Chris Brown - Orlando Mortgage Pro's Blog

How To Trim Your Utility Bills Without Inconveniencing Yourself

Chris Brown | Florida's #1 FHA Mortgage Broker — Wed, 09 Dec 2009 02:40:55 -0600

The average family spends $2,200 per year in electric bills and the average home is responsible for twice the amount of greenhouse gases than the average automobile.

Whether you want to save money or save the environment, this 5-minute piece from the NBC Today Show is for you. In it, you'll learn that just by being aware of your energy consumption, you can reduce it by up to 15 percent.

The piece centers on a device called a Power Monitor which retails from $30 to $100, depending on the model. It measures the actual cost of using an appliance, or using a light, or charging a laptop, or any other household energy use.

Among the cost findings:...........

Read the COMPLETE BLOG POST HERE:

How To Trim Your Utility Bills Without Inconveniencing Yourself

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Chris is Florida's #1 FHA Mortgage Broker and a syndicated mortgage blogger. He is regular contributor to the three leading industry blog-fronts including The Mortgage Chili Blog, My FHA Mortgage Blog, Top of Mind Networks, the newest contributor to Lenderama and recently featured on Fox35 News.

Chris can be found at
Orlando FHA Loans,
Chris[at]OrlandoMortgagePro[dot]com,
or by calling 407.377.0500 x 210

The FHA Mortgage Pro

that FHA Mortgage Pros go to

when they need an FHA Mortgage Pro.

Orlando FHA Loans | MortgageChiliBlog.com.

How To Increase Your 2009 Mortgage Interest Tax Deduction

Chris Brown | Florida's #1 FHA Mortgage Broker — Tue, 08 Dec 2009 02:35:38 -0600

For many American homeowners, interest paid on a mortgage is tax-deductible in the year in which it was paid.

Knowing that, eligible homeowners can increase their 2009 tax deductions just by making their January 2010 mortgage payment before the end of the year.

By paying in 2009, the mortgage interest paid can be applied against 2009's itemized tax deductions even though the payment isn't technically due until 2010.

It can reduce........

Read the COMPLETE BLOG POST HERE:

How To Increase Your 2009 Mortgage Interest Tax Deduction

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Chris can be found at
Orlando FHA Loans,
Chris[at]OrlandoMortgagePro[dot]com,
or by calling 407.377.0500 x 210

The FHA Mortgage Pro

that FHA Mortgage Pros go to

when they need an FHA Mortgage Pro.

Orlando FHA Loans | MortgageChiliBlog.com.

Why buy when I can rent til prices hit bottom

Chris Brown | Florida's #1 FHA Mortgage Broker — Mon, 07 Dec 2009 09:10:21 -0600

Via Heather the Realtor - Orlando, Lake Mary First Time Home Buyers, Bank Owned Homes (RE/MAX Central Realty):

The best way to “play it safe” is to actually buy a home. Here’s why: studies show that owning a home is the best way to build household wealth. The sooner a person owns a home, the faster they begin to build up equity and wealth. When you buy a home, you are also purchasing price stability, knowing that you will pay the same monthly payment for the life of your 30-year, fixed-rate mortgage. Interest rates are so low you couldnt ask for a better time.

Now consider the current rental market. Where is the economic security in not knowing how much your rent will increase in the next three years? You don’t receive any tax benefits from paying rent, nor do you accumulate any price appreciation, as you would if you owned a home of your own. All of the economic fundamentals show that this is a good time to buy a home. The real risk isn’t in buying a home, it’s continuing to rent.

Heather Joubran

RE/MAX Central Realty

www.HeatherTheRealtor.com

(407) 810-6304

Specializing in First Time Home Buyers, Bank Owned Real Estate & Foreclosure Properties

Servicing: Lake Mary, Longwood, Winter Springs, Sanford, Altamonte Springs, Oviedo

Orlando, Downtown Orlando, Thornton Park, College Park, Winter Park, Maitland, Windermere, UCF, Lake Nona, Baldwin Park, Apopka, Ocoee & Winter Garden

The FHA Mortgage Pro

that FHA Mortgage Pros go to

when they need an FHA Mortgage Pro.

Orlando FHA Loans | MortgageChiliBlog.com.

Sunrail in Central Florida - is it the answer to traffic problems or a financial thunderstorm?

Chris Brown | Florida's #1 FHA Mortgage Broker — Mon, 07 Dec 2009 09:09:00 -0600

Via Rob Arnold, metro Orlando full service, investor friendly & foreclosure Realtor (Sand Dollar Realty Group, Inc.):

Today starts a special session by Florida's legislature on Sunrail, the proposed 61+ mile commuter railway running north-south through Central Florida / metro Orlando.

The benefits touted by Sunrail are great. Saving the expense of a whole lane off of I-4. Getting all those commuters and cars off the road and onto mass transit. Seriously, who doesn't want less traffic and less pollution in Central Florida? The concept is fantastic. Our local Realtor associations are for it. Our local chambers of commerce are for it. Most of the cities and county governments are for it.

