August 3rd, 2007 by A Managed Blogger
There are many hurricane Rita and Katrina victims that could benefit from an FHA loan that will allow them to borrow 100% of the purchase price, using the FHA 203H program. Many families assume that home ownership is out of reach after struggling through the hurricanes or other circumstances, but HCI Mortgage can help.
Tarrytown, NY (IPRWIRE) August 3, 2007 — HCI Mortgage (http://www.fhatoday.com) is proud to announce that they are able to help a variety of people seeking home ownership for the first time. An FHA loan is a great way to go about buying a home because there are flexible financing guidelines for first time buyers, including minimal down payments, and access to fixed rate programs. HCI Mortgage can also help those that want to refinance ARM loans, because many are trying to get out from under high interest rates associated with these loans.
Read More…
Posted in News | No Comments »
June 29th, 2007 by A Managed Blogger
The Federal Housing Administration offers home loans to first time homeowners as well as people looking to purchase a second or third or fourth home. However, in addition to these services helping people to get into a home in the first place, the Administration also offers the opportunity to enter into an FHA refinance plan which allows homeowners to save money in the long run. If your mortgage still has a considerable number of years before it will be paid off and your interest rate is higher than you would like it to be, you might consider rethinking your repayment plan for your home.
Sometimes people get rates on mortgages that are not ideal at all. If you bought your house a number of years ago, especially if you were young with a less than perfect credit history, your interest rate is probably at a rate much higher than it could be. If your mortgage will be paid off in two years, it might not be worth it for you to spend the time reworking your paperwork in order to get a lower interest rate, but if you still have 10-20 years left on your mortgage, a new plan might be worth the time.
When it comes to an FHA refinance plan, you will be able to get a lower interest rate than the one you were initially given if you borrowed from a bank or other lender. Since the Federal Housing Administration is backed by the government, you can be sure that this refinancing is a legitimate thing. In the 21st century, there are too many lenders out there with so much fine print that nobody understands all of it even if they take the time to read all of it. When it comes to working with the Federal Housing Administration, you can be sure that the services you are getting are the top of the line.
Perhaps it is time to start thinking about putting money into an account for your children to go to college, or perhaps you are getting ready to make some other large financial commitment. These are very good reasons to think about finding out if an FHA refinance plan could help you to put some of the money that you are currently putting into your mortgage into some other account, such as a college fund. The interest rates offered by the Federal Housing Administration are generally around 6%, which might be lower or higher than your current interest rate.
In order to find out if reworking your current mortgage would mean saving you some money, you will have to take a look at your current mortgage and interest rate. It is not true in all cases that going ahead with an FHA refinance plan will mean getting a lower interest rate.
In order to find out how you can rework your particular situation, visit www.fhatoday.com and contact the home loan specialists at HCI Mortgage. In order to make the process easier for their clients, they have made their application available online. Visit today to learn more.
Posted in FHA Refinance | No Comments »
June 29th, 2007 by A Managed Blogger
The Federal Housing Administration helps many people get a home loan whether they have been the victims of a disaster or not because the home loans offered by this governmental agency are offered to all people. The difference between getting an FHA mortgage that is specifically for the victims of a natural disaster is that there is no requirement of putting down a down payment. When getting a regular home loan through this agency, you have to put down 3% of the total purchase price, but if you are financing after having lost your home in a natural disaster, it is possible to finance the entire purchase price.
This is the only group that gets special consideration in the terms of the down payment required when purchasing a home. First time homeowners and second and third time homeowners all have to pay 3% of the house’s total purchase price as a down payment. It is for this reason that a loan from the Federal Housing Administration is such a good option when it comes to buying a home after having lost a home.
The governmental agency figures that those who have lost their homes in a natural disaster should be able to get an FHA mortgage for a new home as soon as possible. It does not make a lot of sense to keep these people homeless or living at friends’ houses until they can save up 3% of the cost as a down payment. The government thinks that they should be able to get a new loan and finance 100% of the purchase price.
This opportunity to finance 100% of the cost of your new home should not be passed by. There is no bank or other institution who offers the opportunity to finance 100% of a loan. Always, when a home loan is in question, there is a down payment that must be paid. In addition to this offer of no down payment, all of the interest rate stipulations remain the same as they would be if you were to put down a down payment when signing an FHA mortgage. The fact that you are not paying a down payment does not affect any other pieces of the loan package.
In many loan programs, the more of a down payment you make, the lower your interest rate will be. When it comes to disaster relief home loans from the Federal Housing Administration, this is never the case. If you or someone you know has recently lost their residence in a natural disaster and has not found a way to get into a new home yet, check out the loan programs of the Federal Housing Administration.
One easy way to get started is to visit www.fhatoday.com, which puts you in touch with the folks at HCI Mortgage who work in their division for clients getting an FHA mortgage. HCI Mortgage will help you get started on your process of getting a home loan quickly, and you can even fill out their application online and be contacted by one of their specialists within 24 hours.
Posted in FHA Mortgage | No Comments »
June 29th, 2007 by A Managed Blogger
The Federal Housing Administration was started in 1934 to improve housing conditions in America, and more than 70 years later, that is still exactly what they are doing. They provide loans for purchasing houses as well as programs to refinance a house that you are already living in but need to refinance. One of their most popular types of financing is the FHA home loan going to first time homeowners.
In any given year, somewhere around 75% of the financing approved by the Administration goes to first time homeowners. Younger people who are looking to own their first homes are frequently daunted by house prices and the available financing options. When you look at a mortgage plan and it says 30 years, some people start to feel a little faint in the head. For a lot of first time homeowners, the prospect of paying for their house over 30 years means that they will be paying their house off for longer than they have been alive. This prospect is, understandably, sometimes a baffling one.
The folks at the Federal Housing Administration work with a variety of clients looking to buy a house or to refinance their current house. Their rules are quite simple when it comes to who can finance a house and who can not, but one rule to keep in mind is that borrowers can only hold one FHA home loan at a time. So if you are looking to finance a second residence, but are still paying for your first house, the Federal Housing Administration will not be able to help you out. Of course, this stipulation does not affect first time homeowners.
The financing plans given to first time homeowners are identical to those given to others, with the exception of those who have lost their residence in a disaster. Only disaster victims can obtain a financing plan without putting down any percentage of the purchase price. For all other borrowers, including first time homeowners, the amount that has to be put down up front is 3% of the total purchase price.
Beyond that universal 3% down payment for an FHA home loan, your interest percentage will depend on many factors. Starting interest rates are between 6-6.5%, but there are a lot of additional factors that are taken into consideration when calculating what the exact interest rate will be for each customer. Your credit score is considered, as well as the amount you are financing, whether or not you have a co-borrower (non-resident) and whether or not the house you are financing is a manufactured one.
If you are in the market for becoming a first time homeowner, and are not quite sure where to start, contact the folks at HCI Mortgage who specialize in helping clients with an FHA home loan. You can visit the website at www.fhatoday.com for more information and to easily fill out the application online.
Posted in FHA Home Loan | No Comments »