11 Niches for Mortgage Originators

Wednesday, October 25th, 2006

Marketing to a niche is my favorite way to get results. Why? Because you know better what your target customers need and want, compared to simply marketing to the general public. The more you know, the better you can tweak your marketing message and boost your return on investment (ROI). Niche marketing applies to many businesses but following is a list of eleven niches specific to originating mortgages:

Purchase Loans. We start with one of the basics. You can
find subsets of niches within the purchase niche like FSBOs, Investment Properties, Land/Farms/Ranches, and referrals from Realtors. The various sub-niches represent a different group to whom you can market, all of which have different needs and interests, therefore they will likely respond differently to your marketing materials.
  Construction Loans. Much like purchases, construction loans have sub-niches like Custom Home Builders, Subdividers, Condo/PUD Builders, Owner-Builders, Second Home/Vacation Home Builders.
  Loans for Home Repairs. There are a wide variety of needs home owners might have when it comes to home repairs, including: updating roofs, windows, doors, heating, air conditioning, or other worn or outdated basics of the home. Home Repair customers might also be interested in finishing a basement, remodeling an area of their home, or adding a pool in the backyard. All these repairs and updates require money. Imagine the opportunity of networking with roofers, HVAC companies, window and door companies, etc. They have customers that need the money you can provide them.
  Converting ARMs. This particular niche is hot right now, with rates on the rise and many ARMs set to make their first rate adjustment in the near future. You can get a list of borrowers with ARMs from your local county records and set up a simple mail merge in Microsoft Word to send a customized letter reminding the borrowers that their rate may soon increase. The more targeted you get, the better.
  Mobile / Manufactured Home Loans.  If you can find a good lender or two with some good programs for manufactured homes, you can make a nice living focusing on these types of loans.
  Foreclosure Bailout Loans. Yet another niche that requires knowing what wholesale programs are available to fund these loans. Find some good ones and you can make a good living working this niche.
  Chapter 13 Bankruptcy Loans. FHA is your best friend when it comes to Chapter 13 BKs. Study up on the requirements under FHA and find other wholesale programs that allow recent BKs and you’re well on your way to working a solid niche. Here’s a direct quote from HUD’s website:
A Chapter 13 bankruptcy does not disqualify a borrower from obtaining an FHA-insured mortgage provided the lender documents that one year of the payout period under the bankruptcy has elapsed and the borrower’s payment performance has been satisfactory (i.e., all required payments made on time). In addition, the borrower must receive permission from the court to enter into the mortgage transaction.

Debt Consolidation Loans. This niche is almost too big to be called a niche, but it can’t be forgotten. The only problem I have with this one is that it’s one of the most competitive. SmartLeadz generates leads from qualified and motivated borrowers in need of a debt consolidation loan every day!
 

Cash-Out Loans. Same deal for this niche – not very specific and could probably be combined with debt consolidation.
  Rate and Term Refis. Perhaps “refis” should be the niche with debt consolidation, cash-out, and rate & term as the sub-niches. However, it is probably easier to find data that will allow you to target borrowers eligible for rate & terms than it would be to find those interested in debt consolidation or plain old cash-out refis.
  FHA Streamline Refis. This is it’s own niche because of the nature of the FHA Streamline. Easy, fast, and somewhat neglected. Loan Officers can do well focusing on this niche. REVERSE Mortgage: Target seniors in your area that either have a high amount of credit card debt (over $20k) or who have struggled with their mortgage payment. You can use CreditSure data to target qualified borrowers and use a targeted direct mail campaign to generate a steady flow of qualified leads.

Your first order of business is knowing what the major news events are and when they occur.

To solve the latter half of that equation simply go to any forex web site that you know offers news and commentary and you’ll probably find a free calendar of news events that might move currencies in the week or month ahead. Print the calendar out and put  it next to the computer you trade from. Make this part of your weekly trading ritual.

Know The Right News Events To Trade

Not every news event is a market-mover, but there are few gems that reliably spark the market. The major news events that move forex markets are interest rate decisions by central banks, unemployment news from major economic powers, GDP releases, trade balances, inflation and consumer confidence data and retail sales figures. Some secondary news events that have the potential to move the forex market are housing sales and construction data as well as oil inventories.

