FHA condominium project approval changes delayed until December 7, 2009.
FHA's new policy guidance for condominium project approval has major changes pending. They were going to be in effect as of October 1st and were delayed until November 1st. The latest news is that no changes will take effect until December 7, 2009.
FHA notice on delay in FHA condominium changes: Implementation of FHA's new policy guidance for condominium project approval and condo unit financing will be delayed until December 7th 2009.
The new guidance, to be issued within the next two weeks, will:
offer additional leniencies to address the difficult market conditions
augment some portions of FHA Mortgagee Letter 2009-19, providing additional information and clarification.
Until the new guidance takes effect on December 7th, 2009 lenders may continue to use the Spot Loan Approval guidance issued in Mortgagee Letter 1996-41.
Further, the site condo and manufactured housing condo project changes that have already been implemented are not affected by this delay.
2009 has been a great opportunity to find and buy Real Estate at a discount. One of the best options for people has been the bank-owned home and foreclosure market. In Florida, we have found that because of the large number of foreclosures, prices are low and inventory is high, so people have found that a home that sold for $500,000 is now available for $200,000, $250,000 homes sell for $100,000, and $150,000 for $75,000.
Essentially, there are three different stages at which you can buy a foreclosure property. Investors and homebuyers can purchase a foreclosure property in the first phase of default - before a foreclosure auction takes place. Secondly, investors can purchase a property in at the public foreclosure auction. And finally, a foreclosure property can be purchased from the bank or lending institution if no one bids at the public sale and the bank repossesses the property.
Once a property is repossessed by a bank or lender, the property will probably be listed for sale through a real estate agent. Good buys are available, but they require research, preparation, patience and persistence. Buying a bank-owned home in foreclosure isn't easy, and it's hardly without risk. Before you consider plunging into the foreclosure market, be sure to do some in-depth research.
Here is a list of things you can do to successfully purchase a bank-owned REO:
1. Inspect Property.
Most foreclosure properties are referred to by investors as "distressed" properties. Bank-owned foreclosure homes are usually sold "as is," which means that the 15 percent discount you just saved on the purchase price can easily be eaten up by unforeseen expenses - such as repairs not immediately apparent in an exterior inspection. Many owners of homes that go into foreclosure have been struggling financially, which usually means that the house has not received needed repairs or general maintenance for a while. Some homeowners who lose their property to a lender frequently damage the property. So be prepared to do renovations and repairs. Hire a licensed home inspector to give you a written estimate of the cost to repair the property. Budget that number into your purchase price. Repair costs can be used later in your negotiation with the bank to reduce the asking price.
2. Title Search.
Once a home has been located, search the public records for liens and outstanding taxes. You can perform a preliminary check of title on RealtyTrac and then hire a title company to run a full, insured title search before closing the deal. Liens on the property can drive up the purchase price. Common liens typically are placed on a property for unpaid loans borrowed against the property, taxes or unpaid contractors (mechanics liens). These liens remain intact until the money is paid, which means that you may have to pay off the liens on the foreclosed property you are buying - even though you're not the one who didn't pay the property taxes. Banks should clear the title before selling but never assume this is the case - just as you would if you were buying a property from anyone else.
3. Negotiate.
Investors should be prepared to negotiate a lower down payment, a lower interest rate, a reduction in closing costs and a lower asking price. Many lenders may be willing to waive some closing costs, maybe even offer a break on the interest rate or the down payment. Moreover, some lenders might offer to finance the property at a below-market rate or with a lower-than-usual down payment. Don't be afraid to ask for a better price and favorable terms.
4. The Offer.
Although most banks want to unload their foreclosed properties, they won't necessarily do so cheaply. So you aren't guaranteed a fabulous price. But remember you're dealing with an eager seller. Even though the bank's REO manager or their listing agent might suggest that the list price is "firm," never be afraid to negotiate price - especially if the foreclosed bank-owned home needs repairs. When submitting a low offer, you need to substantiate the reduced price in writing and document your case. You should furnish photographs and cost estimates for repairs to support your offer amount.
