Florida Mortgage Blogger

8 Things You Need to Know About the Home Valuation Code of Conduct

Kevin Sandridge - Winter Haven Mortgage Broker (Signature Home Funding) — Tue, 12 May 2009 11:41:25 -0500

Florida mortgage brokers and Realtors take note. We’re in full swing now with the new Form 1004MC - “MARKET CONDITIONS ADDENDUM to the APPRAISAL REPORT” - will be required on all Florida appraisal reports for single to 4-family home loans dated on or after April 1, 2009. If you’ve still not heard about the Home Valuation Code of Conduct (HVCC) - which is tied to the competition of Form 1004 MC - it requires appraisers to provide more information about market trends, supply and demand, marketing times, prior listings, and the like.

There’s a lot to the HVCC, but at the least, Florida mortgage professionals and Realtors should become familiar with it - at least on a cursory level.

Here are 8 of the main questions I receive most regarding the HVCC:

1. What is an Appraisal Management Company?

2. Can my Florida mortgage broker talk to the appraiser?

3. What’s the buzz about the fact that “value trending” appraisals must now include a trending analysis on the appraisal report?

4. What if the value comes in lower than the sales price?

5. Can an appraisal be assigned to another lender?

6. Can the borrower/client pay for the appraisal at the door?

7. What’s the 3-day appraisal notice to the borrower all about?

8. Are FHA and VA Loans Required to Use the HVCC Appraisal Process?

Continue on to find out the answers...

Florida Applications for Mortgage Modification Picking Up. Are You Eligible?

Kevin Sandridge - Winter Haven Mortgage Broker (Signature Home Funding) — Tue, 12 May 2009 11:19:49 -0500

Florida homeowners are no strangers to the idea of mortgage modification, as put forth via wide-spread publicity efforts announcing home loan modification as part of President Obama’s foreclosure-prevention program.

As recently as last week, Chase Mortgage, the servicing side of JP Morgan Chase, had negotiated more than 15,000 modifications under this program. Chase Mortgage isn’t’ the only major bank facilitating mortgage modifications.

Back in April of 2009, Bank of America delivered as many as 100,000 letters to borrowers who could potentially benefit from home loan modification. Although BOA has yet to release information as to how many mortgage modifications it’s performed, the lender is clearly involved in the process.

Making Home Affordable - Key Goals and Intended Outcomes When the Making Home Affordable plan went into effect on March 4, the Obama administration believed that it could help as many as 4 million people steer clear of mortgage default and/or foreclosure. The plan’s key focus involved encouraging lenders to help past-due borrowers or those at-risk of falling into this category lower their interest rates to levels where their monthly housing payments would not exceed 31 percent of their gross monthly income. While the Making Home Affordable program isn’t available to all Florida mortgage borrowers, it may very well be an option for you.

To find out if this program fits your individual situation, follow these important home loan modification steps...

Cover Your Winter Haven FHA Mortgage Downpayment with a Loan from Your Family

Kevin Sandridge - Winter Haven Mortgage Broker (Signature Home Funding) — Sun, 10 May 2009 23:36:17 -0500

One of the things holding most Winter Havenfirst-time home buyers back from purchasing a home is the 3.5% downpayment requirement for FHA mortgages. Add closing costs to this total and many would be first-time home buyers - despite having jobs that can maintain monthly mortgage payments - simply can't swing getting into a home at all.

With DPAs now a thing of the past, another source of downpayment funds for first time home buyers a home is a LOAN from an immediate family member. Although it cannot be a requirement of the loan, qualified first time home buyers can borrow the money from their parents and repay it with the $8,000 tax credit.

Here's how...

SEO with Social Media - It's All About Building Your Brand

Kevin Sandridge - Winter Haven Mortgage Broker (Signature Home Funding) — Mon, 13 Apr 2009 18:12:22 -0500

Effective use of social media marketing via the social web means focusing on building your brand and your reputation. There are no magic bullets when you're striving for maximized search engine optimization. It's pretty much a mixed bag between using good on-page optimization techniques and maximizing your brand through the use of social media sites. These can range from the more general sites like StumbleUpon, Digg, and Propeller and the more specialized sites like LinkedIn and ActiveRain.

Social Media SEO is About Branding and Reputation

Again, we're focusing on building your brand and reputation. It's not about achieving spikes in web traffic from one or two carefully worded blog post titles sent up through your networks. What it takes is time - time to seek out the social media niches where your potential customers are to be found, and then proving yourself as both a consistently valuable resource and a thoughtful community contributor.

As your brand and reputation grow, you'll see connections begin to form. The contacts you make will begin recommending your blog or website to others, and you will see your overall traffic increase over time through naturally occurring - and long lasting - backlinks. As you grow your presence, you'll be practicing what experts call organic SEO (as opposed to the wham-bam type referenced above).

Brand Building Works - Take Google's Vince Update for Example

Earlier this month, Google issued what Matt Cutts referred to as an algorithmic modification called the Vince update. A quick Google search for Vince Update will provide you with the particulars. The key here though, is that this update apparently gave a bump to some of the major brand names out there - ones who have, by virtue of their "time of service" on the web, garnered the social trust, authority, and significant PageRank. What spurred on more than a little chatter, is that the major brands apparently got more of a push than long time "lesser" brands. Take a look at what Matt Cutts had to say about the Vince Update:

Tend Your Brand and Reputation Garden by Nurturing Others

I've long been a believer in the idea that you need to cultivate and nurture your clients in order to forge natural, meaningful, organic relationships. Social media marketing is all about paying it forward. Putting the needs, interests, and strategic goals of others before your own - at least some of the time. I say this, because it would be silly to say that we shouldn't always be looking after our own interests. Just be sure that you take time out to keep the social part of social media alive.

Remember in the "olden days," when Gurus used to tell you to collect clipped or photocopied newspaper or magazine articles your boss might find useful, and then give them to her so that she might start to look at you as an intuitive, informed, and valuable employee?

Your approach to social media marketing (i.e., marketing) is like that which I just described... only now - you're sending links through Twitter and peppering relative hashtags in with your tweets so that other like minded folks may benefit from the little golden nuggets you find!

Each "hey, thought you might like to read this after our last conversation" brings you one step closer to "Hey she's a darned useful member of my network-ville!"

As you move forward with your social media marketing and SEO efforts, consider developing a routine. I like to look at my social network as a neighborhood. On a loose, yet fairly orderly schedule, I swing by and say howdy to folks, drop off bits of news and information, and then get the heck out of their way. It's never about making the sale. At least not overtly. You'll get to the bottom line of your bank book over time. For now - just sew the seeds in quality soil (carefully selected / targeted contacts) and water, water, water! Oh - and a Sunny Disposition always helps!

In closing, look at brand and reputation building as an important part of your long term (long-tail) SEO efforts. Stick with it, and you're sure to see results that stick with you!

CALL TO ACTION: Have you experimented with social media marketing? Have a story to share? Comment here so we can all learn together!

How to Get Top Rankings for Your Real Estate Website

Kevin Sandridge - Winter Haven Mortgage Broker (Signature Home Funding) — Mon, 13 Apr 2009 17:58:25 -0500

For those of you not receiving it, the regular SiteProNews SE Optimization newsletter is one of the best information and news update services on Search Engine Optimization out there.

I received my most recent copy today, and instantly devoured a post by Titus Hoskins of BizwareMagic.com, called "How Much SEO Do You Need to Get Top Rankings? (also available via Ezine Articles here).

In this post, Titus provides some of the salient SEO tips I've read, so I wanted to share them with you here. I'm sure he won't mind the link love, so the bulk of what he says can be found below. Be sure to check out his Internet Marketing Tools site, as well as his FREE 7 Day Internet Marketing Course. I'm sure you will gain a lot of very useful tips on how you can increase website traffic from what Titus has to share.

Of all the myths perpetuated byleading SEO gurus out there, the one that says you must practice perfect SEO strategies to get top rankings is perhaps one of the biggest. Does it help to follow standard proven SEO practices when optimizing your website? Sure. But, there's no magic bullet. What you'll need to do is test, test, and then test some more to be sure you're achieving the results you desire.

True, there are some big SEO mistakes you should steer clear of. Things like keyword stuffing, keyword spamming or linking out to bad neighborhoods such as link farms, pharmaceutical or gambling sites may get you blacklisted. (Note, while you cannot control who links to you, you should always be careful about who you are linking to.)

(Read the rest of Titus' Intro here... ) Now on to the tips!