The most important thing for forex traders to remember is that these new events lead to a steep increase in market volatility right before and immediately the release of the data. For that reason, a lot of traders like to wait for a few minutes after the news has been released to initiate a trade. This is a good way to wait for the true trend to emerge and keeps you and your forex robot out of danger.

So what’s the best thing to do with your forex robot during key economic news releases? If your forex robot has not been exposed to these market conditions previously, consider this to be an optimal opportunity to see just how your forex robot performs under volatile market conditions. Be sure you’re running your forex robot in a live account because a demo account won’t know that news events are being released.

News Events Can Be Very Telling

About your forex robot that is. Trading news events is imperative to your success as a forex trader and if your forex robot doesn’t show proficiency for producing pips during these events, you should invest in a new forex robot. Yeah, news events are that important. And yes they can be tough to trade, so you need to make sure your forex robot is making things easier for you and keeping you out of harm’s way.

As a professional working with numerous businesses developing successful financial marketing strategies and methods, sales techniques and motivational support, Harvey Greenberg shares tips and speaks about Universal Remodeling with the experience and authority of 40 years in home remodeling.

Harvey’s counsel to new clients on selecting a company that will best serve their modernization needs is a valuable guide for homeowners.

“Do your homework” is a point he stresses. ”Each company has a website, and it is important to take the time to check out references and links.”

The Internet has much to offer for background checks and confirming company credentials. All legitimate companies feature web links to the Better Business Bureau, California State Licensing Board and the League of California Homeowners. These organizations exist to separate first-rate businesses from less reputable companies.

Consumers must be aware that in order to get AAA rating, a company must have a ten year history without a black mark against them, financial references and submit to background checks.

“Find a company that’s been in business for a long time, has good credentials and references, do your research, and then ‘let the buyer beware,’” Harvey advices.

He believes the Internet affords new and exciting ways to view and customize each homeowner’s dream design.

“Each client must select a company with whom they feel comfortable and confident. After meeting with a representative and viewing options, clients will know instantly it’s a perfect fit.”

Today higher home prices are convincing homeowners to opt for remodeling and room additions, and when pointing to the selection of contractors, Harvey warns that consumers have to be very careful. It is difficult for a contractor to come in and finish a bad project and always guarantee a good outcome. Many times they have to start the job over again from the beginning to achieve the best result.

Moving further on the attributes of the ideal contractor, Harvey says another mark of a good one is the amount of new business they garner from customers in the vicinity of each project.

“A good company will get at least two or three referrals from each job they do in a particular neighborhood. If they are not receiving referrals, they need to examine why,” he notes.

With that, Harvey points to Universal Remodeling and applauds the company’s exceptional standards, calling it among the best in the industry, noting high quality and service.

Universal Remodeling salesmen remember that referrals are vital to the success of a business. Loyalty and honesty are paramount in any industry to increase bottom line. A good salesman must be ready to present samples and bring the showroom to the client via his laptop. Universal’s salesmen do just that.

“The industry is constantly evolving; consumers are more savvy and price conscious than ever before,” Harvey counsels.

He also adds that a good salesman can help each customer select the room or addition for them that is realistic within the confines of their specific budget.

Owner builder construction loans are difficult to market successfully. Even though it’s a specialized niche, the nature of the business dictates that an owner builder mortgage company will be structured as an online business, using online marketing to reach its clients.

Owner builder loans require that customers provide large amounts of personal, private information, which makes customers even more skeptical of any business that they can’t see in person. How do you build trust when your company is essentially an online business?

There are a few vital things you can do when you design your web site to help demonstrate to your potential customers that you are who you say you are, and that your company really delivers the product or service that you claim to deliver. Take a look at some of these tips and examples from the owner builder construction loan world, and you can apply the same principles to any online business. In fact, if a mortgage company can build trust online in today’s market, then you can be sure that these tips will work for you.

1. Owner Builder Testimonials.

If you are selling owner builder construction loans, then your must have as many testimonials as possible from actual owner builder customers who used your services. The same concept applies to any business. If you have a web site, then you need as many testimonials as you can get. In fact, even if your company markets offline, you will need as many testimonials as you can get, but that’s a topic for another day.

There is a saying in the marketing world: once you think you have put together enough testimonials for your marketing, double the number. Then, double it again. Nobody speaks better about your business than your previous clients who worked with you or bought from you.

