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ft walton beach: 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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ft walton beach: 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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ft walton beach: It's Official - USDA Rural Housing Increased Income Limits to go Into Effect April 20, 2009!!! - 04/08/09 09:58 AM
USDA Rural Development has confirmed that the proposed change in the income limit structure for the USDA Guranteed Rural Housing Program will be implemented as planned on April 20th! This will allow a lot more people to qualify for one of the only 100% financing programs left, and certainly one of the only ones that allows you to include closing costs in the mortgage (if supported by the appraisal)!
In summary, the current income limit structure that is based on household incomes will be restricted as follows:
Okaloosa County:
Household of 1-4 persons in it: Max Gross Income of $72,650
… (3 comments)
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ft walton beach: USDA Rural Housing Program - Buyer Can Get 2/1 Buydown with Start Rate of 3.75%! Less than 4% is HERE!! - 12/10/08 12:13 AM
Based on today's rates, a buyer can get a 30 year fixed rate mortgage on a 2/1 buydown (rate is bought down 2% the first year and 1% the second year) with a rate of 3.75% the first year, 4.75% the second year, and 5.75% years 3 through 30! This gives you a better payment and cash out of pocket at closing than does a VA or an FHA loan!
There is a cost to do this of 2.1% of the loan amount and this can NOT be paid by the buyer - it can be paid by the Seller, the … (0 comments)
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ft walton beach: 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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ft walton beach: Choose the Right LOAN OFFICER, as well as the right Lender. - 10/20/08 07:50 PM
While it may be tempting to choose a loan officer and lender strictly based on the lowest-quoted interest rate, it is recommended that the decision be prioritized by a different standard - their reputation. As the loan officer to provide you with testimonials from past clients, as well as ancillary-related professionals (you can see mine here). Google your prospecitve loan officer's name and see what type of information that they are contributing to help buyers and sellers and Realtors®. (It is suggested you google the first and last name of the loan officer, the word "mortgage" and the city … (0 comments)
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ft walton beach: Florida FHA Loan Limits - 10/15/08 12:22 AM
Florida FHA Loan Limits
… (3 comments)
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ft walton beach: 100% USDA Rural Housing Loans for Low and Very Low Income Households! - 10/14/08 10:39 PM
Most of my posts are on the USDA Guaranteed Rural Housing Mortgage program. This is a mortgage program that gives 100% financing, including, if necessary, the funding fee, closing costs, and prepaids to enable a buyer to get in a house with absolutely no money down. This program is one in which the client goes to a mortgage lender (such as Northstar Mortgage Group!), a bank or a mortgage broker to get their financing. If a client makes less than a specified amount for a specific purchase area, and the property fits the geographical requirements, we can assist a buyer with … (3 comments)
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ft walton beach: 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)
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ft walton beach: 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)
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ft walton beach: 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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ft walton beach: 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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ft walton beach: Hurricane Gustav - Destin/Ft. Walton Beach, FL - 08/29/08 10:12 PM
I sent this email to my entire client database today (I do financing for a lot of 2nd home and investment property owners that don't live here):
Good afternoon. While we certainly don't expect it, I wanted to offer a service to those of you who live out of town and own homes or condos here in our area should the storm hit our area.
If you don't have someone checking your property after a storm, should one hit, please email me your name, property address, and your phone number and I will print it out (a precaution should … (2 comments)
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ft walton beach: September Special! - 08/29/08 10:47 AM
We are waiving our administrative fee ($150) and doc prep fee ($150) on all loan applications taken from September 1 through September 30, 2008. This includes primary homes, 2nd homes and investment properties, single family residences, townhomes and condos.
If you couple this fee waiver with today's low rates (6.25% 30 year fixed primary home single-family or townhome, no points, no origination fee, 100% financing with no monthly Mortgage Insurance or 6.5% 30 year fixed for an 80% conforming condo or condo-tel, 2nd home, no points, no origination fee) and your clients with be tickled pink! They will remember the Realtor … (2 comments)
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ft walton beach: Credit Score and FHA Loans - 08/28/08 03:50 PM
FHA has no minimum credit score for buyers using this program. However, most investors have a minimum score requirement of 580. We have two investors who will go below this: one will go as low as 560 and one will go as low as 500. However, there has to be a credit explanation letter with extenuating circumstances as to why the credit score is as low as it is in order to be approved.
Currently, FHA has different Mortgage Insurance costs depending on a buyer's credit score.
We also work with a credit repair specialist who helped write the FICO model … (3 comments)
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ft walton beach: FHA Loan Limits - Destin/Ft. Walton Beach/Panama City/Crestview/Niceville - 08/28/08 02:14 PM
OKALOOSA COUNTY
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ft walton beach: Mortgage Insurance is Tax Deductible through 2010 - 08/28/08 02:01 PM
With the increase in FHA loans (which have up front and monthly mortgage insurance), it's important to know, for yourself and for your clients, that Mortgage Insurance Premiums are tax deductible on Federal Income Tax Returns. This deduction is for both government and private mortgage insurance premiums. In order to qualify, the mortgage would have to have been originated between 2007 and 2010. Originally, it was put in place only for 2007 but the extension was granted as part of the Mortgage Forgiveness Debt Relief Act of 2007. In order to qualify for the full tax deduction, a family's adjusted gross … (3 comments)
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ft walton beach: So WHAT is a USDA Rural Housing Loan??? - 08/27/08 04:02 PM
When you think of USDA I know the first thing you think is HOME LOAN FINANCING! Right? Actually, if you're like most Americans you probably think of Milk, Cows, Pigs, Corn, Farms and a beautiful farm house. Anything but mortgages.
Rural really isn't all that rural. Here is a picture of a farm, and you'd probably have to go to an agricultural banker to finance it. Below is a picture of a house, and you can finance it with a Rural Housing loan through a Mortgage Lender, like myself!
A USDA Rural Home Loan is designed to help families in areas that are … (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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