FLORIDA KNOWLEDGE CENTER

There are many first time buyer mortgages available that will make obtaining your first home easier.

There are a couple of government sponsored programs that help first time home buyers financing their new home. Freddie Mac and Fannie Mae have great programs that can be forgiving to borrowers who are not strong with their asset portfolio or make the median income in their area.

If you qualify FHA and/or VA first time home buyer mortgages availible through the government are great programs for first time home buyers. They offer low rates and generally are not credit score driven so even borrowers with slight flaws on their credit can still qualify. You will have to go to a mortgage broker approved to do FHA and VA loans in order to apply for these types of first time home buyer mortgages.

In most lender's eyes, being a First Time Home Buyer means that the borrower has not owned a home within the last three years of making application for a mortgage.

Many first time buyers want to buy a home but have little to no money to put down on a home. There are many mortgage programs that cater to these needs. One of the most common ways to buy a home is by utilizing what is called a "Combo Loan". A combo loan is a mortgage that is split up into 2 loans. The first mortgage will generally be 80% of the purchase price of the home while the second mortgage will be the remaining 20% of the purchase price. This allows homebuyers to buy a home with no money down and also allows consumers to avoid having to pay PMI, Private Mortgage Insurance. Therefore, if you are looking for a first time buyer mortgage please give us a call and we can figure out the best program for you.

Fannie Mae's MyCommunity Home Loan is a popular choice for first time buyers. This program allows for 100% financing and the purchaser is only required to contribute $500 into the transaction. This program also offers discounted Private Mortgage Insurance for 100% financing. For more information, call 954-475-8787 or e-mail at acwebb1@bellsouth.net.

If you have never owned a home before you should take into account that there is more to your monthly payment than just the mortgage. There are also taxes and insurance and possibly mortgage insurance if you are over 80% loan to value not to mention general upkeep and maintenance of your new home. You should keep these additional costs in mind when considering purchasing a new home.

Many First time home buyers are eligible for Seller concessions and local government programs as well. Check with your local mortgage broker expert for more advice on this.

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.

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