Florida Vacation Guide

The FHA mortgage loans, when already OWN A HOME.

IMPORTANT – IF NUMBERS EFFECTIVE WITH OR AFTER 9-19-08 put

DID YOU KNOW?

Recently, FHA and others in the mortgage industry has seen a growing number of owners who have chosen to leave their existing principal residence and purchase a new residence. This has been happening as some homeowners, given the rising price of fuel, are relocating to homes nearer their employment, or are taking advantage of the house of other buying opportunities emerging in the market. Due to FHA's concern that some homebuyers in these transactions may attempt to provide information misleading information on the rental income from property being vacated to qualify for the new mortgage, FHA is instituting underwriting guidelines to ensure that the buyer can make payments in the total debt servicing of mortgage loans. Consequently, from case number assignments as of 9-19-08 and up further notice, the underwriting analysis may not consider any rental income from property being vacated except under the circumstances described in this letter mortgage. The exclusion of rental income from property being vacated is in place temporarily, while more than FHA analyzes this situation to determine whether permanent measures may be necessary. This will insure a homeowner or have sufficient income to make both mortgage payments without the rental income or has an equity position not likely to result in the termination of the mortgage on the property that is vacant. In either case, this guide is to prevent the practice known as "buy and bail" where the homebuyer purchases, for example, more affordable housing with the intention to cease making payments on the old mortgage. Although the property being vacated will not have a mortgage insured by FHA, surrounding properties and can thus, FHA may be indirectly negatively affected should that property through foreclosure.

Exceptions:

Income from rental property is vacant, the reduction by the appropriate vacancy factor be considered in the analysis of subscription in the following circumstances:

• Movements: The buyer is moving with a new employer, or be transferred by the employer current to an area not within reasonable and locally recognized accessible. A properly executed lease agreement (ie a lease signed by the buyer and the lessee) of at least one year after closing the loan is required. FHA recommends that underwriters also obtain evidence of the security deposit and / or evidence of first month's rent is paid to the owner.

• Sufficient Equity in Vacant Property: The buyer has a loan-to-value ratio of 75 percent or less, as determined either by a current (no more than six months old) evaluating or comparing the balance housing unpaid principal of the original sales price of the property. The evaluation, in addition to using forms Mae1004/Freddie Fannie Mac 70, may be an external assessment only using form Fannie Mae / Freddie Mac 2055, and for condominium units, form Fannie Mae1075/Freddie Mac 466.

Advantages of using an FHA loan buy your next home include:

Home buyers in Florida should know the multiple benefits of programs of FHA mortgage loan. The FHA mortgage loans were created to help increase homeownership. For the buyer of the house in Florida the FHA program can simplify the home buying, making financing easier and less expensive than a conventional mortgage product. Some highlights of the program of FHA loan in Florida include:

Minimum down payment and closing costs.

• Down less than 3% of the payment of the purchase price is allowed Gifts
• Seller may credit up to 6% of the purchase price for closing costs and prepaid.
• 100% financing
• No reservations required.
• The closing costs of FHA regulated.

Easier credit qualifying guidelines, such as:

• No minimum FICO score or requirements credit score.
• FHA will allow a home purchase of 1 year after a bankruptcy.
• FHA will allow a purchase of a house 2 years after foreclosure.

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