Orlando Real Estate News

The FHA (Federal Housing Administration) has helped millions of Americans to get their dream homes in Central Florida, since 1934. The FHA does not provide home loans or set interest rates. It only provides mortgage insurance on loans from FHA-approved lenders, against defaults. And in case you didn't know...it's not just for first time homebuyers!

An FHA loan can be used to buy or refinance a new or existing single family house, a condo unit, or a manufactured or mobile home, provided that it is on a permanent foundation.  

What benefits does the FHA Loan Program offer to those buying a home in Orlando Florida?

The FHA Loan Program offers many benefits, including competitive interest rates, and a smaller down payment. It also offers easier qualification, and there is no need to have perfect credit. Greater Orlando area home buyers get more protection, helping them to keep their homes.

The FHA Loan Program is ideal for first-time home buyers in Central Florida, who are worried about qualifying for home loans. It is also suitable for non U.S. citizens, those who don't have perfect credit, and those who want to keep their monthly mortgage payment as low as possible.

People who are concerned about being able to pay their monthly installments, and are worried that they may go up, can also opt for the FHA Loan Program.

Need more information about Orlando Real Estate, the home buying process or the FHA loan program?  Contact your local Seminole and Orange County Realtor today for a consultation.

You need to work with a Professional who understands these differences and how your home compares to the current Real Estate Market, how best to present your home, and who guide you on the road to a successful home sale.

For information on great real estate buys in Orlando and nearby suburbs,
contact the Orlando Property Group, your short sale and luxury home specialists.

Or Search Now for Real Estate & Homes in the Orlando Florida Area

Looking for specific information regarding Orlando Florida real estate prices and communities? Get Your Free Market Snapshot

If you want to buy a home for the first time in Orlando or Central Florida, down payment assistance can make it possible for you to get the keys to your dream home right now! Many people searching for real estate in Orlando Florida want to buy a home to take advantage of the low interest rates that are prevailing now, but cannot save enough money to make the down payment.  

 Your lender, broker, banker, or Real Estate Agent will help you determine whether you qualify for government assistance in Orange, Seminole or other Central Florida counties, and to choose a suitable down payment assistance program.

Even if you have bad credit, you can still qualify for down payment assistance through special real estate loan programs. You can apply for these assistance programs, if you qualify for a loan, and can find a willing home seller.

When buying a home, you may not be able to qualify for government down payment assistance programs, due to bad credit, but you may still be able to get government assistance in the Orlando Florida area, if you have qualified for a low-interest fixed-rate loan.

Introduction to the VA Mortgage

Many Veterans are not aware of the ins and outs of the VA Mortgage program.  It is important to know the exactly what the benefits are and what is involved in  the process of qualifying. 

The Department of Veterans Affairs (VA) guarantees loans that enable qualified veterans, reservists, and active-duty service members to obtain a VA Mortgage. A VA loan allows veterans 100% financing without utilizing private mortgage venues.

Read Also:  FHA changes make it more challenging to qualify for an FHA Loan

Active Duty Military/Veterans and their families have been the focus of many programs sponsored by the U.S. Department of Housing and Urban Development (HUD) - even before HUD became a Federal Department. After the Second World War, Federal Housing Administration (FHA) mortgage insurance was used in conjunction with the Veteran's Administration mortgage guarantees to aid returning veterans in achieving home purchase.

Applications to determine if you qualify for a Certificate of Eligibility can be obtained by submitting the governmental form VA Form 26-1880 - Request For a Certificate of Eligibility For Home Loan Benefits.  Your lender can process your request if you do not currently have your certificate using the system ACE, which will determine your status.

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Federal Housing Administration (FHA) Commissioner David Stevens announced   policy changes to bolster the FHA's capital reserves, while allowing the agency to continue to fulfill its purpose of providing access to home ownership for under-served communities.

Read Also:How Does The FHA Loan Program Work In Greater Orlando, Florida?

The reported FHA Policy changes include:

Mortgage Insurance Premium... which you may see as MIP is going from 1.75% to 2.25%.  Target Date:  Spring of 2010.

Seller Concessions... FHA has allowed up to 6%. This will be reduced to 3%.  Target Date:  Summer of 2010.

Credit scores... Used to be the minimum credit score was 620... the change will be 580. If the score is above 580 the applicant may qualify for the 3.5% down payment. If the applicant's credit score is below 580 they will be required to put at least 10% down. Target Date:  Summer of 2010.

While these changes present challenges to the prospective Orland home owner, in the long-run they may benefit both the program and the home buyer.  The  Orlando home buyer will go into his commitment financially stronger, and their success will ensure the program can be offered to even more prospective FHA borrowers.

Read Also:  Down Payment Assistance Programs

For information on great real estate buys in Orlando and nearby suburbs,
contact the Orlando Property Group, your short sale and luxury home specialists.

Or Search Now for Real Estate & Homes in the Orlando Florida Area

Looking for specific information regarding Orlando Florida real estate prices and communities? Get Your Free Market Snapshot

When shopping for a home loan things have changed here are some things you need to think about.

"There have been a huge number of changes over the past few years in mortgage borrowing," said Gibran Nicholas, founder of the CMPS Institute, which trains and certifies mortgage advisors.

Most of the of the subprime loans that helped fuel the housing boom especially those that didn't require borrowers to show any proof of income, or that let homeowners make minimum payments  are simply gone.

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