Low down payment mortgages still exist in today’s tighter lending environment.  Once  I recognize a first time home buyer; 3 current FL mortgage programs come to mind.  They are USDA Rural Housing, FL VA home loans, and of course, FL FHA first time home buyers.

Mortgage professionals must inquire whether a first time home buyer is a Veteran or not before beginning to determine a FL mortgage solution.  A qualified Veteran seeking a VA home loan will enjoy no down payments, no monthly mortgage insurance, and seller contributions ( up to 4%) towards the Veterans closing costs and prepaid taxes, insurances and interest.

If the first time buyer is not a Veteran, then determining where the first time home buyer is purchasing should follow.  The USDA Rural Housing program allows 100% mortgage financing but is limited in geographic locale.  Your FL mortgage professional should be able to provide more information with this FL mortgage loan which allows no down payments, no private mortgage insurance and seller contributions of up to 6%.  In fact, the closing costs can be rolled into the loan amount if needed; saving you more money out of pocket.

The next best and most popular FL mortgage program geared for first time home buyers is the FHA home loan.  FHA allows a small 3.5% down payment, seller contributions of up to 6% towards the buyers closing costs and prepaids, and all of this can be a gift from a relative or family member. 

Today’s FL mortgage markets are much tighter than previous years; however, there are still several options for FL first time home buyers to consider while purchasing their first home.  Experience is the difference between spending too much money with the wrong FL mortgage loan.  Get it right – ask for experience.

Home buyers usually turn to the Internet searching for their first FL mortgage in hopes to obtain very low fixed rates.  Many first tome buyers focus on FL VA home loans, FL FHA mortgages or even USDA Rural Housing loans.  Whichever FL mortgage loan desired; first time buyers should watch out for too much junk!

Always contact a couple of experience FL Mortgage Professionals and get your Good Faith Estimates, GFE’s, upfront and in writing.  Interest rate is important but make sure you are also reviewing lender junk fees.  I have recently reviewed other lender estimates with junk fee costs over $1,300!  You can find these fees on the Line items numbered in the 800’s.  Watch out for too much junk.

Interest rate shopping will be much easier when comparing upfront Good Faith Estimates and reviewing the junk fees.  Get your estimates in writing and only work with experienced Mortgage Professionals.  Are you paying too much junk for your low FL fixed mortgage rate? 

When shopping for a FL mortgage online many home buyers focus only on the interest rate.  This is important, however, there is more to consider than a seemingly low advertised interest rate. 

• What about experience in the FL mortgage professional whether on the phone or in person? 

An experienced FL mortgage loan officer knows today’s mortgage program details that may help you make better informed decisions.  Popular mortgage programs in FL include FHA loans for first time buyers with small down payments; FNMA or FHLMC conventional mortgages for those with 20% or more saved for down payments; and of course FL VA home loans which allow qualified Veterans to finance the entire purchase amount with no private mortgage insurance.

• How about upfront FL Good Faith Estimates? 

FL home buyers and home owners are entitled to receive their Good Faith Estimates upfront so discount point and other closing costs are easily comparable with other lenders allowing the shopper to find the best terms available.

• What about those discount points for your FL mortgage? 

Many advertisers (you’ve seen them on TV) illustrate reasonably low fixed interest rates, yet, when you pause your DVR your read they are charging 2.125% in discount points – for primary residence mortgages with 20% down and credit scores above 750!  Hmmm…

Get the lowest interest rate you can for your FL mortgage, but make sure you find an experienced FL mortgage professional who knows FL mortgage program details, will provide an upfront Good Faith Estimate, and who will not charge discount points on primary or secondary homes.  For more information on your next FL mortgage call, 888.399.0520, or contact me anytime.

I am currently listening to the Senate Banking Committee discussing consumer financial protection issues.  Most of the discussion centers around adequate disclosure when home buyers are seeking mortgages.  So why don’t home buyers know detail specifics regarding their chosen mortgage?  Is too much disclosure the answer?  What options are there in FL mortgage costs?  Wat is the etiquette of adequate FL mortgage disclosures?

