Florida VA Home Loan

Core Mortgage Financial is proud to serve all Veterans with VA mortgages. Florida VA Home Loans are not easy to complete. It takes a loan officer with VA experience to understand the complicated VA process and procedures. Florida VA Home Loan credit scores below 600 are readily available in our lender portfolio. If you have a credit score below 620, we need at least three open accounts for twelve month period, with no late payments. If you have a credit score above 620, we only need two open accounts for twelve months.

Veterans administration does not specifically have any credit score requirements. Recently, veterans have been raising the same concern to include borrowers passionate plead over the phone with me about this particular issue. The VA is known for having very liberal guideline requirements, but this does not necessarily mean you can get a loan. Please remember the VA only guarantees the mortgage and does not lend directly to the veteran, spouse or service or service member.  Florida VA Home Loan lenders have overlays to protect themselves from losses for defaults.

Most lenders for Florida VA Home loans have at least a 620 minimum credit score requirements. Their investors have developed a model showing a higher default rate for lower credit score for Florida VA Home Loan clients. We have a few niche lender that can possibly go all the way down to a  560 credit score as a manual underwrite. Please give Core Mortgage Financial a call to discuss your options with very low scores.

Florida VA home loan has eligibility requirements. These include the following:

90 days or more of active duty service during wartime

181 days or more of active duty service during peacetime

Service member was discharged for circumstances that were not dishonorable

You are currently active duty personnel and have 90-181 days

Widow of a Veteran who died during service or because of service-related injuries and have not remarried.

A veteran must have been honorably discharged and served a minimum of 90 days in war time periods or 180 days in peacetime. For National Guard members, the requirement is a minimum of 6 years service. Spouses of deceased veterans (with a service-related death) can qualify if they have not remarried.

 Lenders like to see two steady years of employment in the same industry. We can waive the two year rule getting a private sector job in the same line of work as you career in the Military. We also can use college schooling as years worked in the industry.  An example of this would be a nurse in school for two years but lets say only been working for six months, this is not a problem and can get a Florida VA Home Loan.

We hope this blog has been helpful for all you Veterans seeking Florida VA Home Loans!
We are here to serve you, please do not hesitate to contact me with any questions!

Call us toll free today at  855-554-2673 (CORE)
Core Mortgage Management Team
Company NMLS #849597



Helpful Terms Defined:
Mortgage:
Collectively, the security instrument, the note, the title evidence, and all other documents and papers that evidence the debt. A Mortgage is a loan secured by a lien on real estate held in fee simple or on an acceptable leasehold estate. A loan made for the purpose of purchasing, building or rehabilitating real property, and secured by that property. A pledge of real property as collateral for payment of debt. The term is also used to describe both the mortgage (security instrument) and the promissory note evidencing the debt, which includes the terms of the debt’s repayment.
Note:
The evidence of indebtedness for a mortgage loan. A note is the instrument evidencing the indebtedness secured by a security instrument that sets forth the amount the owner owes the lender and the manner in which the debt is to be satisfied. The note establishes the payment terms, conditions under which prepayments may be made, and the lenders rights in the event of default. A written agreement between the mortgagor and the mortgagee specifying the amount and terms of repayment for a loan.

203k Home Improvement Loan Part 1 of 2

203k Home Improvement Loan Part 1 of 2

VA Mortgage Debt to Income limits

Core Mortgage Financial does not have a limit on debt to income ratios. A majority of VA mortgage lenders have overlays that limit  the debt to income ratio. Here is an example as to how the DTI ( debt to income) traditionally works.

Borrower A gross income is $5,000 monthly. The next step will be to take the monthly minimum payments that show up on his credit report. IE: car loan payment, credit card minimums etc. Next we look at his current housing expense. We take the minimum payments + the current housing expense and the new proposed expense and add these numbers up.

