you’re ready to by the perfect house plan, but you don’t know where to start. There are important questions that you should ask your designer before buying that house plan, and I can help. I have been designing custom home plans and stock house plans for 20 years, and I have compiled a list of questions you should ask your home designer before buying. 1. How long have you been designing house plans? The more experience your home plan designer has, the more detailed his or her plans are likely to be. Stock house plans experience is also important because with all of the competition for online house plan exposure, there are plenty of home designers out there with little or no experience. 2. Do you design custom house plans? You think you’ve found the perfect house plan, but you want to make a few “tweaks”, and before you know it, your revision bill is 2-3 times the cost of the original home plan. A good designer will recognize the fine line between designing a custom home plan for you and spending too much time on revising a stock house plan. 3. Can I return my house plan if I decide not to build it? Most stock plan brokers online have an “all sales are final” policy, so make sure you check it out BEFORE you click the “buy” button. But there are some house plan companies and home plan designers WILL allow you to return your house plan with a minimal restocking fee, so be sure to ask. 4. Why can’t I return my house plan? Because there are so many house plans sold online to different parts of the world, it is hard to police theft. Bottom line is that there are many people out there buying a house plan and building it more than one time, which is a copyright infringement unless agreed to by the house plan owner. Home designers have limited resources to check to see if you are telling the truth or not, so most have adopted the “no returns” policy. 5. Will I need to have my house plan reviewed by a local architect? House plans sold through the large brokers online are required to be 2006 IRC compliant at a minimum, but some areas of the country require special additions to the plan that are specific to that area. It’s best to check with your local building official before buying a house plan. 6. Do you have references I can talk with? Most home plan designers will not have a problem giving you names of past clients, and if they do, reconsider using them! 7. What is your timeframe for completing my house plan? If you are hiring a home plan designer to draw a custom home, or modify an existing stock house plan, ask up front how long it will take so there are no surprises later. Many home designers who sell their house plans online are a “one man shop” and may require more time to complete the work. 8. Do you have photos of the house plan I like? Many times the house plan designer will have photos of a stock plan that’s already been built, so it’ always good to ask. 9. Who owns my house plan when it’s finished and paid for? The original designer is the owner of the copyright of your house plan, even if you’ve made changes to a stock plan. What are your payment terms? Some home plan designers will require an up-front deposit to begin the project, and it’s always a good idea to find out ahead of time how payment will be handled. (more…)

Florida FHA Mortgage Loans FHA Mortgage Loans for Buying a Florida Home or FHA Mortgage Refinances are Fast and Easy with FHAmortgageFHAloan. com.   FHA home loans allow first time Florida home buyers and current Florida home owners buy a home with less than 3. 5% down or FHA home mortgage refinance up to 96. 5% of the homes value. Research FHA home loan programs to help you qualify to buy a Florida home with little money down, learn about FHA home loan qualifications, or get a free FHA home loan prequalification. FHA home loans have so many advantages and qualifying is easier and less expensive with regulated closing costs of FHA loans protect you.   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 NOW FOR AN FHA HOME LOAN AThttp://www. fhamortgagefhaloan. com/ At one point and time many years ago, the FHA loan was the only alternative to local bank financing for home buyers. In the fashion world, there is a saying: Wait long enough, and everything comes back into style. That rule applies just as well to Florida FHA mortgage program. Long-overlooked, the FHA mortgage is becoming popular again with Florida Home Buyers for its low rates and the real security it provides borrowers. For Florida banks and other mortgage lenders, FHA mortgage loan financing offers the security of a government insured Mortgage. Win/Win! To learn more, call today at 1-800-570-0448 or just use our fast and easy quick application! For first time home buyers and other borrowers, the FHA home loans can have key advantages: 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 mortgage loans with