Understanding that you may or may not be fully gung-ho about your site's SEO effectiveness, you may want to implement some of these steps now and save some for later. However, here are a few things you can do if you want to go into the SEO battle full-force. (Warning... Follow these steps ONLY if you want to see marked improvement in your Google page placement!)

1. Download SEOquake and place this free SEO toolbar plug-in on your Firefox browser. (Kevin's note: I use it, and it's awesome!)

2. Go to Google and type in the keyword or keyword phrase you're targeting with your site or content.

3. Click on the number one ranking and observe how many pages it has indexed, PageRank, how many backlinks it has, age of the site... and so on.

4. Then click the page info button and study all the on-page factors this site has and notice what it's doing with its page and keyword density lay-out.

5. Check all the backlinks this site has in the different search engines. Copy or try to get the same backlinks for your site that your competitor has acquired. Then get more backlinks and/or higher quality backlinks than your competitor.

6. Watch your rankings rise...

Titus then goes on to explain that some keywords are just too tough to compete for. Other times, keywords can be won, but it will take you a long time to do so. What you should pay special attention to are the long-tail (multi-worded) keywords that are relative to your site but have little competition. In doing so, you can greatly increase the speed at which you rise in the search rankings. As always, it's advisable that you locate and use a solid search engine optimization tool or resource as you progress with your blogging.

What most people don't consider - and what Titus rightly calls a "Sweet Detail," is that long-tail keywords are often what brings folks to your site. For your Real Estate SEO efforts, I'd add that this is especially true when targeting long-tail phrases with localized geographic information (city name, state, etc.).

Work outside the box here. If you specialize in the Orlando, Florida real estate market, or Clearwater Beach real estate, think of phrases that folks might search for and then test them via one of several available keyword research tools, like the Google Adwords Keyword Research tool. Wordtracker.com also provides a great write up on long-tail keywords.

An example might be: homes in Clearwater Beach Florida, Clearwater Beach Florida condominiums, condos on Clearwater Beach, Sandpearl condos for sale, etc. (Notice, you'll find our good friends and Clearwater Beach Real Estate Pros Jack and Cyndee Haydon ranking pretty high on several of these searches!)

For in the final analysis, you don't want just SEO, you want smart SEO. It won't take you long to realize that, most times, you can often out-smart your competition, even if you can't out-rank them.

Real Estate SEO: Inside the Minds of 900 Social Media Marketers

Kevin Sandridge - Winter Haven Mortgage Broker (Signature Home Funding) — Mon, 13 Apr 2009 17:54:40 -0500

Echoed from Chris Crum over at WebProNews and a Twitter post I received earlier today regarding Michael's AWESOME and incredibly insightful social media marketing report...

Hats off to author and WebProNews Blog Partner Michael Stelzner, who authored a timely and statistically valid white paper about what some 900 online social media marketers, many of whom are small business folks - like we Real Estate Professionals - think about using the medium as a means of growing their business.

Some of the more interesting statistics from the report include:

Females edged out males, representing 56% of all participants

88% indicated they were employing social media for marketing purposes

72% have only been using social media marketing for a few months

64% of marketers are using social media for 5 hours or more each week

39% are using it for 10 hours a week

81% say the number-one benefit is generating exposure, followed by increasing traffic and building new business relationships

Over half saw a rise in search engine rankings

Out of social media tools marketers most wanted to learn about, social bookmarking sites ranked highest followed by Twitter.

Without a doubt, social media marketing is taking off, but as more and more people join the party - questions abound. The report looks at the top ten questions they have:

What are the best tactics to use?

How do I measure the effectiveness of social media?

Where do I start?

How do I manage the social balance?

What are the best sites and tools out there?

How do I make the most of my available time?

How do I find and focus my efforts on my target audience?

How do I convert my social media marketing efforts into tangible results?

How do I cohesively tie different social media efforts together?

Does social media marketing work, and if so, how effective is it?

Image via CrunchBase

It's clear from this report that social media marketing works. However, those expecting overnight results will be disappointed. Note, that 64% of the 900 folks surveyed reported that they spend an average of 5 hours or more on their social media marketing efforts!

As Chris points out in his article on this report, social media marketing is still pretty young. Some of the best resources for answers on the topic are the people you see using the sites themselves. So... what are you waiting for? Time to hit Stumble, Propeller, Twitter, and Digg - create those accounts... and start marketing! (Pssst... Use the Sociable icons at the bottom of this post to start spreading the word!)

PS - Something I have to remind myself to do more of: Be more Social! These are SOCIAL media marketing resources. Pay it forward, share the love, Stumble, Digg, Propeller, etc. posts for others and they'll return the favor!

PPS - You can see Stelzner's full report as well as a video narrated by Stelzner himself here.

If You Want Online 1004 MC Information, Gather Around the Appraiser's Water Cooler

Kevin Sandridge - Winter Haven Mortgage Broker (Signature Home Funding) — Thu, 26 Mar 2009 15:19:46 -0500

The Market Conditions Addendum to the Appraisal Report (Form 1004 MC) is coming, and many appraisers are searching for ways to complete it online or at least via a spreadsheet program like Microsoft Excel. If the 1004 MC is news to you, it's surely not news to the appraisers you use. In fact, the 1004 is pretty much the main topic of interest around the Appraiser's Water Cooler. I'll go over some of the basics about the 1004 MC here, and I'll try to lead you to a few resources that might provide some additional information.

Why is Fannie MaeRequiring Form 1004 MC?

Sometime around mid November 2008, Fannie Mae announced that it would begin requiring Appraisers to submit a Market Conditions Addendum to the Appraisal Report (Form 1004MC) with each and every appraisal they complete. Basically, Fannie Mae purchases or securitizes mortgages in all markets and under all market conditions. When lenders run out of money to lend, they bundle up mortgages and sell them to Fannie Mae (as well as Freddie Mac) who then turns these ";bundles"; into Mortgage Backed Securities to be purchased on the stock market.

Needless to say, Fannie wants to over its "Fannie" by making sure that the mortgage they buy up are worth the paper they're written on! Form 1004 MC, and the market conditions it requires appraisers to document, is to be the tool appraisers use to make sure that their valuations hold up.

OK. So, Form 1004 MC Helps Appraisers Back Up Valuations. But How?

When I first wrote about the Market Conditions Addendum to the Appraisal Report, I mentioned that it will be required on all Florida appraisal reports for single to 4-family home loans dated on or after April 1, 2009. However, as explained, a good number of appraisers and lenders are asking for the information found on the 1004MC now!

Basically, the 1004MC asks for more information about market trends, supply and demand, marketing times, prior listings, and the like.

The Market Conditions Addendum FAQ provided as part of my earlier post takes care of a lot of the main questions folks have about it. So, be sure to check it out. I’ve provided answers to some of the questions I’ve been asked most about the 1004MC. I hope they help to clear some things up for everyone.

Doesn't the 1004 MC Just Mean More Work for Appraisers?

For some, yes. However, long-time Appraisers like Brian Davis, have been collecting the data and performing trend and market analysis as part of their standard appraisal efforts for a long time now. I popped in over at the Appraisal Water Cooler the other day and caught a few of the Pros talking shop about the 1004 MC. Here's what a couple of them had to say...

Reply by Bill Cobb on November 15, 2008 at 8:46am

Brian, I attached the draft I was sent in August 08 (the whole page). When looking at all of the detail of this new form, it would take at least 1 hour to fill out just this form. Not to mention that lenders and AMCs have demanded we add more market analysis, 2-3 listings adjusted to list-2-sales price ratios with listing photos, much more commentary on the reconciliation section, etc.

All of these add-ons are adding 1-2 extra hours to complete this thorough of an appraisal report. MY BEEF is that they don't want to pay a dime more for all of this extra work and time.

Reply by Brian Davis on November 15, 2008 at 9:05am

Bill - Thanks. I also provided a link to the final document (bottom of original post). I've also uploaded the announcement pdf as well as Fannie's FAQ sheet on the new form. Over my career, I've seen many of these initiatives. Most often it's a reaction to appraisers not doing what they should have done in the first place. I can remember when we did not have to include photos of the comps. Why? Because it was presumed that all appraisers were doing their job and were at least driving by them.

To make SURE . . . they began requiring photos. It was their insurance that we HAD visited the comp. There's case after case of that happening. More recently we've been required to report on the historical sales and listings of the subject and comps. YEAH . . . we should have been analyzing that all along . . .but many were not. NOW . . .we're all required to "report" that analysis.