Example: Borrower A has the following bills:

Car loan $300
Credit cards payment $175
Student loan $100
Living Rent Free
Proposed new payment with taxes and insurance $1,800
TOTAL $2,375

We take the VA debt obligation of $2,375 divided by the income of $5,000 = .475%. We move the decimal point to the right and our debt to income is 47.5%.  The borrower qualifies for a VA mortgage with this DTI ratio.
Most lenders are have a max DTI between 41%-50% .
Core Mortgage Financial does not have a VA DTI limit or credit score requirement. As long as the automated system shows the loan is approved/eligible we can close the loan.
The highest VA debt to income ratio I have completed is 67%. The borrower had excellent credit score and large cash reserves in the bank. In order to have a high VA debt to income you must have compensating factors like high credit score and reserves. The automated system looks at credit score/history, debt to income and cash reserves when making a decision.

I hope this clarifies the VA debt to income ratios ! Last week i received two calls with regards to VA debt to income ratios.

Thanks !

855-554-2673 (Toll Free)
VA Home Loan Experts

Mortgage:


Collectively, the security instrument, the note, the title evidence, and all other documents and papers that evidence the debt. A Mortgage is a loan secured by a lien on real estate held in fee simple or on an acceptable leasehold estate. A loan made for the purpose of purchasing, building or rehabilitating real property, and secured by that property. A pledge of real property as collateral for payment of debt. The term is also used to describe both the mortgage (security instrument) and the promissory note evidencing the debt, which includes the terms of the debt’s repayment.

FHA to increase Annual Mortgage Insurance

FHA is set to increase the annual mortgage insurance premium on all mortgages.
Effective 4/18/11 the premium chart will appear as below:

If a borrower is applying for a $163,000 loan, the increase would add $33 a month to the payment. The FHA letter came out on 2/14/2011with a detailed  description of the plan. This is bad news for borrowers seeking FHA financing. With rates on the rise and borrowers costs going up will only hurt the fragile real estate market. It will only be harder for borrowers seeking financing to qualify if costs go up this will effect debt to income ratios. I am suggesting to my clients to get your real estate contracts in and submit FHA loan applications ASAP. The real estate financing is getting tougher and tougher each day. I am still poised to inform my clients that we are still lending strong!

Call usl today to discuss your lending needs !

855-554-2673 TOLL FREE

Weekly Mortgage Update

I have seen rates consistently increase over the past three weeks. The 30 year fixed conforming rate has past 5% for the national average. This does not include loan origination fees that include 70bps for the 30 year fixed option. I expect rates to continue on the upward trend for now but will go up and down depending market factors. The government notice about the limiting of mortgage back securities and the desire to get rid of Fannie Mae and Freddie Mac is a big part of the increase. The new proposal that came out from the Treasury last week reveal a bias towards less government and more privatization of the mortgage industry.
This week has a ton of interesting mortgage related news. This week is retail sales that are expected to show positive signs of recovery, in turn will push mortgage rates on the upward trend.

In good news for rates that might keep things steady is inflation worries have been relatively low. If we have any more inflation worries, expect rates to increase 50 basis points overnight.

Good luck with your mortgage locks !

Call us today
855-554-2673 ( Toll Free)

Naples Mortgage Blog

Core Mortgage Financial is the leader in Naples Mortgage Blogger. We are proud to provide valid content for all users seeking up to date Naples Mortgage Blog informational content. We give daily, relivent mortgage advice and information. Core Mortgage Financial is thesuper highway for mortgage information in Florida mortgage loan origination. Take a step back and read our many Florida Blogs !
Its been a pleasure and guaranteed always a great experience !

Core Mortgage Financial

Top 10 reason why to consider an FHA Mortgage

Core Mortgage Financial list of top ten items to consider when choosing a loan product. Below are top 10 reasons why an FHA mortgage might be right for you!

1) First time home buyer: FHA loans are designed to first-time buyers. FHA/HUD specifically designed the program to provide financing alternatives to low to middle income families. The program was also designed to spur home
ownership.