Don’t just gather written words for your testimonial. Instead, use as many photographs as possible. Customers will see the photographs as further proof to go along with the words that you customers write. For example, in the case of owner builder loans, you would use as many photographs of the homes that your clients built through your program. Proof of legitimate service builds trust.

In addition, you may also want to consider using audio to go along with the written testimonials. If a customer can visit your web site and actually listen to other customers who liked your product, it will be much more effective for you.

2. Longevity and Consistency.

Customers, whether they are owner builder clients or any customer buying any service or product from any online company, all want to know that you have been in business for a long time. This builds a sense of consistent service, which in turn builds a sense of trust for your customers.

For an online business, the easiest way to establish this consistency is to simply tell the customer how long your company has actually been in business. The best way to do this is to post this information right on your “About Us” page on your web site.

But, another little tip that works well is to put a copyright date at the bottom of every page on the site. If the copyright is dated at the start date of your business, customers will infer automatically that your company has been doing business since that date.

3. Contact Information.

For the example of owner builder construction loans, customers want to know how they can contact your business. Many online companies in this industry tend to force customers to reach them by email only. From the company’s point of view, it makes a lot of sense – owner builder loans require a lot of time to qualify potential clients. It is difficult to devote this precious time to answering an incoming phone call from a tire kicker customer.

However, if you have an online business that is service oriented like an owner builder mortgage company, then you need to post a phone number as part of your contact information. Without it, the sensitive nature of the industry will cause many potential clients to look elsewhere. If you prefer that your customers contact you by email, simply tell them that on the web site. Post the phone number, though, to help build trust.

And, just as important, make sure you give a physical address on your web site. By telling customers where your company is physically located, it will put them at ease about the fact that they themselves will never actually walk into your office. They will be comforted by the fact that they could walk into your office if the happened to be in your local area.

Furthermore, don’t just list the address. Also include a quick description of the location by mentioning some nearby landmarks. Don’t worry if the local landmark won’t be known by your online customers. The fact that you mention these landmarks will provide extra evidence that your online business actually has a physical location.

4. Owner Builder Information Request Form.

If you collect information from your customers through an online form, then you will want to tell your customers exactly how this information will be used. In other words, tell them how the information will not be used or shared.

For example, an owner builder customer often has to fill out a lot of information about their finances online. Even though no social security numbers or birthdates are collected through these forms, there is still a lot of personal information that is needed to process the online form. Therefore, they want to know that their privacy will be protected.

All online businesses need to tell their customers that they respect their privacy. If you don’t respect the privacy of your customers, you are not going to be in business very long.

In addition to addressing this issue within the web site’s online form, you could also have a specific page devoted to your company’s privacy policy. Then, you can link to that page from your online form. The privacy policy doesn’t have to be a bunch of legalese. Simply spell out how you plan to use the information that you are collecting. And, spell out whether or not you will need to share the information with any other entity.

Overall, owner builder customers are no different from other customers in an online world. If you are an online business, you need to design your website to build trust with those customers. Remember, your web pages will be one of the first impressions that you make on your customer.

Before even attempting to hire anyone you must ensure that you have a direct plan for your project, including budget, timeline, and renovation specifications, by doing this you will save yourself a great deal of time, money, and energy.

Ask for referrals. Same goes for anything, ask your family, friends, and colleagues’ opinions and see who they recommend and why, this has been a proven way to ensure a happy renovation for all parties involved.

Take your time when choosing contractors and other trades people, other than your original renovation plan, this is the most important thing you can do. Take your time, dot your I’s and cross your T’s, ask for certifications, photos, and past references. You want to ensure that you’ve covered all your bases before embarking on this huge project.

Get more than one quote. A second or even a third or fourth opinion is often a very good idea, you could benefit in two ways by doing this, one is you get to meet more people, maybe the right one is in there. Second, you may save yourself a lot of money and heartache, just by being sure.

If you come to the point where you’ve met two different contractors, one of whom can do the job faster and at a fraction of the cost, trust your gut. If you get an uneasy feeling for any reason I would strongly suggest listening to that feeling. Sometimes it is worth it to pay a little more and/or wait a little longer.

Before giving the go ahead to start a project have a friend or family member who is familiar with home projects or who has taken on the challenge themselves to read over the plan with you to help ensure you haven’t left any important matters out.

