MortgageMade.com

When it comes to the purchase of a home there are many factors to consider finding the purchase price that you can comfortably afford. There is actually a very complicated formula that financial institutions use to determine this information and unless you are an economic whiz one of the easiest ways to use this formula is by enlisting the help of a mortgage calculator. While the mortgage calculator will use the exact same formula that your financial institution employs most used by the general public are very simplified, but will provide the user with very accurate results to take to their financial institution.

The information that you will need to get the most accurate results are: your budget, your credit score, down payment information, the length of time you want to pay on the loan. All of this information can then be entered into the mortgage calculator to determine the purchase price of your new home. This can also be used in reverse by entering the purchase price you believe you can afford into the mortgage calculator. If used in this way it will give you a monthly payment amount so you can determine if you are able to afford your dream home.

When it comes to using a mortgage calculator it is important to remember that your bank will have the final say in the amount of the loan you are able to secure. The information from a mortgage calculator is very accurate, however there maybe some unforeseeable occurrences that you have not planned for and that may affect the amount of your new loan or payment.  Always remember the more information that you can enter into your mortgage calculator the more accurate the results which you can take to your financial institution when you are ready to enter the housing market.

When it comes to finding the price of a home that you can afford one of the easiest ways to do this is by simply using your monthly rent as a guide. If you can comfortably make your rent payments each month, then your mortgage and home owner’s insurance payments should not exceed what you pay in rent. It is also important to take into consideration the year property taxes that you will need to pay. If the mortgage, insurance, and taxes are equal to or below what you pay in rent then you can be confident in your ability to afford your new home.

In today’s economy it is important to shop for a new home responsibly to avoid the ever increasing foreclosure trend. A mortgage calculator will go a long way in helping you find the right mortgage payment for your budget. It is also important to take the results from the calculator to your financial institution when it comes to applying for your mortgage. Having this information is only a starting point to the loan process and it is recommended that you speak to your loan officer about the different options when it comes to your mortgage. It is always a good idea to be prepared when making this type of investment and a calculator is just one of the many tools available.

The bank is looking for three main things in your hardship letter and the better prepared you are to address them, the more likely chance you will have of being approved for loan modification.

An outline is a good place to start before composing the letter so that you can map out all the areas that you want to cover and not leave anything out.

First, tell that what happened to put you in this financial hardship. Did you lose your job? Was there a medical emergency or increased medical bills? Did you go through a divorce? Explain to your bank, being completely honest about it, how you got into the situation that you currently face in terms of struggling with or being about to struggle with making your monthly mortgage payments.

Second, explain to your bank about the timing surrounding these hardships. It will be in your favor if you can demonstrate that you’ve never missed a payment and never made a late payment until you met with adverse circumstances.

Third, create a plan that shows the bank what you’re going to do to ensure that after loan modification you won’t once again struggle financially. Create a budget and share this with your lender to demonstrate that you are taking your situation seriously and going to work on it proactively. If your family is going to make sacrifices in order to pull out of debt, such as giving up club memberships or foregoing a family vacation, tell the bank that as well. What you’re trying to do is show the mortgage lender that you are committed to homeownership and will do whatever it takes to rise above your financial hardship.

The loan modification hardship letter is really the only opportunity you get to tell your side of the story and humanize it so that you’re not just looked at as an account number or a credit history. Be compelling in your letter, but don’t whine, complain, or start to place blame. Outlining your hardship story, the timing of events, your good faith efforts, and your recovery plan, in concise, believable, and sympathetic language will help you write a compelling letter.

Florida FHA Loans

What is an FHA loan?

FHA is the Federal Housing Administration and the FHA does not lend money. FHA loans are not loans at all. FHA is the same as mortgage insurance and was created to insure Florida mortgage lenders against loss so they can offer Florida mortgage applicants better financing options. An FHA mortgage loan might be for you if:

• You Have fair or poor credit
• You Have a low down payment (but at least 3.5%)
• Have  had a past bankruptcy
• Have had a past Foreclosure

Essentially, the federal government insures FHA mortgage loans for Florida FHA-approved lenders so that lenders reduce their risk of loss if they lend to borrowers with bad credit histories. The FHA program has been in place since the great depression to help stimulate the housing market by making loans accessible and affordable.