 


2) Low Down payment: FHA requires just 3.5 percent down payment for 2011. The down payment funds can be gift funds from a relative, making it easier for someone with low cash reserves to purchase a home now rather than waiting to build up a savings account.

3) Credit Score Minimum: FHA Credit scores requirements not as high as other loan programs. Any credit derogatories must be cleared up or have a good explanation as to the reasons for the lates. Core Mortgage Financial lender portfolio allows credit down to a 560 middle score.

4) Employment: The borrower must have accumulated two years of continuous income in the same field of work. Full-time students now working in their field of study may be able to count school as part of the two-year requirement. All income must be reported on tax returns.  Some lenders recently have changed their guidelines to show that only 6 months of employment are needed to get Florida FHA mortgages.

 

4) NO income Limits: FHA mortgages do not have income restrictions. This is particular important for borrowers that have good income but just not 20% down payment to complete a traditional mortgage. FHA mortgage loan caters towards the low down-payment programs for those with low or median income.

5)Primary Residence Only: FHA loans are limited to owner-occupied properties and are available for one to four units. Three-to-four unit properties must be self sufficient.

6) Debt VS Income: FHA qualifying ratios for FHA loans are more relaxed than the typical conventional financing, allowing the borrower to purchase a little more house. Some lenders will allow someone to reach a 55% Debt to Income ratio. Compensating factors might be needed, like strong cash assets and excellent credit is an example.

7) Rehabilitation Loan: FHA also offers a Rehabilitation of Property Program. That dream home you’ve discovered may need some repairs and rehabilitation. This program allows the repair costs to be rolled into the loan.

8) FHA Refinance program: FHA borrowers can refinance without an appraisal. This program can assist borrowers who want to enjoy the current low mortgages rates but do not have the equity.  You can roll all of the closing costs into the loan and have ZERO out of pocket expenses. I expect the no appraisal program to be completely gone this year.

9) FHA Seller paid closing costs: The seller  can pay up to six percent of the purchase price towards to the buyers closing costs.  This allows the borrower not to come up with some much out of pockets expenses and just deal with the down payment funds only.

10) FHA vs conventional. FHA mortgage parameters are not as strict like a conventional loan.( Fannie/ Freddie) Conventional loans request large down payment and 740+ credit scores. If you do not fit "in the box" of a conventional loan, your rate will be higher. FHA mortgages  do not hold the same criteria measures as the conventional loan.

Hopefully the TOP 10 reasons why to consider an FHA mortgage has been beneficial for you ! Please do not hesitate to contact Core Mortgage Financial with any FHA mortgage questions. We have many different FHA products and portfolio options for you.

855-554-2673 ( Toll Free)
Core Mortgage Management Team
The Florida FHA Mortgage Experts !

Florida Reverse Mortgage

Core Mortgage Financial has Florida Reverse Mortgage available our portfolio. A reverse mortgage is designed for seniors over the age of 62yrs. The main purpose is to release the home equity without doing a standard cash out refinance.

A Florida reverse mortgage is different because you do not have the standard monthly mortgage payment. A Florida reverse mortgage is payable as one lump sum or you can receive multiple payments.  The obligation to make the payments is deferred until the homeowner dies.
Most Florida reverse mortgage lenders  put a lien 300% above the current value of the amount funded in the transaction to protect against any other secondary liens that the homeowner might request at a later time.
Age is a big factor in the lender underwriting decision making process. The older the homeowner the more favorable the underwriting stance will be in obtaining the loan.

The requirements/proceeds to complete a Florida reverse mortgage have a few factors that a lender will take into account:
1. An appraisal is required to ensure the value of the home before any loan amount can be established.
2. The age of the applicant
3. The interest rate is tied to two indexes. ( US treasury 1YR T-Bill / 1YR Libor or CMT Index. You can read on indexes here.
4. Loan product selected. The terms and fees are different depending on if you want to take a lump sum or establish a credit line.

