They help you determine what combination of elements must come together in order for you to get the best home loan for your financial situation. When using a mortgage calculator, keep an eye on the interest rate and the term length you enter as these will greatly influence your results. Learn How to Spot the Best Mortgage Rates in Florida.

This awesome Florida mortgage calculator is perfect for you if you’re trying to find out exactly how much Florida real estate you can afford, what type financing you qualify for, or you just want to get started with the mortgage application process.

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Florida is about more than just retirement communities and big, flashy attractions. You’ve also got the year-round warm weather to look forward to, but there’s still much more than that. Florida does make a great vacation spot, but it’s also a nice place to settle down and make a home.

You don’t have to get a home in the busy, touristy cities like Orlando, though – you can get a Lakeland mortgage and get a house in this nice community.

Lakeland is located right in the center of Florida, in Polk County. It’s about an hour away from major attraction cities like Orlando and Tampa – close enough to be easily accessible, far enough that it’s not as loud and busy. The city has plenty of unique features – like the historic Polk Theatre and the downtown Munn Park area  – that give it a special character.

As the name implies there are a lot of lakes around the city, over 40 in fact. Along with those there are a lot of well-kept parks. The city is also home to a lot of buildings designed by famous architect Frank Lloyd Wright, so it has a special architectural flair.

Lakeland has a number of fairly upscale communities, but that doesn’t mean you can’t find an affordable house in the area. If you’re interested in financing a house with a Lakeland mortgage, there are a number of resources, both local and on the Internet that can help you.

It’s a good idea to check these out ahead of time and determine if you can afford to live in the area. If you know your budget and opt for a fixed-rate mortgage, you should be able to figure out your monthly payments. Doing the research beforehand will give you an upper hand when its time to actually get the Lakeland mortgage process going.

The average price of a home in Lakeland, Florida is about $150,000 currently in 2009. To give an example of how much a mortgage might cost monthly, the price would be right around $900 each month. That’s based on the current rates for a thirty year fixed rate mortgage, which is 5.7%, but is subject to change quickly.

You could also opt for an adjustable rate mortgage, which usually has rates starting around 3%, but they are likely to go up over time. They may be a better choice if you are expecting a long-term increase in your finances. Either way, it’s not a bad price for a Lakeland, Florida mortgage.

A short sale can be a great way to get a new home at a reduced price. There’s no doubt that buying a home in a popular city such as Orlando can be a really expensive proposition, so it helps to know methods that can help cut the price down. One such method is looking out for short sales.

A short sale is what happens usually when a home is about to be foreclosed upon. Since foreclosure is usually a last-ditch effort for the lender to try and make some of their money back, they usually look for a better way. Sometimes, that means a short sale. What happens then is that the lender allows the mortgagor to sell the property to a third party at an amount that is less than the balance owed on the debt. The lender takes whatever money is made from the sale, and calls it even. It’s more or less a win-win: the buyer gets a cheaper price, the seller gets out of their mortgage debt, and the lender makes a more back than they would foreclosing.

There are a lot of resources out on the Internet that can help you search with financing Orlando short sales. These sites keep track of homes that are being short sold or foreclosed and auctions, and can be a source of some really good deals on Orlando housing. Why pay an outrageous price for a new home when you can get a much better deal from an auction or short sale? You could be enjoying a nice home in this great city for a lot cheaper than you think.

Obviously, this isn’t just an option to look for those in the market for a new home. Those who are struggling with their mortgages should talk to their lender about this process. It can be a real help for those having problems with home financing. Orlando short sales may be easier to find, since it can be an expensive city to live in. Not every lender will go for this sort of deal, however, so it would need to be discussed with the individual lender. Keep in mind that in a short sale, the lender has the ability to have some control over the terms of the sale. In addition, a short sale will look bad on your credit report. It’s not as bad as foreclosure, but it is still something to consider.

Short sales in Orlando, Florida offer great opportunities for new home buyers and investors alike.  Financing for these deals is available.  If you’re in the market for an Orlando mortgage or refinance, give me a call at 863-604-3019.  Or, apply online, and we’ll begin processing your home loan today!

