Kristina's Blog

St Petersburg Coliseum is hosting The Pregnancy Center of Pinellas County and New Life Soltuions Annual Gala & Auction Saturday November 7th 2009

Kristina Yorke (www.LowestHomeLoanRatesinFL.com ~ FL FHA Mortgage Expert ) — Fri, 06 Nov 2009 13:13:14 -0600

"Color Our World with Hope" is the theme for this year's Gala and Auction to celebrate and support the Pregnancy Center of Pinellas County and New Life Solutions.

The event held at The Historic Coliseum located at 535 Fourth Ave North in St Petersburg sponsors and celebrates the work of that the ministries continue to do each year with a silent auction, fine dining and entertainment.

I am proud to sponsor and attend this exciting event in support of the Pregnancy Center of Pinellas county and New Life Solutions.

For more information go to www.newlifesolutions.org

St Petersburg Best - Sheryl Manor - North Central St Petersburg Neighborhood

Kristina Yorke (www.LowestHomeLoanRatesinFL.com ~ FL FHA Mortgage Expert ) — Fri, 06 Nov 2009 13:02:56 -0600

Sheryl Manor subdivision in St Petersburg FL is a neighborhood is nestled north to south between 22nd avenue N and 38th avenue N and east to west of 62nd street and 58th street. This area is a central location in St Petersburg close to Tyrone Square Mall, St Petersburg General Hospital, shopping centers, fitness centers, several A plus schools and other useful locations.

Many homeowners that live in Sheryl Manor enjoy the local Northwest Park and the J.W. Cate Recreation center where sports such as softball, soccer, swimming, tennis, karate, gymnastics, cheerleading, basketball, volleyball, or dance are offer. Families can enjoy playing on the park or walking the dog around the 1 mile trail that surrounds this popular St. Petersburg park.

Sheryl Manor consists of over 900 homes that were built in the the 1960’s. Most of the homes in Sheryl Manor St Petersburg subdivision are one story single family residential block homes with an attached garage. Just over 200 homeowners in Sheryl Manor St Petersburg have pools and most of the homes have approximately 1500-2000 square feet of living space.

St Petersburg Homeowners and Buyers - Tax Credit Update - Bill has been approved to continue the tax credit as well as benefit other home buyers!!

Kristina Yorke (www.LowestHomeLoanRatesinFL.com ~ FL FHA Mortgage Expert ) — Thu, 05 Nov 2009 20:27:50 -0600

St Petersburg Florida Home Buyer's can continue to take advantage of the first time home buyer tax credit and current homeowners can benefit with a cash refund now also if they are looking to buy a larger home or downsize.

This week the Senate and House passed the bill almost unanimously and tomorrow the President has announced that he will sign the legislation that will extend the first time home buyer $8000 tax credit and create a new $6500 incentive for current home owners who are buying a new property and have owned a property for 5 years. This legislation takes affect immediately for current homeowners making a new home purchase that qualify and close after tomorrow.

St Petersburg homeowners if you are preparing to close on your new home you can collect the tax credit as long as your closing take places after November 6th.

All first time home owners (defined as those who have not owned a home in the last three years) will continue to enjoy this benefit with minor adjustments the tax credit will be available to more buyers by increasing the cap on the adjusted gross income from $75,000 to $ 125,000 for single filers and $150,000 to $225,000 for joint filers.

According to the estimate made by National Association of Realtors, 355,000 homeowners, by the end of November, will have purchase a home because the of tax credit. Maybe the tax credit is helping to stabilize the St Petersburg market!

FHA appraisal requirements are changing for lenders

Kristina Yorke (www.LowestHomeLoanRatesinFL.com ~ FL FHA Mortgage Expert ) — Wed, 04 Nov 2009 10:57:31 -0600

In late September the U.S department of Housing and Urban Development released FHA Mortgagee Letter 2009-28 in efforts to reaffirm FHA appraisal requirements which relate to appraiser independence to support prudence lending practices. This letter details a series of changes that will take affect as of Jan 1st 2010. These changes will have a significant impact on the way that lenders currently do business.

Here is a list of the changes that will be made.

1) Mortgage brokers and commission based lenders will be prohibited from involvement in the appraisal process.

2) FHA-approved lenders have new responsibilities to ensure that FHA appraisers are ".compensated at a rate that is customary and reasonable for appraisal services in the market area."

3) "The fee for the actual completion of an FHA appraisal may not include a fee for management of the appraisal process or any activity other than the performance of the appraisal." "AMC and other third party fees must not exceed what is customary and reasonable for such services provided in the market area of the property being appraised."

In my opinion this is a benefit to the appraiser as they will not have additional work to complete for the brokers such as estimated value requests to help the lender determine loan to value ratios. There will also be a gray area of questions as to what is a customary and reasonable cost for the appraisal process which may result in big differences in the cost of appraisal for the comsumers.

Homebuyer Tax Credit Extending and Expanding???

Kristina Yorke (www.LowestHomeLoanRatesinFL.com ~ FL FHA Mortgage Expert ) — Wed, 04 Nov 2009 09:55:53 -0600

According to the National Association of REALTORS(R) we are "almost there" in terms of extending the tax credit. Below are the details NAR listed on the process unfolding.

