http://www.american-mortgage-rates.com/content/blog.htmamerican-mortgage-rates Bloghttp://www.american-mortgage-rates.com/content/fha_manual_underwriting.htmSome lenders will not touch an FHA loan that can not be approved through an automated underwriting system, and some have started to require minimum credit score requirements. However, there are quite a few lenders who will manually underwrite FHA loans.http://www.american-mortgage-rates.com/content/finance_repairs_into_home_purchase.htmIf one is looking to purchase a home in need of repair, there are several options currently available in which one can finance home repair costs into the purchase of a property. The most notable are the FHA 203k and Streamlined K, as well as Fannie Mae's Homestyle and EasyFix Products. We will take a look at some of the features of these products over the next few paragraphs.http://www.american-mortgage-rates.com/content/fha_streamline_refinance.htmFor a normal refinance, you must qualify for the loan and provide all of your income, banking, credit, and liability information as well as an appraisal. If an FHA streamline refinance is done without a property appraisal, the new loan amount cannot exceed the original loan amount. The FHA streamline mortgage programs are considered to be the best as they have minimum paperwork and no hassles. http://www.american-mortgage-rates.com/content/fha_lending_in_the_state_of_florida.htmFHA mortgage loans are an excellent source of financing in the State of Florida. FHA loans are a government insured loan that tends to be a little more lenient credit-wise than traditional Fannie Mae financing. With purchase money financing with just 2.25% down and cash-out refinancing up to 95% of the value of your home, FHA mortgage financing may be your best loan choice. FHA financing also allows gift funds as the down payment for purchase money transactions. Contact your mortgage professional at [phone] or via e-mail at [email].http://www.american-mortgage-rates.com/content/fhasecure_loan_program.htmThe Federal Housing Administration will be installing a new program soon known as the "FHASecure" loan. This program is designed to refinance consumers who have fallen behind on Subprime ARM loans due to recent adjustments in the rate. The "Fhasecure" loan will help consumers keep their homes. For more information about this program, contact [fullname] at [phone] or [email].http://www.american-mortgage-rates.com/content/bush_has_announced_the_fhasecure_initiative.htmRecently, President George Bush announced the FHASecure Initiative. This is an FHA-Insured loan program designed to help consumers who have fallen behind on mortgage payments due to their mortgage payments adjusting upward. Many consumers who have purchase or refinanced in the last 5 years did so with an adjustable rate mortgage(ARM). Many consumers are finding it difficult to afford the new, higher adjusted payments.http://www.american-mortgage-rates.com/content/subprime_arm_refinance_help.htmThroughout the late 90's through 2007 many first time home owners and current home owners used Sub prime ARMS to either purchase or Refinance their homes. Many of these home owners are now facing mortgages that have hit there adjustment date and are difficult or impossible to pay.http://www.american-mortgage-rates.com/content/arm_rate_adjusted.htmIf your ARM rate adjusted recently, you are one of the millions of Americans who has a mortgage payment that just increased. Fortunately, in most cases there are loan programs you can qualify for that offer the stability of a fixed monthly payment. Many of the following programs or products can help you on your way to getting rid of your current adjustable rate loan program.http://www.american-mortgage-rates.com/content/refi-fhasecure.htmHUD has recently announced a refi-fhasecure program designed to help consumers who have fallen behind on their recently adjusted loans. This refi-fhasecure will allow a consumer to roll up to 6 months past due payments into a new refinance loan as long as they qualify. We will be taking a look at the refi-fhasecure program parameters available to the public and explain who exactly can qualify for this loan.http://www.american-mortgage-rates.com/content/reverse_mortgage.htmUnlike conventional mortgages, where the homeowner makes payments to the lender, a Reverse Mortgage actually has the lender making payments to you. Basically, equity-rich, elderly homeowners get cash (monthly or in a lump sum) in return for a mortgage on their home. The amount, of course, is determined by the amount of equity in the home. A strategy commonly used to supplement income, a Reverse Mortgage is only one of the ways of tapping into the value of your home. Speak with your mortgage specialist to determine if this plan makes sense for you.http://www.american-mortgage-rates.com/Florida/arm_rate_increase.htmThe initial rate for an ARM mortgage is fixed for an introductory period ranging from 1 month to 10 or more years. Most Adjustable Rate Mortgages have a fixed, or "teaser" period of 2 or 3 years (2/28 or 3/27 are the industry terms for these ARM loans). After the ARM's introductory period expires, the rate on your ARM may increase. If you took out your ARM mortgage in the past 5 years, you can safely assume that your new adjustable rate will increase dramatically immediately at the end of the 2 or 3 year fixed period. On some ARM loans, the increase to the new adjustable rate may cause your payment to as much as double.http://www.american-mortgage-rates.com/Florida/negative_amortization_loan.htmNegative Amortization Loan programs, which were once available to only the wealthiest of a bank's customers due to their ability to allow borrowers to defer interest, are now being marketed to more "conventional" self employed borrowers, business owners, and beneficiaries of passive income, investment income, rental income or even substantial bonus or commission income. When they were originally introduced, negative