Bad Credit Home Loan Florida - First Time Home Buyer Program

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Mortgage Programs - First Time Home Buyer Programs - Bad Credit Home Loan Programs

Maybe you need a larger house for your growing family or you would like to move into a particular area. Whatever
the circumstance if you are looking for a Home Loan we can help. Even if you are a First Time Home Buyer with no
credit or you have credit problems such as late payments, charge offs, judgements or a bankruptcy there are
affordable options.

You should also get Pre-Approved even if you haven't found a house yet to determine
if you would qualify for a mortgage and to establish the price range you would qualify for.
Once you have been Pre Approved we will issue you a FREE Pre-Approval Letter. This
letter will ensure any interested party that a Loan Officer has reviewed your financial
and credit history. All Real Estate Agents and Private Sellers will require this letter
upfront before they accept any offers on a house. The paperwork is minimal and
there is no fee associated with this service. Contact us so we may set up an appointment
or point and click on the picture of the application to the right.

Conventional Loan Program The best rates and programs are available to those applicants even First Time
Home Buyers that have a credit score of 620 or better with a clean credit history. In certain cases if the credit is
clean and the credit score is a little less than 620 exceptions can be made on a case by case basis. If the credit
score is less than 620 with delinquencies then chances are that you will need to look at one of the other
programs listed below. Best Mortgage Available.com can help provide you with a mortgage regardless of your
credit or situation. It is estimated that 70% of all applicants have some type of negative rating on their credit
report. To see a list of all the different mortgage programs available to all borrowers click on this link:
Traditional / Innovative Mortgage Programs

First Time Home Buyer and My Community Loan Programs: These programs have unique guidelines
which allow for credit scores under 620 and down payment assistance for "No Money Down"
financing.
- These mortgage programs allow for higher income to debt ratios, up to 60% with no down payments.
- Depending on the program the seller can pay between 3% - 9% of the buyers closing costs.
-   Up to $5,000 worth of collections can appear on your credit report and you can still be approved.
-   Many First Time Home Buyers are under the impression they will be penalized by receiving a much higher
interest rate because of their lack of having a housing history on their credit report, this is not always the case.
-   The Mortgage Programs available to you consist of Fixed Rate, Adjustable Rate and Interest Only Loans.
-    If you don't qualify for one of these programs don't worry we have alternative programs (FHA or VA) at
competitive rates.
- Teachers / Police / Firefighters / EMT's and Nurses qualify for special consideration on their applications
under these programs.
- As a First Time Home Buyer the application process can be confusing and very
stressful so please take the time to speak to one of our experienced loan officers so
that we can help guide you through this process and make you aware of all your options.

-    If you have allot of credit delinquencies then we will have to look at Alternative
Lenders and loan programs that will allow for credit scores down to the 400's.

FHA Loan / VA Loan: These Government backed loans offer buyers
with less then perfect credit a chance at home ownership at competitive rates..
- Competitive rates for applicants with credit scores lower then 620.
- Underwriters will take into account your recent credit history and your income to debt
ratio to see if you qualify.
- Income to debt ratio has to be close to or under 43%
- Also there are Non Profit Organizations that are set up to assist you with your down payment which would be
considered a gift so therefor it would not have to be repaid.
- The best part is that all applicants automatically qualify for the Down Payment Assistance.
- The amount of money that can be borrowed is limited and those loan limits are set by the government and vary
from county to county. To see the loan limits in your state click on this link FHA Lo an Limits
- The Va Loan Limit is $417,000
- VA Loans do not charge mortgage insurance which could save you hundreds of dollars per month and NO
Down Payment is required.

Subprime/ High Risk Lenders: These loans are offered to applicants regardless of their credit
problems and credit score. Even if your a an experienced home buyer you may find this process to be difficult
because of your credit. We deal with over 100 top lenders and many of them are Subprime/High Risk Lenders.
Your best chance to get approved will be with a large mortgage company like us. Anyone of our experienced
Loan Officers can help you structure your loan application so that you stand a better chance of getting
approved. You will need to fill out the "60 Second Custom Quote Form".To get an understanding of what rates
and programs you qualify for. The same type of loan programs are available to you as those on the
Conventional - Traditional side but with slightly higher rates. One advantage is that with these types of loans
there is no additional charge for mortgage insurance which can save you hundreds of dollars per month.
- No Money Down, Fixed Rate, Adjustable Rate Mortgages (ARM) and Interest Only Loans are only some of the
different programs available.
- There are also alternate ways to qualify for the housing payment if you cannot document your income. These
programs are called 'no income verification" loans. If you need descriptions of any of these programs please
refer to "Traditional and Innovative Mortgage Programs'.

Mortgage Tips:

Even if you are an experienced home buyer and you know what you
are looking for the house hunting process can be overwhelming.
- Take pictures of each home.
- Bring someone with you for there input.
- Make sure the house fits into your budget.
- Ask if there are HOA Dues, the cost for taxes and insurance .
- Think of the time and costs involved with the commute to work.
- Keep an open mind and remember there is a difference between what you'd like to have and what you really
need.
- Consider your monthly budget - the costs for any renovations and maintenance that you'll need to do?
- Always take your time in making a decision.
- Concentrate on a few areas and decide what's most important to you. This may help you narrowing down your
search.
- Find a real estate agent that you are comfortable with. They will have many more listings than you can find on
your own.
- Compare all homes and make sure you know what you would get and what you would miss in each house
before you make a decision.