The extension and expansion of the home buyer tax credit is the pending business in the Senate. After a long week of negotiation on the credit, an agreement on the scope of both expansion and extension has been reached. The extension is part of a larger bill that has not yet gone to a vote, however. A Senate vote on the underlying bill will occur in the Senate during the week of November 1. The package will then go back to the House. The House is expected to accept the Senate amendments, vote on the package and send it to the President for signature. The underlying bill is an extension of unemployment benefits. Other provisions in the bill include expansion of the net operating loss carryback rules, new requirements for some tax return preparers and noncontroversial provisions that "pay for" these changes.

The provisions of the current amendment for the home-buyer tax credit are:

Credit available for purchases before May 1, 2010. Prospective purchasers with binding contracts in place as of April 30, 2010 will be allowed an additional 60 days to complete the transaction.
Credit remains at $8000 for first-time purchasers. No change to definition of first-time purchaser.
New $6500 tax credit for repeat buyers who purchase between December 1, 2009 and May 1, 2010. Repeat buyers must have lived in their homes consecutively for 5 of the previous 8 years.
Income limits are expanded to $125,000 on a single return and $225,000 on a joint return. Current law $20,000 phase-out retained.
New anti-fraud limitations are imposed.

Check back for more details on the Home Buyer Tax Credit Extension.

St Petersburg home sales are up for the 8th month in a row!

Kristina Yorke (www.LowestHomeLoanRatesinFL.com ~ FL FHA Mortgage Expert ) — Sat, 30 May 2009 09:41:13 -0500

Home sales in the Pinellas and Hillsborough county areas are increasing and that increase has taken place 8 straight months in a row! According to the Florida Association of Realtors the Tampa Bay/St Petersburg area sold a total of 2,326 single family homes in April which is up 11% from April 2008 when the sales where 2087. The median sales price in April was $135,200 which is a drop of 23 percent from last year's $176,000 partly due to the low listing prices from the large amount of foreclosed home sales flooding the market. There is a hopeful sign in the numbers as the median home price in Jan was 122,400. Even a slight increase to the current 135,200 in April's median home sales is a positive sign for the St Petersburg area. With the new bill from the State of Florida allowing First Time Buyer's to borrow their tax credit for their down payment until next year's tax refunds the St Petersburg housing market should have an excellent 3^rd quarter!

If you are be interested in applying for a St Petersburg Mortgage use this application.

Click here is you need more information on the most popular mortgage loan with the easiest qualifications and lowest down payment, the FHA Mortgage Loan

First time buyers that are in the Military or are Veterans can also take advantage of the down payment assistance loan utilizing the VA Mortgage Loan

St Petersburg First Time Home Buyers can soon borrower the federal tax credit from the State of Florida!

Kristina Yorke (www.LowestHomeLoanRatesinFL.com ~ FL FHA Mortgage Expert ) — Fri, 29 May 2009 10:37:19 -0500

During Mid May the Legislature approved a 66.5 billion dollar state budget that allotted for 30.1 million towards state funded down payment assistance programs. Although details are still in the works the State of Florida announced beginning July 1st those first time home buyers who could qualify for the $8000 federal first time home buyers tax credit will be able to apply for down payment assistance in advance.

The funds will be provided upfront to help homeowners purchase before the tax credit expires. These first time borrowers will then be required to refund the tax credit once they receive the funds during their next tax period. The program will be operated through local county housing operations and details are scheduled to be released soon.

St Petersburg First Time Home Buyers should be ready in advance by getting their mortgage financing applications started so that they can take advantage of the 30.1 million in funds quickly.

Apply here if you may be interested in beginning the St Petersburg Mortgage application.

Click here is you need more information on the most popular mortgage loan with the easiest qualifications and lowest down payment, the FHA Mortgage Loan

First time buyers that are in the Military or are Veterans can also take advantage of the down payment assistance loan utilizing the VA Mortgage Loan

Grand Prix comes to St Petersburg for 5th year!

Kristina Yorke (www.LowestHomeLoanRatesinFL.com ~ FL FHA Mortgage Expert ) — Thu, 02 Apr 2009 22:11:45 -0500

St Petersburg get's a taste of the racing excitement this weekend and homeowners get the smell and sound of the cars even if they are not attending the Gran Prix. Last year engines roared and smoke bellowed as far as 34th St and 22 Ave, disappointing so homeowners who wanted a little peace and quite.

Below is this years schedule for St Petersburg's Grand Prix Indy Car Racing.

Friday

8:05-9:05 a.m.: American Le Mans Series practice

9:25-10:25 a.m.: Indy Lights practice

10:45 a.m.-12:15 p.m.: IndyCar practice

1:05-3:05: ALMS practice and qualifying

3:25-4:25: IndyCar practice

4:45-5:30: Indy Lights qualifying for Race 1

Saturday

8:05-9:05 a.m.: IndyCar practice

9:20-9:40: ALMS warmup

9:55-10:35: Indy Lights qualifying for Race 2

10:50 a.m.-12:20 p.m.: IndyCar final qualifying

1:20-3:15: ALMS race

4:45-5:45: Indy Lights Race 1 (40 laps)

Sunday

8:30-9 a.m.: IndyCar practice

10-11: Indy Lights Race 2 (40 laps)

2:45-5 p.m.: IndyCar Grand Prix of St. Petersburg (100 laps)

FHA Limits Cash Out Refinances via Mortgagee Letter 2009-08

Kristina Yorke (www.LowestHomeLoanRatesinFL.com ~ FL FHA Mortgage Expert ) — Tue, 17 Mar 2009 20:11:24 -0500

With the ever changing mortgage market increasing credit scores and down payment requirements, it is no surprise that the U.S. Department of Housing and Urban Development (HUD) released limits on the FHA cash out refinance on March 12, 2009. Below details the specific changes that take affect for all new case number assignments made on or after April 1st 2009.