A certificate of counseling for the Florida reverse mortgage is a standard requirement by FHA/HUD. Each homeowner is required to complete counsel to ensure then borrower has a clear understanding of the loan product. The counselors will discuss the legal and financial terms of a reverse mortgage.

A Florida reverse mortgage is very costly. The normal fees associated with this type of financing do exceed the standard threshold of a conventional mortgage.
Mortgage insurance is required which is usually 2% of the appraised value. the origination fee is capped at 2% of the first 200k loan and 1% thereafter. Standard Florida closing costs are required via title insurance, taxes, lender fees, survey etc. The reason its typically a higher fee loan is the closing costs are based upon the value of the home and not the loan amount. The lender basis this calculation to protect their interest in case the loan exceeds the full value during the lifetime of the loan.

Core Mortgage Financial has a reverse mortgage expert standing by today!
We will take the time to slowly walk you through the process. A Florida reverse mortgage is not for everyone. Each borrower has a different need and financial situation. We will go through a analysis and decide if a Florida reverse mortgage is best for you. Let us answer any questions you might have by picking up the phone today !
Hopefully  this Florida reverse mortgage blog has been beneficial to you !

Call us today and speak with a reverse specialits NOW at
855-554-CORE (2673)

Florida VA Certificate Of Eligibility

Core Mortgage Financial has the ability to electronically request the certificate of eligibility from the veterans administration. The old process was to mail in or fax the VA as form online and expect a response in 30-45 days. The online portal has streamlined the COE (cert of eligibility) tremendously in the past few years. Core Mortgage Financial has all the capable Florida VA mortgage  technology at our disposal. We get calls from Florida Vets all the time telling me;
My answer is really? Ok, Core Mortgage Financial, can pull your COE right now. LOL !!! It's amazing how often I laugh, that other lenders have VA and current armed forces active duty folks "jump through hoops" to get VA mortgages and loans. Rest assured, give me or one of my loan officers a call today, you will not be disappointed !!!!!

Core Mortgage Financial Management Team
855-554-2673 toll Free

Definition:
Certificate of Eligibility: The document issued by the Veteran’s Administration evidencing the amount of entitlement a veteran has for use in purchasing a home.

New law could hurt mortgage consumers

http://www.miamiherald.com/2011/02/11/2062654/new-government-housing-plan-could.html

Incorrect items on your credit report causing loan issues?

Core Mortgage Financial has a solution for incorrect items appearing on your credit report

Credit report rarely do not have incorrect information on them. It is very rare if a borrower after reviewing their credit reports does not find information that they are unware of the creditor. Normally the dispute process takes 60 to 90 days after you submit your letter and providing documentation to Experien, Transunion and Equifax. The bureuas have the idea of they will get to it when they can.

Core Mortgage Financial has a solution !!! We have access to the bureaus and can get items removed from your credit report in a little as 24 hours. If you have applied for a loan and have issues on your credit report that you cannot get fixed. Call me, I will get these removed quickly, so you can have piece of mind during the loan process.

855-554-2673

2/11/2011 mortgage rates

Florida mortgage rates are currently listed today as follows:

Conforming loans under 417k loan amount
700+ credit score
20% down payment

30 Year Fixed 4.875% APR 4.909%
15 year Fixed 4.25% APR 4.31%
5 year arm 3.5% APR 3.671%

For other programs call us today !!!!!


Rates, Programs, guidelines are subject to change without notice. This is not a commitment to lender or a loan approval. Please call to discuss your specific loan scenario.

