Alternative Mortgage Group

Alternative Mortgage Group
Alternative Mortgage Group is listed in the Loans & Mortgages category in Boca Raton, Florida. Displayed below is the only current social network for Alternative Mortgage Group which at this time includes a Facebook page. The activity and popularity of Alternative Mortgage Group on this social network gives it a ZapScore of 48.

Contact information for Alternative Mortgage Group is:
1341 W Palmetto Park Rd
Boca Raton, FL 33486
(561) 361-7843

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Alternative Mortgage Group has an overall ZapScore of 48. This means that Alternative Mortgage Group has a higher ZapScore than 48% of all businesses on Zappenin. For reference, the median ZapScore for a business in Boca Raton, Florida is 32 and in the Loans & Mortgages category is 35. Learn more about ZapScore.

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FHA Loan Requirements Important FHA Guidelines for Borrowers The FHA, or Federal Housing Administration, provides mortgage insurance on loans made by FHA-approved lenders. FHA insures these loans on single family and multi-family homes in the United States and its territories. It is the largest insurer of residential mortgages in the world, insuring tens of millions of properties since 1934 when it was created. FHA only requires 3.5% down payment and credit scores down to a 580 credit score! FHA guidelines and requirements FHA Mortgage Insurance FHA insured loans require mortgage insurance to protect lenders against losses that result from defaults on home mortgages. Update: FHA Lowers Mortgage Insurance in 2015 FHA Loan Limits FHA lending limits vary based on a variety of housing types and the state and county in which the property is located. Most counties in FL max loan amount is $345,000. Your Loan Checklist Before you start the loan process, you'll want to be prepared for the loan application. Have your information organized and ready for your loan officer. Be prepared to pay for property appraisal and a credit report. FHA Closing Costs While FHA defines which closing costs are allowable as charges to the borrower, the specific costs and amounts that are deemed reasonable and customary are determined by each local FHA office. FHA Debt Ratios In order to prevent homebuyers from getting into a home they cannot afford, FHA guidelines have been set in place requiring borrowers and/or their spouse to qualify according to set debt to income ratios. FHA Credit Issues An FHA loan applicant's past credit performance that demonstrates good credit history and a solid track record of timely payments will likely be eligible for the mortgage. FHA Tips for Home Owners and Home Buyers: Useful information about FHA refinance loans, new FHA loans, and the guidelines that HUD wants you to follow. About the FHA Today the mission of the FHA includes helping borrowers get amounts they qualify for, and assisting lenders by reducing their risk in issuing loans. Credit Problems and a HUD Housing Loan If you have had credit problems in the past, the FHA recommends a Consumer Credit Counseling program to avoid being denied an FHA loan. The FHA TOTAL Scorecard If you submit FHA paperwork electronically, the FHA TOTAL Scorecard is used to measure the credit risk of all FHA loans submitted through the automatic underwriting system. Applying for an FHA Loan The FHA asks for a lot of information on your FHA loan application. You will need to provide the FHA with a wide range of details. Additional Paperwork for Veterans The FHA asks that veterans submit the DD Form 214 along with their FHA loan application paperwork. The DD Form 214 is the official record of discharge from the Armed Forces. FHA/HUD Insured Mortgages and Refunds If you have an FHA loan or HUD insured mortgage, you may have paid an "up-front" mortgage insurance premium at the closing of your house. Popular FHA Loans The 203(b) FHA Fixed Rate Mortgage Loan Program is the widely used FHA home loan, especially among first time home buyers. Where FHA Mortgages Come From FHA loans do not come directly from the FHA. The FHA guarantees home loans, reducing the risk to lenders and offering increased borrowing power to qualified applicants. Pre-qualify for an FHA Home Loan To pre-qualify for this mortgage, you should be ready to demonstrate employability, job stability and reliability. The Increased FHA Loan Amount In early 2006, a HUD press release announced an increase of nearly thirty thousand dollars in FHA-insured home loan money being made available to borrowers for single-family home mortgages. -- See the Complete List of FHA Borrower Tips -- FHA Loan Articles and Mortgage News Read About FHA Requirements, Updates, and Guidelines FHA Loans, Disability Pay, and Proof of Income September 25, 2017 - There are many common questions about FHA home loans, and more than a few uncommon ones. Income verification is one area where FHA loan applicants may experience the need for more information. Rules for FHA Loans Following a Short Sale September 9, 2017 - FHA loan rules for new loans following a short sale may seem complex--the rules that apply to you often depend on the status of your mortgage loan prior to the short sale. But, when is a new FHA home loan possible following a short sale? Minimum Property Requirements for Septic Systems August 30, 2017 - If you're thinking about applying for an FHA home loan to purchase a house served by a septic system, you may have questions about the acceptability of the system your potential new home uses. How Many Homes Can I Buy With an FHA Loan? June 14, 2017 - If a borrower is permitted to purchase one home with an FHA mortgage loan, what's to stop the borrower from purchasing a second property? How many single house can an FHA borrower buy with an FHA loan? FHA Seller Concession Rules and Possible Changes May 30, 2017 - FHA seller concessions are limited to a total of six percent. When a seller contributes more, it results in a lowering of the sale price for purposes of calculating the FHA loan amount, dollar for dollar for all money contributed that exceeds the six percent limit.