The biggest change is a reduction in the loan to value ratio which, currently at 95%, will be reduced to 85%. Note-The 95% FHA cash out refinance currently available requires 2 property appraisals. The letter states that this change was made because the housing market continues to deteriorate and this is HUD's reaction to limit exposure to undue risk. The good news is that at the moment this is a temporary change. FHA will continue to analyze the housing market to determine when/if they need to take permanent action.

To qualify for an FHA Cash Out Refinance

The loans total loan to value (LTV) must be at 85% or below including any subordinate lien. FHA has made special exception for modified subordinate liens stating the a modified subordinate lien (usually a reduction in the subordinate lien) that is re-executed at closing, FHA does not consider a new subordinate lien.

The subject property must be owned for 12 months or more from the loan application date in order to use the maximum of 85% of the appraisers estimate of value in the new mortgage. If the home has been owned for less than 12 months the refinance is limited to the lesser of 85% of the appraised value or the original sales price. If the home is an inheritance and is or will become the heir's primary residence the maximum loan to value is 85%.

Borrowers who are delinquent are not eligible for an FHA Cash Out Refinance.

Homes that exceed $417,000 and are in a declining area will require a second appraisal.

Non Occupant Co-Borrowers can not be added to the loan to secure financing. All parties that desire to be added on the new FHA loan are required to occupy the property as their primary residence.

Any property that is owned free and clear is eligible for an FHA Cash Out Refinance.

Click here for more information about St Petersburg FHA Mortgage Loans

Log on to Apply for a St Petersburg Mortgage

Obama Plan ............... New Loan Modification Program

Kristina Yorke (www.LowestHomeLoanRatesinFL.com ~ FL FHA Mortgage Expert ) — Tue, 10 Mar 2009 22:27:32 -0500

Via George Souto (McCue Mortgage Co.) FHA, CHFA, VA Mortgages:

The Homeowner Affordability & Stability plan was released by the Obama administration on Wed March 4th. There were two major parts of this plan that affect the Mortgage Industry. The first part of the plan is a modification program that Servicers will offer to borrowers with high debt-to-income ratios or who are at risk of foreclosure. The second part of the plan is a refinance program for existing Fannie Mae or Freddie Mac loans.

While our Executive Vice President at McCue Mortgage, Kim Neilson and others are still assessing the details of the Fannie Mae/Freddie Mac plan to determine our next steps, they have summarized it to a point that would make it more understandable to rest of us, and I will sharing this in two blogs.

The first part of the plan that as I stated above is the modification program that Servicers will offer to borrowers with high debt-to-income ratios or who are at risk of foreclosure, which states that:

Existing mortgage must currently be a Fannie Mae or Freddie Mac loan.

The mortgage loan is delinquent, or is expected to go into default soon.

Borrowers must occupy property as primary residence

Borrowers must provide hardship documentation.

Borrowers must provide income documentation and evidence the monthly mortgage payment (housing ratio) is greater than 31%

If the housing ratio is more than 31%, the Servicer will modify the terms of the loan, to reduce the housing ratio to 31% by:

Lowering the interest rate, but the minimum rate (floor) is 2%. The adjusted rate will be in effect for the first 5 years following modification, and then will increase by a 1% annually until it reaches the original rate.

Extending the term up to 40 years.

Provide principal forbearance which will later be paid back in the form of a balloon payment that will be due upon the earliest of the following:

Sale of property

Payoff of the loan

Maturity of the loan.

Servicers will receive compensation of $1000 or $500 for each completed modification.

A borrower whose monthly payment is reduced by six percent or more and make on time payments will receive $1000 principal reduction for up to five years.

I will end this post by stating that while I am sharing this information about the provisions that are contained in the Homeowner Affordability & Stability plan that became effective March 4th., that it does not mean that I am in favor of this, or believe that it will help us get out of this mess that we are in, because I don't believe that. I think that this plan just like all the others before it will help very few if any, and is more smoke and mirrors then anything else. But I have provided this information so that those of you reading this can have a better understanding of it, and help you come to your own conclusion.

I will cover the second part of the plan that I stated above "refinance program for existing Fannie Mae or Freddie Mac loans" in my next post.

******************************************************************************************************

Info about the author:

George Souto is a Loan Officer who can assist you with all your FHA, CHFA, and Conventional mortgage needs in Connecticut. George resides in Middlesex County which includes Middletown, Middlefield, Durham, Cromwell, Portland, Higganum, Haddam, East Haddam, Chester, Deep River, and Essex. George can be contacted at (860) 573-1308 or gsouto@mccuemortgage.com

Tuesday's Optimistic Outlook for America's Economy

Kristina Yorke (www.LowestHomeLoanRatesinFL.com ~ FL FHA Mortgage Expert ) — Tue, 10 Mar 2009 22:07:42 -0500

Finally, some much needed rain comes for our economic drought. The good news that rolled in tonight was promising and encouraging. Fox News reported tonight that the stock market saw its best day of 2009 today due to a report that Citigroup made a profit during the first two months of this year. I know this is the first good day in a long time but there are many who think this is just the first of many good days to come. We all hope so!

