Getting Started with FHA or Jumbo

Want to know what to do to get started?

Does it seem that everyone you talk to about buying a home, realtors, lenders, friends and family, seem to make it sound so easy, and yet you feel like you have no idea what is going on, or what is going to happen?  We understand – because we have been there before when we bought our 1st homes. We know it can be intimidating to even pick up the phone, or ask questions about what is going on.

We also believe that asking you to fill out an application online is an insult. We can’t imagine why anyone would be comfortable typing out all their personal information into a website. In most cases, this is the biggest financial transaction of your life, and we believe you should be comfortable with the people you are dealing with.

Our first promise is we won’t let you spend any money, ever, until you are actually under contract to close on your home. That’s right; all the work we do for you is free, until you are actually buying a home.  No charge for your credit report, no charge to secure your Notice of Loan Approval, and no charge to coach you through the things you may have to do to get in the best position to buy a home with FHA mortgage or loan.

When we talk the 1st time – it will be a few minutes of your time to gather the initial information from you over the phone. We’ll review the basics of what we call your “borrowing profile”; employment, income, assets, credit, and what sort of payment or purchase price you are interested in. Then, we will schedule a follow up time to either meet you online or in person and review your complete qualifications.

Our second promise is that we will walk you though the entire process, so that you will know and understand what is going to happen, how to protect yourself, and what to look out for. And with our performance guarantee, you can rest assured that if we tell you are going to get your loan – you will. There is no risk on your part- so pick up the phone and call today. Take the first step on your road to homeownership, and securing your share of the American Dream. You’ll be glad you did, and we guarantee it!

Jumbo Loans in Florida

Why use a Jumbo or VA loan for your next home?
These loans offer a tremendous value for one reason; both programs areinsured by the federal government.

VA loans allow for 100% financing, and no monthly mortgage insurance premiums.
Jumbo loans allow for a 3% down payment. (This goes to 3.5% on 1/1/09)
Jumbo Loans allow for all of your down payment to be a gift from a family member, a private family 2nd lien, or a grant from several approved Non-Profit or Grant Agencies. Find more Jumbo Loans in Florida at Colonial First (http://colonialfirst.com/florida-jumbo-loans/)
Since these programs are government insured, the interest rates and terms are highly competitive
You can secure these loans only 2 years after a bankruptcy discharge, and 3 years after a foreclosure.
These loans are assumable, with certain restrictions. If interest rates rise in the future, you are in great negotiating position when it comes to selling your home!
These loans never have a pre-payment penalty, ever.
Timely payments on rent, utilities, and insurance for the last 12 months can be all the credit you need to qualify.
The seller can pay all your closing costs and pre-paid escrow deposits, up to 6% of the purchase price.
Jumbo loans are the only loans that allow for a non-occupying co-borrower, helping you to qualify.
You can even use these programs to purchase up to a 4-family property, allowing you to buy your own home and become an investor at the same time.

Mortgage Comes First!

Why you should get your Mortgage First!

In over 40 years of combined mortgage lending experience- we have never met anyone that woke up one day with the dream of getting a mortgage, the dream is to own a home. So people start looking for a home first, and a bigger mistake you cannot make!

Here are the top 5 reasons to get your mortgage first, and to get it from 866-FHA Pros Online.

  1. By working with FHA Pros Online, and getting your loan underwritten and approved BEFORE you look for a home you will know how much you can spend, how much you will need and that you are getting the loan. Most important, you will be able to make the best decision regarding the rate/cost combination of your mortgage, and won’t be rushed into whatever you can get, because you failed to take this step before you wrote an offer.
  2. By working with FHA Pros Online, you will know the steps from start to finish: What to expect, how much money you will need, and when you will need it. No Surprises, and we guarantee it!
  3. By working with FHA Pros Online, you will know how to protect yourself when picking the people that will help you though the process, the Realtor, the Home Inspector, the Insurance company, we tell you what to do, and what to look out for so you will be treated like the customer, because after all, you are the customer. We all work for you!
  4. By working with FHA Pros Online, you will be able to negotiate from a stronger position, because you will not have any financing contingencies when you make the offer, making the seller more motivated to accept your offer.
  5. By working with FHA Pros Online, you will eliminate the stress associated with the so called lenders that wait until the last few days to underwrite your loan, we underwrite you first, so we eliminate that stress for you.