Before the workers get started make sure that you get a signed document that you keep in a safe place, noting that the workers are covered by insurance, this can protect you if someone gets injured in your home while on the job.

Good communication is key when attacking a large job such as this, make sure that your requirements, details, and goals are laid flat out and there are no questions left unanswered from yourself or the trades’ people. 

Coinciding with Tip number nine, you must ensure to keep those lines of communication open during the task from beginning to finish.  If you don’t reside at the place of project, arrange a time either at the beginning or end of each shift to see the progress that’s being done. If everything is going smoothly, offer words of encouragement and appreciation. 

Make sure you are ready, you want to steer away from making any changes to the plan once work has begun, things could get quite confusing and costly if you decide to make changes.

When hiring someone to work on your home, it’s important to get the job done right and of your standards, so take the time to write out a detailed plan for your project to help ensure everything goes smoothly. It seems like these days there are so many scary stories of trades people who take advantage of their customers by not doing the job right, taking way to long & charging way to much. Truth be told, there are far more good builders, trades professionals & contractors than there are bad, the same in any business; there are always a small number of people you need to watch out for. The reason it’s so scary is because this is your home, the biggest purchase of your life. It’s imperative to take your time in finding the trades people that are perfect for your project. The best way to get good trades people are to get a referral from a friend, colleague or neighbour who have used these workers in the past. Be patient with the hiring process. Have several trades people give you a quote and go over the plan & time line of the project to make sure that all your needs can be met; however you want be very cautious when getting quotes, many times a contractor will quote at a lower price to get the job and then increase the cost substantially when they know you have no choice but to pay it or you will end up with an unfinished home. It’s impossible for trades people to give you an exact quote, but what is recommended is to get a ball park quote, with parameters within your budget, for example if your budget is $20,000 and the trades person is quoting between $17,000- 19,500 this will work for you. 

Devote an ample amount of time for your renovation plan; you want to have every last detail with appropriate specifications down on paper. If you have a partner make sure you do this together and that you are 100% on the same page, if this is a task you are taking on by yourself look for support from friends and family, and have them be detailed with questions or concerns for you. It is very important to make sure that your plan is the final plan; you don’t want to make changes to the draft once work has started, and proper planning will save you time and money. If the rare occurrence happens, and changes must be made make sure that you discuss them with the building contractor, rather than the workers, and make sure you put the changes in writing. If the project is a large one you may want to consider hiring an architect, the architect would then provide the contractors with a detailed plan and specifications.

There are many good trades people, builders & contractors that take pride in their reputation & making their clients happy. Communicating all your needs & pricing issues before the work has started is a very important step to take. Be clear & concise and keep to the original budget & design. A professional builder, contractor or trades person will appreciate your organization and your job will run more smoothly, in turn when a good job is being done, take the time to let them know, this will boost moral and the trade people will then work harder because their hard work is being recognized. In the case of work being done to an existing property, discuss the order of work with your building contractor first. Discuss which rooms or spaces will need to clear; discuss storage space for materials, where you would like the workers to have their meals and toilet use (will you be supplying a portable washroom or are they permitted to use one of the toilets in your home) and discuss suitable working hours, keeping in mind your working hours and respectable hours for neighbours. You also need to talk about job cleanliness your contractor should clean up while work is in progress and when the job is complete. Don’t forget to discuss the question of a convenient place for debris and rubble and confirm who is responsible for its removal. Make yourself aware of the local by-laws regarding noise, dust, litter etc. You may also want to remember to be courteous to your neighbours, some building operations may cause a nuisance to them or damage the environment. Communicate with your neighbours before the job begins. Warning them will gain their respect for your project.

Before beginning the job, a very important matter must be addressed that many people overlook. Check to ensure that your workers are insured, make sure that you have written and signed documentation of this placed in a safe place. This could result in protection on your behalf if a worker is injured in your home on the job.

Generally, you would never be asked to pay before work has begun, if you are; however, you may want to take a step back and make sure that you are not at risk of fraud or being taken advantage of in any way. Normally for smaller jobs you would pay the full balance at the end of the job, if it’s a larger project, depending on what you’ve agreed on in the contract you may be required to make either monthly instalments or payments upon completion of projected areas of the job.