amortization loan programs were marketed under names such as "deferred interest mortgage" or "payment cap ARM", which very accurately reflect the nature of these "neg-am" mortgages, which are very powerful tools intended for homeowners with a certain degree of financial sophistication. While reverse mortgages are one type of negative amortization loan, the sort which have received the most press and the widest number of names are the so called "pay option" negative amortization loan program, which allows borrowers to choose each month whether or not they will defer or pay down the interest due on their mortgage. As negative amortization loans have entered the mainstream in recent years, they have shed their "technical" sounding names and have been marketed to consumers under a nearly countless number of different monikers. Here is a list of some of the most popular names for negative amortization loan programs, compiled by mortgage professionals from across the industry, although no opinions are expressed or implied about these loans or the companies who market them. This is just a list of names for nagative amortization loan programs:http://www.american-mortgage-rates.com/Florida/negative_amortization.htmWhen mortgage payments on a loan do not cover the full amount of interest that is due, any unpaid interest is then added to the principal balance of the loan. Under a standard amortization, the principal balance decreases with each payment over until the loan is completely paid in full.http://www.american-mortgage-rates.com/Florida/fha_loan.htmAn FHA loan is a home mortgage that allows for a purchase or refinance with a low down payment. An FHA loan is designed to help those who would otherwise not be able to afford a down payment on a home, and also for those who do not qualify for other types of mortgages. http://www.american-mortgage-rates.com/Florida/mortgage_meltdown_-_a_changing_market.htmSo what exactly is this mortgage meltdown that is being discussed all throughout the country on the news, in the papers, on talk shows, etc...? Why are we going through this mortgage meltdown and what is the cause of all of the problems in the mortgage industry right now? How will this effect me? Read throughout this page to find these answers and more.http://www.american-mortgage-rates.com/Florida/foreclosure_prevention.htmA forbearance agreement is one way to prevent foreclosure. A forebearance agreement is an arrangement to postpone a borrower’s monthly payment for a limited and specified time period. The loan continues to accrue interest during a forbearance. A forbearance request must be approved by your lender. Most lenders are willing to enter into such an agreement if the borrower can pay at least 50% of the mortgage arrearage or 1 full months payment and is willing to pay the remainder in 24 months.http://www.american-mortgage-rates.com/Florida/pre-foreclosure_sale.htma Pre-Foreclosure sale is when you sell your home before foreclosure proceedings are brought against you. Sometimes this will be classified as a short sale by the lender, which is when they allow you to sell the home in a pre-foreclosure time frame for less than the amount you owe on your mortgage.http://www.american-mortgage-rates.com/Florida/how_long_can_i_stay_in_my_home_after_foreclosure.htmOnce my home is foreclosed on, how long can I stay in my home after the foreclosure process has started? Once the foreclosure process has started, you have several options. You can try to get your home out of foreclosure by catching the mortgage up and bringing it current. You can request a forbearance or a loan modification on your mortgage. You can look into filing for bankruptcy, which will delay the foreclosure process for about 30 days and possibly create a repayment plan. You can try to refinance your home if you have enough equity in the home. You can try selling your home and if you are unable to get enough money for the home to cover the amount you owe, then you can request a short sale from your lender, which they may or may not approve. You can also try a deed in lieu of foreclosure, which is where you give the home back.http://www.american-mortgage-rates.com/Florida/homebuyer.htmA homebuyer is a person that buys a home. There are many things that a homebuyer needs to consider when they are in the process of buying a home. The type of mortgage program that you are considering is very important to understand when buying a home. For example, whether you are obtaining a fixed rate mortgage, an adjustable rate mortgage, an interest only mortgage, a 30 year mortgage, etc..., you need to be aware of what type of loan you are getting so that you can understand how the mortgage loan program works and so that you know what to expect with your rate and loan over the course of the life of the loan.http://www.american-mortgage-rates.com/Florida/below_500_refinance.htmIf your credit score is below 500, you may still be able to refinance your mortgage, pull cash out, pay off debts, and help get your credit back up to where it should be. However, you will need to have significant equity in your home, from 30% to 50%.http://www.american-mortgage-rates.com/Florida/refinance_adjustable_to_fixed.htmAn ARM, or Adjustable Rate Mortgage which is approaching the end of its introductory fixed rate period (usually 2 or 3 years from the purchase date or the date it was last refinanced) in 2007 or 2008 will usually mean a substantially higher mortgage rate and mortgage payment. Current market conditions make the option of refinancing an expiring Adjustable Rate ARM mortgage to convert to a fixed rate and fixed payment mortgage more attractive than ever. Adjustable rates are at 5 year highs, and fixed rates are currently a bargain. http://www.american-mortgage-rates.com/Florida/arm_-_index.htmARM loans, or Adjustable Rate Mortgages almost all have a feature which can greatly affect how much your monthly mortgage payment or mortgage rate may increase after the introductory