What are the advantages of FHA loans?

For the Florida mortgage applicant the FHA program can simplify the purchase of a home, making financing easier and less expensive than a conventional mortgage loan product. Some highlights of the Florida FHA loan program include:

• Minimal Down Payment and Closing costs.
• Down payment less than 3% of Sales Price Gifts are allowed
• Seller can credit up to 6% of sales price towards closing and prepaid costs.
• 100% Financing available
• No reserves required.
• FHA regulated closing costs.
• Easier Credit Qualifying Guidelines such as:
  • No minimum FICO score or credit score requirements.
  • FHA will allow a home purchase 1 year after a Bankruptcy.
  • FHA will allow a home purchase2 years after a Foreclosure.

To take advantage of the FHA program in Florida, give us a call 1-800-570-0448 or use our quick application to find out more about the many FL mortgage programs we can make available. Or Apply now for a FL FHA home loan.

What do I need to qualify for an FHA loan?

• Must make a minimum down payment of 3.5% on the house and it can be gifted by a family member (conventional financing does not allow gifting).
• Must have to have stable predictable income or worked for same employer for the last two years.
• Must have Social Security number, lawful residency in the U.S., and be of legal age to sign a mortgage in Florida .
• Must have a property appraisal from a Florida FHA-approved appraiser.
• Mortgage payment (including principal, interest, property taxes, property insurance) needs to be less than 35% of your gross monthly income.
• Monthly debt (mortgage, credit cards, auto, student loans, etc.) cannot be more than 43% of your gross monthly income.
• No minimum requirement for credit scores, but past credit performance will be scrutinized. FHA-qualified lenders will use a case-by-case basis to determine an applicants’ credit worthiness.
• Must be two years out of bankruptcy, with good credit.
• Must be three years out of foreclosure, with good credit.

To take advantage of the FHA program in Florida, give us a call 1-800-570-0448 or use our quick application to find out more about the many FL mortgage programs we can make available. Or Apply now for a FL FHA home loan.

Are you recently married? Congratulations are in order, and of course, wedding gifts! Did you know you may have a wedding gift from President Obama in the First Time Home Buyer Stimulus?

Family and friends have probably showered you with gifts; newlyweds often start out with beautiful household items and no house to put them in! President Obama has passed a bill that just may be the best wedding gift you will receive. If you have not owned a house in the last three years, you could qualify for the 10% tax credit on the purchase of your home!

If you purchase a home in the current economic recession, you will be enjoying a buyer’s market. The housing market has responded to the recession, as usual, and housing prices are extremely under normal market value. Foreclosures are at an all-time high rate. Houses are sitting vacant all across the United States. You will be able to purchase a home of your dreams for much less investment.

If you qualify for President Obama’s tax credit, you will also be receiving a lump sum of money on your tax return that you can invest back into the house to further reduce the principal of the loan. You could also pay off outstanding high-interest debts, if you desired. Regardless, this tax credit could go a long way to helping you get off to a good financial start as a couple.

There is no paperwork to apply. You just take the tax credit on your tax return, if you qualify. You must make less than $75,000 a year for a single person and $150,000 for a couple. The home must be purchased and closed before December 1, 2009. The maximum amount of the tax credit is $8,000 and it is a refundable tax credit. This means that you don’t have to make that much to claim it; it can come to you as a refund!

Have you been trying to lose weight? Are you finding it difficult, perhaps even experiencing the yo-yo effect? Lose a few pounds and then gain those back plus more. You are not alone! You may not realize that doing a colon cleansing, Detox could make all the difference in your progress!

You could be stuck at a plateau, or perhaps you haven’t been able to lose anything at all. The facts are simple; the way we as a society have been eating all of our lives has caused toxins to build up in our colons. Refined foods, fast foods, processed foods can’t be broken down by our colons. They leave particles stuck in your colon which causes blockage and toxins to develop and grow.