However, there are 2 giant issues that nobody can ever give a good answer for.

(1) How will it pay for itself on an ongoing basis once it is up and running?

Tri-Rail in South Florida has been in existence for over 20 years. It runs parallel to I-95 and the Florida Turnpike through the Fort Lauderdale and Miami area. Despite being around for that long, traffic on both of those highways is in gridlock nearly every day. And in order to get Sunrail in place, south Florida legislators are requiring a new tax on rental cars to go towards subsidizing Tri-Rail. Tri-Rail can't pay for itself after all these years yet taxpayers are supposed to believe that the State of Florida should start up another rail line. Makes a whole lot of financial sense???

(2) Who will actually ride Sunrail especially considering the corridor that it travels along?

The train corridor's location is a big problem. Instead of following I-4, the corridor follows Highway 17-92 for the mostpart. The corridor misses big employment centers like Heathrow/Lake Mary, Uptown Altamonte/Cranes Roost, Maitland Center, Millenia, Universal Studios, International Drive, and Disney World. It will mostly service Sanford, downtown Winter Park, downtown Orlando, and downtown Kissimmee. Not to mention its starting point is several miles west of Deland (almost in the country) and ends way on the north end of Poinciana (about 10 miles north of where all the houses are). In order to get to most of the rail stations, people will either have to drive their car and park it somewhere or else hop on a bus. Then they get on the train and take it where they need to. With all that driving and bus riding, it might be quicker and less trouble to simply get in your car and drive to your job. Of course, the State of Florida could create a bunch of new bus routes, build big parking garages, or add new train spurs. However, I don't believe any of those expenses are even in the budget.

Personally I live about 4 miles west of the train route in Altamonte Springs. During rush hour it takes me about 30 minutes to get into downtown Orlando or about 30 minutes to get into downtown Sanford. By the time I drive to the train station (4 miles is too far to walk especially with a suitcase or bag), and then hop on the train, and then walked to whatever building I needed to go downtown, I could have already been where I wanted to be. So why waste all this time and energy trying to use Sunrail?

The truth is that most people don't like mass transit. (Except maybe government leaders.) I've been looking at Lynx buses for years. (Lynx is the bus service that serves metro Orlando.) The buses are unbelieveably empty (and the bus service is losing millions of dollars every year). Even during rush hour times, you would be hard-pressed to find a bus with more than 20 or so people in it. These same bus riders are going to be the majority of the people riding on Sunrail. Sounds like a lot of empty train cars to me.

According to the Frequently Asked Questions page on the Sunrail website, the initial cost will be $615 million to get it started up and the initial expected ridership will be a mere 4,300 passenger trips per day. Average fare is $2.50. You do the math 4,300 passenger trips * $2.50 per person * 365 days in a year = $3,923,750 in revenue.  Am I missing something here?  Based on these figures, it would take over 153 years before the revenues would pay for just the initial start up costs (not counting the continual cost of operating the trains).

Not to mention that there some 3 million people living in Central Florida and only 4,300 are expected be riding it initially. That's just 1.4% of the entire area's population. Doesn't sound to me like that will put a dent in the giant traffic jams we have? Ridership is projected to increase to 7,400 passenger trips by the year 2030 according to the Sunrail website. So assuming that the population in Central Florida never increases, in just 20 short years the ridership will be up to 2.5% of the area's population. Wow, that gets me excited about spending billions of dollars of taxpayer money!

The Orlando Sentinel actually had a detailed Sunrail article on their front page this morning, and frankly their numbers are so negative that they make the Sunrail website numbers sound glorious by comparison. Read Sunrail Bills May Beat Train to Station.

Seriously if only 4,300 people are going to even being riding Sunrail according to the State's own projections, why are we even bothering with it???

Sunrail sounds like a good idea until you start analyzing the facts. My take is that Sunrail is just another unbelieveably expensive government project that will have few users and waste billions of taxpayer dollars. I hope I'm wrong. I'd sure love to see Sunrail be successful. But as with just about everything else the government touches ... you get the drift.
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Rob Arnold - Your full service and investor friendly Realtor ® in Orlando and Central Florida.

407-389-7318 / 1-877-389-7318 www.SDRhouses.com   www.WeBuyHousesFlorida.com

We sell foreclosure, short sale, and bank owned REO house home throughout Central Florida, metro Orlando, and the Space Coast. We sell and list Central Florida real estate and Orlando real estate. Free list of foreclosure and short sale houses available.  Our firm also provides flat fee MLS listings, For Sale By Owner, and menu-based services in most parts of Florida including Orlando, Altamonte Springs, Apopka, Kissimmee, Sanford, Lake Mary, and Deltona.

The FHA Mortgage Pro

that FHA Mortgage Pros go to

when they need an FHA Mortgage Pro.

Orlando FHA Loans | MortgageChiliBlog.com.

