Family Justice Center

Archive for the ‘Florida Law’ Category

FHA mortgage and FHA home loans in Florida

 Other FHA loan Advantages Include:

Minimal Down Payment and Closing Costs.

Down payment less than 3.5% of Sales Price Gift for down payment and closing costs allowed. No reserves or required. FHA regulated closing costs. Seller can credit up to 6% of sales price towards buyers costs.

Easier Credit Qualifying Guidelines such as:

Minimum FICO credit score of 500. FHA will allow a home purchase 2 years after a Bankruptcy. FHA will allow a home purchase  3 years after a Foreclosure. 

Easier Debt Ratio & Job Requirement Guidelines such as:

Higher Debt Ratio’s than other home loan programs. Less than two years on the job is allowed. Self-Employed individuals o.k.

http://www.fhamortgagefhaloan.com/

Maybe you are buying your first home in Florida, or perhaps you’re relocating to Florida from another state. Then again, you may be a long-time Florida resident who is looking to either refinance your current Florida mortgage or take out a home equity loan for Florida home improvements. Regardless of your mortgage application status, it’s important that you educate yourself on Florida FHA home loans before shopping for a Florida home and/or Florida mortgage. This Summary explains the benefits and what you will need to know before seeking a FHA home loan in Florida:

The median price of a home in Florida is $249,500. Recently, homes in Florida have been appreciating at rates well above the national average. As a result, income levels in many parts of Florida are too low to purchase a median-priced home with a conventional loan. Although average interest rates in Florida are below the national average, Florida has one of the lowest levels of home affordability in the nation.

In Florida, before a buyer submits an offer on a home, their real estate agent is required to present them with a completed Real Estate Property Disclosure Statement. This disclosure, completed by the seller of the Florida home, requires the Florida home seller to list all of the property that will be included in the purchase including refrigerator, stove, fans, blinds alarm system, etc. and explain aspects and conditions of both the included property and of the Florida home itself. This document requires the seller to disclose any material defect that may affect the value of the home and potential problems that may discourage the Florida home buyer from putting an offer in on the home.

Florida Civil Code Provision of the Real Estate Act regulates the issuance of variable interest rates for the purchase of real estate. Therefore, Florida mortgage applicants who are issued large FHA mortgage amounts are guaranteed a fixed rate mortgage. Florida law also prohibits the charging of interest more than one day prior to the recording of the FHA mortgage even if the borrower received the loan prior to that time.

In December of 2001, Florida law enacted a set of anti-predatory lending laws in order to help protect Florida homebuyers from predatory mortgage lenders. Some of the provisions of this new set of Florida mortgage laws include the prohibition of a Florida lender charging points and fees in excess of 8% of the total principal financed amount, the prohibition of the Florida FHA mortgage company issuing an FHA loan to a mortgage applicant in an amount that the borrower could not reasonably afford to repay, and the prohibition of the financing of single-premium credit insurance.

If you’re buying a Florida home in the state of Florida , you qualify for both federal and state FHA, USDA, and VA loans. Florida First-time home buyers qualify for Florida FHA loans with below-market interest rates, and, depending on their eligibility, may also qualify for an FHA home loan in order to cover down payment and closing, prepaid tax and insurance costs. Teachers and other Florida mortgage applicants and professionals who work in an educational capacity may qualify for Florida Extra Credit Teacher Home Purchase Program, a down payment assistance loan with low rate interest.

In addition to FHA loans, the state of Florida also offers comparable programs to persons with disabilities or Florida mortgage applicants who live with and care for people in Florida with disabilities. The state o Florida also offers several unconventional loans designed to aid Florida mortgage applicants with the costs of their monthly mortgage payment. For example, Florida’s Interest Only FHA mortgage loan provides qualified FHA mortgage appointments and other Florida homebuyers with a 100% financing 40year FHA mortgage loan that only requires payments toward the accrued interest on the FHA mortgage for the first five years of the FHA mortgage loan — Florida mortgage applicants who do not have to pay toward the principal amount borrowed until after the first five years. The criteria for each of these Florida home loans vary depending on the area and county of Florida in which you are applying for the FHA mortgage. Specific FHA home loan  requirements can be obtained through the Florida FHA Housing Finance Agency.

