Florida Real Estate Financing Woes...... - 09/29/08 07:13 PM

Today was NOT the best day in my little corner of the world! I had been out of the office since last Tuesday attending the Florida Association of Realtors convention in Orlando and was back and fired up and ready to hit the streets running!
We are a correspondent lender and sell a large percentage of our loans to JP Morgan Chase. This afternoon, I received a bulletin from JP Morgan Chase stating the following changes for Florida: They are no longer financing condos AT ALL; they will no longer finance 2nd homes or investment properties, they will no longer … (2 comments)

With Down Payment Assistance Gone, How Long Will It Take To Buy a Home? - 09/27/08 08:15 AM
On October 1, 2008, the ability to get an FHA loan and have the seller contribute to a down payment assistance program such as Ameridream ends.  The passage of HR 3221 by Congress took this feature away, ending the ability to have the seller help a buyer to get 100% financing on an FHA loan.  A buyer will now have to contribute 3% towards down payment (3.5% after January 1, 2009) for an FHA mortgage.
 A lot of potential buyers are now feeling as if they can't buy a home until they save money for a downpayment.  This is NOT the … (3 comments)

USDA Rural Housing 102% Mortgage Update - 09/23/08 11:50 PM
As the end of Fiscal Year 2008 approaches (September 30, 2008), the USDA Rural Housing Mortgage Program will be temporarily "without funds".  This happens every year, as those of us that have been doing these for a while are aware.  The program is funded with appropriations from Congress and as they have not yet signed the appropriations bill, there will be a lag for a week or two at the beginning of October.  This is VERY NORMAL!
If you are buying a primary home in Florida, Alabama, Georgia, North Carolina, Tennesee or South Carolina, or are a Realtor with a client … (2 comments)

Privatized Profits and Socialized Losses - 09/19/08 10:31 AM
Taxpayers are sharing the burden of the losses while the CEO's ran out with tens of millions of dollars in bonuses based on bogus numbers created by untrue accounting.
I have only one question: when do I get my dividend??
  
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What the 'Experts' Say about Home Prices - 09/19/08 12:03 AM
Tracking the Track Record - What the ‘Experts' Say about Housing Prices
 

 
"The prices of houses seem to have reached a plateau, and there is reasonable expectancy that prices will decline."
- Time Magazine 1947


  
"Houses cost too much for the mass market. Today's average price is out of reach for two-thirds of all buyers."
- Science Digest 1948 (average price at the time: $8,000)
 

 "The goal of owning a home seems to be getting beyond the reach of more and more Americans."
-Business Week 1969 (average price at the time: $28,000)
 
… (4 comments)

How to Reduce Your Mortgage - 09/18/08 11:49 PM
There's a simple trick to significantly reduce the length of your mortgage and save you thousands of dollars. The trick is to make one extra mortgage payment a year and apply that payment toward your loan's principal.
This is the method being used by "Bi-Weekly Mortgage Reduction Services" and "Bi-Weekly Mortgage Savings Programs". Only, when you do it yourself, you don't pay a third party unnecessary set-up costs and fees!
Example: $100,000 loan, 30-year mortgage, 6.5% fixed interest rate
 In order to do this without having to make an additional payment all at once, you can take your monthly payment (P+I) … (5 comments)

Financial Markets.......and Their Effect on Adjustable Rate Mortgages - 09/17/08 04:15 PM
LIBOR, one of the largest indexes that Adjustable Rate Mortgages are based upon, has experienced a huge jump.  If an ARM will be resetting in the near future, the holder of that mortgage may want to consider refinancing it so that the payment doesn't double or triple, especially if they will be going from an interest only to fully amortizing term.  While fixed rates are still lowm this would be a good time to refinance. 
LIBOR, as well as the Fed Funds Rate, are rates that banks charge each other.  The Fed has set the Fed Funds rate at 2%, and didn't change it … (1 comments)

Maximum Rate Allowed for USDA Rural Housing Loans - 09/16/08 05:28 PM
Maximum Interest Rates for Single Family Housing Guaranteed Loan Program

 
 The Agency and approved participating lenders must adhere to RD Instruction 1980-D, section 1980.320 when calculating the maximum interest rate allowed for Single Family Housing Guaranteed Loan Program (SFHGLP) loans. 
Currently, RD Instruction 1980-D, section 1980.320 provides two options for selecting the interest rate. Lenders may select the higher of the two options to establish the maximum allowable rate.  Only interest rates at or below this maximum threshold may be locked. 
Current Fannie Mae rate as defined in section 1980.302(a) of RD Instruction 1980-D   Lender's published VA rate for … (0 comments)

USDA Rural Housing Property and Income Eligibility in Walton County, FL - 09/16/08 10:58 AM
The following map shows those areas in Walton County, FL that are eligible for USDA Rural Housing loans.  Basically, the entire county is eligible!  Under the map is the income guidelines used to determine if a buyer would qualify for a USDA Rural Housing loan based on the number of people in their family.  Please note that there are some deductions from a buyer's income that may help those who are over these guidelines to qualify, ie: medical expenses for disabled family members, a credit for full-time students, a credit for those in the household under 18 years of age, child care … (0 comments)

Okaloosa County, FL USDA Rural Housing Mortgage Eligibility Area and Maximum Income Requirements - 09/16/08 10:45 AM
The following map shows those areas in Okaloosa County, FL that are eligible for USDA Rural Housing loans.  Basically, the only areas that aren't eligible are "between the bases" - Ft. Walton Beach, Shalimar, and Mary Esther east of Hurlburt Field.  Under the map is the income guidelines used to determine if a buyer would qualify for a USDA Rural Housing loan based on the number of people in their family.  Please note that there are some deductions from a buyer's income that may help those who are over these guidelines to qualify, ie: medical expenses for disabled family members, a … (0 comments)