5. Financing.
With good credit, many banks will loan the full price of the foreclosure or more. If the home is to be used as a rental, many banks will require only a 10 percent down payment. Foreclosure investors with a large amount of equity in another home may get a line of credit from their bank to purchase a foreclosure. When they convert the line of credit to a mortgage, no down payment may be required.
As a Mortgage Broker, we require a disclosure to be signed at application that reminds all of our clients that for your protection, you SHOULD get a home inspection. If you have trouble finding one, or don't know anything about home inspections, then this information should be helpful to you.
If the wrong home inspector gets involved, you could have trouble with a "FAST inspection" that doesn't tell you what type of maintenance will be required on the home OR even worse in some cases, "TOO MUCH information inspection report", that details even the tiniest flaw and scares you away from buying a perfectly good home.
Most appraisal companies that are chosen by the lender require the inspection report to be given to them if one was performed, and if your report is TOO PICKY, then we may not be able to secure financing.
What is the difference between inspection companies?
The only device some home inspection companies have to offer is a low price (remember, you get what you pay for) or a "warranty" (considered phony by most inspectors). If you choose based on what the inspector does (provide a real educational experience) you will be happier. It is a good idea to call at least 3 companies. Good companies try to have the buyer there if possible- like to have them with him.
Increase the chances of your being satisfied with the home inspection by choosing an inspector with a minimum of five years of home inspection experience who has personally performed a few thousand home inspections. No matter what job you hire a person to do, experience counts. When someone has a background in building homes, construction or a related field they generally have a better knowledge of what things are supposed to look like, so I always ask them to tell me what they did before they were home inspectors.
Questions I ask when talking to home inspectors.
How many inspections have you done?
How long is your report?
Do you go in attic, roof, crawlspace?
How long do the inspections take?
On the inspection, you can ask the scope of the inspection, most will check the following:
• Climb up on the roof
• Crawl through the attic and crawl space
• Open the electrical panel
• Check the furnace heat exchanger (FHA requirement)
• Look for wood borers and rot - wood close to earth has an increased risk of wood borer and rot damage. (FHA requirement)
• Check for toxic substances
• Operate all the appliances and equipment
Also find out if the company will report on potentially dangerous or harmful elements, such as:
• Unlined fireplace flues
• Aluminum general lighting circuitry
• Un-vented gas space heaters
• Toxic substances like asbestos
• Inadequate combustion air or clearances to heating equipment
• Recessed and overheating light fixtures buried in attic insulation
• Inadequate insulation
• Overextended electrical systems
• Un-tempered glass shower doors
• Restrictive ventilation in attics and crawl spaces.
• Evidence of previous termite treatments
When receiving the report, make sure they will....
• Put your property into perspective by comparing it with its peers (i.e., homes of similar vintage, material usage, intent)
• Summarize the major points of concern and the significant qualities of the property
• Identify potential remodeling problems, such as materials containing asbestos; electrical systems which cannot be expanded to accommodate a new kitchen; and old galvanized plumbing supply pipes which will not deliver an adequate supply of water or may leak
• Inform you about amateur workmanship or substandard maintenance, or advise when to consult an expert to look more closely at suspected problem areas
• Detail the maintenance for all the components of the home
Home Inspection Companies:
Ask your REALTOR for a recommendation- Home Inspection companies will typically work Real Estate Agents very closely and your agent will probably be present at the time of the inspection, so they will have a 1st hand account of how detailed the Home Inspector is. Make sure you check with your Realtor to see if they have a reliable inspector that has earned their trust. ___________________________________________________
Based out of reddington shores 18 years- Certified by ASHI and SBCI 1991 for county Was in construction business for 6 years ________________________________________________________
Independence Day parties abound throughout the St. Pete/Clearwater area. Take in a parade, enjoy a picnic and watch fireworks from the beach or take in some live music, no one does the 4th of July like St. Pete/Clearwater.