On that glorious day when the contractor announces that the project is complete, you’ll want to go over the job together, you may be asked to sign something stating that you are satisfied with what’s been done. If you are at all hesitant or have any doubts, try to resolve them right then and there with the contractor, if it’s not possible you could ask to have the papers left with you or at least put any of your areas of concern down on paper right away just in case a problem arises.

Unfortunately, there are occurrences when the home owner and the contractor do not see eye to eye, in this case your only option may be to take the disagreement to arbitration, this is an affordable and effective measure used to resolve any issues. To maybe ease the situation, it may be a good idea to agree on a dispute resolution and have it in the contract before the project begins. 

 Hiring A Contractor 14 Questions Before You Hire

1)     Request  references and check all references

2)     Ask to see certification

3)     Review previous work to make sure they have relevant experience

4)     Have a signed contract. Have a lawyer check it before you sign.

5)     Make sure all workers are licensed and insured. Request a copy before the work begins

6)     Never pay for a project upfront

7)     Get a quote in writing, signed and confirm.Verify that taxes are included in the price

8)     Have a meeting with your contractor before the project is set in stone. Contractors have experience & product knowledge. It is likely that they see possibilities that homeowners may not. Saving money & time.

9)     Before any work begins make sure to have good communication about every detail of the project from day to day (eg. How will garbage be handled?, Will they bring a portable washroom or is one of our washrooms needed, daily / weekly hours of work)

10)  Before the work begins have a plan for your project. Think the project through detail by detail. Your budget, timeline & renovation specifications. Proper planning before you start working on your project will save you money & energy.

11)  Before you meet have a list of questions prepared

12)  Will your job be covered by a warranty? If so what type?

13)  Ask the contractor to explain the entire process and the services they offer

14)  Ask why they think they are the right company for your project.

For more Information on this topic visit http://www.buildwish.com/ a free Online Home Renovation & Design Directory for North America, Featuring Free Real Estate Classifieds, Helpful Articles, Contests, Hot Products, Qualified Trades, Forums and Much More!

Leaks in the basement and bathroom, faded exterior paint and a rusty roof are reasons I want to acquire a major home improvement in VA. Guess I’ve been working too hard thus hardly noticing 10 years have already passed since I had a home construction in VA. However, upon seeing the deteriorating features of my abode one weekend, I realized I have to do something fast before my house falls down on me unexpectedly while I’m sound asleep at night.

Though I badly want to improve my place, I don’t know where to start. I’m not knowledgeable in structures, foundations and roofing systems. In fact, had it not been for my brother’s home construction project in MD 10 years ago, I wouldn’t have considered putting up my own house since I was happy traveling to different places and not having to worry about what could possibly happen to my house while I’m away. Renting fully furnished apartments and studio units was easier for me then.

Now that I’m faced with this predicament which concerns my home, I really don’t know what to do. I called my brother yesterday to share it with him but he said he’s in the middle of a conversation with painters from a home painting company in MD. That’s my big brother, always after the welfare of his haven and sparing so little time for me.

I trooped down the neighborhood bookstore to find myself an interesting book. Outside the bookstore, a big banner screamed “Get 75% discount!” I wonder how many books I could bring home today I thought excitedly. I scanned the pages of The King of Torts by John Grisham. I had this book before but somebody borrowed it, and unfortunately forgot to return it to me.

As I roamed the place, I noticed a new read on the magazine stand. Usually this area would teem with People, Cosmopolitan, Entrepreneur, The Economist, and other familiar titles, but today a new glossy read titled Fresh Home joins the pile. Impressive layout I thought as I examined the cover of the magazine with several storyline titles of interesting topics ranging from home remodeling in DC, decorating tips, DIY home furnishings, and many others. I bought the magazine and drove to the Subway Restaurant to grab a bite. After my meal, I headed home and contacted a remodeling company as I have some great remodeling ideas that only they can concretize.

Florida FHA loan Information from an FHA lender

An FHA loan is a federal insured mortgage loan that is made by a private Florida mortgage lender that is  insured by the Federal Housing Administration. The FHA loans are only provided by federally qualified lenders.

FHA loans have historically allowed lower income Floridians to borrow money for the purchase of a home that they would not otherwise be able to afford. The FHA mortgage program originated during the Great Depression of the 1930s to stimulate the economy and get people buying homes again when the rates of foreclosures and defaults rose sharply. The FHA loan program provides lenders with sufficient insurance to protect against loss in a case of default. Some FHA loan were subsidized by the government, but the goal was to make it self-supporting, based on insurance premiums paid by Florida borrowers.