Pros & Cons of a Fixed Rate Mortgage Pros •Stability. The Fixed rate ensures that the monthly payment is the same over the life of the loan. •Avoid future refinance costs. You will not incur refinance costs as you would with an ARM when it adjusts to a higher rate. Note that refinancing is more expensive in Florida than in other states because the State of Florida taxes closings. •Maximum interest deduction for taxes. •Peace of mind of not having to think about rates or worry about going through the process again. Cons •Higher interest rate than what you would pay on an ARM (adjustable rate mortgage). •Fixed payment over the life of the loan does not suit all borrower scenarios. Borrowers may be better off opting for a program with a lower initial monthly payment if: •They plan on selling the property in just a few years •Plan to pay-off or pay-down the mortgage in the near future. •Expect a large increase in salary in the next few years and want to keep the initial monthly payments lower. Contact me for more information on how I can help you with your loan scenario!

ADVERSE CREDIT We do loans One Day out of a Short Sale, Foreclosure, or a Bankruptcy. No One is Refused!

What is Mortgage Planning? ________________________________________ Mortgage planning is the process of evaluating your mortgage options in the context of your overall financial objectives. Your mortgage is most likely your single largest debt, and your home is most likely your single largest asset. The strategy you use today carries financial consequences that can impact your life for years to come. My mission is to help you improve your life by the proper use and consideration of various mortgage options. Here's how: Step #1: Initial Conversation Our initial conversation will focus on these questions: • What are your housing objectives and why? • What does your current cash flow situation look like? • What large expenses should we take into account as we help you develop a budget for the future (college funding, retirement planning, elder care needs, etc.)? • What can I do to help? Step #2: Analyze & Evaluate Your Options The next phase of our relationship will focus on: • What are your housing, debt planning and cash flow options? • What, if any, mortgage products and strategies would be useful to you? • What is the likely short and long-term impact of these mortgage options on your overall financial situation? Step #3: Develop & Implement Your Personal Mortgage Plan Once we've discussed your options, and how these various options may impact your overall housing and financial situation, it's up to you to decide on which plan of action works best for you. I'll be here to answer any questions and be a resource to you in any way I can. I'll also coordinate the whole process with you and other professionals such as CPAs, CFP® professionals, attorneys, Realtors, builders, insurance professionals and other qualified advisors. Step #4: Monitor Your Mortgage Plan Through an Annual Mortgage and Housing Review Mortgage planning is a life-long process because your financial situation is likely to change from time to time. As your mortgage planner, it's my role to help you monitor these changes as needed and through an annual conversation. Most often, this process involves periodic assessment of: • Your fluctuating cash flow needs • Changing interest rates and housing market conditions • Family changes and life events including job changes, college funding, retirement planning and elder-care needs Here's how mortgage planning is different than the traditional "shopping for a mortgage" experience: "Mortgage Planning" with Me "Shopping for a Mortgage" with any of the 500,000 + Mortgage Salespeople in the US 5-Star Experience Overwhelming and/or Confusing Process Focus on Which Mortgage Options Fit into Your Life, and Why Focus on Whether You Fit into the Mortgage Lender's Box, and How Consider the Mortgage Transaction in the Context of Your Overall Financial Situation & Objectives Consider the Mortgage Transaction "In a Vacuum" Customized Options for Your Scenario One Size Fits All Mortgage Salesperson Who Puts His/Her Relationship With You Ahead of the Transaction Mortgage Salesperson Who Puts the Transaction Ahead of His/Her Relationship With You Contact me so we can get started!