What's Ahead For Mortgage Rates This Week : December 7, 2009

Chris Brown | Florida's #1 FHA Mortgage Broker — Sun, 06 Dec 2009 22:06:45 -0600

Mortgage markets finally reversed course last week, selling off with fury and causing prices to plummet.

When bonds prices fall, rates rise.

The action broke a multi-week winning streak, much to the disappointment of rate shoppers everywhere. Rate hikes came in stages.

First, early in the week, mortgage bonds fell out of favor as traders booked profits ahead of the November jobs report and as concerns over a Dubai Default waned.

Then, on Friday, when the jobs report was ultimately released, it showed a net loss of just 11,000 jobs in November and dip in the Unemployment Rate to 10.0 percent.

Mortgage markets got hit again.

Now, since bottoming last Monday, mortgage pricing is worse by more than 100 basis points. As that figure relates to rates, it's a jump of anywhere from a quarter- to a half-percent.

Last week was a bad week to not be locked in. Unfortunately, this week may not be much better.

Without much data due for......

Read the COMPLETE BLOG POST HERE:

What's Ahead For Mortgage Rates This Week : December 7, 2009

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Chris can be found at
Orlando FHA Loans,
Chris[at]OrlandoMortgagePro[dot]com,
or by calling 407.377.0500 x 210

The FHA Mortgage Pro

that FHA Mortgage Pros go to

when they need an FHA Mortgage Pro.

Orlando FHA Loans | MortgageChiliBlog.com.

Falling Unemployment Rate Leads To Higher Mortgage Rates Today

Chris Brown | Florida's #1 FHA Mortgage Broker — Fri, 04 Dec 2009 21:55:32 -0600

This morning's jobs report is causing mortgage rates to rise, capping a week during which rates have already jumped 3/8 percent off all-time lows.

The government's November Non-Farm Payrolls report reinforced the notion that the recession is nearly over, if not over already.

Just 11,000 jobs were lost last month -- much fewer than analysts had expected -- as the Unemployment Rate fell to 10.0%.

If it seems strange to be talking economic recovery while Americans are still losing jobs -- 7.2 million since 2008 -- remember that data always needs context.

See, analysts view employment figures as a lagging indicator for the economy. This is because business owners tend to make hiring decisions based on how business has been -- not on how it will be at some point in the future.

The jobs report rarely reflects the........

Read the COMPLETE BLOG POST HERE:

Falling Unemployment Rate Leads To Higher Mortgage Rates Today

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Chris can be found at
Orlando FHA Loans,
Chris[at]OrlandoMortgagePro[dot]com,
or by calling 407.377.0500 x 210

The FHA Mortgage Pro

that FHA Mortgage Pros go to

when they need an FHA Mortgage Pro.

Orlando FHA Loans | MortgageChiliBlog.com.

Store Credit Cards : The Hidden Cost Of "Instant Savings"

Chris Brown | Florida's #1 FHA Mortgage Broker — Thu, 03 Dec 2009 00:15:57 -0600

Tis the season to do shopping -- and get bombarded with offers to open credit cards.

The deals are tempting, too. "Open a charge card today" and save up to 20% on your purchase. Considering that the average Black Friday ticket was $343, that's $68 saved per store.

For big-ticket items like televisions, the savings are even bigger.

But for people in the market for a new home -- or looking to refinance -- taking advantage of in-store savings could be a long-term money loser.

Every time you apply for a credit card, your credit score drops.

According to myFICO.com, "new credit" accounts for 85 out of 850 possible credit scoring points. New credit is defined by such traits as:

Number of recently opened accounts
Number of recent credit inquiries
Time since credit inquiry(s)
Proportion of accounts that are recently opened to all open accounts

Shoppers with few open credit cards are ......

Read the COMPLETE BLOG POST HERE:

Store Credit Cards : The Hidden Cost Of "Instant Savings"

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Chris can be found at
Orlando FHA Loans,
Chris[at]OrlandoMortgagePro[dot]com,
or by calling 407.377.0500 x 210

The FHA Mortgage Pro

that FHA Mortgage Pros go to

when they need an FHA Mortgage Pro.

Orlando FHA Loans | MortgageChiliBlog.com.

Pending Home Sales Data Forecasts Higher Home Values Next Month

Chris Brown | Florida's #1 FHA Mortgage Broker — Wed, 02 Dec 2009 21:58:39 -0600

When a home seller accepts a contract on an MLS-listed property, the property's status changes from "Active" to "Pending".

This means the home is scheduled to sell, but not yet sold.

Each month, the National Association of Realtors® tallies the number of pending homes and publishes the data as the Pending Homes Sales Index report.

In October, for the 9th straight month, the index gained. It's the longest such streak in Pending Home Sales history.

Because a "pending" home sale is just a contract between buyer and seller, it's not as important to the economy as actual home sales. However, the Pending Home Sales Index can be a fine predictor of future activity.

Historically, 80 percent of......