USDA Rural Housing Loans (Mortgages) are Alive and Well! - 09/15/08 12:45 PM
While many mortgage loan products are being scaled back due to associated credit risk, the USDA Rural Housing loan is still allowing borrowers to finance 100% AND THEN SOME to buy their homes.
The USDA Rural Housing loan works a lot like a VA loan with a couple of differences that are beneficial to buyers with little or no cash on hand.  A VA loan has a 2.15% funding fee for the first use; USDA loans have a 2% funding fee for all uses (in both the VA and USDA loan, the funding fee can be added to the loan amount … (1 comments)

Hurricane Ike has Affected Destin and Ft. Walton Beach.....and it's nowhere near here! - 09/11/08 12:33 PM
I I live in Ft. Walton Beach, FL and my office is in Destin, FL (on the Gulf Coast in the Panhandle of Florida).  It normally takes me about 10 minutes to get to my office.  This morning, had I gone to the office, it would have probably taken a couple of hours......US Highway 98 between Ft. Walton Beach and Destin is closed due to the storm!  There is water over the road in the eastbound lane and I guess they anticipate it covering westbound, as well, as both directions are closed.  Below are some photos from Okaloosa Island that I … (4 comments)

FHA New Down Payment and Loan To Value Requirements - 09/10/08 03:27 PM
 
 
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The Blame Game - 09/09/08 10:10 PM


I work in an office building in beautiful downtown Destin, FL. We have 5 floors, with the entire 5th floor being occupied by a pretty powerful law firm.
I was outside this morning when one of the local title agents was coming in and we stopped and talked. I asked her why she was there and she informed me she was heading to mediation upstairs in a lawsuit that she was named one of the defendants. It was filed last year by a client who's transaction she had closed when he purchased a property in 2005.
The charge? "Collusion".
… (3 comments)

100% Financing at 5.5% 30 year fixed, no points, no origination fees! - 09/08/08 10:17 AM
With the Federal Government taking conservatorship of FNMA and FHLMC, interest rates were expected to drop.  In fact, some financial analysts predict that they will drop to the point where more people purchase and housing prices will RISE!  NOW IS THE TIME TO BUY and you need to let all of your clients know!
As an example, today's rate for a Rural Housing loan (100% financing and they can finance closing costs and prepaids into the loan) is at 5.5% (APR 5.643) with no points and no origination fees.  Couple this with our September special (We are waiving our administrative fee … (2 comments)

What A Difference A Week Makes! Why Florida is a GREAT Place to Buy Real Estate - 09/07/08 09:56 PM

Last weekened, we were on the edge of Hurricane Gustav; this week, it was a beautiful weekend.  While everybody knows that the real estate market nationally is down, and it is here, as well, the prices in our local market make buying real estate in Florida a great investment!
We have something that makes us different than say, Kansas or Oklahoma, or most of the rest of the U.S......a GORGEOUS COASTLINE!  Here in the Destin/Ft. Walton Beach area, our sand truly looks like snow.  It isn't too hot to walk on like the Atlantic seaboard, and it even squeaks when you … (6 comments)

September is National Preparedness Month - 09/05/08 02:17 PM

With all of the activity of hurricanes and tropical storms, I wanted to give everybody a way to get information about National Preparedness Month as deemed by Homeland Security and the Citizens' Coalition.  Click here to get to the webpage and find information on making a plan, being informed, and getting involved.  As someone who lives on the Gulf Coast, this information can be used by all of us!  
… (2 comments)

HOW TO SELL YOUR LISTING IN THE FALL - 09/04/08 02:43 PM

As the Summer season is ending and we are getting ready to head into the Fall season this month, many Sellers are feeling a little panic because many people think that Spring and Summer are the best times to buy or sell a home.  If you're trying to sell your property at this time, you need to take extra measures to make your property stand out above others that are listed for sale in the same proximity.  Also, Sellers need to realize that sales volume is not their problem; the only property they care about is the one they are … (5 comments)

Florida No Longer the South's Worst Home Construction Market - 09/03/08 05:33 PM

Federal Reserve: Florida no longer South's worst home construction market
The worst of the housing crisis may have passed for Florida.
So suggests the Federal Reserve in its most recent "beige book," its summary of national economic activity that came out Wednesday.
The Fed divides the country into 12 districts. We're part of the sixth district centered in Atlanta and comprising all of Florida, Alabama and Georgia and parts of Tennessee, Mississippi and Louisiana. Here's the mixed news dealing with the housing industry in Florida:
"Reports from homebuilders and Realtors indicated that new and existing home sales remained below year-earlier … (2 comments)

Destin/Ft. Walton Beach - Hurricane Gustav - 09/01/08 11:54 AM
We just went to the Boardwalk on Okaloosa Island, right by the pier.  The water was wicked rough!  We even spotted a water spout that was heading from Destin.  Here are a couple of pictures of the beach in Ft. Walton Beach during the storm.  There may be some beach erosion, but this will not be bad in our area.
 

… (1 comments)

 

Sue Botelho-USDA Rural Housing Mortgage Pro

Fort Walton Beach, FL

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Waterstone Mortgage Corporation

Address: 2 Park Circle, Suite A, Ft. Walton Beach, FL, 32548

Office Phone: (850) 362-6901 x 2

Cell Phone: (850) 797-7946

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