Even if you are starting to change your eating habits, you won’t be able to undo all of the years of bad choices. You will need to do a colon cleanse in order to get all of that rotting food and those toxins out! This is more important than you realize! Those toxins can cause diseases such as diverticulitis, irritable bowel syndrome (IBS) and colitis. These are not pleasant conditions and can be avoided by cleansing and detoxification of your colon.

Just think, you could be losing weight and preventing some nasty diseases all at the same time! Getting healthy has never been easier! You can find Detox cleansing products that are available for home use. You no longer have to go through the embarrassing and uncomfortable procedures at the doctor’s office.

You should make sure to read the ingredients of any product you choose to use at home. You want to make sure the cleansing product use only natural ingredients. This is important! There are a myriad of products out there that are healthy, gentle and effective, but not all are using just natural ingredients.

You will be amazed at how much better you feel after cleansing your colon! Your body will be toxin free and you will no longer feel the bloated constipated feeling. You will have renewed energy, see a noticeable weight loss and be on your way to a healthy future! There is no time to waste! You need to Detox and get your body back to working properly!

America is facing a major problem in the form of credit debt at present. Numerous families are under the debt of at least $10,000 and most of them have no other option left than filing for bankruptcy. It seems that the reality is that a credit card was designed only to take the wealth away for its user and not with the intention of helping him and offering him convenience of use.

The companies have no intention of revealing the actual fact to their customers as the major portion of their profit comes from these interests that they charge on them. Unknowingly a customer pays $40,000 interest on a debt of $10,000 and that too if he goes on paying for 40 years.

The rate of interest is very high on the credit cards and since the government knows this fact, it has passed a law that will help put a limit to all this monopoly. Not only this, the government is ready to help you out of this problem and has designed consumer protection acts to reduce your debt legally and that to up to 50-60%.

Furthermore there are private companies that are ready to give you free consultancy and taking the advantage of this opportunity you can find out how much reduction is possible on your debt. You can learn whether you qualify for the program or not without even spending anything and if you qualify these companies will help you proceed further so that you get what you deserve.

There are three laws that are passed to help you in this regard, Truth in Lending Act, The Fair Debt Collections Practices Act and Fair Credit Reporting Act. If you are really tired of your credit card debt you just need to visit a genuine site and fill your debt amount and know how much reduction you can get.

Bank of America is a participating lender in the Federal Mortgage Loan Modification Plan, the program designed to assist homeowners lower their monthly home loan payments.

This standardized program has basic criteria that determine which homeowners are eligible. For those who qualify, a share of the seventy billion dollars can help them reduce their mortgage payments.

Since the government is paying a stipend to participating lenders like Bank of America, you don’t need to fear a negotiation process. All qualified applications will be processed.

You are a qualified homeowner if the mortgage you want reduced is on your primary residence; if your current monthly payment is 31% or more of your gross monthly income; if you have a financial hardship situation, such as risking losing your home; you took out the mortgage before January 1, 2009 and the balance is under $729,750.

When preparing your application be sure to keep the criteria in mind. These are the guidelines that determine eligibility for the mortgage loan modification program.

The Bank of America Loan Modification program does not apply only to first or primary loans. Second liens or mortgages can still be eligible. Homeowners that have suffered the loss of equity due to a second mortgage might be able to reduce the interest rate as low as 1%, or even have the entire debt eliminated. Participating lenders can be paid to forgive secondary liens that qualify under this plan, just as with primary loans. If you have a second mortgage, ask your lender about this option.

Qualified mortgage loans will be adjusted to reduce monthly payments to no more than 31% of your gross monthly income. In general, the following changes will be enacted:

1. Interest Rate Reduction: as low as 2%

2. Term: extended up to 40 years as necessary to lower monthly payment amount

3. Principal: some might qualify for deferral

Also, borrowers who stay on track with their new payments can receive a bonus with this program. Over five years, homeowners can get up to $5000 to reduce the principal balance of the mortgage and increase their equity.

The Bank of America loan modification program can mean the difference between keeping your home or losing it due to financial hardship. The application process is straightforward and all qualified homeowners are encouraged to apply. Talk with your lender as soon as possible to ensure your application gets processed before the funding is gone.