terms that make it easier for you to qualify. Minimal Downpayment Requirements – 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 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 home 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! FHA Mortgage Loan Streamline Refinance Requirements When your 1st Continental Mortgage lender helps you get a streamlined FHA refinance on your existing mortgage loan, he or she will make certain that you meet these conditions: Your current mortgage must be an FHA mortgage. You must have had your FHA Mortgage for at least 6 months. You must have paid your mortgage on time for the most current 12 months. Your FHA Streamline Refinance must lower the principal and interest portion of your mortgage payment by at least $50 or convert the mortgage from an ARM to a fixed rate FHA home loan. You can’t get cash out on the FHA streamline refi. You must have an FHA appraisal if you are rolling the closing costs into the FHA streamline refinance. Any existing liens on your Florida home must be subordinate to the new FHA mortgage. FHA Mortgage Loan Refinance Programs for Cashing Out Equity Although a streamline refinance does not allow you to cash out equity, we have a FHA loan refinance program that is specifically designed for borrowers who want to cash out equity to consolidate debts, make home improvements or to access funds for other purposes. Unlike many conventional loan programs, the FHA mortgage does not adjust the rate based upon loan to value or credit score. You will find the FHA has very reasonable underwriting guidelines for cash out refinancing. We have helped many clients borrow up to 85% of the appraised value of their homes and use the funds to consolidate debts or to make home improvements and other purposes. Qualified borrowers will have to look hard to find lower rates and better terms than they can get on Florida FHA cash out refinance right now! Call 1st Continental Mortgage today at 1-800-570-0448 or use our quick application to apply for an FHA refinance on your home in Sumter County or any of the other Florida counties we offer FHA mortgages in. FHA 203k Mortgages For Florida Homeowners Making Home Improvements The FHA 203k loan program is nothing more than a specialized FHA home loan designed to help homeowners make home improvements. It is especially popular in neighborhoods with properties in need of rehabilitation. The FHA 203k loans work in Florida communities in much the same way as Construction loans for home improvement. Eligible borrowers can use the proceeds from these mortgage to renovate and improve their primary residences. Qualifying for a 203k FHA mortgage uses the same guidelines as a standard FHA mortgage for the purchase of a Florida home. FHA Home Loans For Mobile Homes with Land Although some conventional lenders in Florida shy away from making a loan on Mobile Homes or manufactured homes, many FHA mortgage loan lenders do not. In fact, mobile homeowners fortunate enough to connect with a Florida mortgage lender, who is well schooled in how FHA loans work for mobiles and manufactured homes, can get a better interest rate, better terms, and a lower monthly payment by going FHA in nearly every case. If you’re shopping for financing to buy a mobile or manufactured home on land in Sumter County or any of the other 66 counties in Florida that we serve, call 1-800-570-0448 and let us give you a quote for an FHA mortgage loan to purchase your mobile or manufactured home. It only takes a few minutes to get an FHA loan mortgage quote on your Florida mobile home. We’ll wager that the savings on your monthly mortgage payments will make it some of the highest paid work you’ve ever done. Few people realize that the FHA loan uses the same underwriting criteria for single and double wide mobile homes and manufactured housing as it does for traditional site built block or stick homes. In addition, FHA is one of the very few programs that can offer up to 97% financing on mobile homes on land. In addition, did you know that the seller can contribute up 6% toward your closing costs on an FHA mobile home loan and that down payment assistance can be used in Florida? It’s true! You could package your mobile home financing to create a real no money down loan with unbelievably low rates. Call 1-800-570-0448 or use our secure online quick application for a free no obligation quote on financing your manufactured or mobile home using an FHA mortgage loan. FHA Home Loans Offer the Convenience of Streamlined Refinance An FHA streamline refinance is one of the easiest home loans for Mortgage Lenders and borrowers. Since HUD approved you for the original FHA loan, the paperwork to refinance is minimal and the process is simple. So long as you have made your FL FHA loan mortgage payments on time for the previous 12 months, you can lower your monthly