FL mortgage loan disclosures are always required when obtaining a FL mortgage.  Your FL mortgage professional is responsible to explain these disclosures prior to choosing any specific mortgage loan.  Take adjustable rate mortgages for example.  Verbally disclosing rate caps, fixed Margins, and the history of an Index, can influence the decision a home buyer may make when comparing these higher risk type mortgages with plain vanilla FL fixed rate mortgages.  It is the FL mortgage professionals job to ensure home buyers know mortgage program details in advance.

Also, FL home buyers should always have the tight to choose to pay certain fees.  When shopping online or in person for your FL mortgage; make sure there are no discount points; as the are reserved as an option, the home buyers option, to buy-down the interest rate.  If you get an estimate with discount points, ask for another one without buying down the rate.  Then compare with other FL mortgage lenders.

The bottom line is FL mortgage professionals will always verbally disclose and compare different mortgage program choices available so home buyers can make better sound and safe financial decisions.  Providing maximum mortgage choices and transparent verbal and written disclosure is the true etiquette of a FL mortgage professional.  For answers to your FL mortgage questions, email me directly at steve@beechtreemortgage.co or call our office at 888.399.0520.

Due to the declined FL morgage market over the past 2 years, many opportunities are now available to Floridians as home prices are at their lowest in years.  The mot popular FL mortgage programs made available to these first time buyers include USDA loans, FL VA home loans and FL FHA mortgages.  But how does a first time buyer compare lenders before making their decision?  Follow these steps…

• Make sure you are working with an experienced FL mortgage professional.  Experience, that is, with current FL mortgage guidelines with USDA, VA and FHA loans.
• Ask for your Good Faith Estimate upfront.  This should explain all of the closing costs you will incur and detail payments, cash required to close and all FL mortgage discounts you’re entitled to receive.
• Ask about the procedures of how and when you can receive a lock-in agreement to protect your rate.
• Call at least 3 FL mortgage professionals and compare their expertise in specific mortgage program details; compare Good  Faith Estimates, and compare any FL mortgage discounts available.

Our Good Faith Estimates are prepared upfront for your review and comparison.  Our closing costs are discounted in advance and will not change prior to closing.  For your free FL Good Faith Estimate call our office at 888-399-0520 or email me directly at steve@beechtreemortgage.com

Everywhere we turn it seems everything is going up, up and away.  Unemployment is up to it’s 26 year high of 9.4%.  Gasoline prices have and continue to rise.  Even fixed interest rates for Florida mortgages have steadily increased over the past 2 weeks, with no slow down expected.  Bad news?  Consider this…

The good news is people will still continue to purchase new homes especially since the price for that new home is at all time lows, practically.  There are great savings to be found when searching for your Florida dream home.  Whether you’re seeking an FHA first time home buyer loan, a VA Home Loan, or a conventional mortgage, there are always mortgage options out there to discover.

If you, your Florida Realtor, or someone you know needs an experienced Florida mortgage professional; call our office at 888.399.0520 or contact us via email.  Interest rates aren’t going to stay low forever.

As a Florida first time home buyer down little or no down payment options are frequently requested.  Florida mortgage programs available to any qualified first time home buyer are prevalent.  Consider the following mortgage loan avenues:

Inquire about an FHA home loan.  The down payments are as little as 3.5% of the purchase amount.  Part or all of the down payment can be a gift form a relative.  And an FHA mortgage allows more flexibility with less than perfect credit scores.

Veterans should ask for VA home loan details.  Veterans looking to purchase their first home in Florida can purchase without no down payment at all!.  There is no monthly private mortgage insurance requirement and no prepayment penalty.  Also, sellers can contribute up to 4% of the purchase price towards the Veterans closing costs.  Veterans seeking to purchase a larger and more expensive home should inquire about a Florida VA Jumbo home loan.

Another option is the USDA home loan.  This program is available with no down payment, however, is geographically limited in availability.  Ask your Florida mortgage professional to review areas you are looking to purchase and you too may take advantage of this great program.  If sellers wont contribute towards buyers costs, this program allows you to roll them into the loan amount. 