http://www.fhamortgagefhaloan.com/

Beginning   July 1, 2009, police officers in Florida may now stop the driver of   a car based upon a simple suspicion that the driver is not wearing a   seat belt.  If the police officer’s suspicion is right, you can   receive a citation that will cost you $100.00 under the new Florida   law.  Before, motorists could not be stopped for just the seat   belt violation.  A police officer would have to see some other   type of traffic violation, and then could cite a person for failing   to wear a seat belt once that person is pulled over.   <br />
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<p align=”justify”>      Putting   aside the financial reasons for wearing your seat belt, there are also   safety and legal issues to consider.  Wearing a seat belt has been   proven to save lives.  The Florida Department of Highway Safety   and Motor Vehicles estimates that Florida’s seat belt law will prevent   approximately 1,700 serious car accident injuries, and approximately   140 car accident deaths on an annual basis.  In 2007 alone, of   the 1,972 that were killed in car accident crashes, 61% of them were   not wearing a seat belt.  You do not have to look far to find an auto accident in Florida where a person’s life was saved simply because   they were wearing their seatbelt. <br />
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<p align=”justify”>      There   are also legal reasons to wear a seat belt in Florida.  If you   suffer an injury in a Florida car accident, and you pursue a car accident   claim against the person responsible for causing the accident, the at-fault   party can raise Florida’s “seat belt defense” in an effort to   minimize any car accident injuries you may have suffered.  In order   for Florida’s “seat belt defense” to be raised in a <a rel=”nofollow” onclick=”javascript:pageTracker._trackPageview(‘/outgoing/article_exit_link’);” href=”http://www.jmmlawyers.com/florida-auto-accident-lawyer.html”>Florida auto accident case</a> injury claim, that party must prove there was “an available   and fully operational seat belt” that the injured person failed to   wear.  Sometimes this is more difficult to show than it seems,   particularly in serious car accidents where a car sustains a very large   amount of property damage.   If a party can show that there   is an available and fully operational seat belt available to the person   that was injured in the car accident, Florida Law allows for a jury   to reduce a damage award.   <br />
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<p align=”justify”>      There   are ways to counter the seat belt defense.  These include showing   that the seat belt was not “available and fully operational”, arguing   that the injury would have occurred even if the person had been wearing   the seat belt, or attack the basis for the assertion that the injured   person was not wearing their seat belt. <br />
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<p align=”justify”>      A   motorist in Florida has many reasons to wear their seat belt.    It is obviously in their financial best interest to wear their seat   belt or otherwise be subject to a $100.00 citation from a police officer.    If the driver is involved in a serious car accident or suffers a serious   car accident injury, a seat belt is certainly going to give the person   a better chance of walking away from the accident versus suffering a   serious injury or death.  And finally, if you are injured in a   serious car accident, any experienced <a rel=”nofollow” onclick=”javascript:pageTracker._trackPageview(‘/outgoing/article_exit_link’);” href=”http://www.jmmlawyers.com/florida-auto-accident-lawyer.html”>Florida auto accident case </a>lawyer will   advise you that you will have difficulty overcoming Florida’s seat   belt defense.   <br />
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<p align=”justify”>     Joseph Maus has been specializing in representing those people who have a <strong>Florida auto accident case</strong> for   over 15 years.  To determine whether you may have a  claim, the lawyers at Joseph M. Maus, P.A. offer a free, no   obligation consultation to answer your questions, and help evaluate   your claim.  For more information about the seat belt law or a <strong>Florida auto accident case,</strong> contact  Joseph M. Maus, P.A.at 1-866-556-5529, visit his website at www.jmmlawyers.com, or <a rel=”nofollow” onclick=”javascript:pageTracker._trackPageview(‘/outgoing/article_exit_link’);” href=”http://www.jmmlawyers.com/contact-south-florida-attorney.html”>email</a> him today.