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florida: First Time Home Buyer Tax Credit - TIME IS RUNNING OUT! - 09/26/09 12:03 AM
Here is a video that gives some important information about this credit, information that I hadn't really thought about until recently. Because I know that I hadn't thought about it, I feel it very important to share this information with any and all potential buyers - they really don't have much time remaining! If you, a friend, a client, a family member, or someone you work with is still on the fence about buying, you need to send this to them@
Click here to see the video and share with anybody you know that is contemplating on buying a home but … (5 comments)
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florida: 2009 FHA Limits For Florida - 11/12/08 04:54 PM
HUD has come out with their maximum loan limits for 2009. In the state of Florida, the following will be the maximum loan amounts that will be insured by an FHA loan:
2009 FHA Limits - Florida
All areas except those counties listed below:
One-Unit $271,050
Two-Unit $347,000
Three-Unit $419,400
Four-Unit $521,250
One Unit Two Unit Three Unit Four Unit
… (2 comments)
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florida: Short Sales and their Effect On Getting a USDA Rural Housing Mortgage Loan - 11/12/08 06:40 AM
As a mortgage lender, we are constantly getting updates from Fannie Mae, Freddie Mac, FHA, VA and USDA on guideline changes.
This summer, the "buy and bail" memo was released. This policy dictates the circumstances under which a buyer can convert their current primary home to either a 2nd home or an investment property and how we, as lenders, have to count the payment of the current primary home against them or under what circumstances we can count rental income on the property if they rent it. It makes it tougher to qualify because they fear, and rightfully so in … (1 comments)
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florida: USDA Rural Housing Loans and In-Ground Swimming Pools........ - 11/08/08 12:00 AM
The USDA Rural Housing Mortgage program has very "black and white" guidelines, or so most people think. They have certain limitations on the debt to income ratio of the borrower (your total monthly debt divided by your total monthly income), they have a maximum income a borrower can make (see prior blog for how that is changing), they have geographical restrictions (which are VERY liberal and won't be changed until at least 2012) and they don't allow in-ground swimming pools.
However, and many people don't realize this, you can ask for an exception if your buyer is purchasing a home that … (6 comments)
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florida: USDA Rural Housing Loans - More People Will Now Qualify!!! - 11/04/08 04:46 PM
Today, the final ruling was published to simplify the USDA Rural Housing program's income limit structure for the USDA Guaranteed Rural Housing Program. These income structural changes will become effective on January 20, 2009, unless they receive adverse comments by January 5, 2009. They had put an advance notice out about trying to do this on April 10, 2008 and have not yet received any adverse comments so this should be a non-issue.
In essence, the current income limit structure that is based on household incomes from one to eight persons (in the household) would be restructured as follows:
1-4 person … (11 comments)
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florida: VA Refinancing Changes - May Help Veterans in Financial Distress with Their Mortgage - 10/29/08 09:50 PM
Of Potential Benefit to Those in Financial Distress
WASHINGTON -- Veterans with conventional home loans now have new options for refinancing to a Department of Veterans Affairs (VA) guaranteed home loan. These new options are available as a result of the Veterans' Benefits Improvement Act of 2008, which the President signed into law on October 10, 2008.
"These changes will allow VA to assist a substantial number of veterans with subprime mortgages refinance into a safer, more affordable, VA guaranteed loan," said Secretary of Veterans Affairs Dr. James B. Peake. "Veterans in financial distress due to high rate subprime … (3 comments)
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florida: A Way To Possibly Slow Down A Foreclosure Action - 10/28/08 12:08 PM
**Disclaimer: I am not an attorney and any legal advise must be given by a member of your state's BAR association. Please clarify this information with someone in your state!
I have had conversations lately with some attorneys who have given me a little bit of detail about the FAIR DEBT COLLECTIONS PRACTICE ACT, a Federal Statute. When a homeowner receives a notice stating that their lender/investor intends to file a foreclosure (which is a prerequisite prior to a foreclosure action being filed), this notice must have the EXACT AMOUNT DUE on it.
The EXACT AMOUNT DUE part is where there … (6 comments)
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florida: First Time Buyer? Buy a House with NO MONEY DOWN and get the $7,500 Tax Credit for 2008! - 10/01/08 02:01 PM
HR3221, the bill signed into law about a month ago, allows for up to $7,500 in tax credits to be given to first time homebuyers that purchase a home between August 9, 2008 and July 1, 2009. This credit will be deducted from your 2008 tax return. It does have to be paid back but it is paid back over 15 years, which would be $500 a year added to your tax liability for the next 15 years as it is interest-free when repaying it.
If you couple this with a USDA Rural Housing Loan (mortgage), you can get into a property … (1 comments)
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florida: First Time Buyer? Buy a House with NO MONEY DOWN and get the $7,500 Tax Credit for 2008! - 10/01/08 01:54 PM
HR3221, the bill signed into law about a month ago, allows for up to $7,500 in tax credits to be given to first time homebuyers that purchase a home between August 9, 2008 and July 1, 2009. This credit will be deducted from your 2008 tax return. It does have to be paid back but it is paid back over 15 years, which would be $500 a year added to your tax liability for the next 15 years as it is interest-free when repaying it.
If you couple this with a USDA Rural Housing Loan (mortgage), you can get into a property … (0 comments)
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florida: 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)
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florida: 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)
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florida: 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)
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florida: 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)
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florida: 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)
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florida: 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)
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florida: 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)
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florida: 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)
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florida: Buying a Home with TRULY NO MONEY DOWN! - 08/31/08 12:29 PM
A Rural Housing loan is actually less costly than an FHA loan or a VA loan, in most cases. It also does NOT require the buyer to be a first time homebuyer. And a Rural Housing loan may allow a buyer to get in with NO MONEY WHATSOEVER - as the seller can pay all of their closing costs, including the escrows and prepaid insurance and taxes or, if the appraisal is sufficient, they can finance those costs the seller is unwilling to pay into their loan amount! For most of our clients, we get their EMD money back for them … (3 comments)
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florida: What Is a Condo-Hotel (Condotel)??? - 08/31/08 12:19 PM
Condominium Hotel (condotel) A condotel is a condominium project that operates as a commercial hotel. Therefore, while the units are individually owned, the building has temporary occupancy, rental or registration desks, telephone and catering services, as well as daily cleaning services. Condominium Hotel (condotel) - A condominium project that has rental or registration desks, short-term occupancy, food and telephone services, and daily cleaning services and that is operated as a commercial hotel even though the units are individually owned.
Condo-hotel
From Wikipedia, the free encyclopedia
A condo-hotel, also known as a hotel-condo or a Condotel, is a building used as both … (2 comments)
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florida: Is the Florida Real Estate Market Stabilizing?? - 08/31/08 08:28 AM
-From NW Florida Daily News, August 31, 2008:
FLORIDA EXISTING HOME SALES LEVEL IN JULY COMPARED TO LAST YEAR:
Single-family existing home sales rose in Florida for the first time in more than two years. While only six more homes sold in July, 2008 than in July, 2007, it could indicate stabilization in Florida's housing sector, according to the latest housing statistics released by the Florida Association of Realtors.
A total of 11,498 existing homes sold last month while 11,492 homes sold in July, 2007, maintaining the same level of sales activity in the year-to-year comparison, according to FAR. The last … (4 comments)
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Sue Botelho-USDA Rural Housing Mortgage Pro
Fort Walton Beach,
FL
More about me…
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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