FLORIDA KNOWLEDGE CENTER

Many borrowers who fall just short of qualifying for a traditional "A Paper" loan can qualify for for a loan through Fannie Maes Expanded Approval loan program. The Fannie Mae Expanded Approval program bridges the gap between traditional subprime rates and regular Fannie Mae Financing.

Fannie Mae is a government sponsored enterprise that only buys conforming loans. The Fannie Mae expanded approval loan will have a lower interest rate than a subprime loan. This can result in a lower payment and significant savings for the borrower.

Fannie Mae expanded approval loans will have PMI payments that are much higher then a standard conforming loan. In fact some borrower may be able to actually get a lower payment through an Alt-A or sub prime lender then they can with a expanded approval of 2 or 3.

Borrowers who have had credit problems in the past often are excellent candidates for an Expanded Approval(EA) loan. EA loans have three different risk levels: 1,2, and 3. The higher the level number, the higher the associated risk and actual interest rate is with the loan.

Fannie Mae Expanded Approval loans are a good option for folks whose loan size exceeds that of the FHA loan limit. Fannie Mae Expanded Approvals also can be issued with a debt ratio much higher than standard subprime or FHA parameters.

Fannie Mae Expanded Approval Levels generally categorize a loan as a higher risk. Usually loans with lower amounts of reserves receive an Expanded Approval Level.

If you have been told you do not qualify for "A paper" financing and need a subprime loan, call Tony Webb at 954-475-8787 or acwebb1@bellsouth.net for a free consultation. Let a mortgage professional see what kind of loan you can qualify for with our automated underwriting systems.

Fannie Mae Expanded Approval Loans are underwritten according to Fannie Mae Guidelines. Fannie Mae and Freddie Mac are government-sponsored enterprises which means that they are privately owned, but receive support from the Federal Government.

Fannie Mae's expanded approval programs often can qualify consumers for loans at fixed rates that they would otherwise not qualify for. The biggest downfall of the Expanded approval loans is that if you go over 80% LTV, the PMI, Private Mortgage Insurance, can be extremely high, especially on an Expanded Approval Level 3 loan. However, this PMI can be removed once the home has at least 20% equity in it.

Florida Mortgage Rates

Getting the right Florida Mortgage Program and Rate is probably the most important part of choosing your Florida Mortgage Loan. Having the best Florida Mortgage Rates will save you thousands of dollars through out the course of the mortgage Loan.

At American Mortgage Rates, we strive on finding the best Florida Mortgage Program and Rate possible for you, the client! Our Licensed Florida mortgage brokers constantly educate them selves on the latest and best Florida mortgage programs to better serve you. There are many different loan programs to choose from which all have different Florida Mortgage Program and Rate, so by staying educated in this area allows us to find you the best Florida Mortgage Program and Rate possible.

Fortunately, due to our production in the mortgage industry we have been able to meet certain standards with our lenders and banks. These standards allow us to pass additional savings to you the client because of our preferred pricing on our Florida Mortgage Program and Rate. Your Florida mortgage broker should go over all the possible Florida Mortgage Program and Rate when choosing your Florida Mortgage.

When inquiring about a Florida Mortgage to your Florida Mortgage broker, be sure to ask about what kind of pre-payment penalty that is associated with that particular Florida Mortgage Program and Rate, some Florida Mortgage Program and Rate have no pre-payment penalty where some have very high penalties. This is something your Florida Mortgage broker should go over with you when choosing the best Florida Mortgage Program and Rate for you.

Feel free to call or inquire over the web about today's Florida Mortgage Program and Rate, we will be happy to quote today's best Florida Mortgage Program and Rate that we have available to us.

Since we work with many Lenders we get the best Florida Mortgage Program and Rate available where when dealing with one particular bank they are limited to there own loan products where they might not have the best available Florida Mortgage Program and Rate that day, when banks compete with each you the savvy mortgage shopper could take advantage of this by working with a real good Florida Mortgage Broker who is up on the Florida Mortgage Program and Rate.

A fixed rate mortgage is a mortgage that has a fixed interest rate for the term of the fixed rate mortgage term. This means your principal and interest payment will not change for the entire term of the loan until it is paid off. A 30 year fixed rate mortgage means that you mortgage is fixed for 30 years. A 15 year fixed means the same that your payment will not change for 15 years and then your mortgage will be paid off.

An Adjustable rate mortgage is a mortgage that has an adjustable interest rate for the term of the mortgage. This means your principal and interest payment will change for the entire term of the loan until it is paid off. Adjustable mortgages can adjust monthly, yearly, or sometimes mat be fixed for 2, 3, 5, 7 and 10 years and then start to adjust more often.

For more information about our many loan programs and Florida Mortgage Program and Rate please call us at 954-475-8787 or fill out our short mortgage form.

Site Map ●    ● Florida ● Blog ● For Sale By Owner

rSome of Our Corresponding Lenders