Most first time home buyers desire lower down payment, if any, Florida mortgage programs. So the first thing we ask here at BeechTree Mortgage, is if the home buyer is a US Veteran. If so, they win with the best first time home buyer program around.
Veterans seeking to purchase their first Florida home should take advantage of their VA Entitlement as it allows them borrow up to $417,000 without having to use savings towards any down payment. There is no prepayment penalty of course; and “sellers” can contribute up to 4% towards the Veterans closing costs and prepaid interest or escrows. This can save Florida home buying Veterans even more when obtaining their Florida VA mortgage.
The bonus feature with a Florida VA home loan is that there is no monthly private mortgage insurance; keeping the monthly payment lower than other programs. To see if you qualify for a VA home loan, call our office at 888.399.0520 and ask for one of our experienced VA Florida Mortgage Professionals. Get your upfront VA Good Faith Estimate and see just how low our fixed interest rates are for qualified Veteran first time home buyers.
Want to know how large banks get punished for their wrong-doing in the mortgage loan arena? They don’t. What happens is new mortgage related laws are created to punish mortgage brokers; not the banks! Take for example the investigation results from November of 2007.
After learning several emails evidenced appraisers were being pressured by a bank to inflate their appraised values on homes; New York Attorney General Andrew Cuomo arranged an agreement between Fannie Mae, Freddie Mac and OFHEO (Office of Federal Housing Enterprise Oversight); called the Home Valuation Code of Conduct or the HVCC. In fact, these specific appraisal firms were not only pressured but knew what they were doing and merely wanted to secure future business with the largest savings and loan bank (at the time) in history. The HVCC’s purpose was to reduce apparent bank-appraisal fraud and reduce undue pressures that this particular bank put on it’s appraisers.
But this new HVCC agreement affects only mortgage brokers, not banks! No longer is a mortgage broker allowed to speak with appraisers let alone order them when working with conventional Fannie Mae and Freddie mac type mortgage loans. Thanks; makes perfect sense…
A bank committed the crime and laws were created to tie the hands of professional mortgage brokers?
Going forward, we Florida mortgage professionals will have begin to process our client files and allow the Lender to order the appraisal. Banks will still get to order their client appraisals. My thoughts are clear on what our future holds for us Florida mortgage professionals… Bring it on…
By the way, that bank eventually went out of business and was purchased by yet another big bank.
I believe help has finally arrived thanks to our federal government’s Home Affordable Refinance program. The goal is to assist Florida home owner’s who have demonstrated an acceptable payment history on their mortgage loan; but due to declining home values, have been unable to refinance and lower their monthly payments or move to a more stable fixed mortgage home loan.
It is the Fannie Mae Refi Plus program… Simply put, it allows homeowners to borrow up to 105% of their current home value; which may help thousands who have experienced equity loss due to neighboring foreclosures. This refinance opportunity is available only to homeowners who currently have an existing Fannie Mae, conventional, mortgage loan.
Many friends and family have asked why I still do what I do for people seeking Florida mortgage financing. I have though long and heard and it is very clear.
I closed my first Florida mortgage loan, for my sister, over 14 years ago. Since then, I have seen ups and downs, not only with fixed mortgage interest rates, but with Florida mortgage program availability as well as new rules and regulations. However, in the past 18 months, I have experienced more changes in our industry than ever. Yes, there were bad brokers and bankers, the economy has fallen and the Florida mortgage landscape has trimmed in what’s available for home buyers. Today’s announcement doesn’t help either. Over 660,000 jobs lost in March of 2009, unemployment has already reached over 5.1 million Americans since the beginning of 2008. Tough times in a tougher mortgage market…
In this year of apparent transparency, I find we are still out-educating borrowers with information generally not provided when shopping for a new Florida mortgage. We even have other mortgage companies calling us to explain Florida mortgage programs! Also, as long as big banks and lending institutions offer higher rates, or “lower rates” with lots of hidden (small print) discount points or fees; we have a purpose. Homebuyers can save more money, learn more about their mortgage program and isn’t that what we Mortgage Professional are here? Simple.
As an upfront Mortgage Professional, I can promise that we will keep doing what we do; providing upfront Good Faith Estimates, explain in detail any mortgage program to allow home buyers the opportunity to make better informed decisions, and saving homebuyers more money. If you need to know more about Florida mortgages, please call our office at 888.399.0520.