A lot of people are suffering from poor credit, and some people don’t have any credit at all. This can prove to put a halt in things if you’re looking for a way to buy your dream home in Orlando. Fortunately there are special loans dedicated to helping people who have had a bit of bad luck to still be able to purchase a home without having to jump through a bunch of extra hoops or ask someone else to cosign. Orlando FHA home loans will provide you with great rates despite most credit mistakes or any other credit issues.

The reason these loans can help is because the Federal Housing Administration (FHA) has put certain restrictions on how high of an interest can be charged on these loans and they demand that basically as long as you can prove you can pay, you can be approved for the loan. Even if you don’t have another way of determining positive credit, you can use other unconventional methods to prove that you make payments on time in other situations. Orlando FHA home loans will accept electric bill history, cable bill history, and even rent payment history as a means of proving that you make your payments on time.

There are some restrictions to applying for an Orlando FHA home loan, however. A person cannot have filed for bankruptcy within the past couple years and must have a way of proving decent credit history after the filing. Foreclosures will also, in most cases, prevent you from being approved for one of these loans. Student loans are also looked upon poorly as they are another high costing loan. It’s important to keep in mind that even if you personally have not had any of these credit mistakes, if your spouse has it will still reflect onto you as well.

If you think you could still be eligible, there’s little reason to not try for this great opportunity. The rates are low, monthly payments are inexpensive, and you can even use the interest as a tax deductible on your taxes. On top of all that, you don’t need to meet a certain income bracket. Because of this, it’s very important that you make sure that you can afford the Orlando FHA home loan that you take out. As long as you know that you can make payments, there’s no reason that new home can’t be yours.

As always, if you’re in the market for an Orlando mortgage or refinance, give me a call at 863-604-3019.  Or, apply online, and we’ll begin processing your home loan today!

It’s no secret that buying a new home costs a lot of money. The majority of people that buy a new home take out a loan to cover the expenses. These loans normally have low monthly payments and extend over a long period of time, which costs you even more money due to interest. Before the economy hit its current low, you might have been able to afford your loan. But like the rest of the country, Orlando is feeling the decline. You might want to consider an Orlando mortgage refinance option to help cut down your costs and save some money.

Refinancing is a simple process which may allow you to have a home loan with lower interest and possibly even lower payments. You could also choose a loan that will cost less overall but might require higher monthly payments. The decision is up to you so that you can decide what is more important to you: lower monthly payments or lower total cost. Take the time to explore all the Orlando mortgage refinance options that different banks have. You will find that some banks will compete with other interest rates to obtain your business and will help save you money.

While an Orlando mortgage refinance option can be a way to reduce your monthly payments, it’s important to keep in mind what goes into refinancing a home. The process of getting a new mortgage is similar to getting the original loan. The value of the house must be determined and the bank will determine if you have more than one loan against it. If you are approved by the bank, you will have to sign a contract that agrees to the new terms and there are also some fees involved. However, once you have the new loan, it is generally used to pay off the old one so that you only have one loan out against the house. With the new interest rates, you could save a few hundred dollars a month and thousands of dollars off the entire cost.

Before you make a final decision about refinancing, seek professional advice on how to advance in the Orlando mortgage refinance process. A lawyer or loan agent will be able to help explain the terms of any potential new loan and help determine if it is a budget that can work for you and your finances.

As always, if you’re in the market for an Orlando mortgage or refinance, give me a call at 863-604-3019.  Or, apply online, and we’ll begin processing your home loan today!

What Orlando Self-Employed Borrowers Face Today

No matter how you cut it, FHA loans require tax returns from the past 2 years for self-employed borrowers.  If you’ve taken deductions that lower your AGI for each of the past two years to dollar amounts that can’t support your proposed mortgage or refinance, then you’re facing a challenge.

No More Stated Income Home Loans for Orlando Self-Employed Borrowers

Before 2008, stated income mortgages made it possible for Orlando self-employed borrowers to qualify for an FHA home loan.  As we know, these loans are no longer available because abuse of these no-doc loans became rampant.   On average, lenders feel that self-employed borrowers are 25 percent more likely to default on their mortgages than non-ownership W-2 employees.  The abuse that took place with Orlando stated income mortgages proved them right… and then some.