Ben Bernanke, Federal Reserve Chairman, spoke early today and stated that we could possible see the end of our housing crisis during the last months of 2009 if we are able to stabilize the mortgage industry. I think raising the required credit scores, like many mortgage lenders have, should push us in the right direction. (even if I had to tell several clients we can no longer offer them financing because they have a 600 mid credit score)

With the unemployment rates high, the report that 2 million jobs are opening up in a variety of different fields from nurses, engineers, pharmacist and even some banks and mortgage companies are hiring, have given many job seekers a sigh of relief. Mortgage companies are hiring because low rates have increased refinance applications and many lenders are seeking assistance in loan modifications and other bail out solutions.

All in all, these reports are a well needed positive look to curb our thoughts during rough times in our economic. May things keep improving America!

No more 100% loans? But I can not afford the down payment, is there anything that I can do to get into a home?

Kristina Yorke (www.LowestHomeLoanRatesinFL.com ~ FL FHA Mortgage Expert ) — Tue, 10 Mar 2009 10:37:33 -0500

The other day I had a client tell me, I would like 100% financing and we will ask the seller to pay my closing costs when I make an offer so I don't have to out any money into the transaction.

This statement, as nice as it sounds, has become a thing of the past. Yet there are many homebuyers who still have hopes for purchasing a home without putting any money into the transaction. Unfortunately, this change came because lenders have identified that when buyers who do not put any of their own funds into the transaction, they find it easy to walk away and allow the home to go into foreclosure.

Is there anything that buyers can do to help them when they are low on cash for the down payment and closing costs? Yes there is!

First of all home buyers need to research their options for mortgage financing. There are many banks that are limited on the programs they offer. These banks only offer 1 or 2 options that require a 5-10% down payment plus closing cost. This leaves the buyers to think that they just can not afford a home. There are many financing options available but a buyer needs to work with someone who can provide all the options for financing. Working with a mortgage broker, who is not limited to one banks programs but can offer all financing available to that buyer, helps them to truly see what the best solution is for their purchase. The broker will show the buyer options that best suite their needs utilizing all the programs available in the mortgage market such as FHA, Conventional, USDA or VA financing.

Another thing the mortgage broker can provide to lower the money required to purchase a home is city or county funded down payment assistance. These are usually interest free loans that help pay most of the client down payment. The down payment assistance loans are determined by the income of the potential homeowner and the location of the home. There are some other restrictions involved that, when explained in detail, will help aid the buyer in finding a home that meets the criteria to qualify for down payment assistance. Down payment assistance loans do not cover all of the down payment, like all lenders, the city or county funding the down payment money requires that the buyer puts some of their own funds into the transaction to reduce the risk of default. This figure can range from $500 to 2% in St Petersburg and Pinellas County. Buyers should ask this question when working to determine if they qualify so they can save for the required amount.

When using an FHA or VA mortgage gift funds is another option that can help a buyer with their down payment and closing costs. The gift funds need to come from a family member, close friend, employer, local church, wedding registry or acceptable uninterested parties to the transaction. The gift funds can cover all of the down payment and closing cost. The contributor will need to prove they have the means to provide the monies and that the funds came from their account. This can be done by a cashier's check or bank statements and a withdrawal letter.

Lastly, the buyer can ask the seller to pay all of their closing cost up to 6% of the purchase price when using an FHA, VA or USDA mortgage and up to 3% when using a traditional conventional mortgage loan. This option is great to combine with one of the other options above to reduce the costs as much as possible.

With a little money saved and a buyer who is educated on all their options, home ownership can become a reality. So, when you think you can not afford to buy a home look into some of your financing options with an expert in financing, a mortgage broker, who can offer all of the possible solutions to help assist you to buy the home of your dreams.

St Petersburg FHA Home Owners Save Money Today!

Kristina Yorke (www.LowestHomeLoanRatesinFL.com ~ FL FHA Mortgage Expert ) — Thu, 05 Mar 2009 14:55:16 -0600

St Petersburg homeowners, Do you have an FHA mortgage?? Want to save money every month? Check out the features of an FHA Streamline Refinance listed below.

FHA Streamline Refinances are hassle-free and have easy guidelines.

- No income verification

- No credit score requirements

- No out of pocket expenses

Existing FHA Loan 190,000 Interest Rate 6.5% Payment Principal & Interest 1221.95

Existing FHA Loan 190,000 Interest Rate 7% Payment Principal & Interest 1286.20

Proposed FHA Loan 200,000 Interest Rate 5% Payment Principal & Interest 1092.43

Monthly Saving of 129.52 with a 6.5% interest rate

Monthly Saving of 193.77 with a 7% interest rate

Interesed in how an FHA Streamline Refinance can help you?

Apply to determine your savings at St Petersburg Mortgage today!

The FHA streamline refinance benefits those borrowers who plan on staying in their home for 5 years or more. APR on new proposed loan is 5.85%

CLAIM THE $8000 THIS YEAR: NO NEED TO WAIT UNTIL NEXT YEAR!!!!!

Kristina Yorke (www.LowestHomeLoanRatesinFL.com ~ FL FHA Mortgage Expert ) — Thu, 05 Mar 2009 10:39:15 -0600

Great news St Petersburg FL First Time Home Buyers, you can receive your tax credit even if you filed your taxes already. Just amend your taxes and receive you $8000!

Via Ann Sabbagh (Seacoast Mortgage Corporation):

NO NEED TO WAIT UNTIL NEXT YEAR !!! YES! First time homebuyers can claim their $8000 credit this year IF they purchase before they file their 2008 tax return OR they amend their 2008 tax return after they purchased and filed to claim their $8000 credit !