That's what I see in this latest Addendum. Because they feel that many appraisers were not doing the proper analysis . . .we now have to "report" those findings.

I agree . . . It take a LOT longer to "Report" those findings than it takes to just do the "Analysis." Primarily because we have to get it into THEIR format and not just a series of MLS, Assessor, or personal charts and graphs.

So, we can see that appraisers are looking at this much as any other professional might. Most of them have already been doing the work that a few of them look at as "extra," so no big deal there. It's just a pain to get the analysis into the format the lenders are looking for.

I imagine I'd share that sentiment.

What are Some Solutions Out There to Make Completing the 1004 MC Online a Possibility?

I can't imagine what it would be like to take paper and pen mortgage applications every time I interviewed a new applicant. Luckily, I don't have to. Whether in person or by phone, I can easily use my Encompass software to get the job done swiftly and professionally. Obviously, it also helps that I provide a way for customers to securely apply online for a Florida mortgage with a few easy clicks and some keystrokes. But are their online 1004 MC solutions out there for Appraisers to use? You bet. Here are a few I've found. If you know of any more - please share.

1004MC Total Solution©

It's no secret among Appraisers that Brian Davis, over at the AppraisalScoop blog, is one of the top authorities on pretty much all things ";appraisal."; If you've spent any time at all on his site, you're now very aware of an electronic 1004 MC solution that is aptly named "The 1004MC Total Solution©." Devised by Automated Valuation Technologies, Inc. (AVT), this solution claims to streamline the various trending and analysis tasks required to complete the 1004 MC, running on the popular Microsoft Excel (2003 or 2007) spreadsheet platform. My guess is that if it's sold at ScoopGear.com and backed by Mr. Davis - Florida appraisers concerned with completing the 1004 MC correctly should most definitely check it out.

MLS_Analyzer^TM

I found the MLS AnalyzerTM through surfing around on Appraisers Forum for news about how appraisers are dealing with the 1004 MC. According to the site, GeorgiaAppraiser.com, MLS AnalyzerTM MLS Analyzer analyzes downloads from various MLS services and provides appraisers with the appropriate entries for the FNMA 1004MC. I don't know much about this provider. Perhaps some of you can help out by way relaying your first hand experience with it.

S.M.A.R.T. APPRAISER

Billed as "The Best Fannie Mae 1004MC Solution," the creators of the S.M.A.R.T. Appraiser claim that it allows a real estate appraiser or an agent to define the market (i.e. zip code, city, or by geographical boundaries) and download all activity for the previous 3 years. They also claim that it allows you to breakdown and analyze 1,000's of records with a few clicks - as the software converts MLS data into "drill down" graphs and pre-populates and creates the new 1004MC automatically. As with the previous software solution, I don't know much about this provider. Any insight you might provide is greatly appreciated.

Final Thought

I'm sure the 1004 MC means a bit of extra work for appraisers, and I empathise with the fact that extra time and effort tends to translate into higher labor costs. There do seem to be some viable tools out there to assist appraisers with the completion of Form 1004 MC.

I do know this - if I'm paying for the appraisal, I hope the appraiser is using something to speed up to process (and still do a solid job, of course), as many out there are already stating that without an automated solution, the work required to complete the 1004 MC may cause prices may go up by as much as $150.

Are you an Appraiser? If so, how are you planning on dealing with the 1004 MC Addendum?

Do you anticipate your per appraisal charges to go up based on the extra time spent completing Form 1004 MC? If so, by how much?

What Every Florida Home Buyer Needs to Know About the $8000 First Time Home Buyer Tax Credit

Kevin Sandridge - Winter Haven Mortgage Broker (Signature Home Funding) — Thu, 26 Mar 2009 14:42:53 -0500

Florida first-time home buyers are in a great position right now, thanks to the $8,000 First-Time Home Buyer Tax Credit. If you're considering a home purchase between now and November 30, 2009, and you plan to live in your Florida home for 3 years or more, then you simply must take advantage of this true $8,000 Tax Credit.

I've pulled together some answers to five of the most frequently asked questions (FAQs) concerning the First-Time Home Buyer Tax Credit. I hope you find them useful:

Who Qualifies for the $8,000 First-Time Home Buyer Tax Credit?

You are eligible to receive this tax credit so long as you adhere to the following:

You have never owned a home - or, have not owned one in the past 3 years - determined by HUD 1 date when previous home was sold (Note: If married and you did not own a home within the last 3 years, but your spouse did, then you do not qualify)
You have or will buy your home as a primary residence between January 1 and November 30, 2009
You can show that if you owned a rental property or vacation home, it was not used as a primary residence over the last 3 years
If you're unmarried and you are buying the home with another person who owned a home within last 3 years but you did not, you can "designate" the tax credit to you - qualifying you as the First Time Home Buyer (FTHB)
If your parents cosign on a mortgage (and own a home) and the you are the FTBH, then they are eligible for the tax credit.
Non-US Citizens may qualify if they meet resident-alien status (IRS Pub 519)
Revenue or Housing Bond financing are eligible for tax credits.

What Types of Properties are Eligible for the Tax Credit?

Primary Residence - Single family, 2-4 units (must occupy one unit) town homes, condos, manufactured homes, mobile homes and houseboats. Yes, houseboats!
For new construction - The "Purchase Date" is the date that you begin to occupy the home (between Jan 1 and Nov. 30, 2009) Note: You can have owned land and be in the process of building.

What Income Limits Are Associated with the Tax Credit?

$75,000 Single Person (Partial Credit up to $95,000)
$150,000 Married Couple (Partial Credit up to $170,000)
Totals are based on Adjusted Gross Income (AGI) line on IRS Form 1040, 1040A or 1040EZ

What Exact Amount is Awarded via the Tax Credit?

You may be eligible to receive a maximum of $8,000, or the amount equal to 10% of home's sales price - up to this amount. If you buy for $75,000, then you are eligible for only $7,500.
Up to Maximum of $8000
Partial Tax Credit if income exceeds $75,000 or $150,000

Does the Tax Credit Have to be Repaid?

No. As long as you stay in the home for a minimum of 3 years, you do not have to pay back the tax credit.
Note: If you sell within 3 years, the entire tax credit needs to be repaid!

Need to apply for the First Time Home Buyer Tax Credit? Be sure to download and complete IRS First-Time Home Buyer Credit Form 5405. As always, you need to consult with your tax professional regarding how this tax credit will impact your finances. That said, if you're planning to buy a Florida home in the near future - or any time up through November 30, 2009 - taking the $8,000 First Time Home Buyer Tax Credit is a no-brainer! Have any other questions regarding this issue? Comment here, and I'll do my very best to get back to you ASAP!

G.I. Joe and Florida Mortgage Rates: What to Do When Rates Take a Nose Dive

Kevin Sandridge - Winter Haven Mortgage Broker (Signature Home Funding) — Thu, 26 Mar 2009 14:38:25 -0500

Florida mortgage interest rate shoppers learned a valuable lesson this week: When mortgage rates take a nose dive unexpectedly, they tend to recover just as quickly.

Wednesday, conforming mortgage rates plummeted to very near their lowest levels since WWII - thanks to the Federal Reserve's $750 billion pledge to help the mortgage market. Di your Florida mortgage broker lock in your rate? Hope so, because not 24 hours later, those rates expired.

Yup. You heard me right. See, after considering the long-term implications of the Federal Reserve -- quite literally -- printing new money to help out the recession, mortgage markets grew fearful that the Fed's plan may eventually lead to... wait for it... Inflation. And, as we've said here many times - inflation is the enemy of mortgage rates.

So, if you were just dying on the edge - yes... the very edge of your seat to know why Florida mortgage interest rates shot up as quickly on Thursday as they fell the day before, now you know!

And, as Duke, Scarlet, Snake Eyes (OK, so - he never actually "talked") and the rest of the G.I. Joe gang always said at the end of those cheesy Public Service Announcements (PSAs) I watched as a kid...

"Knowing is half the battle!" (Watch the Video PSA on this post's page if you wanna geek out!)

A look in the rear view mirror on this one also shows us that rate shoppers might have seen it coming, if only because we've seen the exact pattern oh... FOUR TIMES since January of 2008:

After the Fed's "surprise" rate cut in January 2008
After the Fannie Mae and Freddie Mac takeovers in September 2008
After the Fed announced its first $500 in support in November 2008
After the Fed zeroed out the Fed Funds Rate in December 2008

So class, our lesson here is: When mortgage rates drop sharply in short order, they bounce back up at the same pace.