payment if interest rates go down with minimal out of pocket expense. Even if you have been late on your FHA mortgage, you might still qualify for an FHA streamline refinance in Florida under very specific conditions. Less documentation and no appraisal are just two of the reasons a FHA streamline refinance is cheaper and faster for the borrowers who qualify. FHA Mobile Home Lending Guidelines The Department of Housing and Urban Development (HUD) sets forth these guidelines for determining if a mobile or manufactured home qualifies for an FHA mortgage loan in Florida: The mobile or manufactured home must be constructed in accordance with the Federal Manufactured Home Construction and Safety Standards. A red tag is attached to the rear of each section of homes that comply with the standards. The home must be taxed as real estate by the local tax assessor’s office. The mobile or manufactured home must have been built after June 15, 1976. The mortgage must have a term of at least 30 years from when amortization begins. The mobile home or manufactured home must be on a permanent foundation. The axles and tongue must be removed from the mobile or manufactured home. The mobile home or manufactured home must have adequate skirting and insulation, and the crawl space must have adequate ventilation. If you would like to determine if your mobile or manufactured home meets the guidelines for section 184 financing from FHA, call one of our Florida mortgage pros at 1-800-570-0448. We’ll be glad to help you determine if the property that you are interested in can be used as collateral for an FHA mobile home mortgage. FHA 203K Mortgages for Florida Fixer upper homes This specialized FHA mortgage is for Floridians who wish to buy a home that needs repairs or renovations. Just as is the case with a conventional construction loan, a single FHA 203k loan covers both purchase of the Florida real estate and renovation. FHA 203K financing can be used to purchase a property on a site and move it to a new foundation on the mortgaged property and rehabilitate it. In addition, Florida homeowners can also use a 203k FHA mortgage to refinance existing debt when they finance one or more home improvements using the FHA 203k mortgage program. Many borrowers are finding out what a good deal a Florida FHA home loan really is. Call 1-800-570-0448 today or simply use our quick application to find out more!  

  Six Steps to buying a Florida home with Bad Credit Do you have a low credit score but want to take advantage of the mortgage mess to buy a Florida home? If you are like millions of Floridians others trying to keep up with credit card bills, car payments and a student loan on a reduced, or non-existent income, you may think that a new loan is out of reach. In truth, Florida bad credit  loans are more difficult to obtain these days, but you may be surprised that there are still ways to get a Florida bad Credit  home loan with bad credit. Getting a Bad Credit Florida Mortgage with bad credit isn’t as easy as it was a year or two ago. However, it isn’t as impossible as some news reports make it seem. Even Floridians with bad credit reports which reveal past financial sins still sometimes get to the promised land of mortgage approval. Most Florida Home Buyers and Refinance clients do so with the help of a skilled and experienced Florida mortgage lender who specializes in Florida bad credit home mortgages. Florida home buyers should know the many advantages of the FHA mortgage loan programs. FHA loans were created to help increase home ownership. For 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. 5% 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 2 year after a Bankruptcy. FHA will allow a home purchase 3 years after a Foreclosure. Visit http://www. fhamortgageprograms. com/florida/, for more info   Why Now?Now could be your best chance ever to own a Florida home. There is a lot of inventory on the market, about 12 months’ worth of Florida homes on the market as of June 2009, so there is a wide selection of Florida homes, townhomes, condos, ect to choose among, especially if you are flexible about where you are willing to live. And Florida homes have depreciated across the board an average of 23 percent since 2005, so there are lots of Florida home bargains. Add to that relatively low interest rates, and you have a perfect storm of opportunity-if you can get a bad credit Florida home  loan. You can’t get a Bad Credit Florida home loan if you don’t apply. But where should you look if your credit is not good? Read on for six steps to get a Florida bad credit mortgage loan, even if you have bad credit. 1. Get in the GameFirst, consider an FHA backed loan. FHA loans are designed for Florida home seekers with less than stellar credit, and the interest rates are usually less expensive than rates on sub-prime loans, sometimes up to three percentage points less.   