In order to be eligible for the $8000, here are the rules:

•1)       Can not have owned a home in the past 3 years;

•2)       10% of the purchase price or $8000: whichever is LESS is the credit;

•3)       Principal residence only;

•4)       Buyers must make less than $75,000 for singles or $150,000 for couples. (Higher-income buyers may receive a partial credit.)

•5)       Can not sell the home for 3 years; else will need to reimburse the government;

•6)       Must purchase between January 1, 2009 and November 30, 2009.

First time homebuyers: get off the bench and BUY! This is a once in a lifetime opportunity!

Ann Sabbagh

Vice-President

Seacoast Mortgage Corporation

508-243-1190

www.annsabbagh.com

"When you choose me as your mortgage consultant, you also choose a financial planner who cares about your financial strength."

There are so many reasons I should buy my first home but I don't know what to do next!

Kristina Yorke (www.LowestHomeLoanRatesinFL.com ~ FL FHA Mortgage Expert ) — Wed, 04 Mar 2009 21:31:28 -0600

After hearing all the great incentives to buy a home in 2009 - low mortgage interest rates, attractively low home prices and the $8000 the tax refund provided to first time home buyer through the new economic stimulus package - you are now ready to buy your first home. Only one problem, you need to know where to start and what to be aware of. The information listed below should help prepare you for your first steps in the wonderful adventure of purchasing a home.

What are the initial steps to take as a first time home buyer? If you call a real estate agent they will tell you in order to begin looking at homes you will need to determine the purchase price that you qualify for. To do that you will need to apply for a home mortgage and get a pre-approval letter which will allow you to preview homes in your price range and submit an offer on the house you would like to buy.

What is a pre approval letter and what do I need get one? When asking this question you have to understand two things about mortgage financing. First, buying a home is not like buying a car or getting approved for a credit card, it requires you as the borrower to prove your credit-worthiness to the lender and second not all mortgage companies are working at the same level of diligence.

Let's take a look at the several factors involved in proving your credit worthiness.

Credit - In recent past lenders were allowing credit scores as low as 550 to 580 but currently the market has tightened up their requirements and now require borrowers to have 620 or better. This number is determined by using the middle score of the 3 bureaus - Equifax, Experian and Transunion. Lenders also like to see that there are no late payments in the past 12 months. If there is a late payment it needs to have a good strong letter of explanation to back it and usually only 1 late payment is acceptable within a 12 month period.

Income - Lenders will look at the past 2 years of W-2's and 1 recent months worth of paychecks for the payroll employee and 2 years of personal and business tax returns for the self employed borrower. The lender also wants to see 2 years of employment history in the same line of work to ensure continued satisfactory employment.

Down Payment/Closing Costs - There are 4 main types of loans that a first time home buyer can utilize with varying down payment requirements. The two most commonly used financing options are the FHA and Conventional mortgage loans. An FHA loan requires a 3.5% down payment and a conventional loan requires anywhere from 5%-10% down payment. The other 2 mortgage loans feature no down payment requirements - the VA loan which is issued only to those who served in the military and the USDA home loan that is for homes in rural developments. All of these loans require the buyer to pay closing costs. Closing costs run anywhere from 4000 and up depending on the inspections, appraisal, insurances, title fees, state & local taxes and lenders fees. In some scenarios a buyer can ask the seller to pay their closing costs to help reduce the amount of cash required to purchase the home. Some buyers choose to use the money family members have decided to give as a gift for their down payment and/or closing costs when buying a home.

In order to receive a pre-approval letter you must complete a mortgage application with the correct information about the employment, income and cash reserved for the down payment and closing costs. The mortgage consultant will pull your credit and if acceptable, you must provide the proof of your cash to close and all the proper income documentation which will need to be reviewed. Once reviewed only then can a pre-approval letter be issued. The reason that I stated above that all mortgage companies do not work in the same level of diligence is for this very reason. Until you provide your income documentation you are not pre-approved for a mortgage. Many times I hear that buyers have an approval letter but they haven't given their documents to the lender. This means the lender is taking the buyers word that they have given the correct income information. While doing the best to give the right information, buyers do not understand all the details that are involved when determining how much income they have available for their loans approval. Since there are so many factors involved, a true pre-approval letter can not be issued until the mortgage consultant has received your income documents.

Another note - when buying your first home, it is always wise to go over your monthly expenses and determine what monthly payment would be comfortable. Let your mortgage consultant know right up front what your target is for a monthly payment. This will help you to avoid spending more just because you get approved at a higher purchase price.

Now is the time to buy a home in St Petersburg FL..Here's why!

Kristina Yorke (www.LowestHomeLoanRatesinFL.com ~ FL FHA Mortgage Expert ) — Mon, 02 Mar 2009 23:45:16 -0600

First Time Home Buyers did you know that mortgage interest rates in St Petersburg FL and nationwide have dropped to near all time lows which makes mortgage payments more affordable?

If you are a First Time Home Buyers in St Petersburg FL, take advantage of the following three important factors when purchasing a home.

Low Home Purchase Prices
Low Mortgage Interest Rates
$8000 tax credit for First Time Home Buyers

Many First Time Home Buyers have easy qualifying options. The most popular program in this market is FHA mortgage financing. FHA loans require only 2 years employment in the same line of work, credit above a 600 and 3.5% down payment which can be a gift or funded by down payment assistance.

Taking advantage of these great opportunities and including the $8000 tax credit provided by the Economic Stimulus Bill, now is truly the time to buy a home inSt Petersburg FL for First Time Home Buyers.

Apply for your St Petersburg Mortgage here

Click here for more information on St Petersburg FHA mortgage loans

To understand Down Payment Assistance for First Time Home Buyers click here

Can a borrower have more than one FHA mortgage at a time?