fixed rate period of your loan expires, called the Index. An ARM's Index is really just a guide that allows different lenders to measure and compare changes in interest rates to determine the basic cost of the money they are lending you. A major increase in the value of an index from the time you purchased the home or last refinanced can cause a significant increase in your mortgage payment, because the ARM's index can be considered an underlying rate which affects, along with the margin, the final note rate which you are charged when your ARM loan begins adjusting at the end of its fixed introductory period. Lenders and investors in Adjustable Rate Mortgages utilize a variety of indexes for ARM mortgages, including the performance, return or yield of 1 month, 1 year, 3 year, 5 year and even 10 year US Treasury securities (10 year note yield indices are rarely used in adjustable rate ARMs) Popular ARM Indexes commonly used as benchmarks by lenders include: >> Prime Rate (Bank Prime Loan) >> MTA or MAT (12-Month Treasury Average) >> COFI (11th District Cost of Funds Index) >> LIBOR (London Inter Bank Offering Rates) >> T-Bill (Treasury Bill) >> CMT or TCM (Constant Maturity Treasury) >> COSI (Cost of Savings Index) >> CODI (Certificate of Deposit Index) >> CD (Certificates of Deposit Indices) Other indexes which may occasionally be used in Adjustable Rate ARM mortgages are highly varied, however homeowners may have an ARM mortgage with an index from the following list (although more rarely than those ARM indexes mentioned above): >> Cost of Funds component indices: - Federal Cost of Funds Index - Semi-annual National Average Cost of Funds Index - Quarterly Average Cost of Funds - National Monthly Median Cost of Funds Index - OR - - RNY (Fannie Mae or Freddie Mac Required Net Yield) - Semiannual Weighted Average Cost of Funds Index - National Average Contract Mortgage Rate http://www.american-mortgage-rates.com/Florida/30_year_fixed_rate.htm30 Year Fixed Rate mortgages are a "classic" mortgage option. While many people think of them as "traditional", when the 30 year fixed rate, fully amortizing principal & interest mortgage was introduced during President Roosevelt's administration following the Great Depression, this was a revolutionary financial product which directly resulted in the housing boom we homeowners of America have been enjoying for over 60 years. Today, the "old fashioned" 30 year fixed rate mortgage is an increasingly attractive option for borrowers who are wisely seeking the security of fixed rates. Interest rates on 30 year fixed rate mortgages haven't been this close to traditionally cheaper ARM adjustable rate loans in years, making the argument for borrowers considering refinancing their existing adjustable rate mortgage all the more simple: "A 30 year fixed rate mortgage can actually be cheaper than an ARM mortgage, so why wouldn't I want one?" http://www.american-mortgage-rates.com/Florida/down_payment_from_401k_or_403b_retirement_annuity.htmIf you are purchasing a home and have a substantial portion of your assets inside of a retirement account such as a 401K, 403B or other retirement product or annuity, you may choose the increasingly popular option of tapping those funds to make a down payment on your new home. Like any other accounts you may have in your name, such as brokerage accounts and bank checking, savings and money market accounts, most popular retirement accounts qualify as assets to be counted toward your “reserves”, a measure used by mortgage lenders to determine how many months of payments you must have in order to serve as a buffer covering payments you might miss if there were any interruption of your income.http://www.american-mortgage-rates.com/Florida/fixed_rate_refinance.htmWhy should you consider a fixed rate refinance for your current ARM Adjustable Rate Mortgage? If you aren't concerned with rising adjustable mortgage rates, there's a good chance you should be. Adjustable rates have increased more over the past 18 months than in the preceding 5 years combined. Rising payments on ARM mortgages are projected to account for 50% of all defaults over the next 3 years. Even if your loan is not scheduled to enter its "adjustable" period for some time, please be advised that changes in the lending industry are making it more difficult for borrowers with all types of credit to convert their adjustable rate mortgages to a fixed rate, a trend which industry experts expect to continue for the near future. It may be a long time before the fixed rate refinance option is available as broadly as it is today. The time to act is now. Take advantage of your good credit history and current market conditions to secure a fixed rate mortgage with a low monthly payment today.http://www.american-mortgage-rates.com/Florida/arm_adjustment_caps.htmARM loans, or Adjustable Rate Mortgage products, all have a feature known generally as "caps" which can greatly influence the amount your payment can go up immediately after the fixed introductory period on your ARM (the "teaser" or "start rate") expires or comes to an end. The most common caps are divided into Interest Rate Caps and Payment Caps.http://www.american-mortgage-rates.com/Florida/appraisal.htm"I was told that I need an appraisal for my house inorder to get a loan. How does it affect my loan?"http://www.american-mortgage-rates.com/Florida/rental_properties.htmRental properties can create problems for prospective borrowers; this is mostly because lenders have a risk-based view of income earning properties and the potential effect they can have on the borrower’s ability to repay as planned. To offset this potential risk, lender’s guidelines often have restrictions on rental income. Some examples of these restrictions are an automatic 25% “vacancy/loss factor“, or exclusion of the total gross rent income received, which lenders use to account for the ever-present possibility that you wont be able find suitable renters for an extended period.