Florida Assignment of Mortgage

Florida assignment of mortgage is a document that shows that a mortgage has been transferred from the original mortgage holder to a third party. This is an act of transferring ownership or liablity of the borrowers payment to another party. It is important to consider this act still holds the account holder liable to pay the account and is can be particularly not transparent to the holder.  Lender do sell mortgages to other lenders during the secondary market process. It is also possible for Florida assignment of mortgages to take place when the borrower transfers their mortgage to another person. The only catch is the new borrower normally has to qualify for a mortgage with the current mortgage holder. This is rare but possible in Florida Assignment of Mortgages.  Hopefully this information has been useful and good luck if you are planning on completing a Florida assignment of mortgaage

Mortgage Rates

Florida mortgage rates have been consistantly rising the past three weeks.
The main reason for the increase is the decline in the unemployment rate, consumer confidence and the unrest in Egypt. Investors have been pulling out of bonds and moving into more risky assets like stocks. This has caused mortgage rates to increase. I expect mortgage rates to fluctuate throughout the entire year of 2011. I have been advising clients to float their Florida mortgage rate today.
The past two weeks I have been encouraging my clients to lock their Florida mortgage rates. Good luck with you loans and I wish each and every borrower a great day !

Florida VA Home Loan Programs

Core Mortgage Financial has a very large VA loan program portfolio. We have the following Florida VA Mortgages:

* Florida VA Jumbo Mortgages
* VA Construction loans
* VA Manufactor housing
* VA poor credit mortgages down in the low 500's credit score
* Standard VA no money down purchases
* Florida VA Refinances


We take pride in working hard to get our military and veterans into Florida VA Home Loans. If you need a mortgage, we are the company to call. Core Mortgage Financial has a VA home loan experts standing by all the time.

Give us a call today !!! 855-554-2673 !

Rate Lock Guidance & economic outlook

Mortgage rates took a turn in the upward trend last week.  Mortgages rates are tied to the 10 year T bill. On 1/31/2011 the 10 Year Treasury sat at 3.34% and is currently at 3.65%. This was mainly due to strong economic growth, unemployment lowering to 9% and the civil unrest in Egypt. I have been advising my borrowers to lock in their historically low rates. I am currently quoting 4.875% on a 30 year fixed with an APR of 5.01%. The guidelines are standard conforming borrowers with a 740+ credit score and 20% down payment.
In my opinion the economic outlook is more of the same.  Big business getting larger by merging with other "big business". The unemployment numbers are not telling the entire picture. The so called "99ers" which are folks that their unemployment benefits ran out but still do not have jobs are not counted in the unemployment numbers. This seems to be forgotten to some extent. The driving force of our economic future is small business. 
I expect to see mortgage rates continue on an upward trend but I feel the "trend setters", are missing the big picture.

Core Mortgage Financial

Florida Property Flip Transaction

Recently, I have been approached with buyer purchasing homes where investor are purchasing existing property, then immediately reselling it for a profit. Florida property flips are not illegal unless the transaction includes an act of fraud or misrepresentation such as inflated appraised value. Since AMC ( appraisal management companies) now are a third party company that orders the appraisal for the buyer, it now makes this scenario not as likely. Cash purchase transactions could be a little bit more of a sticky situation for the likelihood of fraud.
Florida Property Flip Transactions most often, but no always, involve distressed properties acquired at a discounted price, then resold at an increased sales price to an unknowing buyer.
Florida Property Flip Transaction lenders have recently been aware of such cases and have issued new guidelines to ensure that every deal is underwritten with caution. Please make sure to tell your loan officer if the home was recently sold well below value and you are now purchasing at market value.
This does not mean you cannot get a mortgage but it is critical for us to know in the beginning.

Best Regards,

Core Mortgage Financial

Naples Balloon Mortgage

Naples Balloon mortgage basically means at the end of the fixed period or maturity their will be a balance on the note that is due immediately.The last payment is called a final payment and normally is substantially higher than your loan payments during the fixed period. I really never understood why borrowers would select a Naples Balloon mortgage. It seems to only put you in a position to refinance or maybe reset if you have worked out another more favorable term thereafter. 
This could be a valid reason to do a balloon payment if the reset terms and conditions are more favorable than the initial program. A majority of lenders do not use balloon payments because it puts both the borrower and lender in a precarious position if the loan does not reset.
If you are considering a balloon program, my recommendation is to make sure their is a reset clause and the terms are favorable and do not cause you to refinance and avoid costly reset conversion fees.