Reach out to www. FHAmortgagePrograms. com providing Florida bad credit mortgages with No Min FICO Requirement. 2. Look for Help from Experts in Florida Bad Credit Mortgage LoansWhile you are online, use one or more comparison shopping sites for Florida bad credit mortgage lenders. Typically, you enter your information just once for access by multiple Bad Credit mortgage lenders. Since these Florida  lenders are focused on bad credit loans, they know the ins and outs of qualifying with low FICO scores and which Florida lenders will accept which kinds of credit problems. 3. Improve your Odds by Forgoing Jumbo LoansIf you have bad credit, conventional Florida mortgage lenders won’t touch you with a ten-foot pole unless you have a huge down payment. Then you can get a loan of up to $417,000 and it can be underwritten electronically rather quickly. Otherwise, stay within Florida FHA loan limits for your area. That means a fairly modest home is your best bet if you have a low down payment and some credit issues. Jumbo financing IS out there–but it’s very hard to get– you have to prove you can afford the higher payments, a Florida bad credit lender that specializes in jumbo loans charges much higher rates. 4. Understand New versus Existing Florida Home Prices and SalesThere are two kinds of Florida homes on the market: existing and new. Traditionally, the percentage of sales is about the same for both while the supply of existing homes is larger. That may not be true in some areas. Florida, for example, is offering a $10,000 tax break to those who buy newly-constructed homes. In distressed markets, deal-seekers may have to decide between negotiating with a struggling developer or a bank entertaining a short sale. The Florida short sale might be a better price but these transactions often take months and fall through. If the developer is still the legal owner of the property, new construction might be a faster way to go. 5. Understand the AppraisalAppraisals are independent evaluations of the value of the Florida property. If an appraisal comes in lower than your offer, you can still go forward with your purchase–but you are in an excellent position to negotiate a lower price. If you are getting an FHA loan, your purchase contract explicitly states that you cannot be forced to complete a transaction if the home appraises for less than the sales price. If your appraisal comes in higher than the sales price, you still get to buy at the lower price if you have a valid contract and have obtained financing. 6. Understand Interest Rates and TimingFlorida Bad credit mortgage loans are going to cost a few points more than loans for people with solid credit, so interest rates are especially important to those with poor credit. Although interest rates are relatively low right now, they are fluid, which means that they could go up enough to undermine your loan. One good thing about today’s soft real estate market is that, rather than asking for a price reduction from the Florida home owner, you can ask for them to pay enough points to buy your Florida bad credit loan rate down to something manageable. It shouldn’t matter to the seller if they drop the price 5% or pay 5% to get you a good interest rate. They’ll still receive the same proceeds. Remember, you can’t win if you don’t play, so forget about rejection and start by filling out some bad credit mortgage loan applications. (more…)

FHA home loans for Buying a Florida home. Florida home buyers should know the many advantages of the FHA mortgage loan programs. FHA loans were created to help increase home ownership. For the Florida home buyer the FHA home loan program can simplify the purchase of buying a  Florida home, making financing easier and less expensive than an other home loan program. 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. To take advantage of the FHA program in Florida, give us a call 1-800-570-0448 or use our quick application at www. FHAmortgageFHALoan. com   Common FHA Mortgage Questions Why should I apply for an FHA home loan? There are lots of good reasons to choose an FHA home loan over other Florida mortgage programs, especially if one or more of the following apply to you: You’re a Florida first-time homebuyer. You want to keep your monthly payments as low as possible. You’re worried about your monthly payments going up You don’t have a lot of money to put down on a house.   You’re worried about qualifying for a loan. You don’t have perfect credit. If any of these things describe you, then an FHA home  loan may be right for you. Why? FHA home loans offer many benefits and a level of security that you won’t find in other loans including: Low cost: FHA home loans have competitive interest rates because the federal government insures the loans for lenders. Lower down payment requirements: FHA home loans have a low 3. 