Read the COMPLETE BLOG POST HERE:

Pending Home Sales Data Forecasts Higher Home Values Next Month

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Chris can be found at
Orlando FHA Loans,
Chris[at]OrlandoMortgagePro[dot]com,
or by calling 407.377.0500 x 210

The FHA Mortgage Pro

that FHA Mortgage Pros go to

when they need an FHA Mortgage Pro.

Orlando FHA Loans | MortgageChiliBlog.com.

New Home Supplies Plummet, Pressuring Home Prices Higher

Chris Brown | Florida's #1 FHA Mortgage Broker — Tue, 01 Dec 2009 01:27:06 -0600

The supply of newly-built homes fell to its lowest levels since 2006, offering additional proof of a housing market in recovery.

Home supply is defined as the amount of time it would take to sell the current inventory of homes at the current pace of sales.

In October, for the 8th consecutive month, home supplies fell. Since peaking in January 2009, it's now down by almost half.

Lower supply leads to higher prices. This is Economics 101.

Furthermore, supply is expected fall into 2010. According to the government, builders are breaking ground on new homes at a declining pace, even as sales ramp up.

Builders are cheering the October New Home Sales report, but its the everyday sellers of "existing homes" that have real reason to celebrate.

See,......

Read the COMPLETE BLOG POST HERE:

New Home Supplies Plummet, Pressuring Home Prices Higher

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Chris can be found at
Orlando FHA Loans,
Chris[at]OrlandoMortgagePro[dot]com,
or by calling 407.377.0500 x 210

The FHA Mortgage Pro

that FHA Mortgage Pros go to

when they need an FHA Mortgage Pro.

Orlando FHA Loans | MortgageChiliBlog.com.

One Reason Why Mortgage Rates Are Back To All-Time Lows

Chris Brown | Florida's #1 FHA Mortgage Broker — Sun, 29 Nov 2009 20:59:11 -0600

Home affordability improved this week after the Federal Reserve released its November 3-4, 2009 meeting minutes.

The FOMC Minutes is a companion to the Federal Reserve's post-meeting press release. It's released 3 weeks after the Fed adjourns and details the internal debates that shape our nation's monetary policy.

As compared to the press release, the minutes can be rather lengthy. November's press release featured 428 words, the minutes offered 6531.

However, this extra level of detail shapes markets and mortgage rates. With Wall Street unsure about the economy's path, investors look to our nation's central bankers for guidance.

The Fed has made several points clear:.....

Read the COMPLETE BLOG POST HERE:

One Reason Why Mortgage Rates Are Back To All-Time Lows

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Chris can be found at
Orlando FHA Loans,
Chris[at]OrlandoMortgagePro[dot]com,
or by calling 407.377.0500 x 210

The FHA Mortgage Pro

that FHA Mortgage Pros go to

when they need an FHA Mortgage Pro.

Orlando FHA Loans | MortgageChiliBlog.com.

Mortgage Revolution: Will You Be Left Behind???

Chris Brown | Florida's #1 FHA Mortgage Broker — Thu, 26 Nov 2009 08:27:08 -0600

Via David Krushinsky (WJ Bradley Mortgage Capital, Phoenix AZ):

For many years I've attended Sales Mastery, Business Plan or some type of mortgage seminar to continue learning new, innovating ways to build my business. Many of the top loan officers in our company, and other companies, also attend these events. It wasn't uncommon for these seminars to have over 3,000 people in attendance. Unfortunately, there was no Sales Mastery or Business Plan to attend this year.

The Internet is an amazing tool that we can use to leverage our knowledge, relationships and advertising. Websites like Twitter, Facebook and Linked In have allowed me the opportunity to connect with some brilliant loan officers in other parts of the country. I read their blogs, their tweets and look at their status updates on Facebook. I do what they're doing to help grow my own business. I write about my own mistakes and also the success that my team has and post those articles in my blog. I put links on Twitter, Facebook and embed my articles in Linked In.

In the short time I've been doing this, I've built relationships with many of these people. Chris Brown helped me get my blog started last year. Brian Brady gave me a few tips on the phone about writing blogs, which has resulted in about 3-5 leads per week. I've also received many referrals from loan officers in different states and locally in Phoenix. I've even been contacted to write articles for print magazines, such as Scotsman Guide. All of this because of social media.

The game is changing. Gone are the days of advertising with flyers and magazines. Sending out 1,500 mailers to people "hoping" you get a 1% return on your efforts is a losing battle. The Washington Post just announced yesterday they are shutting down all of their offices around the country except the one in Washington D.C. If today's loan officer doesn't embrace the new rules within our own business, we will be left behind just like the Post. During the last 10 years, the media has taught everyone they must get prequalified before even looking at homes. Today's consumer is turning more toward the Internet and we must learn how to show up in their search results on the first page of Google.

I'm using this as an invite to learn a new strategy, implementation and execution from the best of the best. The event is called Mortgage Revolution and is dubbed "a grass-roots movement created by mortgage professionals for mortgage professionals".  I am committed to attending this event January 10-12, 2010 at the Cobb Galleria in Atlanta, GA. Early-Bird special is $149 until Dec. 1, 2009, then the regular price thereafter is $199. This is a non-profit event and the goal is to raise $250K for charity so that the media has something positive to say about our industry. To find out more visit their website or shoot me an email. I hope to see you there.

