TitleDescriptionKeywordsGeneratorRobots

Local Lenders

Fort Walton Beach

KIRKSTON MORTGAGE LENDING LLC

FORT WALTON BEACH,

FL

(< 1 mile)

MORTGAGE ONE OF THE SOUTH INC

FORT WALTON BEACH,

FL

(< 1 mile)

REGIONS BANK

FORT WALTON BEACH,

FL

(< 1 mile)

SYNOVUS MORTGAGE CORP

FORT WALTON BEACH,

FL

(< 1 mile)

UNIVERSITY LENDING GROUP LLC

FORT WALTON BEACH,

FL

(< 1 mile)

WATERSTONE MORTGAGE CORPORATION

FORT WALTON BEACH,

FL

(< 1 mile)

BEACH COMMUNITY MORTGAGE SERVICES INC

FORT WALTON BEACH,

FL

(2 miles)

EVERETT FINANCIAL INC

FORT WALTON BEACH,

FL

(2 miles)

SECURITY ONE LENDING

FORT WALTON BEACH,

FL

(2 miles)

ACOPIA LLC

FORT WALTON BEACH,

FL

(3 miles)

Niceville/Destin

PRIMELENDING A PLAINSCAPITAL COMPANY

NICEVILLE,

FL

(< 1 mile)

WATERSTONE MORTGAGE CORPORATION

NICEVILLE,

FL

(< 1 mile)

FIRST FLORIDA BANK

DESTIN,

FL

(5 miles)

GULF COAST BANK AND TRUST COMPANY

DESTIN,

FL

(5 miles)

PRIMELENDING A PLAINSCAPITAL COMPANY

DESTIN,

FL

(5 miles)

Loan Modification

Much has been said about Loan Modifications. While there is plenty of talk about them, most people have difficulty obtaining one.  According to the Florida Office of Financial Regulation, it is important to be informed early in the process.  They recommend:

If you are facing a mortgage payment that you cannot make or if you have fallen behind on your mortgage payments, the first step you should take is to contact your lending company directly. Do not ignore the letters or phone calls from your lender. Foreclosure on a mortgage and the loss of a home is an expensive process. The longer you wait to make the call, the fewer options you will have.

Effective January 1, 2010, consumers who enter a loan modification agreement are entitled to the following protections under Florida law:

  • Registration: companies and all employees conducting loan modification services must be properly licensed.
  • No Upfront Fees: no upfront fees can be charged before the client benefits from the loan modification services.
  • Written Contracts: a written agreement is required with specific language that explains the customers' rights under the law and lists the specific services and expectations of the contract.

The Office of Financial Regulation offers the following tips for consumers to identify potential fraud and avoid becoming a victim:

  • Do your research! Check the regulatory requirements the profession adheres to and confirm the person you are working with has a professional license. Also, check if any complaints have been filed against the company or individual. Consumers can visit the OFR's public license search or call 850-Its-Your-Money (850-487-9687) to get current information on all OFR-issued licenses.
  • Always get your agreement in writing and specify the services to be provided. Make sure you read and understand the agreement. You may wish to have a Real Estate attorney review the agreement prior to signing it.
  • NEVER pay any upfront fees for loan modification services. It is illegal to charge consumers for any services until after they have been rendered.
  • If you feel you have been victimized, file a complaint on the OFR website.
  • Visit the Home Affordable Modification Program website for additional resources

FHA Requirements: Credit Guidelines

According to the FHA, there are certain things FHA Lenders Want to See When They Review Your Credit

Before approving a loan, the lender analyzes the integrity of the borrower's past credit performance. Based on FHA requirements, those who have a good credit history demonstrated by a solid record of accomplishment of timely payments will likely be eligible for a loan. A potential borrower whose credit history is marred by slow payments, poor financial judgment and delinquent accounts is not a good candidate for loan approval.

The following is a list of items that concern lenders when reviewing the borrower's credit:

NO CREDIT HISTORY

Two lines of credit are necessary to apply for an FHA loan. However, in the event a borrower does not have sufficient credit on their credit report the FHA will allow substitute forms. Acceptable forms listing are located here.

LATE PAYMENTS

The underwriter analysis of borrower credit reviews the overall pattern of credit behavior rather than isolated cases of slow payments. If a borrower maintains good payment pattern, regardless of a specific period of financial difficulty preceded it, the borrower may escape disqualification.

CHAPTER 13 BANKRUPTCY

FHA will consider approving a borrower who is still paying on a Chapter 13 Bankruptcy if the borrower is compliant after a year. The borrower needs the court trustee's written approval in order to proceed with the loan. The borrower will have to give a full explanation of the bankruptcy with the loan application and must also have re-established good credit, qualify financially and have good job stability.

CHAPTER 7 BANKRUPTCY

At least two years must have elapsed since the discharge date of the borrower and / or spouse's Chapter 7 Bankruptcy, according to FHA guidelines. This is not to be confused with the bankruptcy filing date. A full explanation will be required with the loan application. In order to qualify for an FHA loan, the borrower must qualify financially, have re-established good credit and have a stable job.

FORECLOSURE

FHA insured mortgages are generally not available to borrowers with foreclosed property or given a deed-in-lieu of foreclosure within the previous three years. However, if the foreclosure of the borrower's main residence was the result of extenuating circumstances, lenders may grant exceptions if they have since established good credit. This does not include the inability to sell a home when transferring from one area to another.

COLLECTIONS, JUDGEMENTS AND FEDERAL DEBTS

According to FHA guidelines, a collection is minor in nature usually does not need to be paid off as a condition for loan approval. Any judgments will have to be paid in full prior to closing. Borrowers who are delinquent on any federal debt, such as tax liens, student loans, etc., are not eligible.

Subcategories

"We love our new house. Thank you for everything you did and for doing it extra fast.” –April & Darrin

Real Estate News

Sandcastle Dreams Realty
211 Chateaugay Fort Walton Beach, FL 32548
Phone: 850-240-4669 Website: www.sandcastledreaming.com