5% down payment and the money can come from a family member, employer or charitable organization as a gift. Easier qualification: Because FHA insures your mortgage, FHA mortgage lenders may be more willing to give you FHA home loan terms that make it easier for you to qualify. Less than perfect credit: You don’t have to have perfect credit to get an FHA home loan. In fact, even if you have had credit problems, such as a bankruptcy, it’s easier for you to qualify for an FHA home loan than any other mortgage program.   More protection to keep your home: The FHA has been helping people since 1934. Should you encounter hard times after buying your home, the FHA has many options to keep you in your home and avoid foreclosure. FHA insures loans for lenders against defaults – it does not lend money or set interest rates. For the best interest rate and terms on a mortgage, you should compare mortgages from several different lenders. An FHA-approved lender can help you start the loan application process. You may use an FHA-insured mortgage to purchase or refinance a new or existing 1- to 4-unit home, a condominium or a manufactured or mobile home (provided it is on a permanent foundation). What kinds of FHA home loans does FHA offer? Fixed-rate loans – Most FHA home loans are fixed-rate mortgages (loans). The advantage of a fixed-rate mortgage is that your interest rate stays the same during the loan period, so you know exactly how much your monthly payment will be. Adjustable rate loans – First-time homebuyers can be a little stretched financially. With FHA’s adjustable rate mortgage (ARM), the initial interest rate and monthly payments are low, but these may change during the life of the loan. FHA uses the 1-Year Constant Maturity Treasury Index (CMT) to calculate the changes in interest rates. An index is a measure of interest rate changes that determine how much the interest rate on an ARM will change over time. The maximum FHA home loan that the interest rate on your FHA home loan may increase or decrease in any one year is 1 or 2 percentage points, depending upon the type of ARM you choose. Over the life of the loan, the maximum interest rate change is 5 or 6 percentage points from the initial rate. The advantage of selecting an ARM is that you may be able to expand your house-hunting value range because your initial interest rate will be low, as will your payment. Click for a more in-depth explanation… Purchase/Rehabilitation loans – Sometimes you might see a home you’d like to buy, but it needs a lot of work. FHA has a loan for rehabilitating and repairing single-family properties called the SF Rehabilitation Loan program (203k). You can get one loan which combines the mortgage and the cost of repairs. The mortgage amount is based on the projected value of the property with the work completed. The advantage of this loan is that you can buy a home that needs a lot of work, but have only one mortgage payment, and you can complete the repairs after buying the home. Read more about these loans. Indian Reservations and Other Restricted Lands – A family who purchases a home under this program can apply for financing through an FHA-approved lending institution such as a bank, savings and loan, or a mortgage company. To qualify, the borrower must meet standard FHA credit qualifications. An eligible borrower can receive approximately 97% financing and use a gift for the downpayment. Closing cost can be financed; covered by a gift, grant or secondary financing; or paid by the seller without reduction in value. More. . .   How do FHA-insured loans compare to subprime loans? Subprime loans are loans designed for homebuyers who don’t have a strong credit history or can’t qualify for a regular or prime loan. Lenders charge a high interest rate on subprime loans because the risk that a homebuyer may not make their payments is high. Because FHA insures the lender against this risk, the interest rates on FHA-insured loans are generally among the lowest in the market. Most subprime loans carry interest rates at least 3 percentage points higher than an FHA-insured loan. On a $100,000 mortgage, the monthly payment for a subprime loan would be over $200 a month higher than an FHA-insured loan. The majority of subprime loans are also ARMs, where the interest rate can change a lot and greatly increase your monthly payments. Most FHA-insured loans are fixed-rate loans where the mortgage payment always stays the same. If you have an FHA-insured ARM loan, the rate can’t go up by more than one or two points in a year. The fees that lenders charge their borrowers for processing a subprime loan are also generally higher than on an FHA-insured loan. Most subprime loans carry a heavy prepayment penalty that you must pay if you want to refinance your loan to a lower interest rate. These penalties can