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florida real estate: HUD to announce changes to FHA Mortgages Tomorrow (1/20/10) - 01/19/10 10:38 PM
This was sent to us by Eric Egenhoefer, President of Waterstone Mortgage Corporation:
FHA tomorrow will announce a series of changes designed to protect the federal agency that has emerged as the cornerstone of the mortgage market as the housing sector wobbles toward recovery. On the whole, mortgage lenders will find the new rules painful but necessary. The problem is that for the past 4 years, FHA was an "anything goes" environment. So they have a lot of catching up to do in terms of tightening up the rules. What makes this hard: With FHA hovering around … (1 comments)
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florida real estate: Condotel Financing Available! - 04/29/09 07:00 PM
I have been getting a LOT of calls about financing condos in our area and throughout the Southeast. At this point, we have been told that if any of the following are present, the project is considered a "condotel":
If an underwriter can Google the name of the project and the city and finds that they can rent a unit for a short term there (ie: a day or a week), they are considering that project a condotel; If the project has the word "Resort", "Inn", "Hotel" or "Motel" in the legal name, it is being considered a condotel; If a … (4 comments)
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florida real estate: USDA Rural Housing Program - Properties in Foreclosure - 11/02/08 03:15 AM
Evidence that the USDA Rural Housing program works to get qualified buyers into homes can be found by checking out their foreclosure website. Our office is in the Panhandle of Florida, and between here and Tallahassee (Leon) County, there are a total of 5 properties that are in foreclosure.
I have been using this program for over 10 years and based on the number of properties that have sold under it, this low number of foreclosures represents USDA's committment to making sure that the buyers who use this program show an ability to repay the mortgage
A USDA … (1 comments)
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florida real estate: 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 real estate: 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 real estate: Florida Real Estate Foreclosures: Inflated Facts or Fiction?? - 10/19/08 10:05 PM
Florida has gotten the reputation for being "the foreclosure capital of the nation". What they don't tell you is that the basis of this "fact" is the the Lis Pendens filing, which is the first step in the foreclosure process.
A Lis Pendens is file and it can take 6, 8, 12 8, and even 24 months in some cases to actually get to foreclosure. During this time (after the filing of the Lis Pendens and prior to the foreclosure), many of these properties are being sold (either as a short sale or a regular sale), or some of the … (3 comments)
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florida real estate: 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)
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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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