Kristina Yorke (www.LowestHomeLoanRatesinFL.com ~ FL FHA Mortgage Expert ) — Thu, 26 Feb 2009 23:30:32 -0600

In normal situations HUD allows only one FHA Mortgage loan per borrower. Below are four unique exceptions to this rule.

1) Increasing Family Size- If the borrowers current residency no longer meets the families needs due to an increase in the number of legal dependents then the borrower is allowed to obtain another FHA insured mortgage loan and purchase a new house while renting or selling the existing home with an FHA mortgage loan.

2) Jointly Owned Properties-If one borrower is leaving the home secured with an FHA mortgage and the co-borrower is staying in the home, then borrower is permitted to purchase a new home with an FHA mortgage, if qualified, while still being on the note of the first home loan.

3) Non-Occupant Co-borrowers - A non-occupant co-borrower is allowed to own a home with an FHA mortgage and co-sign on the purchase of a home using FHA financing.

4) Relocation - If a borrower is relocating for employment purposes and is not going to sell their home that has an existing FHA mortgage that person may be eligible for a second FHA mortgage loan

FHA Streamline 203K Limited Repair Program is available for homes in St Petersburg FL and nationwide.

Kristina Yorke (www.LowestHomeLoanRatesinFL.com ~ FL FHA Mortgage Expert ) — Thu, 26 Feb 2009 23:15:27 -0600

Buyers - have you found the St Petersburg FL home of your dreams that needs a little work, like new flooring and an upgraded electrical system, but you don't have the extra money for the upgrades?

Is your Pinellas county residence a bit outdated and needs some new appliances and a remodeled kitchen but you don't have the extra funds available to do the doing work?

FHA 203K home improvement loan allows borrowers to finance up to $35,000 into their mortgage for minor repairs and remodeling. This home remodeling loan allows borrower(s) to replace or repair their roof, windows, doors, electrical and plumbing systems, add porches or a patio deck, remodel kitchens and bathrooms plus so much more. (See link below for full details) All repair and remodeling projects must be completed in less than 3 months. No structural or health hazard restoration is allowed. Homeowners can do some of the work themselves if they can provide proof they have skill in the trade they are completing.

To qualify for an FHA Streamline 203 K Limited Repair Program borrowers must meet traditional FHA mortgage guidelines. Borrowers must have 2 years of employment history in the same line of work, credit above a 620 mid score and good payment history for the past 12 to 24 months. This loan is available for all approved buyers purchasing a home and owners interested in refinancing. (excluding cash out refinancing) All properties must be owner occupied. No second homes or investment properties allowed.

FHA 203K program offers the same low interest rates as other FHA loan programs. With today's low interest rates now is the time, St Petersburg FL home owners and buyers, to take advantage of this great program.

For a list of eligible improvements and more specific details click below.

St Petersburg FHA 203K Repair and Remodel Loan

100% VA Mortgage Loans for veterans in St Petersburg FL and nationwide!

Kristina Yorke (www.LowestHomeLoanRatesinFL.com ~ FL FHA Mortgage Expert ) — Thu, 26 Feb 2009 22:36:34 -0600

Are you in the military or a veteran? Looking for great mortgage financing in St Petersburg FL or anywhere in the country? Take advantage of the best loan financing available in today's market that covers 100% of home's the purchase price. The VA home loan!!

VA financing can be used to purchase newly built or previously occupied homes. Homes using a VA mortgage in St Petersburg and Florida will be limited to a maximum purchase price of 417,000. VA does charge a funding fee which is a 2.15% of the loan amount. This figure can be added on top of the loan amount so the veteran does not have to come out of their pocket to pay that expense.

To qualify veterans must have 2 years of stable employment history in the same line of work, credit score above a 620 and honorable discharge from the military. When completing an application the veteran will have to provide a copy of their DD214 and sign a request to receive their certificate of eligibility.

VA mortgage advantages:

100% financing meaning NO DOWN PAYMENT!
Low, attractive mortgage interest rates
Low closing costs
No private mortgage insurance
No prepayment penalties
VA loans are assumable making this financing attractive to buyers when home owner is ready to sell.
VA provides veteran borrowers with counseling and assistance if they are having trouble paying their mortgage or may be facing foreclosure.

For more information click St Petersburg FL VA Home Loan

Apply here for your St Petersburg Mortgage

To Refinance or Not that is the Question??

Kristina Yorke (www.LowestHomeLoanRatesinFL.com ~ FL FHA Mortgage Expert ) — Mon, 23 Feb 2009 22:55:54 -0600

Recently in my St Petersburg mortgage business the phone has been ringing with clients talking about the mortgage interest rates being at all time lows. The most commonly asked question is "Can I refinance to a lower interest rate and reduce my current monthly payment?" Since most of the clients I have worked with obtained an FHA mortgage I am happy to provide a pre-qualification for an FHA Streamline Refinance.

FHA Streamline Refinances are easy loans with easy qualifications making for a smooth and easy transaction. To sum it up, I love FHA Streamline Refi's because they are EASY on both myself & the client and in most cases they provide a great monthly savings of around $100 or more if the rate is reduced by a 1 to 1.25 points.

Here is a list of some of the great benefits that the FHA Streamline Refinance has to offer.