The FHA Mortgage Pro

that FHA Mortgage Pros go to

when they need an FHA Mortgage Pro.

Orlando FHA Loans | MortgageChiliBlog.com.

The Home Price Index Shows Home Values Increasing. Case-Shiller Agrees.

Chris Brown | Florida's #1 FHA Mortgage Broker — Wed, 25 Nov 2009 02:48:21 -0600

It's official -- home prices are no longer in free fall.

According to the Federal Housing Finance Agency, the Home Price Index posted its first quarterly increase since 2007 last quarter.

The news was reported Tuesday.

The Home Price Index is an interesting metric. It's huge in its scope, accounting for every home sold in the country that backs a mortgage bound for Fannie Mae or Freddie Mac with two notable exceptions:

It doesn't track new construction
It doesn't track multi-unit homes

Because the Home Price Index makes these specific exclusions, and because it doesn't account for FHA and jumbo mortgages, some analysts discount the HPI's relevance. They prefer the private-sector Case-Shiller Index instead.

Now, to be fair, the Case-Shiller has its own set of flaws, too.

For example, it excludes condos and co-ops, and only tracks sales in 20 cities nationwide. But, of all the..........

Read the COMPLETE BLOG POST HERE:

The Home Price Index Shows Home Values Increasing. Case-Shiller Agrees.

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Chris can be found at
Orlando FHA Loans,
Chris[at]OrlandoMortgagePro[dot]com,
or by calling 407.377.0500 x 210

The FHA Mortgage Pro

that FHA Mortgage Pros go to

when they need an FHA Mortgage Pro.

Orlando FHA Loans | MortgageChiliBlog.com.

Existing Home Sales Blow Past Expectations

Chris Brown | Florida's #1 FHA Mortgage Broker — Tue, 24 Nov 2009 01:09:00 -0600

Another month, another piece of evidence that the housing market is in recovery.

Existing Home Sales surged in October as the nation's homebuyers took advantage of low mortgage rates, low list prices, and, for some, a generous tax credit.

Home resales are 23 percent higher versus a year ago and home supply is down to 7 months nationwide.

Inventory hasn't been this low since February 2007.

The news shouldn't be surprising, however. The same real estate trade group that produces the Existing Home Sales report also publishes a monthly report meant to predict future home sales called the Pending Home Sales Index.

Pending Home Sales have been throug......

Read the COMPLETE BLOG POST HERE:

Existing Home Sales Blow Past Expectations

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Chris can be found at
Orlando FHA Loans,
Chris[at]OrlandoMortgagePro[dot]com,
or by calling 407.377.0500 x 210

The FHA Mortgage Pro

that FHA Mortgage Pros go to

when they need an FHA Mortgage Pro.

Orlando FHA Loans | MortgageChiliBlog.com.

What's Ahead For Mortgage Rates This Week : November 23, 2009

Chris Brown | Florida's #1 FHA Mortgage Broker — Mon, 23 Nov 2009 03:03:38 -0600

Mortgage markets worsened last week on a mixed bag of economic data. Inflation data came in soft, but so did the start of the holiday shopping season.

For the first time in a month, mortgage rates worsened last week, adding roughly 0.125 percent on conforming fixed-rate products, and a little bit more on ARMs.

Despite rates worsening, there was still some good news for home buyers and would-be refinancers. Mortgage rate volatility was markedly lower than in recent weeks. You could shop for mortgage rate last week and actually take your time about it.

This is in stark contrast to the last month or so over which mortgage rates changed every few hours, on average.

This week, though, because a heavy data calendar is combining with a holiday-shortened trading week, rates aren't likely to stay as tame.

Monday: Existing Home Sales
Tuesday: Consumer Confidence, Home Price Index, Fed Minutes
Wednesday: New Home Sales, Personal Income and Outlays

Each of these data points are..........

Read the COMPLETE BLOG POST HERE:

What's Ahead For Mortgage Rates This Week : November 23, 2009

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Chris can be found at
Orlando FHA Loans,
Chris[at]OrlandoMortgagePro[dot]com,
or by calling 407.377.0500 x 210

The FHA Mortgage Pro

that FHA Mortgage Pros go to

when they need an FHA Mortgage Pro.

Orlando FHA Loans | MortgageChiliBlog.com.

Housing Starts Are Down And Why It's Terrific News For Sellers

Chris Brown | Florida's #1 FHA Mortgage Broker — Thu, 19 Nov 2009 22:26:07 -0600

A "Housing Start" is a home on which construction has started and, for the 4th straight month, national single-family housing starts held steady last month.

When the demand for homes grows faster than the number of homes for sale, prices increase.

As recent home sales data confirms, buyers currently outpace sellers and one consequence of this is an increase in multiple-offer situations this year.

It's no wonder home prices are up across so many neighborhoods.