Unfortunately, not every would-be homeowner looking to refinance their Florida mortgage saw the increase coming. People that locked Wednesday captured the lowest rates in 6 decades. Everyone else... well... wishes they had.

I say it a lot here, and I really try not to come off sounding like a used car salesman:

From day-to-day, we don't know if Florida mortgage rates will rise or fall. Hey... nobody knows that. But, we do know that mortgage rates tend to follow patterns, and we've seen the above pattern 5 times now.

When mortgage rates plummet like they did Wednesday, they rarely stay at lows for long. When you find a rate you like, get in and get locked as soon as possible. By tomorrow, it's likely to be gone.

Need someone to watch the rates for you? I'm your guy. Call me at 863-604-3019 or apply online for your Florida mortgage. We'll keep you posted and let you know when it's time to pull the trigger!

Go Joe!

Kevin Sandridge

The Florida Mortgage Pro

Signature Home Funding

410 Laurel Cove Way Winter Haven, FL 33884

Mobile: 863-604-3019

Fax: 888-496-0265

Email: kevin.s@sigfunding.com

http://www.floridahomeloanspecialist.com

Investing For The Future

Kevin Sandridge - Winter Haven Mortgage Broker (Signature Home Funding) — Wed, 25 Mar 2009 22:52:50 -0500

Bennie's just getting started - but you can tell by this post that he has a lot of great things to share! Keep the fire burnin', Bennie!

Via Bennie Baskerville (Toyoda-Roberts Realty):

In today's world it seems like you can't turn on the television without hearing about how bad the economy is. However, I am not the one to quickly subscribe to the Doom and Gloom theme.

Markets through out history have risen and fallen according to supply, demand, interest rates, inflation, consumer spending, social factors and numerous other economic factors. When we often think of investments many tend to believe investments continue to go up in value. Nothing could be further from the truth. It would be a walk in the park if markets always appreciated in value. Often times markets generally move in three directions.

Up

Down

Sideways

When markets move up, many investors enjoy the gains from their investments whether they are investing in the stock market or the housing market. Investors make money from the difference in the price they paid for a asset to the current value they can liquidate the asset for.

In a down trending market, when values of a certain asset class are depreciating, many investors loose money simply because their assets are worth less than the price they paid for them. In the housing market, this is often called " Being Upside Down "

A sideways market is a market where values of a certain asset class are stagnate. In other words the market is not having much change in price and value of the asset class.

The rule of thumb for investors or anyone looking for a great deal is quite simple, BUY LOW / SELL HIGH. So when I see headlines like " Housing Market Worst Since The Great Depression " I'm not sure about you but I see a GREEN light come on in my head that say BUY !!!

Housing prices and interest rates have not been this low in ages. If you are a first time home buyer this a great time to purchase a home while taking advantage of the huge discounts available. If you are looking to invest or buy a second home, there are literally too many great deals out there for one to take advantage of.

One thing is for certain, just as markets never continue to go up, markets never continue to stay down. This market will rebound and the wise people who took advantage of these discounted real estate prices will laugh all the way to the bank.

Go To www.benniebaskerville.com For Deep Real Estate Discounts !!!

Bennie E. Baskerville - Realtor
Toyoda-Roberts Realty of Las Vegas

1810 East Sahara Avenue, Suite 100
Las Vegas, NV 89104

Private Telephone: 702.557.1763
Office Telephone: 702.727.4030
Fax: 702.866.9854

At Risk Technology Students - Help Them Get to State Contest!

Kevin Sandridge - Winter Haven Mortgage Broker (Signature Home Funding) — Thu, 12 Mar 2009 11:06:22 -0500

Boone Middle School TSA Needs Your Help.

Despite what hardships or cutbacks we might be having to make right now, as Internet marketers we are truly fortunate to work in an industry that we love and supports ourselves and families.

I am a firm believer of passing on some of that fortune, that's why I want to tell you about the Boone Middle School Technology Student Association - a co-curricular technology club of which I am the Chapter Advisor.

Boone Middle School is in Haines City, Fl. It is a Title 1 school, which means that the vast majority of their students come from low income or at risk homes.

The Technology Student Association is a great program, and it has a history of taking kids that have little or no direction and giving them something to be passionate about, something to enjoy.

Fact: Many of our best academic competitors were once troubled or at-risk kids.

I'm involved with the organization as an educator because it reminds me of myself at that age - all geeked out and constantly interested in technology. Unfortunately, we didn't this awesome program at my school!

BooneTSA is trying to fund raise to cover costs associated with getting to State competition. Six of our kids have already qualified, but as most come from lower economic backgrounds - their parents can't swing sending them to the 3-night overnight conference - to be held in Orlando.

I've put together a basic landing page on my main Florida Mortgage Blogger site to collect donations for the club, and have also provided a version of it below.

Should you wish to donate - please click the "Donate" button in the Sprout Widget below. Oh - and be sure to watch the video to get a real sense of what these kiddos are up to! It will definitely boost your morale re: the future of our Great Nation!

Please use any, and or, all your power as Internet marketers to speed the word about this very very deserving cause!

Page Sponsored By Kevin Sandridge, the Florida Mortgage Blogger.

Appraisal Management Companies: Yes Mr. Fox - We've Booked the Henhouse

Kevin Sandridge - Winter Haven Mortgage Broker (Signature Home Funding) — Wed, 11 Mar 2009 19:30:20 -0500

Starting May 1st, third-party Appraisal Management Companies (AMCs) will be charged with eliminating pressure applied to appraisers by lenders - urging them to inflate housing values.

Under the new Home Valuation Code of Conduct - drafted under the "supposed" watchful eye of James B. Lockhart (left), director of the Federal Housing Finance Agency, which oversees Fannie and Freddie - Florida lenders and Florida mortgage brokers will be prohibited from communicating directly with appraisers. Instead, appraisals will be ordered via AMCs, who will farm the work out to appraisers they have either contracted or retained on staff.

Is it a Buffer? Or a Sponge?

In theory - at least thus far - I'm fine with AMCs being put in place as a third-party "middle man" type buffer between lenders and brokers and the appraisers working on any given loan. It's warranted, and we need but look at the way Banks (Washington Mutual) and Appraisal Companies (See Cuomo vs. First American Appraisal Group) cajoled and pressured their way through numerous deals in order to get appraisal numbers where they needed to be in order to close deals.

But what really stinks is that there is at least one case where and AMC - Lender's Service, the country's largest AMC - is reported to have passed along statements to appraisers from lenders and borrowers urging for higher valuations in order to close loans. Ex-squeeze me?

AMCs Won't Be Regulated! Where are the Watchmen When We Need Them?

Hear me on this folks - AMCs as they move forward will not be under any sort of formal regulation. Yup. You heard it here. Zip, Nill, Nada Zilch. Not even Freddie or Fannie - who will then try to make lenders pay them back for toxic loans sold for cash down the line.

Don't get me wrong - lenders shouldn't be approving or passing along or passing forward bad loans. It just strikes me as odd that Lockhart, the FHFA, and Fannie/Freddie worked to pass the Good Conduct act - will only accept loans that have been duly certified by its measures, yet haven't bothered to set up any sort of formal oversight body to make sure things are done properly on the side of the AMCs.

Forget ongoing oversight! What about the "Driver's License from a Cereal Box" - like approvals they are at least tacitly granting by letting a bunch of "Known Entity Dopes" form and run these AMCs?

Oh yes. As the BusinessWeek article linked below sates - there's nothing to stop former sub-prime mortgage companies and even appraisers who lost their licenses for erroneously reporting home values from... are you ready? RUNNING AMCs THEMSELVES!

Hello Fox? Meet Mrs. Hen and Mr. Rooster. You'll be watching over them for a while.

Related articles

Housing Appraisals: Still Blowing Bubbles? (businessweek.com)
Appraisers Continue to Speak out against AMC Loopholes in the HVCC (appraisalnewsonline.typepad.com)
FHFA Announces New Mortgage Data Requirements - Tracks "Appraisers' Performance, Negligence and Fraud" at the loan level (appraisalnewsonline.typepad.com)
Fannie Mae Issues "Home Valuation Code of Conduct" Updates and FAQs (appraisalnewsonline.typepad.com)
Inflated Home Appraisals Come Under Fire (mymortgageinsider.com)

US House of Representatives Says Bloggers Don't Count as Journalists

Kevin Sandridge - Winter Haven Mortgage Broker (Signature Home Funding) — Fri, 06 Mar 2009 15:21:21 -0600

Jason Lee Miller over at WebPro News released a blog post today stating that as far as the United States House of Representatives is concerned, bloggers, freelancers, independents, and nonprofit journalists are not "true journalists." As such, they should not be protected from having to divulge their news sources if asked to by the government.