All of the Florida first time program listed above do require income, asset and credit approval.  Make sure you gather this information together and call your Florida mortgage professional today to see how you can purchase your first home here in Florida.

We have seen many Lenders and banks completely pull out of providing Florida construction to permanent mortgages.  With the declining market issues and mortgage defaults it’s been almost impossible to find the funds you and your builder need to build.  Today, BeechTree Mortgage has positioned itself with one of the best construction to permanent programs available which include these highlights:

• Interest only payments during the construction loan period – based on outstanding balance.
• Borrow up to 80% of the sales price.
• Interest rate is locked prior to closing, through modification.
• Modification into a fixed rate mortgage is possible, with qualifying, once home is completed.
• No prepayment penalties at all.
• Use current market value of Lot, if owned more than 6 months, towards equity.
• Jumbo mortgage rates available.
• One closing upfront eliminates repeating closing costs upon completion of home.

If you are considering building your new dream home in Florida; it pays to contact your upfront Florida Mortgage Professionalsat BeechTree Mortgage.  We’ll show you how easy it is to start building with a construction to permanent mortgage loan today.  Call us at 888.399.0520.

For over a decade we have been ridiculed about our upfront Florida mortgage philosophy.  Detailing, to consumers, how we get paid and it’s direct affect on interest rate and/or closing costs is standard operating procedure here at BeechTree Mortgage, Inc. 

Whether you are getting your Florida mortgage from a mortgage lender, broker or banker; there are things you should know and ask.  First, since the interest rate affects their income or profit; ask how much they will earn in disclosed yield spread premiums (mortgage brokers) or undisclosed service release premiums (banks).  Second, ask for an upfront Good Faith Estimate to get a visual on how much it will costs you to obtain their fixed Florida mortgage interest rate.  The devil is in the details.  If you can’t get an upfront estimate without paying hundreds of dollars; call our office in Cocoa Beach – the estimates are free and accurate.

Personnaly, I have been accused, by other Florida mortgage proefssionals of providing too much information to the consumer!  Imagine?  Being transparent and upfront seems to be an issue for many in the Florida mortgage arena.  There is fun for us upfront Florida Mortgage Pros.  Federal disclosures are on the way and pretty soon everyone will have to express upfront and in LARGE FONT; exactly how much they will earn on any given Good Faith Estimate.  Fun for us because we have always done that for our clients.  Not so much fun for the “let’s keep everything a secret”  Florida mortgage brokers.

Hang on because this ride is just beginning as new structured Florida mortgage disclosures are just around the corner.  For more information on disclosures updates or to simply get your upfront Good Faith Estimate call our office at 888.399.0520.

Most first time home buyers seeking to purchase their first Florida home may take advantage of lower down payment requirements available with the following Florida mortgage programs.

For those seeking to avoid a down payment altogether; two Florida mortgage programs come to mind. 

• First the USDA Rural Development Loan which allows for no down payments and the ability to roll-in the mortgage closing costs.  It comes with no prepayment penalty and no private mortgage insurance is required. 
• Second, is the VA 100% guaranteed Home Loan, available to qualifying US Veterans.  Highlights include no prepayment penalty and no monthly private mortgage insurance.  Sellers can contribute up to 4% towards the Veterans closing costs and escrows.   

For Florida first time buyers wanting to put down less than 10%, one must consider an FHA insured mortgage.  This Florida mortgage program has become so popular that qualified home owners, trying to pull cash out of their homes, are obtaining  FHA loans over conventional Fannie Mae or Freddie Mac programs.  This is mostly due to the fact that obtaining private mortage insurance for cash-out Florida mortgages is currently unavailable.  The minimum down payment requirement is 3.5% which can be “gifted” from a family member.

For immediate Florida professional mortgage assistance regarding these and more Florida first time home buyer programs; please contact our office at 888.399.0520 or email info@beechtreemortgage.com.