First Florida Financial Group Blog

Construction to Permanent Mortgage Loans!

We Offer FHA and VA Construction to Permanent Mortgage Loans in Florida!

A FHA 3.5% down payment and VA 0% down payment construction to permanent mortgage loan combines the features of a construction loan and a traditional long term 15 or 30 year fixed rate residential mortgage loan with a single loan closing prior to the start of construction. This is a big advantage because most construction loans require two closings one for construction and then another one when the home has been completed, saving you time and money. One of the best things is that you don't pay any interest or mortgage payments during the construction of your new home. The process takes about 90 days from start to finish and we allow the builder up to 8 months to complete the construction.

Please visit our FHA Construction to Permanent Page!

Please visit our VA Construction to Permanent Page!

Please visit our Builder Construction Loan Process page!

For complete Construction loan program details!

Posted in:General
Posted by Eddie Hoskins on February 18th, 2017 10:21 PM

We Specialize and are Experts at Florida Condo Mortgage Financing!

  • 3% down payment for Owner Occupied.

  • 10% down payment for Second Homes.

  • 20% down payment for an Investment Property.

  • 3.5% down payment for FHA Approved Condos.

  • 100% financing for VA Approved Condos.

People Choose US Over the Competition Because!

  • We follow Fannie Mae underwriting guidelines and don’t add additional loan requirements like many banks do!

  • We get the necessary information to determine if the condo will qualify for financing up front within 1 to 5 days so you don’t waste money on a home inspection and appraisal if it doesn’t qualify.

  • Over 30 years combined experience providing condo mortgage loans. Most loan officers have very little experience with condo financing.

  • Loan Closings in as little as 20 to 30 days!

  • No Application Fee’s

Posted in:General
Posted by Eddie Hoskins on April 17th, 2016 4:40 PM


The FHA has reduced the waiting periods to 12 months.

If you've experienced any of the following financial difficulties, you may be program eligible:

  • Pre-foreclosure sales
  • Short sales
  • Deed-in-lieu
  • Foreclosure
  • Chapter 7 bankruptcy
  • Chapter 13 bankruptcy
  • Loan modification
  • Forbearance agreements

The FHA realizes that, sometimes, credit events may be beyond your control, and that credit histories don't always reflect a person's true ability or willingness to pay on a mortgage.

Borrowers with a 580 credit score may be eligible if they meet the following;

· Can document that the delinquencies and/or indications of derogatory credit occurrence was beyond the borrower’s control and was due to Loss of Employment, Loss of Income, or a combination of both, which caused a reduction in the borrower’s Household Income of twenty (20) percent or more for a period of at least six (6) months. This includes an individual residing at the borrower’s primary residence that had the loss of income and was a co-borrower on the borrower’s previous mortgage(s).

Loss of Employment must be verified and documented with the following;

· Written Verification of Employment from the employer (VOE) evidencing the termination date or in cases where the prior employer is no longer in business: Written termination notice, or other publicly available documentation of the business closure, and documentation of receipt of unemployment income.

· Verification and document the Borrower’s Household Income prior to Loss of Income by obtaining: Written VOE evidencing prior income; or signed tax returns or W-2s evidencing prior income.

Satisfactory Credit:

· The borrower exhibited Satisfactory Credit prior to the Economic Event Onset;

· The borrower’s derogatory credit occurred after the Economic Event Onset;

· Has re-established Satisfactory Credit for a minimum of twelve (12) months.

o Borrower’s credit history must clear of late housing or installment debt payments, and major derogatory credit issues on revolving accounts, any open mortgage is current and shows twelve (12) months satisfactory payment history. Mortgages may have been brought current through loan modification, which may be “temporary” or “permanent” so long as all payments have been documented as being received in accordance with the modification agreement(s).

· Satisfactory HUD Housing Counseling be completed a minimum of thirty (30) days but no more than six (6) months prior to submitting a loan application to a lender, and meets all other FHA loan requirements.

The FHA Back To Work - Extenuating Circumstances program is live, and ready. Millions of U.S. homeowners who experienced financial difficulty under extenuating circumstances are now eligible to purchase new homes.

Posted in:General
Posted by Eddie Hoskins on November 1st, 2013 5:34 PM

Fannie Mae is revising the requirement related to the mortgage eligibility date of the existing mortgage loan. Currently, to be eligible for DU Refi Plus or Refi Plus, the original loan had to have been acquired by Fannie Mae on or before May 31, 2009. The May 31, 2009 eligibility date will now be based on the note date of the original loan. Using the note date is more transparent to borrowers because borrowers know when they closed on their prior mortgage loan. (Borrowers typically do not know when their loan was sold to Fannie Mae.)

Effective Date

This change is effective immediately for new or existing Refi Plus applications. The DU Refi Plus database will be updated the weekend of November 16, 2013 to include the additional mortgage loans that are now eligible for DU Refi Plus. New or existing loan casefiles underwritten through DU after the weekend of November 16 and that meet the revised eligibility criteria will be underwritten as a DU Refi Plus loan. If lenders believe borrowers may benefit from this change, they are encouraged to resubmit existing loan casefiles that were underwritten through DU Version 9.0.

Posted in:General
Posted by Eddie Hoskins on October 31st, 2013 12:10 PM

Homeowners who were laid off and lost their homes to foreclosure could qualify for a new mortgage in as little as a year under an unprecedented federal rule change that slashes the usual waiting period between financial disaster and buying a new house.

Normally, homeowners who were foreclosed on must wait three years before they can qualify for a loan backed by the Federal Housing Administration. FHA loans require only a 3.5 percent down payment and have more lenient lending standards than conventional loans, though borrowers have to carry long-term mortgage insurance. Getting a conventional loan after foreclosure can take up to seven years.

The new changes allow borrowers who meet a set of strict criteria to qualify for an FHA loan only 12 months after losing their house for failure to make payments.

Posted in:General
Posted by Eddie Hoskins on October 30th, 2013 2:44 PM
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