Wow. Really? Are we really here?

God. I'm still reeling from this one. The US Government - or part of it - actually putting into words its desire to deem some Americans free to speak their mind and seek the truth without fear of having to put their sources in jeopardy while all but issuing those not wearing their US Press Pass a gag order (emphasis on the "gag"). I can't really put my disgust and frustration any better than Jason did - so here's his take:

Apparently our “representatives” have a real problem with citizen journalism done for the sake of journalism and for the good of democracy, and believe protecting the “free flow of information” is only reserved for officially approved press. No bloggers, no patriotic radicals, no underground agitator pamphleteers like the ones who actually founded and fought for this country to begin with.

Hate to (once again) school our freaking government about the freaking Constitution they freaking pledge to uphold, but this is Congress making a law abridging the freedom of the press, a violation of the First Amendment. I might be more sympathetic if they missed one further down the list, BUT IT’S THE FIRST FREAKING ONE.

Image of Chuck Welch

I have a good friend, Chuck Welch, who's been in the journalism game for a long time. He's worked for newspapers in roles that I suppose our good friends in "The House" would sanction as true journalism, but he's also one heck of a crusader when it comes to telling it like ti is - and offering platforms for others to do so - via blogs. The best examples of Chuck's efforts can be found over at LakelandLocal.com and MetroI4News.com.

Be sure to check out articles by Billy Townsend and newcomer James MacMeekin (you can find Jim's Blog here) to get a feel for the freedom Chuck provides his regular contributors. You'll find no advertisements on Chuck's blogs - despite their higher than average traffic numbers and high PR rankings. The cash just isn't worth the sock he'd have to consider putting into his mouth should one of his advertisers decide to make bad choices.

Good for you, Chuck. I'm with you. And if they ask me who my sources are... I'll take my cue from C-SPAN and the lads from the Peanut Corporation of America and plead the 5th.

United States - Another reporter threatened with contempt for refusing to reveal sources (newswire.ca)
WebProNews: US confidentiality bill overlooks freelancers and blogger-journalists (blogs.journalism.co.uk)

The USDA Rural Development Loan Program: Top 10 Things Borrowers Need to Know

Kevin Sandridge - Winter Haven Mortgage Broker (Signature Home Funding) — Fri, 06 Mar 2009 13:35:47 -0600

Word on the street is that 100 percent financing is a thing of the past. NOT TRUE!!!

There remains here in Polk County, Florida and in other parts of the nation a true 100 percent financed home loan purchasing program surprisingly few folks are talking about. What's the program? Hey... glad you asked. Why, it's the USDA Rural Development Loan program!

But wait, isn't there a USDA sticker on the pot roast I just picked up from Publix? Yes, yes there is. But the US Department of Agriculture (USDA) does much more than inspect the beef we eat. A quick surf over to Wikipedia tells us that:

On October 13, 1994 The Department of Agriculture was reorganized under the Federal Crop Insurance Reform and Department of Agriculture Reorganization Act. Under that Act, USDA Rural Development was created to administer the former Farmers Home Administration's (FmHA) non-farm financial programs for rural housing, community facilities, water and waste disposal, and rural businesses.

The former Rural Electrification Administration's (REA) utility programs were also consolidated within Rural Development. Rural Development's mission statement is "To increase economic opportunity and improve the quality of life for all rural Americans." Rural Development has an $86 billion dollar loan portfolio, and administers nearly $16 billion in program loans, loan guarantees, and grants through their programs. For various reasons, much of this funding currently goes to urban areas to help develop and redevelop suburbs and resort cities.

As a mortgage broker, it's my job to make sure that my clients are aware of any program that my be of real benefit to them. As such, I wanted to provide some detailed information on the UDSA Rural Development Home Loan Program. As you read through the following information, think about whether this program is right for you.

If so, give me a call at 863-604-3019, and we'll talk a bit about how we might set you and your family up with 100 percent financing today!

1. Why choose a Rural Development Guarantee loan? Simple! USDA Rural Development Guarantee (RDG) loans are the only true 100 percent financing loan you will find. Period. They require zero downpayment and no private mortgage insurance (PMI) - two costs associated even with FHA loans. No smoke and mirror here, folks. The USDA RDG loans are set for 30 years at a fixed rate, and there is no limit on the price you pay for the home. The only qualifying factor for the home itself is that it be situated within an approved USDA eligible area. Florida has very few areas that qualify for this program. However, if you live in Polk County - then you're are in luck, as nearly 80 percent of of Polk County qualifies for the USDA RDG loan program!

2. Can I Save Money by Using the USDA Rural Development Grant Program? Yes. Take, for example, a loan for $100,000.00. By taking out a USDA Rural Development loan, the borrower saves $4,290.00 in the first 10 years over what they'd pay out on an FHA loan. Why? For one reason - USDA RD loans don't have any monthly Mortgage Insurance requirement!

Sure, you pay a USDA Guarantee fee of 2 percent up front when you take out the loan, but that sure beats paying MI each month until you get your Loan to Value ratio down to 80 percent! Remember, it is difficult to drop MI insurance, and lenders will not drop it from your monthly payment unless you ask them to. (I know, big shock.) Plus, the MI premium has to be calculated into the ratios. This is NOT an issue with the RD loan since MI is not required.

3. Is the USDA Providing the Funds for These Loans? No. Much like the FHA, the USDA Rural Development Single Family Housing Program functions as a backstop or safety net for mortgage lenders - in effect guaranteeing that they are protected in the event you default on your loan - up to 90 percent of the original loan amount. For the finance geeks out there - things break out as follows:

Losses up to but not exceeding 35 percent of the original loan amount are fully reimbursed.
Any losses exceeding the 35 percent total are reimbursed at 85% of their total.

So, in effect - lenders are only left with the remaining 15 percent of "true exposure" on these loans, which is why you are able to benefit from such a great program! This guarantee grants lenders a great protection against losses. The quality of this USDA guarantee is what allows lenders to easily sell the loans on the secondary market. As a result, they feel free to lend funds in cases where other non-participating lenders may not.

4. What Type of Credit Do I Need in Order to Qualify? Typically, the good folks over at the USDA financing office like to see minimum credit scores at or very close to 620. Borrowers with credit scores as low as 580 may be approved; however, they may not have any of the following:

Foreclosure in past 36 months.
Bankruptcy discharged within 36 months.
More than one 30 day late on consumer debts in past 12 months.
Accounts converted to collections within past 12 months.
Tax liens or delinquent government debts (including student loans).
Judgments outstanding in past 12 months.
Outstanding collection accounts.
Two or more late rent payments in past 12 months.

Note: Lenders are permitted to use a non-traditional credit report or verify your creditworthiness with other sources, such as: utility payment records; rental payments; insurance payments; child care payments; payments to local stores, payments on medical bills, etc.

5. Are there Minimum and Maximum Loan Amounts Associated with USDA Rural Development Loans? There is NO minimum loan amount for the USDA Rural Development loan program. However, maximums do apply. Typically, borrowers are limited to the appraised value of the home plus the 2 percent Guarantee Fee. The great news here is that you may finance 100 percent of the purchase price of your home (102 percent if you are financing in the 2 percent Guarantee Fee). Note: The Guarantee Fee is a fee charged by Rural Development. This fee is equal to 2 percent of the final loan amount and may be financed into the loan itself. Whoo Hoo! Not a necessary out of pocket expense!

6. What Will Be Included in My Monthly Payment? The monthly payment will include principal, interest and the monthly cost of real estate taxes and insurance. Your lender will provide an estimated payment for you.

7. How Are Closing Costs, Fees, etc. paid on the USDA Rural Development Loan? These fees and other eligible costs - including some repair/rehab costs - may be rolled into the loan. Again, 100 percent means NO out of pocket expenses at closing!

8. What areas are considered eligible for the USDA Rural Development Loan Program? Most Florida counties are either totally eligible or mostly eligible. If the property is in one of the following counties, you can check an address or see a map at: http://eligibility.sc.egov.usda.gov/ The site will give a "yes" or "no" upon entering an address.