No Minimum Credit Score - although most lenders want the score above a 580 to determine how to price the interest rate

No Proof of Funds or Payment Reserves Required

No Proof of Employment or Income - the employment and income section of the application can be left blank

No Repairs are Required - unless the appraiser notes there is chipping paint and the home is built before 1978 which would be a lead based paint issue

No Termite Inspection Required

New Parties Can Be Added to the Title Without Any Credit Checks

No Appraisal Required - if the new loan amount is lower than the original purchase price

An appraisal is required if the loan amount exceeds the original purchase price and the new loan amount can not exceed 97.75% of the appraised loan to value.

The mortgage underwriter will check the mortgage history on the existing FHA loan. All lenders will require a clean 12 month mortgage payment history. Some lenders will allow 1 times late with a strong letter of explanation and others will look further back than a 12 month mortgage history to determine the client's credit-worthiness.

A borrower can use the FHA Streamline Mortgage Refinance as soon as the home is insured by FHA as long as the new loan is a benefit to the borrower.

Apply now to determine if you're approved for a St Petersburg FHA Streamline Refinance.

The Numbers are in...Home buying should increase?

Kristina Yorke (www.LowestHomeLoanRatesinFL.com ~ FL FHA Mortgage Expert ) — Mon, 23 Feb 2009 15:02:50 -0600

The national median income is $61,500 a year. 60% of homes that were sold in the last 3 months of 2008 were within the price range of families that make at least the national median income. Out of that 60% of home the least expensive city, Indianapolis contributed 93% of the affordable homes sold to median income families.

According to National Association of Realtors report issued last week, the national median home sales price dropped in the forth quarter of 2008 to 190,000 from the 205,700 of the forth quarter in 2007. Factor in lower mortgage rates and home buying is the most affordable that it has been since the beginning months of 2002.

Even though December of 2008 had the lowest new home sales since 1963 adding in the $8000 first time home buyer incentives from the new Economic Tax Stimulus may result in many home buyers getting of the fence, or so we pray, especially in the areas listed below which are the top 10 most affordable citied to buy a home in and their median home sale prices.

Indianapolis, Ind. $103,000

Warren, Mich. $125,000

Youngstown, Ohio $73,000

Detroit, Mich. $90,000

Grand Rapids, Mich. $102,000

Syracuse, N.Y. $88,000

Dayton, Ohio $90,000

Akron, Ohio $90,000

Cleveland, Ohio $100,000

Scranton, Pa. $85,000

First Time Home Buyer Down Payment Assistance in the City of St Petersburg

Kristina Yorke (www.LowestHomeLoanRatesinFL.com ~ FL FHA Mortgage Expert ) — Fri, 20 Feb 2009 15:33:20 -0600

If you are interested in purchasing a home in St Petersburg for little money down you may be able to qualify for a down payment assistance interest free loan.

The city of St Petersburg offers interest free down payment assistance loans to borrowers who fit the traditional FHA financing criteria and make no more than 150% of the median income for Pinellas county.

The down payment assistance loan is deferred for 5 to 30 years (depending on income) and then requires a 10 year repayment history depending on the client's median family income. The loan must be paid in full if the home is sold. When refinancing the original mortgage there are terms that must be meet in order to continue to have the interest free down payment assistance loan. The new mortgage must be a fixed rate and the client must still meet all original requirements.

To qualify for the down payment assistance program in St Petersburg borrowers must have a good stable 2 year employment history in the same line of work, good 12 month credit history with a score above a 620 and are required to put 2% of their own funds into the transaction. The program requires all buyer to take a home buyer education seminar and put at least 2% into the transaction. See charts below to determine if you qualify. For more information go to our down payment assistance page.

St Petersburg Down Payment Assistance Amounts based on Median Income Percentage

0%- 50% $20,000 Deferred 30 years

50%-80% $15,000 Deferred 30 years

80%-120% $ 8,000 Deferred 5 years

120%-150% $ 6,000 Deferred 5 years

Median Family Income Limits based on Household Number

		30% of	50% of	60% of	80% of	100% of	120% of	140% of	150% of
*	2008	Median	Median	Median	Median	Median	Median	Median	Median
	Annual	$11,850	$19,800	$23,760	$31,650	$39,600	$47,520	$55,440	$59,400
1	Monthly	$988	$1,650	$1,980	$2,638	$3,300	$3,960	$4,620	$4,950
	Max. Housing & Other Debt @ 41%	$405	$677	$812	$1,081	$1,353	$1,624	$1,894	$2,030
	Annual	$13,550	$22,600	$27,120	$36,150	$45,200	$54,240	$63,280	$67,800
2	Monthly	$1,129	$1,883	$2,260	$3,013	$3,767	$4,520	$5,273	$5,650
	Max. Housing & Other Debt @ 41%	$463	$772	$927	$1,235	$1,544	$1,853	$2,162	$2,317
	Annual	$15,250	$25,450	$30,540	$40,700	$50,900	$61,080	$71,260	$76,350
3	Monthly	$1,271	$2,121	$2,545	$3,392	$4,242	$5,090	$5,938	$6,363
	Max. Housing & Other Debt @ 41%	$521	$870	$1,043	$1,391	$1,739	$2,087	$2,435	$2,609
	Annual	$16,950	$28,250	$33,900	$45,200	$56,500	$67,800	$79,100	$84,750
4	Monthly	$1,413	$2,354	$2,825	$3,767	$4,708	$5,650	$6,592	$7,063
	Max. Housing & Other Debt @ 41%	$579	$965	$1,158	$1,544	$1,930	$2,317	$2,703	$2,896
	Annual	$18,300	$30,500	$36,600	$48,800	$61,000	$73,200	$85,400	$91,500
5	Monthly	$1,525	$2,542	$3,050	$4,067	$5,083	$6,100	$7,117	$7,625
	Max. Housing & Other Debt @ 41%	$625	$1,042	$1,251	$1,667	$2,084	$2,501	$2,918	$3,126
	Annual	$19,650	$32,750	$39,300	$52,450	$65,500	$78,600	$91,700	$98,250
6	Monthly	$1,638	$2,729	$3,275	$4,371	$5,458	$6,550	$7,642	$8,188
	Max. Housing & Other Debt @ 41%	$671	$1,119	$1,343	$1,792	$2,238	$2,686	$3,133	$3,357
	Annual	$21,000	$35,050	$42,060	$56,050	$70,100	$84,120	$98,140	$105,150
7	Monthly	$1,750	$2,921	$3,505	$4,671	$5,842	$7,010	$8,178	$8,763
	Max. Housing & Other Debt @ 41%	$718	$1,198	$1,437	$1,915	$2,395	$2,874	$3,353	$3,593
	Annual	$22,350	$37,300	$44,760	$59,650	$74,600	$89,520	$104,440	$111,900
8	Monthly	$1,863	$3,108	$3,730	$4,971	$6,217	$7,460	$8,703	$9,325
	Max. Housing & Other Debt @ 41%	$764	$1,274	$1,529	$2,038	$2,549	$3,059	$3,568	$3,823
	* NUMBER OF PEOPLE PER HOUSEHOLD