Good luck and hope this helps!

http://www.coremortgagefinancial.com/

Naples VA assumable mortgages

Naples VA assumable mortgages has been a topic of a few calls this week. Borrowers lately have been asking questions about the process of assumable NaplesVA loans. A Naples VA assumable mortgage/loan is one that allows a new home buyer to take over the obligation of the seller's loan with no change in loan terms. This is generally true of loans without Due-On-Sale Clauses. Due on Sale cause would prohibit an assumption of the mortgage because the note is due upon selling the property.There is two ways to assume a NaplesVA loan.

First, the new buyer is a qualified Veteran who "Substitutes" their eligibility for the eligibility of the seller. In addition, the new buyer must be able to qualify through the current NaplesVA loan parameters.
This is the safest way for a seller to allow their loan to be assumed because the new buyer is responsible for the note. You will be released from the promissary note to repay on your Naples VA mortgage.. In addition, the seller can then use their full eligibility to purchase another home right away using their VA loan.
If the new buyer is not a veteran or qualified for a Naples VA loan, they have no eligibility to give the seller. Should the seller grant permission for the new buyer to take over their loan, the seller does not get back their eligibility to use on another home, and the seller is still on the hook for the payments should the buyer default. This generally is not the best course of action. Make sure if you decide to do a assumption of the mortgage with another vet that you do not have a due on sale cause or you do not give up your elgibility rights.

Hope this information has been helpful and please review all options with your mortgage professional.

http://www.coremortgagefinancial.com/

Naples FHA 203k Rehab Renovation mortgage

The Naples  FHA 203k Renovation and Rehab loan has been doing really well in southwest Florida last year. Foreclosures, bank own properties, distressed and short sales are a major part of the homes listed for sale. In turn, sometimes these homes needs some"TLC"
  Fannie Mae is purchaser of most loans on the secondary market and is very strict about lending only on properties that do not have many issues.
Lenders are not lending unless a property is in almost perfect condition due to Fannie Mae investor requirements. This put a huge void in the market for "fixer uppers" and homes sitting empty for years at a time.
The Federal Housing Administration  and the Department of Housing and Urban Development, designed a program to fit this growing concern of abandoned homes. The Naples FHA 203k rehab program was then implemented by lenders according to their investor overlays. This program is only for rehabilitation and repair of single family primary residence properties. Not many lenders are currently participating in the Naples FHA 203k rehab loan. We are proud to announce that we have become experts in Naples FHA 203k rehab/renovation mortgages.

Many first time home buyers are taking advantage of the Naples FHA 203k home loan, because of the very low down payment requirement of 3.5% and you can get financing up to 110% of the fair market value once the house is completed.
Only one closing is required and the funds to make the repairs are held in escrow until the work is competed. My punta gorda office recently has been completing a lot of these 203k rehab loans. We have a very aggressive Naples FHA 203k rehab loan. Call me today to discuss you options.

APPLY NOW!

Core Management Team
855-554-2673 Toll Free
company NMLS #849597
Personal NMLS #344608
www.coremortgagefinancial.com

Naples Title Insurance

Naples title insurance is a requirement to complete any loan transaction. The lender requires title insurance which is normally paid by the buyer in collier county. We are one of only two counties in Florida that the buyer pays title. If the seller has their existing title insurance policy they can get what is called a "re-issue credit" or a significant discount.
Naples title insurance is issued by an insurance company that guarantees that the title to the parcel of real property is clear and properly in the name of the seller. The reason for the insurance is should the Naples title insurance at a later date have problems that arise with the title such as incorrect description the insurance company would pay the damages to the holder of Naples title insurance.
The abstract of title is the historical summary provided by a title insurance company of all records affecting the title to the property. This is imperative for the lender in making a underwriting decision on the loan package that is provided by tile insurance company or attorney's agent. We usually review the title report policy prior to sending the file into underwriting to ensure that title is not "clouded". An example of title being clouded would be a tax lien on the property. The seller has an undisclosed lien or property encumbrances.