October's Housing Starts report is .......

Read the COMPLETE BLOG POST HERE:

Housing Starts Are Down And Why It's Terrific News For Sellers

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Chris can be found at
Orlando FHA Loans,
Chris[at]OrlandoMortgagePro[dot]com,
or by calling 407.377.0500 x 210

The FHA Mortgage Pro

that FHA Mortgage Pros go to

when they need an FHA Mortgage Pro.

Orlando FHA Loans | MortgageChiliBlog.com.

The 2010 Conforming Loan Limits

Chris Brown | Florida's #1 FHA Mortgage Broker — Wed, 18 Nov 2009 00:22:51 -0600

A conforming mortgage is one that, quite literally, conforms to the mortgage guidelines set forth by Fannie Mae or Freddie Mac.

Each year, the government sets the maximum allowable loan size for a conforming mortgage, based on "typical" housing costs nationwide.

Loans in excess of this amount are typically called "jumbo".

While home prices increased from 1980 to 2006, so did conforming loan limits. Since then, however, as home prices have dipped, the conforming loan limit has held.

Now, in 2010, for the 5th consecutive year, the government set $417,000 as the nation's conforming mortgage loan limit.

The 2010 conforming loan limits, as released by the government, are:.....

Read the COMPLETE BLOG POST HERE:

The 2010 Conforming Loan Limits

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Chris can be found at
Orlando FHA Loans,
Chris[at]OrlandoMortgagePro[dot]com,
or by calling 407.377.0500 x 210

The FHA Mortgage Pro

that FHA Mortgage Pros go to

when they need an FHA Mortgage Pro.

Orlando FHA Loans | MortgageChiliBlog.com.

Simple Real Estate Definitions : APR

Chris Brown | Florida's #1 FHA Mortgage Broker — Mon, 16 Nov 2009 22:07:39 -0600

APR is an acronym for Annual Percentage Rate. It's a government-mandated calculation meant to simplify the comparison of mortgage options.

A loan's APR can always be found in the top-left corner of the Federal Truth-In-Lending Disclosure.

Because APR is expressed as a percentage, many people confuse it for the loan's interest rate. It's not. APR represents the total cost of borrowing over the life of a loan. "Interest rate" is the basis for monthly mortgage repayments.

The main advantage of APR is that........

Read the COMPLETE BLOG POST HERE:

Simple Real Estate Definitions : APR

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Chris can be found at
Orlando FHA Loans,
Chris[at]OrlandoMortgagePro[dot]com,
or by calling 407.377.0500 x 210

The FHA Mortgage Pro

that FHA Mortgage Pros go to

when they need an FHA Mortgage Pro.

Orlando FHA Loans | MortgageChiliBlog.com.

What's Ahead For Mortgage Rates This Week : November 16, 2009

Chris Brown | Florida's #1 FHA Mortgage Broker — Mon, 16 Nov 2009 02:37:40 -0600

Mortgage markets improved last week as foreign buyers of mortgage debt helped to push mortgage rates to a 4-week low.

It marked the 3rd consecutive week that rates improved, breathing extra life into this year's ongoing Refi Boom.

Fixed-rate, conforming mortgage rates fell about 0.125 percent on the week. ARMs did about the same.

There wasn't much data to move mortgage rates last week; investors worked mostly on momentum and trends. However, the Friday University of Michigan Consumer Sentiment survey release garnered some attention.

After worsening in August and September, consumer sentiment fell for the third straight month in October. Analysts worry about what it could mean to the economy. Holiday Shopping season is here and consumer spending fuels the economy. If households hold the purse strings tight, our nation's budding economic recovery may stall.

In a scenario like that, employment rates won't rebound so fast, but rate shoppers might not mind. Slower-than-expected economic growth tends to suppress mortgage rates, helping to improve home affordability overall.

This week, data comes...........

Read the COMPLETE BLOG POST HERE:

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Chris can be found at
Orlando FHA Loans,
Chris[at]OrlandoMortgagePro[dot]com,
or by calling 407.377.0500 x 210

The FHA Mortgage Pro

that FHA Mortgage Pros go to

when they need an FHA Mortgage Pro.

Orlando FHA Loans | MortgageChiliBlog.com.

Banks Raise Mortgage Qualification Standards

Chris Brown | Florida's #1 FHA Mortgage Broker — Thu, 12 Nov 2009 03:24:15 -0600

Despite the economy's improvement and prodding from Congress, banks don't seem ready to open their purse strings just yet.

Nationally, mortgage approval standards are tightening.

The data comes from a quarterly survey the Federal Reserve sends to its member banks. The Fed asks senior bank loan officers around the country whether "prime" residential mortgage guidelines had tightened in the last 3 months.

For the period July-September 2009:

Roughly 1 in 4 banks said guidelines tightened
Roughly 3 in 4 banks said guidelines were "basically unchanged"

Just one bank said its guidelines had loosened.

