there are basically 2 types of Florida VA refinance mortgage loans.  One is the streamlined refinance where there is no appraisal requirement and no income qualifications.  It is referred to as the VA Interest Rate Reduction Refinance Loan or the IRRRL.  The other is refinancing your Florida mortgage, from a non-VA type mortgage or receiving cash out.  The cash out rules have changed.

The old cash out maximum’s have changed to benefit any US Veteran Florida homeowner thinking about refinancing to consolidate debts or to begin some home improvements.  Florida Veterans can now borrow up to 100% of their current home appraised value.  This provides more refinancing opportunities for Veterans in today’s tighter Florida mortgagemarkets.  The new loan amount must include the VA Funding Fee and closing costs can be rolled into the new VA Home Loan or paid separately.

For more information about your many benefits regarding your VA Home Loan refinancing options; please call our office at 888.399.0520  and ask for one of our VA Home Loan Specialists or contact me directly at 407.733.6425.

Over the past 5 years, many Florida homeowners obtained their financing from a local Florida bank offering mortgage loans based on their own reduced underwriting guidelines.   Now, during this temporary recession, these homeowners are being denied any assistance with respect to mortgage loan renegotiation’s – which could help everyone throughthese tough times.  Florida homeowners, and their families, are being forced to foreclose or to sell their primary homes through a short-sale.  The Florida mortgage program was called a “No Ratio” mortgage – and here’s the problem.

First, a “No Ratio” mortgage loan allowed Florida home buyers to purchase a primary residence without ever disclosing any information regarding income.  In fact, income was never listed on the mortgage application.  The main underwriting requirements were credit scores had to be at least 620 and the home buyer had to show evidence of at least 2 months of mortgage payments in savings or reserves.  That it.

Second, when renegotiating the terms to keep these homeowners in their homes; the bank now wants income evidence.  Is that fair?  We are currently in a recession and homeowners may be earning less in these tougher times.  Some homeowners have a history of on-time payments for over 3 or 4 years and are only inquiring about how the bank can help them keep their home.  Some have asked to reduce the principal balance to meet today’s lower market values; and perhaps write a new 2nd mortgage with no payment until the home is sold or refinanced years later.  This would keep home values up as it avoids selling at today’s values, fights foreclosure worries and the bank doesn’t lose anything. 

Banks should not have the authority to change their underwriting guidelines on mortgage programs that they themselves provided for Florida home buyers.  They should consider reductions in principal balances, lower interest rates, or anything.  All I am hearing is they are forcing Florida homeowners and their families out on the streets and it’s not fair..

Floridians and our local banks should do much more to help our homeowners.  If you need more information regarding past or present Florida mortgage programs and details - call me anytime at 888.399.0520.

One thing is for sure in this mortgage madness – there are benefits keeping your credit scores at their peak.  We are seeing 2 distinct categories of new home buyers in the Florida mortgage market.

Florida home buyers with excellent credit histories are the ones who not only benefit with lower fixed rate mortgages; but who also can enjoy, smoother and quicker closings.  Usually after receiving signed disclosures from the home buyer, reviewing the appraisal and title commitments, we can order closing packages for our clients here at BeechTree Mortgage, Inc.  In fact, the only hold-up with these Florida home buyers (usually putting 20% or more towards down payment) is when they purchase a Florida home through a short-sale or foreclosure.   These still take time as everyone seems to be negotiating the contracted price up to the closing day. 

For those of you with less than perfect credit; don’t worry.  If you don’t fit into a conventional type mortgage then FHA may be your best option.  FIxed rates, no prepayment penalties, low monthly private mortgage insurancee requiremants are just a few of the benefits.  However, Florida FHA approvals take more time to complete.  You must allow at least 3 weeks from mortgage application to closing.

For more Florida mortgage information please visit our website at www.beechtreemortgage.com or call us now at 888.399.0520. 

With apparent liquidity boosting our financial markets the questions remains; now what?  The passage of the $700 billion dollar bailout will help to restore some confidence but what about homeowners facing foreclosure?  What do they get?

Word on the street is the Feds will lower the Fed Funds rate towards the end of this month.  This news coupled with the approval on the bailout at the House level should encourage banks to lower interest rates.  Many Florida Mortgage Professionals realize the interest rates home buyers pay is of course still controlled by the banks.  Will they pass the savings to homeowners in Florida or other areas in the US?  We can only wait and see.

If you are purchasing a new home or seeking to refinance your current Florida mortgage; please make sure you speak with a Florida Mortgage Professional next week and inquire about current low fixed rates.  Make sure you get Good Faith Estimates form reputable companies and compare closing costs as well as interest rate.

For your free Good Faith Estimate and information on current Florida mortgage ratesplease contact BeechTree Mortgage at 888.399.0520.

Throughout this mortgage mayhem I have noticed many financial news anchors speaking their thoughts on available mortgage credit or the lack thereof.  Perhaps they are referring to sub-prime loans or reduced documentation programs.  Of course there have been tremendous underwriting guideline changes over the past year or so; but Florida mortgage credit is still available.

Basically there are 4 types of Florida mortgage programs available to qualified Florida home buyer candidates. 

• For conventional home buyers we have Fannie Mae or Freddie Mac type conventional mortgages.   Although caution should be exercised to those seeking a new Florida condominium loan or Investment Florida home mortgages.
• Of course, Florida Veterans can still enjoy the many benefits of the Veterans Administration’s VA Home  Loan. 
• Florida FHA mortgages can be one of the best ways to finance a new Florida dream home especially for Florida first time home buyers.
• And, of course, the guaranteed USDA Rural Housing loan -which allows for no down payment and buyers costs to be rolled into the mortgage loan.

True – liquidity is an issue in the mortgage market. But after watching the local financial news; don’t get discouraged about whether you may qualify for a piece of the American dream of home ownership.  There are many mortgage loan programs currently alive and well.  Maybe the news anchors were covering subprime and no income docment type mortgages as they have been removed from the industry.

For  immediate Florida mortgage loan consideration please contact our Mortgage Professionals at 888.399.0520.