Please e-mail or call us with any questions our representatives would like to hear from you.
There is never any application fee and the Pre-Approval is a free service at
Best Mortgage Available.com

Home Loan Programs For All Types Of Credit

Interest rates are near 30yr lows and insurance agents and bankers have been working harder then ever to do
more business with minorities and First Time Home Buyers. Statistics show that African Americans and minorities
have a harder time landing their first house but don't despair here are some basics that you need to know.

1.Assess Your Debt:
Your first action should not be a trip to see your local Realtor.
You should take a hard look at your finances and answer the following.
- Are you struggling to make your current payments?
- Are you carrying large credit card balances?
- Have you been making your payments on time?
- Have you seen a recent copy of your credit report?
- If you have a co borrower, do they have good credit?

Most likely you will need to take out financing and the first thing lenders will do is look at your income to
debt ratio. Most lenders will want to see a 28% front end ratio and a 43% back end ratio
a. The first ratio they will take into account is your Housing Ratio otherwise know as your front end ratio.
To calculate this you will need to add up the total mortgage payment which includes the principal, interest, taxes,
hazard insurance, mortgage insurance premiums and homeowner association dues. Take that total payment then
divide it by the gross monthly income. Try and keep the front end / housing ratio at or under 35%.
For Example:
Take the total amount for the new house payment: $1,000.00
Calculate your gross monthly income and include any co-borrowers income in any: $3,000.00
Then divide that house payment by your gross monthly income: $1,000/$3,000
Your housing ratio would be: 33.33%

b. The second ratio they will take into account is your Income to Debt Ratio otherwise know as your back end
ratio. Add up your total mortgage payment and any other monthly obligations that would appear on your credit
report such as a car payment, minimum payments for credit cards (exclude gas, electric, car insurance, etc.
These amount don't show up on your credit report) then add those amounts together and take that total and
divide by the gross monthly income. Try to keep your debt ratio at or under 43%.
For Example:
Total amount for your house payment: $1000.00
Total amount for your monthly revolving debt: $300.00
Total amount of monthly debt: $1300.00
Total gross monthly income including your co-borrowers income as well: $3,000.00
Then divide your total monthly debt by your gross monthly income: $1,300 / $3,000
Your debt to income ratio would be: 43.33%

2. Get Pre Approved:
You must decide what type of home you want. Different types of homes present different types of financing
options available to you. Even if you are a First Time Home Buyer with no credit or you have credit problems such
as late payments, charge offs, judgements or a bankruptcy there are affordable options. You should also get
Pre-Approved even if you haven't found a house yet to establish the price range you would qualify for and to
obtain a Pre-Approval Letter. This letter simply states that a Loan Officer has reviewed your financial and credit
history. Based upon this information the Loan Officer would have the ability to determine first if you would qualify
for a mortgage and for how much. All Real Estate Agents and Private Sellers will require this letter upfront before
they accept any offers on a house. The paperwork is minimal and there is no fee associated with this service.
Contact us so we may set up an appointment.

3. House Hunting:
If you plan on using a Realtor you must find someone that you will want to work with. Asking friends and family to
recommend someone might be a good place to start. Dealing directly with a sellers agent may not be the best
move because their first priority is to sell the home and they are always looking out for the sellers best interests.
So it will be very important to establish a relationship with an experienced and reputable agent. Then tell the
agent what type of property you are interested in and what area you would like to move into. The Realtor will
search many different types of listings so that they can set up an appointment so that you may start to looking at
homes.

4. Secure Financing:
In recent years most lenders and sellers have become very creative in finding the solutions to overcome the
down payment hurdle.
Ex. Conventional Lenders have programs that require "No Money Down". Lenders have access to programs with
as little as $500 down payment. Also non profit organizations have been set up to assist with down payments in
the form of gifts which do not have to be paid back. The best thing is that all applicants will qualify for this
program.

You must decide on the mortgage program that best fits your situation. There are many types of financing
options such as an Adjustable Rate Mortgage, Fixed Rate Loan and Option ARMS.
Check the link "Loan Programs" to see a detailed description of all the mortgage products available.

5. Must go to Closing:
Like it or not there are additional fees other then the down payment on the house such as, points, taxes, home
owners insurance, title related fees, appraisal, home inspection and survey. It is possible to get the seller to pay
for all the closing costs including the pre paids which includes pre-paid interest, an escrow account and all other
relative fees listed earlier. You will be required to negotiate this upfront and include this request with the initial
offer on the house. The escrow account holds your taxes and insurance in an separate account so you may
make your tax and insurance payments monthly along with your mortgage payment. It has been estimated 95% of
all homeowners set up a escrow account so they don't have to pay their taxes or homeoeners insurance in 1 or 2
lump sums.

If you are thinking about buying your first home now is the time:

House Hunting Tips:

Best Mortgage Available. com