Orlando Self-Employed FHA Mortgage Requirements – An Overview

Today, FHA mortgage underwriters require that Orlando self-employed borrowers submit 2 years of tax returns to document their income.  Though it’s likely that you have these documents available, this requirement becomes a challenge if your AGI – your actual taxable income – is too low to support the loan you need to buy your Orlando home.

The following points outline a few steps you, as a self-employed individual,  can take in terms of mapping out your future tax situation in order to maximize your ability to qualify for an FHA home loan.

When you apply for your Orlando FHA home loan, you will have to provide your tax returns under one of the following situations (Note: this list is meant for illustrative purposes and is not exhaustive):

• You are a self-employed sole proprietor or business owner (includes LLC’s, S Corps, partnerships, etc…)
• More than 25% of your income is commission-based
• You own rental property from which you derive income
• You receive income from dividends, royalties or capital gains that you are using as income to qualify for a loan
• You have income from partnerships or corporations (where you are less than 25% owner) that you want to use to qualify for a loan
• You receive 1099 income that you plan to use to qualify

Your FHA underwriter will take a look at your tax returns in order to verify your income. Normally, she or he will average your adjusted gross income from the last 2 years to calculate your qualifying income.  (Here’s where your eyebrows may begin to rise a bit…)

See, as part of the American Dream – Orlando area self-employed business people deduct things from their taxes that regular W-2 employed folks cannot.

This is great when tax time rolls around! (Yeah!) However, too may deductions can cause a real “hitch in your proverbial giddy up” in terms of getting your FHA home loan application approved.(Boo!)

Allow me to provide this example…

If you apply for an FHA mortgage in 2009, the underwriter will average together your 2007 and 2008 tax return income.

One common problem here is that many Orlando business owners write off a good number of business expenses – bringing their taxable income down to an amount that may not support a home loan.  

But I have money in the bank that shows I’m good for my Orlando mortgage.  Can’t I just show the lender my bank statements?  You can, but it won’t do you any good.  It’s an IRS paperwork or nothing world.  That’s the harsh reality.

To Right the Ship of Tax Deduction… Consider Increasing Your Reported Self-Employed Income

If the tax deduction blues have got you down – you may have to consider increasing your adjusted gross income amount.  What’s that you say?  No Way?  Well… before you go to far in that direction, read on…

A good number of the deductions you write off can actually be added back into your bottom line in order to beef up the total earned income number your underwriter takes into consideration.

While these may not add in enough income to work things out for every self-employed Orlando FHA home loan applicant, it’s advisable that you take a look at these “add ins” now so that you can properly plan ahead.

Here are a few of the most common deductions you may add back into your net income total:

• business use of home (such as a home office)
• business vehicle mileage
• depreciation
• depletion (this is not a common write-off and most will not have this)
• casualty losses dues to theft, fire or natural disasters
• losses carried over from prior years (since the loss was in a prior year, it will not be counted against your qualifying income)
• one-time extraordinary expenses

Note: Since these expenses may be added back, you might consider maximizing them on your future taxes if you plan to buy an Orlando home using an FHA mortgage.

As with all of my comments and insights found on this site, please make sure that you talk to your CPA or tax professional and explain to them that you’re trying to qualify for an FHA mortgage.   They’ll be able to help you maximize your net income and hopefully, with some luck, you’ll meet the required income level for FHA  home loan qualification!

Bonus Tip for Self-Employed Orlando FHA Mortgage Borrowers

One last thing to consider as an Orlando self-employed FHA mortgage applicant is the fact that you may use a co-borrower (even a non-occupying co-borrower) to help you qualify.   If you find that adding in the allowable deductions listed above fails to get you to that “magic number,” consider recruiting co-borrowers who can show the required income to help you get your Orlando FHA home loan approved.

As a first-time Orlando, Florida home buyer, there are some things you’ll need to keep in mind as you get ready to own your first home.  To help you get started, I’ve put together this list of Frequently Asked Questions (FAQs).  I hope you find it helpful.

Are Short Sales and Bank Owned Properties a good choice for first-time home buyers?

You bet.  Although, it’s important to grasp the difference between purchasing a short sale or bank owned property vs. buying a home directly from an Orlando home owner.

One of the key things to take note of is that these types of transactions will typically run longer – sometimes a long as three months – to complete.  Often, they also require some additional flexibility on the part of you, the Orlando First-time home buyer.