President Obama’s Making Home Affordable Act has gotten a lot of attention, but the truth is that loan modifications have always been available to those with financial problems. The MHA Act has served to simplify and regulate the process, so if you are facing financial difficulties, you might want to research this plan.

Don’t procrastinate looking for possible solutions to your financial problems. Be proactive by obtaining free advice from a HUD-approved organization or by paying an agency to assist you. As more and more homeowners are facing financial difficulties and are struggling to make their monthly mortgage payments, many new businesses have formed to address these needs.

There are both advantages and disadvantages whether you choose free or paid services. Ask whether the agency you’re researching includes legal services as you may need legal help to get a loan modification.

Use caution when choosing a pay-for-service agency and be sure to research them through the Better Business Bureau or elsewhere before signing on with them. As previously mentioned, there are a number of new businesses out there and not all of them are top-quality.

Before you make an appointment with a counselor, gather all pertinent financial documentation. The counselor will need to review your current situation in order to choose the best potential options given your specific circumstances.

If a loan modification is the option that you and your financial counselor choose, he/she will assist you with writing a loan modification hardship letter. This letter is a critical piece of the loan modification application process because it is your chance to personalize your situation for the lender. The hardship letter will explain in detail what led to your financial hardship, such as job loss or illness. Your counselor will include the letter along with a financial statement and other documentation and serve as an advocate on your behalf through the loan modification application process.

Consider Home Loan Modification Hardship Assistance if you are stressing out about how you’re going to meet your monthly financial obligations.

Most Americans live under the burden of credit card debt. It seems to be a way of life for us. For some it is totally manageable, for others it is overwhelming and suffocating. Many of us are struggling just to make the minimum monthly payments. We lay awake at night, tossing and turning wondering how we will ever get out from under all of this credit card debt. There is a way, and it is not bankruptcy!

The average credit card holder has around $10,000 or more balance on their cards. Did you know that if you continue to make just the minimum monthly payment it will take you 40 years to pay off that $10,000? Credit companies don’t want you to know that! They also don’t want you to know that they make an average of $43 billion dollars a year on the interest they are charging you.

The government has put some limits on how much interest they can charge you, but that is not enough. That is not enough to help you eliminate your debt. However, it is completely legal, ethical and possible to cut your debt by 50% and you need to know about it.

There are new laws that credit counselors can now use to your advantage. The Fair Debt Collections Practice Act, the Truth in Lending Act and the Fair Credit Reporting Act all allow information to be released at your request. This allows the credit counselors to actually eliminate as much as 50% of your debt!

It is time that you took a stand and said enough. You need a break and the credit companies need to realize that you are on to the interest trap! Filing bankruptcy can ruin your financially for many years, it is not a good solution to eliminating debt! Unfortunately a large percentage of bankruptcies occur as a direct result of credit card debt. We need to stop this and give people another alternative!

Lots of Americans who are under credit card debt would be very much thankful when they will come to know that now they don’t need to be responsible for 50% of their debt.

Very few know that to pay off a debt of $10,000 it takes 40years of time span and within this period the debtor pays $40,000 as interest amount. If you have a balance of $1,000 in your credit card account, you will have to go on paying the minimum amount for 20 years. The real picture shows that these kinds of debts have increased extremely high in America and so it is urgent that a solution is found out for this major problem.

Many of these debtors have to end up filing for bankruptcy, as they don’t have any idea about the consumer protection laws that have been passed by the present government for their assistance. In fact you will know all the details if you contact the private companies that are ready to give away information for free. Not only this, you can even find out the exact reduction percentage that your debt can receive via these acts and through the attorneys.

Everything is possible legally and ethically that is for sure because the program is supported by the consumer protection laws passed by the government. If you are also suffering from credit card debt, immediately consult any of these private companies and know how much reduction your debt can get. You don’t have to pay anything for consultancy and it will be the best thing to approach a safe and reputed company for the purpose.

If you are a debtor, bankruptcy is not the only option left for you. You have full protection from law and you can fight for your rights. Get your debt reduced up to more than 50% almost immediately, so check it out.