Counties with some Non-eligible areas are: Alachua; Bay; Brevard; Charlotte; Clay; Dade; Duval; Escambia; Hillsborough; Indian River; Lee; Leon; Manatee; Marion; Orange; Palm Beach; Pasco; Polk; Santa Rosa; Sarasota, St. Johns; St. Lucie; Seminole; and Volusia.

Note: Broward, Monroe and Pinellas Counties are NOT eligible.

9. What are Rural Development's income limits? Borrowers must have adjusted gross income (AGI) that sits under thresholds set by Rural Development. Limits for Florida Counties are provided as follows:

For homes purchased here in Polk County, Florida, borrowers must have an AGI at or below $49,550. If the projected dependable income exceeds the limits, certain adjustments can be made, such as childcare expenses for children age 12 or younger and paid to someone outside the family. You may also deduct one $480 annual deduction for anyone under 18 who is not one of the applicants. Other deductions may be applicable such as the deduction for an elderly household and full time student over age 18. Example: Polk County 4-person family (2 adults, 2 children) has a gross income of $81,710. Child care for the 2 children age 12 or less is $10,000 annually. Is the threshold income at or below the limit?

YES! $81,710 less $10,000 child care less $480 for each child = $70,750.

10. Can I get cash back from closing to pay off other loans or refinance my credit cards? No, the goal here with the USDA Rural Development land is strictly to cover 100 percent of your home purchase expenses, not to provide a means of reducing your other debts.

I hope this provides you with a little more detail than you previously had regarding the USDA Rural Development Loan Program. If you live here in Polk County and are looking to buy a home, please give me a call at 863-604-3019 so we can get your loan application ready. Or, apply for your USDA Rural Development Loan online!

Oh, and just because the house you are looking at over in Davenport, Florida doesn't sit on a cow pasture - don't count it out! I just qualified a home for the USDA program over in Davenport two days ago! And here's a little secret for you: Roughly 80 percent of Polk County, Florida qualifies for USDA Rural Development Loan Program Financing!

The Making Home Affordable Refinance and Modification Program - Are You Eligible?

Kevin Sandridge - Winter Haven Mortgage Broker (Signature Home Funding) — Fri, 06 Mar 2009 13:12:03 -0600

Florida is dealing with a record number of foreclosures, and many homeowners are looking to the Making Home Affordable Refinance and Loan Modification program as a way to help them avoid this fate.

When the program was first announced in February, it had two main objectives:

To help financially-needy homeowners get mortgage relief

To help homeowners who've lose equity qualify for today's low rates

Amidst high anticipation, the U.S. Treasury issued a press release providing some new details about the Making Home Affordable program. It also created an "Am I Eligible For Making Home Affordable" form on its website.

In the press release, the Treasury detailed the President's original blueprint: To provide explicit loan modification instructions for assisting as many as 4 million delinquent homeowners and their respective mortgage servicers.

As is often the case with any such government effort, the documentation for Making Home Affordable is some 17 pages long. Luckily, it provides detail to merit its length - as the document's text leaves very little question about the loan modification process and how it must be administered.

But for all this detail, the document fails to lay out in clear fashion a plan of action for the nearly 5 million homeowners for whom deteriorating home equity has rendered refinancing impossible.

For these Americans, the Treasury instead offers a basic Q&A and directs homeowners to call Fannie Mae and/or Freddie Mac to confirm their eligibility. The "refinance plan," in short, says that a homeowner who has paid his mortgage as agreed and whose home value is "about the same or less" as the amount owed on his first mortgage may be eligible.

That's about as much as the Treasury will offer up. Clear as mud, right?

If after browsing the website, you still have questions about the Making Home Affordable program, call your mortgage lender with specific questions.

What is U.S. Treasury mortgage modification program? (ceoworld.biz)
Find Out If You Qualify For Mortgage Assistance [Foreclosure Prevention] (consumerist.com)
The New 105% Refi Plan - What I know and What I don't..... (bloodhoundrealty.com)
Obama housing rescue could help millions (dailyfinance.com)
Treasury Loan-Modification Guidelines (blogs.wsj.com)
Obama's Mortgage Relief Plan: Details are out on the "Making Home Affordable" program (phoenixrealestateguy.com)

Buying Your First Home in Winter Haven? Be Sure to Read Tax Form 5405

Kevin Sandridge - Winter Haven Mortgage Broker (Signature Home Funding) — Fri, 06 Mar 2009 12:49:47 -0600

Winter Haven First-Time Homebuyers interested in receiving their $8,000 from the US Government should be on the lookout for form 5405, better known as the First-Time Homebuyer Credit Form.

As is often the case with tax-related paperwork, this tax credit form contains a mere 10 fields yet is accompanied by 3 pages of instructions.

In truth, these pages are not a total waste of tree-matter, as Form 5405 does provide some good basic information about the tax credit and how to claim your $8,000.

For example, the form helps you understand the difference between tax consequences for homes bought in 2008 versus 2009, and clearly defines the term "first-time homebuyer." Another useful feature is found in Form 5405's explanation of the math behind the tax credit. In general, the First-Time Homebuyer Credit is equal to the lesser of:

$8,000 for homes bought in 2009
10 percent of the home's purchase price

Nota Bene: Married couples who file separately will receive half of the expected credit. Also, if you sell your home before the stated 3 year holding period is up, you will be required to repay the credit. Look for language dealing with your home as references as your "main home" for clarification on this.

Form 5405 is a comprehensive reference. However, please be sure to check with your local tax and mortgage professionals to be sure you do in fact qualify for this credit and that you understand how the First-Time Homebuyer Credit may impact your finances. When you're dealing with your money, folks - there is no substitute for professional, paid advice.

Winter Haven, Florida FHA Activity Increasing - US Sees FHA Loan Limit Increase (myfhamortgageblog.com)
Advisers should swot up on tax credits advice (accountancyage.com)
Did Congressional wrangling over tax credit cause plunge in home resales? (dailyfinance.com)
The Stimulus Packages Helps More than 1st Time Homebuyers (movephilly.blogspot.com)
Stimulus: What's in it for retirees (money.cnn.com)

Florida Foreclosure Law Basics - What You Need to Know

Kevin Sandridge - Winter Haven Mortgage Broker (Signature Home Funding) — Fri, 06 Mar 2009 12:25:07 -0600

I want to say right off the bat that I am not a Florida foreclosure attorney, and that this article is meant to be used for informational purposes only. Please be sure to consult a legal professional who understands the finer points of Florida foreclosure law before making any final decisions or determinations. Now, on with my post...

Foreclosure is something no one wants to face, but it's all too common a situation for many Florida families today. As such, I wanted to provide a little bit of information about Florida foreclosures, how they're structured, and where you might want to look in the unfortunate case you and your family may be facing one.

The Initial Foreclosure Process

Florida foreclosures begin when lenders record a notice with the court, known as a Lis Pendens - stating that they plan to begin the process against a borrower. At this point, your lender will contact you - usually via mail - to let you know that they have initiated the foreclosure process.

If you, as the borrower, do not respond to this notification/court action, by the specified deadline, the county clerk may find you in default. Should this happen, your lender may then ask the court to make a final ruling in the case. If the court rules against you, the ruling will include the total amount owed to the lender and will let you know exactly when the foreclosure will take place.

It should be mentioned here that the last thing your lender wants is to take on your property. What they want is your payment. In most cases - especially in today's housing and economic environment - your lender will contact you by phone prior to initiating the foreclosure process to inquire as to why you haven't made your payment(s). This is assuming that you haven't already contacted them - which you should... immediately!

I say this because there is no law that requires your lender to contact you before the begin the foreclosure process on your Florida home.

Remember, in all things relationship/financial:

Open communication = GOOD... Ostrich head in the sand approach... BAD.

Notification of Sale and Foreclosure Auction

There is usually some lag time between the time your are first notified about the pending foreclosure and the actual court ruling. Many factors can extend this time period, and I encourage you to contact a Florida foreclosure attorney to determine exactly what steps you should take once you are initially notified.

Should the court rule that your foreclosure move forward, the actual foreclosure sale date will be set for sometime between 20 to 35 days after the ruling date. You should be notified by the clerk of the court as to the time, date, and location of the sale, and this notice will also be published once per week for a period of about two weeks - followed by a second notice 5 days before the actual sale.

Typically, the sale (auction) of your Florida home via foreclosure will be overseen by the clerk of the court and will take place sometime around 11: 00 on the sale date. If a winning bidder is established, they must pay a 5-percent deposit and agree to pay off the remaining balance by the end of the day. If that bidder fails to follow through, a new sale is scheduled a minimum of 20 days later.