Over time, private Florida mortgage insurance (PMI) companies came into play, and now FHA primarily serves people who cannot afford a conventional down payment or otherwise do not qualify for PMI.

On August 31, 2007, the FHA added a new refinancing program called FHA-Secure to help borrowers hurt by the 2007 subprime mortgage financial crisis.

The history of FHA loans

The National Housing Act of 1934 created FHA or  Federal Housing Administration which was established primarily to increase home construction, reduce unemployment, and operate various FHA loan insurance programs. FHA does not loans, nor does it plan or build houses. As in the Veterans Administration’s VA loan program, the Florida mortgage applicant must qualify for the loan though a private Florida lending institution. This financial organization then may ask if the borrower wants FHA insurance on the loan or may insist that the borrower apply for it. The federal government, through the Federal Housing Administration, investigates the applicant and, having decided that the risk is favorable, insures the lending institution against loss of principal in case the borrower fails to meet the terms and conditions of the mortgage. The borrower, who pays an insurance premium 1/2 percent on declining balances for the lender’s protection, receives two benefits: a careful appraisal by an FHA inspector and a lower interest rate on the mortgage than the lender might have offered without the protection.

For the Florida home buyer the FHA program can simplify the purchase of a home, making financing easier and less expensive than a conventional mortgage loan product. Some highlights of the Florida FHA loan program include:

Minimal Down Payment and Closing costs.

Down payment less than 3.5% of Sales Price Gifts are allowed Seller can credit up to 6% of sales price towards closing and prepaid costs. 100% Financing available No reserves required. FHA regulated closing costs.

Easier Credit Qualifying Guidelines such as:

  No minimum FICO score or credit score requirements. FHA will allow a home purchase 1 year after a Bankruptcy. FHA will allow a home purchase2 years after a Foreclosure.

To take advantage of the FHA program in Florida, give us a call 1-800-570-0448 or visit www.FHAmortgagePrograms.com

For Florida first time home buyers and other borrowers, the FHA home loans can have key advantages:

Easy Qualification – The FHA loan insures Florida mortgage lenders against loss for loans made to properly qualified FHA home loan borrowers. So you’re likely to find FHA mortgage loans with terms that make it easier for you to qualify than any other mortgage program..

Minimal Down payment Requirements – Florida FHA loans work with as little as 3.5% down and those funds can come from a family member, charity, or your employer. Although the FHA loan does not have a zero down mortgage option yet, you will find that your loan officer can point you to many Down payment assistance programs that work well with Florida FHA home loans.

Less than A-1 Credit is Okay – The Florida FHA home loan program exists to expand the pool of home buyers. Even borrowers with prior bankruptcies or mortgage lates get approved every day for FHA mortgages to buy or Refinance homes in Miami, Jacksonville, Fort Lauderdale or any Florida city we serve. The FHA loan program uses credit quality, not credit score!

Lower Cost Over the Life of the Loan – The Florida FHA home loan rates are extraordinarily competitive. FHA’s lower risk to the lender means a better rate for the borrower.

Safeguards for Borrowers Who Get Behind – The Florida FHA loan mortgages also allow the lender more options in helping borrowers who fall behind keep their homes are get current again: special forbearance, workouts, even free mortgage counseling. Further, FHA/HUD can allow the lender to place past due payments and move them to the end of the loan and in some instance will actually pay your past due payments for you. Options to save your home you’ll never get from a conventional loan! In an uncertain world, this is another excellent reason for you to get an Florida FHA loan.

Options for Manufactured Housing – Under certain conditions, you can even finance a Florida Mobile Home or manufactured home using a Florida FHA mortgage loan. Call 1-800-570-0448 to get pre-approved for a Florida FHA loan for manufactured housing or just use our quick application to learn more!

FHA Loans Are Fully Assumable – When you are ready to sell your home, you can offer buyers FHA financing! All FHA loans can be assumed by qualified buyers.

These are just seven of the many good reasons to apply for an FHA mortgage. Call 1-800-570-0448 to speak with a friendly Florida FHA loan specialist now!