cost you hundreds or even thousands of dollars. There is never a prepayment penalty on an FHA-insured loan. You can refinance at any time and not worry about paying any penalties. Unfortunately, because they don’t know these facts, many homebuyers who could qualify to buy a home with a fixed-rate FHA-insured loan only apply for subprime loans. Check out an FHA-insured loan before settling for a subprime loan! How do FHA home loans compare to conventional loans? Conventional loans usually require a larger downpayment than FHA and if you have less than perfect credit you may not qualify for an affordable mortgage with a low interest rate . The best thing to do is compare the cost of the conventional loan to an FHA-insured loan line-by-line. What are the fees for each? What is the interest rate? How much is the mortgage insurance? How much downpayment is required? For some borrowers, a conventional loan may be less expensive. For many others, getting an FHA-insured loan is the way to go. Do you have to buy mortgage insurance on an FHA home loan? Yes – as you will with most loans. The Housing and Economic Recovery Act of 2008 provides for a one-year moratorium on the implementation of FHA’s risk-based premiums beginning October 1, 2008.   Consequently, effective with new FHA case number assignments on or after that date, FHA will no longer base its mortgage insurance premiums on a combination of credit bureau score and loan-to-value ratio.   The new premiums (upfront and annual) to be implemented for all loans for which a case number is assigned on or after October 1, 2008, are described below.   Mortgagee Letter 2008-16 is rescinded in its entirety.   Please note that certain parts of that mortgagee letter are retained and reiterated in the guidance that follows. UFMIP= Upfront Mortgage Insurance Premiums:  FHA home loans will charge an upfront premium in an amount equal to the following percentages of the mortgage:  Purchase Money Mortgages and Full-Credit Qualifying Refinances = 1. 75 Percent Streamline Refinances (all types) = 1. 50 Percent Most home loans require mortgage insurance when your downpayment is less than 20% of the sales price. On conventional and subprime loans, mortgage insurance is provided by private companies. Whether private mortgage insurance is less than, equal to, or more than an FHA-insured loan’s insurance will depend upon the loan program and your qualifications. Compare the cost of FHA home loan home loan compare  to subprime and conventional types of loans over the life of your loan. Then compare how much each one costs monthly. With the protection and value you get from an FHA home loan you will find it’s a very good deal.     (more…)

Just out of school and considering buying your first home? You’ll be surprised how easy it can be to qualify for a loan. Too often, the newly minted workforce doesn’t realize the confidence lenders have in their ability to be responsible homeowners. Ok, so Mom and Dad told you that you need to buy a house. You’ve graduated from college and you’re earning a decent income. Even though you don’t feel like it most of the time, you are officially all grown up. But you ask yourself, “I’m only twenty-four years old, who would possibly loan me money to buy a house?” First time homebuyer programs are established with flexible guidelines to attract – you guessed it -first time homebuyers! You are in a great position to buy a home provided you have established some history of decent credit. Even if you don’t have traditional lines of credit to show for yourself, you may have established non-traditional credit and not even realized it. Do you have utilities, a cell phone and cable bill in your name? Have you paid them on time for 12 months? Then you have established non-traditional credit. Granted, many of you already have a credit card or gas card in your name. That’s why Dad wanted your name on it, too. Good thinking on his part. At the time, you were just excited to get the credit card “for emergencies. ” It didn’t even occur to you that you were establishing a good credit history. Most lenders want to see at least a year under your belt earning income. The majority of new job workers are making at or under the median income limit for their area. There are those that beat the curve, but then, if you’re making that much money on your first job, you don’t need a first time homebuyer program. You can probably take another route to your first home. Also, recent graduates can get credit for having a diploma. If you have a diploma and an employer who is willing to verify that you earn what you say and are likely to continue on with them, then you’re good to go -even without a year’s employment history to show for yourself. Some lending programs ask that a borrower have maintained an excellent rental history, preferably a two year history. But, you don’t