The Florida foreclosure process may be swift, or it may linger on for a while - depending on the number of foreclosures in the pipeline. Here in central Florida, multiple auctions are not uncommon. Once a bidder successfully pays for the property, they receive a certificate of sale from the clerk of the court, and the deal is done.

Note: As recently as February 26, 2009 - the Huffington Post announced that a chief judge for the ninth circuit in Orange County, Florida -- an epicenter of the foreclosure crisis -- ruled Wednesday that mortgage providers must negotiate with borrowers before foreclosing on their homes. While this may not mean that you will necessarily be able to avert foreclosure, it does offer up some hope that the light at the end of the tunnel is still at least flickering.

Now, go call your Lender!

Central Florida Short Sale Seller Testimonials (brokerbryant.com)

In Florida, Despair and Foreclosures (nytimes.com)
Florida Foreclosures and the Importance of the Home Inspection (brokerbryant.com)

International Buyers Investing in Florida Real Estate. (brokerbryant.com)

Foreclosure Rates Still Climbing (abcnews.go.com)

Housing Fix Could Help Many - but Not All (mymortgageinsider.com)

MetroI4News.com - Winter Haven Florida Housing Report for January 2009 (metroi4news.com)

The $8,000 Tax Credit - What Winter Haven, Florida Homebuyers Need to Know

Kevin Sandridge - Winter Haven Mortgage Broker (Signature Home Funding) — Sat, 21 Feb 2009 16:34:35 -0600

I’ve received a lot of questions about the recent stimulus package and the $8,000 “First-Time Home Buyer” tax credit that is part of it. There are many scenarios and questions about who does and who does not qualify… and even the term “First-time home buyer” is not entirely correct!

Here are some of the top questions complied and answered by the National Association of Mortgage Brokers, the National Association of Realtors and tax advisors! I have also provided a visual breakdown showing the differences between the initial $7,500 Tax Credit and the new $8,000 Tax Credit.

Nota Bene: This post is for the informational benefit of my Winter Haven, Florida readers. As always, I advise you all to consult your legal and financial representatives to ensure that your individual situations truly merit taking this tax credit.

Click to continue...

Winter Haven, Florida: Fannie Mae Rolls Back its 4 Financed Property Limit

Kevin Sandridge - Winter Haven Mortgage Broker (Signature Home Funding) — Tue, 17 Feb 2009 11:53:24 -0600

Monday was a great day for me, namely - because I was able to share some good news with a client who was looking to refinance several rental properties here in Winter Haven, Florida but was unable due to Fannie Mae's previous 4 investment property limit. This all changed last Friday, however -as Fannie Mae announced that effective March 1, 2009, real estate investors can once again own and finance up to 10 individual properties. The restriction reversal does come with new minimum requirements, however - which may still keep a good number of investors on the sidelines for now. Homeowners buying a 5th, 6th, 7th, 8th, 9th or 10th home must meet the following standards, as set forth by Fannie Mae:

720 credit score
25% downpayment for a 1-unit (30% for a 2-4 unit)
No mortgage delinquencies in the last 12 months
6 months of reserves for each investment property

What's happened here is Fannie Mae realized the need to open up credit a bit for qualified investor borrowers. The thing is, their idea of qualified means real estate investors with good credit, a big downpayment and large cash reserves. According to Fannie Mae, the change rationale is that experienced investors can "play a key role in the housing recovery". Until now, foreclosure auctions have gone at less than full speed because investors unable to pay cash have been halted by the existing 4-property Fannie Mae limit. While I applaud the move, I'm hard pressed to believe that there is an abundance of investors out there with 6 months of cash reserves for each property they own. Maybe they're out there - and if so, I hope this decision helps to spur more mortgage activity. Always a fan of that! Moving ahead, look for faster absorption of current foreclosures nationwide, which should provide further support for the housing market.

Fannie, Freddie to ease mortgage payments? (money.cnn.com)

Stimulus Package Gives Winter Haven Home Buyers and Homeowners a Boost

Kevin Sandridge - Winter Haven Mortgage Broker (Signature Home Funding) — Tue, 17 Feb 2009 11:45:04 -0600

Now that Congress has come to an agreement on the $789 billion stimulus package , and President Obama is set to sign in into law - current Winter Haven, Florida home buyers and homeowners should pay special attention to what the new law has in store.

The package contains two benefits related to housing.

The first provision represents a small bump to a familiar program. It gives first-time home buyers an $8,000 tax credit as long as they purchase a home between January 1, 2009 and August 31, 2009.

Note: This is a true tax credit.

However, to limit abuse and misuse, the $8,000 credit is contingent on home buyers holding property for a minimum of 3 years. Sell your Winter Haven home before the 3 year anniversary date, and you'll have to pay back the cash. It's also worth noting that the date range applies closings and not sales agreements. Closings must occur between January 1, 2009 and August 31, 2009 to be eligible.

A second noteworthy feature in the stimulus package is that it encourages existing home owners to "green" their homes. As such, adding energy-efficient windows,doors, furnaces and insulation, homeowners can secure home owners larger tax deductions based on home improvement, up to $1,500.

Nota Bene: Don't move to claim these tax beneifts blindly. Everyone's individual tax liability situation is different, and you may be ineligible for any number of reasons. Be sure to discuss your plans with a qualified accountant before committing to a plan.

As always, if you're looking ot buy a home here in the Winter Haven area, please give me a call at 863-604-3019 so that we can get you preapproved. Rates are holding steady, but as with life - the only constant with Florida mortgage rates is change! To expedite matters, you may also apply online for your Florida home loan.

Win Your Valentine's Heart by Showing Them Your Animal Side...

Kevin Sandridge - Winter Haven Mortgage Broker (Signature Home Funding) — Wed, 04 Feb 2009 13:16:56 -0600

Win Your Valentine's Heart by Showing Them Your Animal Side...

Is it Destiny? Send them Destiny the dog!”
How about a Princess for the princess in your life?
Are you Puddy in his hands? Puddy the cat is puddy in everyone’s!
Want to send a Wink? Or maybe just a horse named Wink!”
Can’t find the words? Perhaps Poet the sponsorable prairie falcon can help.
Was it the work of Cupid? Well, here he is!
Is he a real Handsome Devil? Send him the cool cat he can relate to!
There’s no love like an enduring love. Say it with a nice old dog like Gramps.
Are you piggie for their company? Cherry can relate!
Do they make you jump for joy? Smokey jumps for everything – he’s a bunny!

And of course, if you’re looking for a valentine yourself, you can sponsor an animal here – and you’ll suddenly have the cutest valentine of anyone you know!

The animals at Best Friends Animal Rescue are learning a lot about love. They learn it from the caregivers who hug them, the vets who make them feel better, and from you, because when you support their care, you’re telling them that whether they have a home or not, whether they’re perfect or not, they matter!

Your $25 donation brings new hope to once-lonely hearts here at the sanctuary by providing everything homeless pets need to stay happy and healthy.

As a sweet bonus, each of your sponsorship gifts includes a full year's subscription to Best Friends magazine - full of all the good news about animals and the people who love them.

We'll send a personalized e-gift card from you on Valentine's Day - February 14th - or any other date you specify, along with a photo and the story of the pet you're sponsoring in their name.

But how to choose just the right furry face for that special someone? It’s not easy! But here are some animals who are hoping they can help.

“Baby, be mine!”

Baby’s got the Valentine’s Day spirit. Playful and silly, she’s always wanted to be somebody’s Valentine! She was born with a bad back leg and incontinence. When the vet told her family she couldn’t be fixed all the way, they wanted to put her down. But instead, she came to Best Friends, where she’s frisky, delightful, and looks a little like a bowling ball from certain angles! Can she be your “Baby” this Valentine’s?

“Don’t send a dozen roses – just one!”

Rose is the Valentine’s gift that won’t wilt! She survived Hurricane Katrina, but there was no family to claim her when it was done. Still, she’s a survivor. At first, at Best Friends, she was so scared, she would hide from everyone! But slowly, she’s gaining confidence. She has lots of doggie friends to play with. And thanks to your support, she’s slowly blossoming like a Rose!

“Sweets for Valentine’s Day!”

Sweet William’s his name, and if his cute face can’t bring a smile to your loved ones, he doesn’t know what will! After all, he says, it’s the things that make us different that make us loveable. Just like his funny crossed eyes and his occasional habit of bonking into things makes him a favorite here at the sanctuary – he’d love to send Valentine wishes to all the quirky, whacky, wonderful people in your life!