We know you’ve heard the horror stories. And they are real, our industry is famous for lousy service and closings that would make the average homebuyer cringe. But by taking this step first with FHA Pros Online, you will become an educated homebuyer, and your dream will not turn into a nightmare.

FHA and VA Loans in Florida – Info Guide

What does Pre-Qualification or Pre-Approval really mean?

VA loans

It should mean – you ARE approved for a mortgage loan – in many cases, it means little more than the paper its printed on.

With many so called ” Florida mortgage professionals”, “Pre-Qualification” or “Pre-approval” can mean a lot of different things and a many of them are not so good for you the borrower. Did you know that many people that issue so called “approvals” don’t even have the ability to lend money? Yes, its true, most so called “mortgage professionals” don’t even have the ability to lend money!

At FHA Pros Online it only means one thing: You are 100% credit approved for a specific loan amount at a maximum monthly house payment. As a Direct Lender, it is our money we lend. We approve the loan, close the loan, then sell the loan. No games, no empty promises, just 100% of the truth, 100% of the time!

Let’s take a look at some of the ways you can be pre-approved with other so called “lenders”.

Start with what is often called “Pre-Qualification, WITHOUT credit review.”

The buyers have inquired about financing to purchase a home. Their credit has not been reviewed – Income, assets, or employment documentation have not been reviewed or verified. You have only had a conversation about how much money you make, and what your monthly bills are – the loan officer hasn’t really looked at a single thing regarding the buyer’s ability to close on a loan.

Many so called lenders call this a pre-qualification- some a pre-approval, but all they really have done is made a commitment to try and get you the loan.

It still doesn’t mean you are approved by someone that has an actual ability to lend you money!

Now let’s look at what can be called “Pre-Qualification, WITH credit review:”

Buyers have inquired about financing to purchase a home. Their credit report has been reviewed by the loan officer but their income, employment, and asset documentation has not been reviewed by anyone that has the ability to lend you money!

When this so called lender tells this buyer they are pre-approved, the stage is set for major problems. You have heard all the horror stories. You may not even qualify for a loan at all. If you do, it could be with a completely different rate, down payment, and monthly payment. You will likely close late, over budget, with lots of last minute surprises and stress!

Then there is the “Pre-Approval WITHOUT Underwriting Review” Most so called lenders call it a pre-approval.

Buyers have inquired about financing to purchase a home. The loan officer has reviewed the credit report, income, and asset and employment documentation. The loan officer has even run the application through their Automated Underwriting System.

This is the type of pre- approval that can cause the most headaches. Until an underwriter actually reviews and approves the application, and all the documentation, your loan is not really approved. You are making important financial decisions without your loan being underwritten and approved by anyone that has the ability to lend you money!

Now let’s look at how we at VA Pros Online do it – the right way!

The only way to know you have been approved for a loan is by getting an approval by someone that has the ability to actually lend you money! At Florida VA Pros Online, we are Direct Lenders! You’re approval is being done by someone who will actually be the one that lends you the money when you close! Colonial First, for example, has had years of experience providing VA loans in FL, you can check them out at the Colonial First Mortgage site.

The buyers have APPLIED with us for a mortgage. Their credit has checked, all the documentation of income, assets and employment have been reviewed and verified. Our in-house underwriter has reviewed the loan application and most importantly, a conditional commitment has been issued.

Final Commitment requires acceptable property purchase contract, clear title, property appraisal for value, and the home must be insurable condition.

Then and only then can you be comfortable that your loan is really approved – it’s that simple!

Our clients shop and make offers with confidence knowing their loan will close – On Time, Under Budget, with No Surprises! That our Guarantee!

If you are going to make an offer on a home, and write an earnest money check that you could lose if you don’t meet all the contract deadlines, don’t you want to be SURE that you have done everything you needed to do as a qualified borrower to insure your deal will close?

Why go it alone, when you can go with a Pro? FHA Pros Online are here to help you get your home today, and afford your home for all of your tomorrows!