get penalized if you have been living at home. Especially, if home is in the same city that your school is located. You are simply asked to provide explanation as to how you managed to live rent free. Sometimes, Mom and Dad have to provide a written statement. They’re probably willing to do that to get you out of the house and off the payroll. What about a down payment and closing costs? Most programs will allow a seller to chip in 3% of the sales price toward your closing costs. This allowance can cover most if not all of your closing costs. Your Realtor simply needs to be aware that you need this concession so she/he can negotiate it with your purchase contract. And how much do you have to come up with for a down payment? How about $0? Nearly all first time homebuyer programs are designed for empty pocket consumers with potential to earn more and maintain good credit. Some programs don’t require you to have any reserves in the bank. Since so many first time homebuyers live on a budget, these programs allow for the reality of life. And you can be rewarded for being a conscientious consumer with lower than average interest rates being available to you. You may be ready to buy your first home and not even know it. A good mortgage specialist will pre-qualify you, find out what you can afford or what your comfortable paying. Then, you just have to find the right home. It’s easier than you think! (more…)

Home Kitchen Appliances – How To Buying Guide – Purchasing  For Large Home Appliances for Kitchens Pictures of Large Home Kitchen Appliances Small Kitchen Appliance Pictures Small Garage Refrigerator Appliances Large Kitchen Ovens and Kitchens StovesDollars for Large Home Kitchen Appliances For Sale Large Kitchen Appliance Dollar AmountsPurchasing large kitchen appliance such as luxury stoves and refrigerators for your home is a major decision. Before starting your kitchen remodel set a realistic dollar amount (Budget) for your new kitchen appliances. This small step of setting a realistic dollar amount and determining your appliance budget is a very small but important step before changing a homes cabinet layout. This small step helps you determine where to invest your dollars for your new kitchen appliances and if there will be money to place onto the more luxury appliances you may desire for your homes kitchen such as increasing to a better style of new cabinet countertops – Changing to a smaller new kitchen appliance in your home may give you the dollars you need to install granite countertops or solid surface countertops instead of laminate kitchen counter tops. Your New Kitchen Appliances Must Fit Your Home Style!Finding large kitchen appliances that are right for your home design is the important thing to remember before you buy any new appliance products. For instance if you wash fruits and vegetables a lot – You may want the best, largest sink possible for your kitchen countertops. You may also desire a large freezer for storage if your home is into a lot of fruit storage as mine was growing up. If your home style is centered around baking – Buying A large top grade oven may be where you want to invest extra dollars as well as including cabinet accessories for storage of your baking goods. If you include a dishwasher in your kitchen design you may desire a commercial grade dishwasher appliance to withstand the large amount of items needing cleaning from your baking.  If you are an older couple who seldom uses your homes kitchen microwave you can save dollars by having a small microwave or even eliminate a permanent microwave from your kitchen cabinet design and go with a small countertop style instead. By spending less dollars when buying your new microwave selection – You can now invest this dollar amount buying  that deluxe modern oven you desired. View Kitchen Appliance Consumer Reports Before Buying Your AppliancesKitchen appliance consumer reports are a great idea. Review online reports before purchasing your new large home appliances such as a new refrigerator – Or Go to Your local library is even better and has the best accurate information for kitchen appliance consumer reports, although there also are online appliance and kitchen cabinet buying consumer reports as well. What is the bottom line before buying your new appliances? As with kitchen cabinet planning – Finding the dollar amount that is right for your homes needs and buying the best possible home appliances your budget can afford is what will bring you long term happiness! We hope this helps as you start you plan your buying of new kitchen appliances or new kitchen cabinets and countertops for your home. Please let us know what information you were looking for on our web site if we did not have the content you were looking for so we can be sure to include it in the future – Thank You! kitchens@remodelingsuccess. com (more…)