Chain of title is the entire historical past of the specific property as it pertains to the public records that are recorded at the clerk of courts office. We analyse the chain of title to see if any recent sales have been worth noting. Lenders to do like to see a lot of title transfers in a short time period unless the property is a foreclosure and the ownership and rights can change frequently.

Borrower's can expect to pay the title policy with any Fannie Mae owned foreclosures. Naples title insurance calculator rates are located on the link provided. Fannie Mae Foreclosures also make the buyer pay the doc stamps on the deed. These two fees can get very costly. My advice is to make sure when you decide to put in a contract to review all the Fannie Mae (FNMA) fees assoc with the purchase. Sometimes it might be better to walk than pay the hefty fees if you are not getting a really great deal on the purchase price.
Title insurance also has three more standard items that are required to complete the Naples mortgage transaction. Florida form 9 and Alta 5.1 PUD if in a planned unit development and Alta 8.1 Environmental protection lien fee.
We hope this post has helped you in understand why the lender requires Naples title insurance. The lender has to protect their investment but you as the borrower also are getting a service with knowing your purchase is protected with title insurance.

Please do not hesitate to contact us with any Naples title insurance questions.

Core Mortgage Financial
www.coremortgagefinancial.com

Florida VA Mortgages

Doing loans for Florida VA mortgages is the most fulfilling part of our job.
It's amazing working with folks that understand what it means to serve this great country. A majority of the Vets do not have a clear understanding of the Florida VA mortgage process. We take it upon myself to give clear guidance, explain the process clearly and always give the competitive rates.  VA loans are not easy,  we spend the time to ensure that all Vets get home loans if it's possible!

The most important thing is to make our VETS happy, it makes me smile at the end when we get a Thank you !!!!

Thank you for your service,  we am honored to serve you !
www.coremortgagefinancial.com

Naples Sunset

Sunset from my backyard. The beautiful colors just don't give this scene justice from the blackberry camera phone.

Dr. Martin Luther King Day

Martin Luther King, Jr is a federal holiday honoring a man that transformed our country from a civil rights perspective. Dr. Martin Luther King, Jr. devoted his life to the struggle for justice and equality. His vision was all people sowing might claim “the riches of freedom and the security of justice.”

Dr. Martin Luther King, Jr was a certified American clergyman, activist, and prominent leader in the African American civil rights movement during the 1960's. Dr. Martin Luther King, Jr. getting feat was for being an iconic figure in the quest of civil rights in the United States and around the world.
He used non-violent techniques following the teachings of Mahatma Gandhi.
Martin Luther King, Jr. is often presented as main leader in the history of modern American liberalism portion of our country. Martin Luther King, Jr. became the youngest person to receive the Nobel Peace Prize for his work in changing modern history for civil rights in 1964.

A popular quote was in 1963 from the Reverend was the following
“The ultimate measure of a man is not where he stands in moments of comfort and convenience, but where he stands at times of challenge and controversy.”
“Hatred paralyzes life; love releases it. Hatred confuses life; love harmonizes it. Hatred darkens life; love illuminates it.”

Dr Martin Luther King, Jr. has given our country a gift of freedom for all and that each and every American can have a dream. Equal rights has been born during his life until he was assassinated in a motel on 4/4/1968 . The killer James Earl Ray died in jail in 1998 at the age of 70.

Dr Martin Luther King, Jr has inspired many of our young to have a dream and carry it out.

www.coremortgagefinancial.com

Clams's pass Naples, FL beach

CLAM’S PASS NAPLES, FLORIDA BEACH

I love this beach ! I would rank this beach #1 in Naples. You can take one step into the water and the tide will take you to the other side of the beach. The tide is very fast and fishing is Awesome. This beach is located close to Naples Grande hotel. In order to get to the beach you have to take a trolley that has a very scenic route. Its about a .25% mile as you go through the beautiful mangroves. The county built a wooden bridge years ago that takes you to the beach. Once you reach the beach drop off you have a pavilion where you can get food and drinks
The area is very narrow and shallow in most spots. The mangroves add another beauty to the area. Check it out, you will enjoy this spot.
Click here to get more information, hope this helps and enjoy the beach !

www.coremortgagefinancial.com

Picking between a 30 year fixed vs 15 year fixed

Recently a lot of borrowers have been asking my opinion on which product to select between Naples loan products 30 year fixed versus 15 year fixed.