Why do Orlando Short Sales Take Longer to Complete? Aren’t lenders eager to get solid owners into these properties?

Yes, lenders and banks are very eager to get solid mortgage clients into short sale and pre-foreclosure homes.  However, they’re often short staffed and run long on these deals merely because of back ups in the red tape department.  It’s possible for even the most efficiently run home loan lenders two months or more to approve a short sale.

It is possible to speed up the purchase of an Orlando short sale or bank owned property?

Yes.  One way for you to speed up the purchase of a short sale or bank owned property is to ask your Orlando Short Sale expert to present you with home purchase choices that have already been through the short sale approval process.   These homes do exist – primarily as a result of losing their first bidder due to time constraints.  Simply put – the original offer expired because that buyer didn’t have the time to wait out the short sale approval process.   If you can find a pre-approved for sale short sale property that fits your needs – make an offer on it quickly.  These deals are ready to go, and may prove more timely in terms of time to contract and close.

I’ve heard banks can be stingy on offering any repair credits or covering buyer closing costs.  Is this true?

Unfortunately, yes.  In many cases, you’ll most likely be required to take ownership of the home “as is.”  A lot of times, these homes require some cosmetic work – which may range from replacing carpet to coming pretty near to some major rehab work.

Lenders have normally been reluctant to provide any funds or credits to buyers for repairs.  That said, it is becoming a bit more common for lenders to pitch in and cover some of the buyer’s closing costs in order to get these properties off their books.

A friend told me about a first-time home buyer tax credit.  Can I qualify for this?

Yes!  So long as you have not owned a home in the last three years, and you sign on the dotted line for your home by November 30, 2009, then you’re in good shape to get this tax credit!

Keep in mind that there are some income restrictions, and you should seek advice from a qualified tax professional.

Generally, to claim this tax credit, your MAGI needs to be:

• Single taxpayer: MAGI of $75,000 or less
• Married taxpayer: MAGI of $150,000 or less

Keep in mind that you may qualify for a partial credit even if your income is above the stated limitations!

Cool.  Is it possible to use the first-time home buyer tax credit to help defer down payment and closing costs?

Well, maybe soon.  However, for now – the answer is no.  The Department of Housing and Urban Development did release some preliminary information about allowing FHA borrowers to use a bridge loan to help cover down payment and closing costs.  However, the tax credit loan option announcement proved premature, as HUD had not yet finalized the method by which this is to take place.  Stay tuned, as I will try to provide some details on this program should it move forward.

Email: kevin.s@sigfunding.com

Web: www.FloridaHomeLoansSpecialist.com

Allow Me to Answer Your Floria Home Loan Questions

There’s a ton of information out there about obtaining a Florida home loan.  In fact, it can all be a bit hard to get through.  If I can be of any assistance to you in helping you gain funding for your home purchase or refinance, please don’t hesitate to contact me by phone or email.

Need a reply fast?  No problem. Simply fill out the contact form below, provide some detail about your situation, and I’ll get back to you right away.

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I understand that there is way too much info to read online.

With home values a low as they are today – quality properties aren’t staying on the market for long. As such, people need direct answers, easy explanations, and enough information to make educated decisions.

My clients tell me that the most important thing to them about choosing the right Florida Mortgage Broker is finding one that they can trust and be confident in.

I author this blog for the purpose of keeping my clients in the loop with relevant Florida mortgage and Home Loan updates, guidelines, and politics.

By downloading my 7 Common Home Buyer Mistakes brochure, I’ll also keep you in the loop with the most important news and changing Florida Mortgage and Home Loan guidelines that may impact the success of your home purchase, refinance, or short sale.

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Instead of putting together a crafty sales process, I practice giving valuable information and earning my clients’ trust first.

If you need help, have questions, or want to hear more about how I can help you Buy a Florida Home, please feel free to contact me at any time. I’m here to help.

Apply for a Florida Mortgage Now

I hope you find this brochure useful! As always, if you or anyone you know is in need of a local Winter Haven area mortgage broker, I’m your guy. Call me at 863-604-3019 or apply online for your Florida mortgage. I’ll keep you posted regarding the day’s going mortgage rates and will let you know when it’s time to pull the trigger!