FHA Home Loans for Purchasing a Florida Home

Although Florida FHA home loans require additional paperwork, the reality is that applying for an FHA mortgage loan in Florida is not much different from applying for conventional financing. In fact, for many Florida mortgage applicants learn that the small amount of extra time turns out to be an exceptional mortgage bargain because they save thousands of dollars over the life of their Florida Mortgage.

At 1st Continental Mortgage, we have been working with the FHA program for many years. We’re experts at assembling the proper paperwork and presenting your loan application to FHA approved lenders diligently and professionally. It’s one of the ways that we have earned our reputation for closing FHA home loans in Florida on-time.

You may be surprised at how flexible Florida sellers are in the current market and how many programs there are that provide Down payment assistance to applicants for FHA financing to purchase Florida homes, condos, and townhouses. The fact is, seller can pay up to 6% towards your closing costs. This means, no closing costs for you when negotiated during the purchase contract!

The FHA loan program offers excellent fixed rate options and never a prepayment penalty. If other Florida mortgage lenders are quoting you subprime rates, you owe it to yourself to make the call to compare the costs of getting an FHA home loan for your home purchase. Call 1-800-570-0448 to speak with an FHA loan expert before accepting any conventional mortgage quote as the best you can do!

History of FHA loans

Until the latter half of the 1960s, the Federal Housing Administration served mainly as an insuring agency for loans made by private lenders. However, in recent years this role has been expanded as the agency became the administrator of interest rate subsidy and rent supplement programs. Important subsidy programs such as the Civil Rights Act of 1968 were established by the United States Department of Housing and Urban Development.

In 1974 the Housing and Community Development Act was passed. Its provisions significantly altered federal involvement in a wide range of housing and community development activities. The new law made a variety of changes in FHA activities, although it did not involve (as had been proposed) a complete rewriting and consolidation of the National Housing Act. It did, however, include provisions relating to the lending and investment powers of federal savings and loan associations, the real estate lending authority of national banks, and the lending and depositary authority of federal credit unions.

Further changes occurred in the 1977 Housing and Community Development Act, which raised ceilings on single-family loan amounts for savings and loan association lending, federal agency purchases, FHA insurance, and security for Federal Home Loan Bank advances. In 1980 the Housing and Community Development Act was passed; it permitted negotiated interest rates on certain FHA loans and created a new FHA rental subsidy program for middle-income families.

On March 6, 2008, the Florida “FHA Forward” program was initiated. This is the part of the stimulus package that President Bush had in place to raise the loan limits for Florida FHA loans.

Heavy machinery poses a unique risk to workers on a construction site. Almost all construction projects, especially larger commercial and residential projects, use large support structures and heavier building materials and heavy machinery is often used to expedite the process of moving and sometimes installing these materials. These machines, while useful, present a unique hazard to construction workers; their convenient nature belies the possibility of serious injury while using them on a construction site.

A few recent examples illustrate the potential hazards posed by heavy machinery. A skid steer, also known as a Bobcat or a front loader, is a common site on construction sites, being used to move large amounts of dirt or other heavy materials. Smaller than a backhoe or other earth-moving machines, it is a useful tool for larger construction sites. The operator of the vehicle could put his coworkers and himself at risk if this machine is used improperly. In three recent cases, these machines were responsible for serious injuries and in two cases a fatality. In Alberta, Canada, two men were working excavating a basement when their skid steer toppled over and pinned them both to the floor. The men were soon rescued by emergency responders and taken to the hospital. In a tragic case here in the United States, a young boy who had gone to work with his father was killed when he fell out of his father’s lap while riding in a skid steer. Preliminary reports indicate that the child was thrown from the vehicle while his father backed up and was subsequently struck on the head by the large bucket full of dirt. In another accident involving a skid steer, a man fell seven stories inside one of the vehicles while participating in demolition work in Chicago.

These small and agile machines are most assuredly not the only vehicles involved in serious construction accidents. While not as common on smaller construction sites, cranes still play a significant role in assisting workers on the job with lifting heavy pieces of building material such as floor joists and beam supports. Crane accidents make up a significant portion of construction accidents. In a recent case in New York, a man was killed when the boom arm of a crane snapped off and crushed the operator as he was working on a bridge. Reports give no clear indication as to what cause the boom to collapse. Crane accidents could be caused by many different factors or malfunctions. In international news, reports of a crane collapse which killed seven men as they worked on a rail line in India were released a few weeks ago.

