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first time buyers: Must see videos for first time home buyers - 11/08/10 08:39 AM
HUD has created three videos to help home buyers, especially first time buyers, understand the process better. The videos are very informative and run about 10 minutes each. Check them out at the link below
HUD videos to help home buyers
… (2 comments)
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first time buyers: What is this USDA mortgage loan program and how can I get more info? - 11/03/10 04:41 PM
One of the most under used and most misunderstood loan programs is the Guaranteed Rural Development loan from the USDA. This zero down program has some of the best features of any mortgage loan and should always be looked at to serve the needs of low down payment buyers. Check out this video for some more info. … (3 comments)
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first time buyers: The future of FHA mortgages and the FHA Reform Act of 2010 - 06/10/10 07:50 AM
Did you know this act, H.R. 5072, as it currently reads will do the following?
•· FHA loans will have a higher monthly mortgage insurance premium soon.
•· The Commissioner of FHA (currently David Stevens) will be given the authority to raise monthly premiums from the current .55% to 1.55%.
•· The Commissioner will also be granted the authority to raise down payment requirements if the FHA fund drops below guidelines.
Commissioner Stevens has said in the past that FHA intends to lower the current up front mortgage insurance premium once they can raise the monthly amount. This will, however, … (9 comments)
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first time buyers: FHA guidelines WILL be tightening in the near future - 12/03/09 07:58 PM
HUD Secretary Donovan testified before the House committee on Financial Services Wednesday. Much of what he had to say concerned the fact that the FHA program is NOT going broke as many have claimed. He says unless things get decidedly worse, FHA will not need a government bailout.
Reasons why FHA won't need a government bailout
The HUD Secretary outlined a number of steps the agency is "drafting" to mitigate future losses. Among them are:
•· Guidelines to improve enforcement and lender accountability. These will include "holding lenders accountable for their origination quality and compliance with FHA policies and increasing … (5 comments)
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first time buyers: First Time Homebuyer Tax Credit may not be just for First Time Buyers anymore! - 11/04/09 07:25 PM
UPDATE- Today, November 5th the House voted for the Act with no changes to the Senate Amendments. Once the President signs it, this is what we will have as law.
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This afternoon at 5:28pm the Senate overwhelmingly approved the Unemployment Compensation Act of 2009 (H.R. 3548 as amended)which includes provisions extending AND expanding the Homebuyer Tax Credit. Now do understand the bill must be reconciled with the House of Representatives and then signed into law by the President, so there are provisions that can change. What it says right now is basically
•· First Time Buyers have what they had … (8 comments)
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first time buyers: Well is the First Time Buyer Tax Credit getting extended? - 10/02/09 10:24 AM
Where are we going with this Tax Credit?
There is a lot of talk about whether THE Tax Credit will be extended or even expanded these days. I wrote a post that explained the state of affairs a few days ago but since then I've heard everything imaginable on the topic, so it's time for an update.
Again, let's start with the facts. We still have a bunch bills although a new one was introduced in the Senate (see text here) and is beginning its quest to become law. Essentially little else has happened on the forefront of the Tax … (2 comments)
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first time buyers: So what’s the skinny on extending the First Time Buyer Tax Credit? - 09/24/09 06:57 PM
You hear plenty of talk from NAR (National Association of Realtors) and the NAHB (National Association of Home Builders) regarding the push to extend the First Time Buyer Tax Credit, but what is really going on with it? There is little argument the program has been successful in spurring sales and I can say from experience it's doing great things for many a first time buyer. Will it be continued? Will it be expanded or increased? Will it be forgotten?
Those of you who follow my blogs know I prefer to stay in the realm of fact as opposed to opinion. … (7 comments)
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first time buyers: February ’09 sales stats for Lake County, FL. Have we seen the bottom? - 03/12/09 11:20 PM
After a rough January the real estate market in Lake County found some footing in February. A number of very positive stats stick out:
•· The average sales price jumped over $10k from the previous month. Thirteen single family homes over $300k sold compared to just 6 in January.
•· Although a total of 55.2% of the homes sold were under $140k, the bulk of them were priced between $100-$140k.
•· With the exception of last December, we now have less inventory than any time since April of 2007.
Yes we still have over 5000 homes which represents an … (4 comments)
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first time buyers: FHA downpayment 101-rules to live by - 03/06/09 07:21 AM
First Time and FHA buyers have always had down payment as their biggest hurdle to homeownership. As recently as last year we had seller funded down payment assistance that often bridged that gap but it seems pretty clear that option may not come back. So what can we do to get to the magic 3.5% needed by FHA when our buyers haven't saved it? The HUD Housing Handbook 4155 is our bible to reference this information. Let's start with the basics.
Of course the funds can come from the borrower as long as they have been seasoned. That means we … (4 comments)
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first time buyers: Latest update on availability of funds for Rural Development loans - 02/26/09 10:12 AM
Pursuant to my sources at the USDA it will be taking about another two weeks for the funding allocated by the recent economic stimulus bill to trickle down to retail levels. For those who are seeking a Guaranteed Rural Development loan from a lender such as myself, this should not affect you since we are still funding loans in anticipation of the money we know is coming. If you are working with another lender who is not funding loans, it's probably worth it to wait with them as opposed to starting over with another lender. Do know, however, they have … (8 comments)
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first time buyers: Don’t miss the Lake County Parade of Homes, Great deals in Mount Dora, FL! - 02/18/09 09:22 AM
The Lake and Sumter Counties Home Builder's Association Parade of Homes kicks off this weekend, Saturday February 21 with great deals on new, never lived in homes for sale. The great incentives being offered by builders, coupled with the new $8000 tax credit for first time buyers makes it an excellent time to buy.