St Petersburg First Time Home Buyer get your $8000 in 2009!

Kristina Yorke (www.LowestHomeLoanRatesinFL.com ~ FL FHA Mortgage Expert ) — Thu, 19 Feb 2009 14:34:47 -0600

In efforts to provide exact information about the revision to the $787 Billion Economic Stimulus Plan benefits to First Time Home Buyers I put together a list of all the changes below.

Unfortunately, the $15000 figure discussed by Congress was reduced and the incentive was increased from the original $7500 or 10% of the homes purchase price to $8000 or 10%.

One of the most exciting changes is that First Time Home Buyers will no longer have to pay this money back as long as they live in the home for 3 years ~ so if the home is sold within 3 years the $8000 will have to be re-paid out of the sale proceeds at closing.

The stimulus refund was scheduled to expire June 30th 2009 and has now been extended to Nov 30th 2009. Plus the credit is retro-active for all purchase made since Jan 1st 2009 so new First Time Home Buyers really lucked out.

Despite the talk about allowing this incentive for all home buyers, no change was made so First Time Home Buyerare the only ones who can claim this prize. According to the bill a First Time Home Buyer is some who has not owned a home in the last 3 years. The rebate is still limiting income and the cut off is around $75,000 for a single person and $150,000 for a married couple.

Overall, these revisions have provided a great incentive for First Time Home Buyer to purchase a home in 2009.

College Grads can buy a home as soon as they have a job...No waiting necessary!

Kristina Yorke (www.LowestHomeLoanRatesinFL.com ~ FL FHA Mortgage Expert ) — Thu, 19 Feb 2009 14:24:02 -0600

Recently graduate college, technical school or will be graduating soon?

Interested in purchasing a home in St Petersburg Florida or surrounding areas?

Did you know that if you are working in the same field as your education that a mortgage lender will not require work history to approve your mortgage financing?

College graduates can qualify to purchase a home if they have employment in their education's field, credit above 580, no lates in the last 12 months on their payment history and a small down payment. If you need help with the down payment and closing costs, gift money from family, employer, church, or close friends is acceptable.

Also, many first time home buyers are eligible for down payment assistance that is available in the City of St Petersburg, Pinellas and Hillsborough County. More information can be found at the Down Payment Assistance page.

If you fit the above criteria you can find out how much you can afford by completing an application here. Online Mortgage Application

When determining your qualifications your credit will need to be pulled and you will need to complete application. Once completed we will provide figures on what purchase price you can afford with a pre-approval letter which will allow you to work with a real estate agent to find your very first home.

Did you know that you can purchase a home with an FHA mortgage if you filed Bankruptcy?

Kristina Yorke (www.LowestHomeLoanRatesinFL.com ~ FL FHA Mortgage Expert ) — Tue, 17 Feb 2009 11:21:12 -0600

If a bankruptcy has been filed in the past there are a few guidelines to follow when determining if when a buyer can purchase a home.

Chapter 7 Bankruptcy

FHA mortgage guidelines require that a buyer must wait 2 full years from the bankruptcy discharge before they can become eligible to purchase a home. They must meet all FHA guidelines and be able to provide evidence that they can manage their financial affairs responsibly. Chapter 7 Bankruptcy that was discharged within 12 months to 2 years is only eligible for an FHA mortgage approval if there were extenuating circumstance that was beyond the buyer's ability to control and they can provide proof that they can manage their finances in a responsible manner.

Chapter 13 Bankruptcy

A buyer can apply for an FHA mortgage after filing a Chapter 13 Bankruptcy. All payments must have been made in a timely fashion for 12 months and the buyer must receive permission from the courts to purchase a home.

FHA mortgages also feature easy approval criteria and allow credit scores as low as a 580 as long as there have been no late payments in the last 12 months. (1 late payment is allowed with a good letter of explanation) Home buyers must have 3.5% down payment which can be a gift from family, employer or close friends and 2 years work or educational experience in the same field.

Click FHA Mortgages for more information.

Apply Online to see if you qualify for an FHA Mortgage today!