Often, injured construction site workers seek compensation for their injuries via legal recourse. It is often advisable for any worker or family member of one who has been injured on a construction site to contact an experienced construction accident attorney to develop a construction accident lawsuit as soon as possible.

New home construction loans differ from those loans that are used to purchase existing homes.

With a new home construction loan, there is no home to use as collateral because the home has not yet been built. In this case, the bank only has your word as guarantee for payment of the loan.

It would be nice if banks could simply take your word for it, but when hundreds of thousands of dollars are at stake, John Smith’s signature isn’t enough for the bank to simply hand over a check for you to begin construction.

Because of the nature of the home building process, the financing process concerning a new home construction loan is more stringent.

Once the lender has agreed to allow you to borrow a new home construction loan, a draw schedule will be outlined. In this draw schedule, the lender details how the loan will be disbursed.

Typically, new home construction loans are disbursed in 25% increments. When 25% of the construction has been completed, the lender will give you 25% of the loan amount. The lender will require an appraisal of the progress to ensure that said work has been completed.

You will not make any payments on your new home construction loan until the first disbursement has been made. At that time, interest only payments will be due on the loan.

The good news is that you are only required to make payments on the portion of the loan that has been disbursed. As more construction is completed and more of the loan is disbursed, your monthly payments will increase. This is because you are paying interest on a larger amount of money each time a disbursement is made.

When construction of your home is complete you the entire balance of the new home construction loan will be due. Don’t panic. You will have a way to pay this balance well in advance. “How”, you ask? Before you can be approved for a new home construction loan, the lender will require that you first are approved for a mortgage.

To ensure mortgage approve, the new home construction lender will request a commitment letter from the lender of your mortgage. Once construction is complete, the amount of the mortgage is used to repay the balance of the new home construction loan.

You can choose between a one- or two-time close new home construction loan.

The primary difference between the two types of loans is the time at which the interest rate is locked in. With a one-time closing, both the construction loan and the mortgage close that the same time, locking in the interest rate for both loans.

On the other hand, with a two-time close the construction loan closes first, and then the mortgage closes when construction is complete.

With London playing host for the 2012 World Olympic Games, preparation is on in full swing to ensure all the required infrastructure is in place within the next three years. This has led to a multifold increase in the number of construction jobs in London. Excluding the construction of the Olympic Park and Olympic Village, there are many more prestigious construction projects that are underway in this renowned city.

There are jobs that range from construction engineer to electrical project manager to safety advisor and skilled labor. In short, there are construction jobs available for anyone who is interested in working in this field. By the year 2012, there will be a need for 30,000 construction workers just to build the infrastructure needed for the Olympic Games. Added to this, there is a proposed plan to construct a third runway at Heathrow Airport in London which is among the world’s busiest airports in terms of air and passenger traffic. This again will add to the requirement for construction workers.

Good news in terms of the construction sector in London is that the Councilors at Barnet have given their approval to the renovation project to the tune of 4.5 billion pounds. This will lead to the construction of close to 7500 homes in Brent Cross which is in Cricklewood. Mike Freer, the person who leads the Barnet council, applauded the move saying that this will create close to 27,000 jobs opportunities in the construction sector in London. The proposal includes the construction of a new train station, town center for the north western region of London and also road improvements. So, the future of construction jobs in London is far from bottoming out soon.

This is the perfect chance for people from all over the place who have been waiting for ages to find a job in London and move to the city. Every person, who has the right potential, caliber, qualification and experience, will surely be given consideration.

The construction jobs in London don’t seem to cease any time soon. There is another piece of information that will prove to be pleasing to the ears of people looking to apply for these jobs in the city. As per the report from the National Building Housing Council (NBHC), there were 9000 construction jobs that were filling in the year 2009 till date and there will be a further need for 4000 to take on various job roles in the construction sector.

New statistical data unveil the fact that the number of construction jobs in the city have reached the peak since July 2008. The north eastern part of London also has something good to contribute to this sector because the NHBC reports say that the number of houses being constructed in this region has seen a whopping 300% jump this year as compared to the same time last year.

With all this and more, there can be no dearth for people. Most of the jobs also offer good monetary compensation and health benefits also. So, think no more. If you are planning o move, then, this is the right time.