Combine the Fed's survey with recent underwriting updates from the FHA and from Fannie Mae and it becomes clear that mortgage lenders are much more cautious about their loans than they were, say, 2 years ago.

Today's borrowers face a host of hurdles including:........

Read the COMPLETE BLOG POST HERE:

Banks Raise Mortgage Qualification Standards

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Chris can be found at
Orlando FHA Loans,
Chris[at]OrlandoMortgagePro[dot]com,
or by calling 407.377.0500 x 210

The FHA Mortgage Pro

that FHA Mortgage Pros go to

when they need an FHA Mortgage Pro.

Orlando FHA Loans | MortgageChiliBlog.com.

FHA Streamline Refinance Program : There's 5 Days Left

Chris Brown | Florida's #1 FHA Mortgage Broker — Mon, 09 Nov 2009 22:42:27 -0600

Consider this a last call for FHA Streamline Refinances. Starting next Tuesday, the popular rate-lowering program gets strict on borrowers.

There's 5 days left.

Under the current streamline refi guidelines, FHA homeowners have minimal program eligibility requirements.

FICO scores must be 620 or higher
The refinance must provide a "tangible benefit"
No mortgage lates allowed in the last 12 months

Beyond that, everything else goes, practically. There's no income, asset, or job verification with the current FHA Streamline program. Neither is there an appraisal requirement. It doesn't matter if you're 50% underwater.

Until next week, that is.

Beginning November 17, FHA Streamline Refinance applicants must show evidence of income and.......

Read the COMPLETE BLOG POST HERE:

FHA Streamline Refinance Program : There's 5 Days Left

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Chris can be found at
Orlando FHA Loans,
Chris[at]OrlandoMortgagePro[dot]com,
or by calling 407.377.0500 x 210

The FHA Mortgage Pro

that FHA Mortgage Pros go to

when they need an FHA Mortgage Pro.

Orlando FHA Loans | MortgageChiliBlog.com.

Top 10 Things to Know about the Tax Credit Extension.

Chris Brown | Florida's #1 FHA Mortgage Broker — Mon, 09 Nov 2009 15:54:58 -0600

General Rules for Orlando Home Buyer Tax Credit Seekers:

A "first time home buyer" is defined as someone who has not owned a home in the last three years. If you are a "first-time home buyer", your tax credit will amount to 10% of the purchase price of your new home not to exceed $8,000.

A "long-time resident" is defined as someone who has lived in the same primary home for 5 out of the past 8 years. If you are a "long-time resident", your tax credit will amount to 10% of the purchase price of your new home not to exceed $6,500.

The tax credit does not need to be paid back if you continue living in the home as your primary residence for three years without selling it

The home must be purchased for less than $800,000 before May 1, 2010. If you sign a binding contract to purchase a home before May 1st, you would need to close on the transaction before July 1, 2010.

Single taxpayers with incomes up to $125,000 and married couples with incomes up to $225,000 qualify for the full tax credit

You cannot purchase the home from a related party like a spouse, direct ancestor, or direct lineal descendent (child or grandchild); however, you can still qualify for the credit if you purchase a property from siblings, nephews, nieces, and others

If you are married, both spouses must qualify for the credit

If more than one unmarried individual is buying the property, the credit can be split up among all the individuals who qualify. However, the total credit taken cannot exceed $8,000 (or $6,500 for "long-time residents"). Alternatively, if only one of the unmarried buyers qualifies for the credit based on their income or past home ownership status, the individual who qualifies for the credit can claim the full credit.

The credit applies even if you have co-signers on your mortgage loan

The credit applies to 1-4 unit homes as long as you live in one of the units as your primary residence - you could live in one unit and rent out the others

How does the tax credit work? A tax credit is kind of like a gift certificate that you can use to pay your taxes - it reduces your income tax bill on a dollar for dollar basis. Imagine paying your bill at IRS Restaurant, and then later getting an IRS Restaurant gift certificate. Normally, you would need to go back to IRS Restaurant and buy more food in order to use your new gift certificate. But what if IRS Restaurant allowed you to just turn in your gift certificate for cash? That's how the home buyer tax credit works! All you need to do is file a form with the IRS after you buy your new home and they will send you a refund check for $8,000 (or $6,500) - just like the example of IRS Restaurant that allows you to exchange your gift certificate for cash! Remember though, you'll receive the $8,000 (or $6,500) from the IRS AFTER you purchase your new home, so you cannot use the funds to help with your down payment.

Chris is Florida's #1 FHA Mortgage Broker and a syndicated mortgage blogger. He is regular contributor to the many leading industry blog-fronts including The Mortgage Chili Blog, My FHA Mortgage Blog, Top of Mind Networks, the newest contributor to Lenderama and has been recently featured on Fox35 News.

Chris can be found at Orlando FHA Loans, Chris[at]OrlandoMortgagePro[dot]com, or by calling 407.377.0500 x 210

Click Here to Apply Online

Not sure how to connect? Find out at FindChrisBrown.com

A video created by a good friend, Dustin Hughes. If you need a mortgage in Oregon - he is your guy... need one in FL - I would be honored to help!