Also remember if you want to have a home built to order, and want to be able to collect on your $8000 credit, you need to start construction within a few months so you can be closed by the November 30, 2009 deadline.
Yu can get more information … (0 comments)
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first time buyers: Don’t miss the Lake County Parade of Homes, Great deals in Eustis, FL! - 02/18/09 09:14 AM
The Lake and Sumter Counties Home Builder's Association Parade of Homes kicks off this weekend, Saturday February 21 with great deals on new, never lived in homes for sale. The great incentives being offered by builders, coupled with the new $8000 tax credit for first time buyers makes it an excellent time to buy.
Also remember if you want to have a home built to order, and want to be able to collect on your $8000 credit, you need to start construction within a few months so you can be closed by the November 30, 2009 deadline.
You can get more information … (0 comments)
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first time buyers: The $8000 First Time Buyer’s Tax Credit- what are you going to do about it? - 02/18/09 08:49 AM
OK, Obama signed it yesterday making it law. All of us in the industry wanted more and feel the economic stimulus package passed us by, for the most part. Yea, we got more money for RD loans and don't think the higher FHA loan limits is insignificant; but we needed more. At the top of it all we got the tax credit that doesn't need to be paid back. So what can we do with that?
We can sit back and complain about it. We can emphasize the negative, that you have to pay it back if you rent or sell … (5 comments)
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first time buyers: First Time Home Buyers in Eustis, FL- don’t miss this great opportunity! - 01/07/09 08:42 PM
This real estate market has become a unique opportunity for first time buyers, who aren't saddled with trying to sell a home, to take advantage of the long list of reasons to buy.
As a first time buyer in Eustis now you can:
•· Take advantage of some of the best interest rates in history!
•· Buy homes in our market at prices that haven't been seen since 2002 or longer!
•· Move in with less money than you can rent, often with zero cash!
•· Get $7,500 back on this year's taxes to do with as you please!
•· … (3 comments)
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first time buyers: First Time Home Buyers in Mount Dora- don’t miss this great opportunity! - 01/07/09 08:37 PM
This real estate market has become a unique opportunity for first time buyers, who aren't saddled with trying to sell a home, to take advantage of the long list of reasons to buy.
As a first time buyer in Mount Dora, FL now you can:
•· Take advantage of some of the best interest rates in history!
•· Buy homes in our market at prices that haven't been seen since 2002 or longer!
•· Move in with less money than you can rent, often with zero cash!
•· Get $7,500 back on this year's taxes to do with as you please!
•· Continue … (2 comments)
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first time buyers: First Time Home Buyers- don’t miss this great opportunity! - 01/07/09 08:29 PM
This real estate market has become a unique opportunity for first time buyers, who aren't saddled with trying to sell a home, to take advantage of the long list of reasons to buy.
As a first time buyer in Lake County, FL now you can:
•· Take advantage of some of the best interest rates in history!
•· Buy homes in our market at prices that haven't been seen since 2002 or longer!
•· Move in with less money than you can rent, often with zero cash!
•· Get $7,500 back on this year's taxes to do with as you please!
•· … (0 comments)
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first time buyers: The beauty of buying a new home in north central Florida! - 12/01/08 07:39 PM
I was reminded how good it is to be a mortgage lender yesterday when I had the fortune of helping a young couple, married only two and half years, achieve their dream.
They came to me looking to buy and not knowing if they could. "Our credit is good" they said, "but we don't have much of it". "That's a good thing these days" I said, and we proceeded with qualifying them.
Turns out their scores are in the 630's and good enough for the USDA Rural Development no down payment loan I was hoping to place them in. When … (0 comments)
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first time buyers: The beauty of buying a new home in central Florida! - 12/01/08 07:35 PM
I was reminded how good it is to be a mortgage lender yesterday when I had the fortune of helping a young couple, married only two and half years, achieve their dream.
They came to me looking to buy and not knowing if they could. "Our credit is good" they said, "but we don't have much of it". "That's a good thing these days" I said, and we proceeded with qualifying them.
Turns out their scores are in the 630's and good enough for the USDA Rural Development no down payment loan I was hoping to place them in. When … (0 comments)
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first time buyers: Why we are all still in this business. - 11/21/08 12:41 PM
I was reminded how good it is to be a mortgage lender yesterday when I had the fortune of helping a young couple, married only two and half years, achieve their dream.
They came into one of my Realtor's offices looking to buy and not knowing if they could. "Our credit is good" they said, "but we don't have much of it". "That's a good thing these days" I told them and we proceeded with qualifying them.
Turns out their scores are in the 630's and good enough for the USDA Rural Development loan I was hoping to place them … (14 comments)
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Gerry Suarez Jr- Your FHA Loan Pro!
Mount Dora,
FL
More about me…
Mortgage Financial Group, Inc.
Address: 725 E. Alfred St, Tavares, FL, 32778
Office Phone: (352) 742-7900
Cell Phone: (352) 516-9884
Email Me
Local information regarding Mortgage lending in Central Florida including Orange, Seminole, Osceola, Lake, Volusia and Marion Counties. Also providing up to date information on HUD and government loan programs, and first time buyer programs. I'm required to tell you I'm not acting on behalf of HUD/FHA or the US Government!
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