“You’re swell, Sweetheart!”

She’s got enough “sweet” and enough “heart” to share with all your loved ones! It’s more than just a name – Sweetheart is really the sweetest donkey you’ll ever meet! She needed to come to Best Friends because her feet were abscessed and hurting; she would need special care. And today, thanks to your love, she’s all better, and feeling like her sweet, sassy, fuzzy-faced self!

So give a gift that touches two hearts this February 14th: the homeless pet who receives the special care you’re helping provide, and the friend or family member who’s tickled pink by your thoughtful gift.

Weekly Winter Haven Mortgage Rate Report: February 4, 2009

Kevin Sandridge - Winter Haven Mortgage Broker (Signature Home Funding) — Wed, 04 Feb 2009 08:43:02 -0600

Hi folks, Kevin Sandridge here with your Weekly Mortgage Report.

The initial outlook for this week is a bit stormy for the housing market here in Winter Haven, Florida and across the nation. Consumer confidence tanked to an all-time low last week, and 100,000 American workers were handed pink-slips, each playing a role in adding significant downward pressure on the mortgage market.

For three weeks in a row, mortgage rates rose and average home loan fees increased. Not something we like to see, obviously.

Sliver Lining En Route

Despite this negative news, there are two bright spots worth taking a look at which indicate that our country may be nearer to economic recovery than we think.First, the supply of "used" homes for sale fell from 11 months to 9 months nationwide. This statistic often translates into what Realtors refer to as the "absorption rate," which is the time frame it would take at any given moment for the existing housing inventory to be bought up.

What we're seeing in this 2 month drop (nationally) is that home buyers are in fact beginning to re-enter the housing market to a measurable extent - a signal that home prices are finally approaching an equilibrium.

Secondly, the US Gross Domestic Product (GDP) -- a measurement of the country's complete economic footprint -- declined by a much lesser margin than experts initially expected. A positive surprise like this makes us wonder about what else the Doomsday Economists may be wrong.

We won't have to wonder long.

This week should see a lot of activity mortgage wise - as massive amounts of data, legislation and rhetoric will be released and should influence mortgage rates. Some of the information impacting mortgage markets this week include:

The Personal Consumption Expenditures Index report. The PCE is a preferred inflation measurement and inflation is the enemy of mortgage rates. A high reading will pressure mortgage rates up.
Retail stores are set to release data on same-store sales or "comps." Same-store sales data allows investors to see what percentage of a retail store's growth has come from sales from existing stores versus the opening of new stores.
The Pending Home Sales report. This notes the number of "homes under contract" and is a good gauge for buyer interest and the general health of housing.
20% of the S&P 500 firms will report earnings.
Congress is expected to vote on the Stimulus package - Here's hoping we can trim the fat... Hah!

The biggest impact on rates, however, could come on Friday - as we are presented with January's jobs report. Few data reports move the market like employment numbers, and with the press giving so much attention to layoffs lately, expect Wall Street to have many an ant in its pants!

(Image courtesy: Wall Street Journal Online)

2009 is The Year to Make Video a Part of Your Online Marketing

Kevin Sandridge - Winter Haven Mortgage Broker (Signature Home Funding) — Tue, 03 Feb 2009 12:29:51 -0600

Video is fast becoming the communication method of choice in the real estate industry. No doubt you've started to see the Seesmic plugin showing up at the bottom of comment post areas on the blogs you frequent. If you do see it and have access to a webcam... try it out! It's pretty cool!

More than likely, you've been using video as a means of showcasing your listings. If so, consider using it for client testimonials! Clearwater Realtors Cyndee and Jack Haydon do a great job of this, and it's proven very useful... and profitable!

Video Production on the Fly... and for Cheap!

Working with video is not only FUN... but it's Cheap... and Easy! (No comments from the peanut gallery, please!) Chances are, your laptop comes with a built in microphone and camera... if not, webcams with built in mics are very inexpensive. Then of course, you can get a bit more fancy.

At this year's Bloodhound Blog's Unchained Orlando Event, several of those in attendance - including host Greg Swann - had the Flip Video Mino cameras that run about $150. This little gem is awesome, in that you simply have to point and shoot to capture your video and an acceptable sound file. When you're done, just plug the Flip's built-in USB plug to load the video into your computer for editing. Microsoft's Windows Movie Maker is a great little editing tool to use in a pinch. Not fancy, but does the trick.

I'd recommend you use Flip cams for impromptu videos and spend a bit more on a higher quality camera or video recording service provider when setting up your listing showcase videos. The key is to be sure that you're telling a story and connecting with your audience. After all, you are marketing!

Getting the Most SEO Bang for Your Buck

Though video need not break the bank, you are spending valuable time creating. So, be sure you're getting the most SEO value for your efforts as you can. In the past, images and video weren't really "read" by search engines, and SEO placement relied pretty heavily on "ALT Text" and the like. However, there are some things you can do to make SEO friendly video , not the least of which is by using Google video sitemaps. One very cool and fairly recent innovation is the manner in which Adobe has been working with Google and other major search engines to improve the way that search engines index Flash video.

Lastly,consider adding voice over narration to your videos - or including voice in them at the very least. Remember, you're trying to connect with your audience. What better way to do this than by talking to them?

2 Things You Must Know if You're Carrying Homeowner's Insurance

Kevin Sandridge - Winter Haven Mortgage Broker (Signature Home Funding) — Tue, 03 Feb 2009 09:43:32 -0600

Homeowners or soon-to-be homeowners need to listen up: The Homeowner Insurance Policy Landscape is a little scary right now. What's more... things don't look too incredibly cheery moving into the future.

Take the following points to heart as you consider your current and future homeowner or condo insurance policy choices. You'll be glad you did.

1. Consider carefully before making a claim: I know it's a standard notion to do this, but it warrants a look here. Here in Winter Haven, Florida - we're still feeling the after effects of the 2004 hurricane season where insurance claims are concerned. To date, the most common claims tend to be fore mold damage. Insurers are starting to cap their allowable expenses for such claims at $5,000 to limit their "damages."

My recommendation: If it's a bad situation posing serious health risks, then make the claim. That's why you have insurance. However, if you can remedy the situation yourself - do so. There's a strong chance that you will not be covered the next time you renew your insurance after a major mold claim.

2. Get Renter's Insurance in Between Owning Homes: It's becoming more and more common for folks to sell their homes (via Short Sale or other means) and then rent for a while prior to buying their next home.

My recommendation: To help make sure you're covered for your next home purchase, consider carrying a renter's insurance policy with your previous insurance provider. This way, even if they stop writing new business in your area or state, you should be able to re-up your homeowner's insurance when you purchase your next home.

What you don't want is a gap in coverage - causing you to have to start fresh with your past company, or perhaps one you'd rather not work with.

Just some food for thought. State Farm's pulling out of Florida, and I'll be looking for a new insurance company soon. I know I'd appreciate these concepts if I didn't know them already.

Weekly Mortgage Market Commentary - February 2, 2009

Kevin Sandridge - Winter Haven Mortgage Broker (Signature Home Funding) — Mon, 02 Feb 2009 10:26:22 -0600

Mortgage Backed Securities (MBS) traders will stay focused primarily on employment and supply this week, looking for evidence that the recession may be deepening while taking stock of the expected record amount of debt required to finance what may be the largest round of government spending to date.

Today we'll receive Personal Income/Spending report as well as the Construction Spending & ISM manufacturing index. Pending Home Sales will be issued tomorrow.

The real fun will begin on Wednesday, when the Challenger & ADP job reports give us current layoff numbers. Nothing impacts the mortgage and financial markets quite like employment statistics.

Jobless claims data and the Productivity and Factory Orders report come out on Thursday, with the Employment report for January rounding out the week on Friday.

Oh... and the Fed's weekly report on MBS purchases will be issued at 4 PM ET Thursday.

Hold on to your hats, folks! We're in for an active week!

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“Baby, be mine!”

“Don’t send a dozen roses – just one!”

“Sweets for Valentine’s Day!”

“You’re swell, Sweetheart!”

Weekly Winter Haven Mortgage Rate Report: February 4, 2009

Hi folks, Kevin Sandridge here with your Weekly Mortgage Report.

Sliver Lining En Route

2009 is The Year to Make Video a Part of Your Online Marketing

2 Things You Must Know if You're Carrying Homeowner's Insurance

Weekly Mortgage Market Commentary - February 2, 2009

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