Chris Brown

The FHA Mortgage Pro

that FHA Mortgage Pros go to

when they need an FHA Mortgage Pro.

Orlando FHA Loans | MortgageChiliBlog.com.

Tax Credit Update YouTube Video

Chris Brown | Florida's #1 FHA Mortgage Broker — Mon, 09 Nov 2009 10:24:28 -0600

A video created by a good friend, Dustin Hughes. If you need a mortgage in Oregon - he is your guy... need one in FL - I would be honored to help!

Chris Brown

The FHA Mortgage Pro

that FHA Mortgage Pros go to

when they need an FHA Mortgage Pro.

Orlando FHA Loans | MortgageChiliBlog.com.

What's Ahead For Mortgage Rates This Week : November 9, 2009

Chris Brown | Florida's #1 FHA Mortgage Broker — Mon, 09 Nov 2009 03:00:53 -0600

Mortgage markets were extremely volatile last week, carving out a wide range between Monday and Friday.

Thankfully for rate shoppers, the overall momentum was positive.

Mortgage rates fell for the second time in as many weeks. Rates still sit higher versus their early-October lows.

For pure "news", last week was a busy one:

The Federal Reserve held the Fed Funds Rate near 0.000 percent
The Unemployment Rate crossed 10 percent
The First-Time Home Buyer Tax Credit was extended to April 2010

Combined, the 3 events reinforced the growing belief on Wall Street that the U.S. economy is in recovery, but not yet out of the woods. This particular philosophy has been excellent for mortgage rates, helping to hold conforming 30-year fixed mortgage rates near 5.250 percent since the start of the year.

It helped rates last week, too. But low rates......

Read the COMPLETE BLOG POST HERE:

What's Ahead For Mortgage Rates This Week : November 9, 2009

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Chris can be found at
Orlando FHA Loans,
Chris[at]OrlandoMortgagePro[dot]com,
or by calling 407.377.0500 x 210

The FHA Mortgage Pro

that FHA Mortgage Pros go to

when they need an FHA Mortgage Pro.

Orlando FHA Loans | MortgageChiliBlog.com.

Congress Expands And Extends The First-Time Home Buyer Tax Credit

Chris Brown | Florida's #1 FHA Mortgage Broker — Thu, 05 Nov 2009 22:36:50 -0600

Congress both extended and expanded the First-Time Home Buyer Tax Credit program Thursday.

The White House says the President will sign it into law today.

The up-to-$8000 tax credit's expiration date has been pushed forward to spring, requiring homebuyers to be under contract by April 30, 2010, and to be closed by June 30, 2010.

The program's basic eligibility requirements remain the same:

Buyers can't purchase the home from a parent, spouse, or child
Buyers can't purchase the home from an entity in which they're a majority owner
Buyers can't acquire the home by gift or inheritance
All parties to the purchase must meet eligibility requirements

The new law includes some notable updates, however.

For one, the definition of "first-time home buyer" has been expanded to include most homeowners with at least 5 years in their current home. "Move-up" buyers like these are now eligible for IRS tax credits, but with a cap at $6,500.

This means that you don't have to be a true first-time home buyer to claim the "first-time home buyer tax credit".

Other eligibility changes include:.......

Read the COMPLETE BLOG POST HERE:

Congress Expands And Extends The First-Time Home Buyer Tax Credit

-----------------------------------------

Chris can be found at
Orlando FHA Loans,
Chris[at]OrlandoMortgagePro[dot]com,
or by calling 407.377.0500 x 210

The FHA Mortgage Pro

that FHA Mortgage Pros go to

when they need an FHA Mortgage Pro.

Orlando FHA Loans | MortgageChiliBlog.com.

A Simple Explanation Of The Federal Reserve Statement (November 4, 2009 Edition)

Chris Brown | Florida's #1 FHA Mortgage Broker — Thu, 05 Nov 2009 04:03:35 -0600

The Federal Open Market Committee voted to leave the Fed Funds Rate within its target range of 0.000-0.250 percent.

In its press release, the FOMC noted that the U.S. economy "has continued to pick up" since the September FOMC meeting and that housing market activity has increased.

It's the third consecutive post-FOMC statement in which the Fed speaks optimistically about the U.S. economy -- a signal that the recession is likely over.

The economy isn't without threats, however, and the Fed identified several in its announcement, including:

Ongoing job losses for American workers
Reduced fixed investment by businesses
Ongoing challenges for the financial markets

The overall tone remained positive, however,........

Read the COMPLETE BLOG POST HERE:

A Simple Explanation Of The Federal Reserve Statement (November 4, 2009 Edition)

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Chris can be found at
Orlando FHA Loans,
Chris[at]OrlandoMortgagePro[dot]com,
or by calling 407.377.0500 x 210

The FHA Mortgage Pro

that FHA Mortgage Pros go to

when they need an FHA Mortgage Pro.

Orlando FHA Loans | MortgageChiliBlog.com.