A majority of home buyers select a 30 Year Mortgage payment without considering the 15 year option.
The first question I ask a client is what is your long term goal with the property?

With the 15 year option, you will receive a lower interest rate compared to the 30 year fixed. The 15 year option is becoming increasingly more popular now than recent years according to clients I speak with on a daily basis.
With the 15 year option, you will pay less in interest over the life of the loan and will build equity much faster. You will build equity but your payment is also considerably higher. The 30 year option the payment is much lower; in turn you pay more interest throughout the life of the loan. Let me give you an example: If you close on a $200,000 at 5%, you will pay around $175,000 in interest over the life of the loan compared to $75,000 in interest on a 15 year fixed at 4.5%. Picking between and 15 and 30 year fixed can be a difficult decision.

I always ask borrowers to consider if their cash reserves are sufficient to carry the loan if employment becomes an issue. You can always select the 30 year option and make additional payment towards the balance reduction. This protects you with a low payment but if times are good financially, you can always apply towards principal reduction.

It is impertive to weigh all the options and make a sound decision based upon your short, near and long term goals. Naples loan products can  be a very tough decision.

Take your time and evaluate what is BEST for your current financial situation. Please do not hesitate to contact us , I will guide you through the process.

www.coremortgagefinancial.com

Naples USDA Mortgage

Core Mortgage Financial specializes in Naples USDA Mortgages within Collier County limits. Naples USDA Mortgage is designed for low to moderate income borrowers without a down payment requirement.
Naples USDA Home loan requirement are as follows:



• Have income that has been consistent for at least one year
• Combined income cannot exceed collier counties limit of $81,450
• Have a minimum middle credit score of 620
• Must be a primary residence purchase or refinance
• Maximum debt to income ratio is 50%.

 
Naples USDA Home Loans is a 100% financing products. USDA has a funding fee to complete the loan. The purchase funding fee is 3.5% for the entire year of 2011.



The funding fee can be financed into the loan amount of paid by the seller or buyer.
Naples USDA mortgage has the ability to finance all closing costs plus the funding fee into the loan amount as long as the property appraises at the final loan amount. The maximum loan to value is 115%.
We have closed many Naples USDA mortgages over the years and have been considered a leader in this market. All of collier county real estate is approved for this financing.


 If you would more information on the property and income requirements click here.


 Core Mortgage Financial would be honored to discuss your Naples USDA mortgage options any time !
I hope you found this information useful ! Please do not hesitate to come by our office located downtown near tin city or give us a call.

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Naples Mortgage

Core Mortgage Financial have been providing FHA, VA, USDA mortgages since 2005.  We are experts in the arena of Naples Mortgages. We have recently been approved to provide the Fannie Mae Homepath product to our borrowers. You can find very valueable information at the Homepath link here.

The best product allows borrowers to only out 3% downpayment with NO mortgage insurance premium payment on Naples Mortgage. The product also does not require an appraisal is Fannie Mae currently owns the property due to a foreclosure. Low payment and flexible mortgage terms makes the Naples/Fannie Mae Homepath product very appealing.

Investors Homepath loans are available for this product but do require a higher downpayment.  Let Core Mortgage Financial unlock your Naples Mortgage dreams!  We are proud provide all different loan programs to our clients for Naples Mortgage. If your credit is not the best, no problem ! Give us a call and we will walk you through your options.

With the BEST rates in Town, Guaranted !

http://www.coremortgagefinancial.com/