Five Stars Mortgage
So you are thinking about taking that big step towards first time homeownership in Florida. For many first time homebuyers the process can be overwhelming and you will have many question. This is to be expected from any first time homebuyer and to help we have outlined some tips and advice to consider before taking the plunge and purchasing your first home in Florida.
Please see the new income requirements for Florida USDA Development in 2012. Great news, most of the counties in Florida has increased so more homebuyers can now qualify. Income limits vary from county to county. Remember, other deductions related to child care expenses, disability, elderly, etc and also be applied. Please insure to contact www.UsdaMortgageSource.com for any questions related to the USDA Rural Development eligibility requirements here in Florida.
| COUNTIES |
1- 4 person household |
5 – 8 person household |
| All FL & VI counties EXCEPT those listed below: |
$74,750 |
$ 98.670 |
The Veteran’s Administration (VA) home loan mortgage is perfect for past or present military looking to purchase a Florida home for little or no money down. The VA loan program is a government mortgage program backed by U.S. Department of Veterans Affairs and provides a number of homeownership opportunities in Florida with no down payment needed. The government backed VA home loan is available to active duty military personal, honorably discharged veterans or their widows. This is one of the last remaining mortgage programs that still allow home buyers to purchase their Florida home with NO MONEY DOWN. First time home buyers and current homeowners in Florida with a VA certificate of eligibility are permitted. Regardless of your financial or mortgage knowledge, Five Stars would be more than happy to assist you. We take the time to answer all your questions and educated you on the tremendous advantages of VA home loans here in Florida. Listed below are some of the highlights for the Florida VA purchase and Florida VA refinancing program.
Outlined below is the general 100% USDA Rural Development home loan requirements for 2012. Please read below for the basic USDA mortgage guidelines here in Florida and contact USDA Mortgage Source for more information – www.UsdaMortgageSource.com or Ph:904-302-6060
USDA Credit score requirements – 620 minimum credit score is required. However, this credit score requirement alone does not guarantee USDA home financing. Additional requirements include – No repeated late payments on any credit trade lines within the last 12 months. No short sales, foreclosures or bankruptcies within the last 3 years.
Most Florida homeowners know the mortgage industry is still recovering from the decline of the world economy a few years ago. Investments have increasingly become trickier and good paying jobs are so much more elusive than ever before.
As such, it gets a lot more challenging to pay monthly interests on debts and loans let alone paying off the principle. Therefore, it becomes extremely important to cut costs or save wherever possible and refinancing through FHA home loans is one very viable alternative.
The five most influential factors why you should seriously consider FHA refinancing are:
1. Debt Consolidation
Below we have listed some simple steps to help Florida home buyers successfully get their FHA mortgage loan approval. Florida first time home buyers will find the information below especially useful.
You have to be aware of what you need do before applying as well as know the process of your application, the documents required, and finally, the closing which is where you are righteously given the keys to your new house.
Before Loan Application:
Five Stars is a leading resource for Florida Jumbo loans. Jumbo loans in Florida have become very difficult to find, our resources still offer up to 75% loan to value for primary homes and 70% loan to value for second /vacation homes. Any single family residences and only full documentation loans permitted. Both fix rate and adjustable rate options available. If you have the equity, contact us about your next Jumbo purchase or refinance here in Florida. Interest rates are currently at all time historic lows, and Florida real estate is on sale for half price (in case you haven’t heard already)
Florida first time home buyers often have many questions about the home buying process. Many buyers want to know where to start, the loan approval process, etc. Below we have outlined a few tips before you jump in and take that big step towards home ownership.
2011 /2012 Florida first time home owners have limited choices in which home loan are available to them. The most popular are the three government loan programs – USDA mortgages, VA mortgages and FHA mortgages. In most cases first time home buyers prefer a minimum or zero down payment home loan option. Today there is only one choice non military homebuyers – the Florida 100% USDA Rural Development home loan. Veterans or current military personal also have the 100% VA loan option available – but for citizens, the only 100% option is USDA Rural Housing.
Florida is, and continues to be, regarded as a prime spot for residences and business establishments alike. The Sunshine State delivers just about anything the whole world can offer. With a population close to 19 million made up of a diversity of races, Floridians have a continuous need for homes to call their own.
The USDA has two loan programs for single family households available for Florida’s rural areas.
Very Low Income Household – These are households with an area median income (AMI) of below 50%.