OTHER LINKS TO AREA ACTIVITIES
4th of July Celebrations and Fireworks LINKS for Saint Petersburg, Clearwater and Gulf Beaches
Spend the afternoon at the park. Overlooking the beautiful intercoastal waterway at Coachman Park, this Independence Day celebration features the Mostly Pops Orchestra with John and Mary K. Wilson at 7:30 p.m.. A spectacular fireworks show will follow at 9:30 p.m. This all-American family event includes children's activities, food and beverages for purchase and exhibitor and sponsor booths for browsing. Admission is free and gates open at 4 p.m. www.myclearwater.com. Coachman Park 301 Drew. St., Clearwater 727-562-4700
4th of July Extravaganza at The Pier.
A full day of fantastic family activities await you at The Pier. Starting at 1pm on the east courtyard, sing along with your old favorites with live music by the Cool Daddies. Or, step inside to catch the alternating characters of a one man circus. And, don't miss your chance to be a star in your own free dance video with the "Dance Heads". If you've never tried a drum circle, this is your chance. Get into the beat with one of the available free drums or bring your own. Live music continues with the popular rock band "Save The Radio" until 8pm. For the perfect view of fireworks, grab a spot on the observation deck and watch the spectacular show over the water. Starting at 9pm. Free to attend. For complete details and a schedule of event times, please check www.stpetepier.com The Pier 800 2nd Ave. N.E., St. Petersburg 1pm to 11pm 727-821-6443.
Rays vs. Texas Rangers
What better way to celebrate the Fourth of July than with America's favorite pastime. Bring your blankets and chairs or use theirs, The Pier will have an outdoor big screen showing of the game that takes place in Texas, starting at 8pm. Rays fans won't want to miss this! Food and beverages are available at the food court and Pier restaurants. No coolers please. The Pier 800 2nd Ave. N.E., St. Petersburg 727-821-6443 www.devilrays.com
Largo 4th of July Celebration Come early to get a good spot on the grass. DJ led music will start at 7pm with interactive kids activities close to the stage. Fireworks will begin at 9pm. Parking is available on site and free. No alcohol, pets, or personal fireworks. Largo Central Park, 101 Central Park Drive, Largo www.largoevents.com
Enjoy a real home-town Fourth of July in the quaint city of Gulfport. Throughout the day a diverse variety of vendors line along Beach Boulevard while food vendors are set up along intersecting Shore Boulevard. Live music fills the air. And, the colorful old-fashioned parade is led by the Mayor and also includes many community groups participating. Cap that off with a fabulous fireworks display off the pier and it's a fun all-day event for the whole family to enjoy. Free.
4TH of July U.S. Constitution Boat Parade
Enjoy a patriotic, fun filled Rally that will kick off the First Annual Fourth of July U.S. Constitution boat parade. Gather at Gators Cafe, the festivities will start at noon. There will be music and prize drawings throughout the afternoon. Decorate your boat - Show it off - Wave Flags! Or, just watch the boat parade sail by just after 3:00 P.M. Sit back and enjoy this extravaganza of patriotic boats passing before you. The two boats that best represent an Article OR Amendment of the Constitution will receive a prize. Gators on the Pass 12754 Kingfish Dr. on Treasure Island www.constitutionparade.com
Beach Fireworks
Madeira Beach
Promising a traditional show ending in a spectacular finale of lights, this event is expected to have a duration of 20 to 30 minutes during which 3,938 rounds of premium display fireworks will be set off. The display will be fired from the city recreation park on Rex Place next to the City Hall complex. Madeira Beach 300 Municipal Dr., Madeira Beach, FL 33708
Redington Shores Situated in the heart of the beach communities, Redington Shores has an expansive beach and is famous for its long pier. The fireworks display will take place Saturday, July 4 shortly after dusk in the County beach park. Redington Shores 182nd Avenue and Gulf Boulevard
St. Pete Beach
Bring your blanket and a picnic basket and settle in for the evening to enjoy fireworks at the beach. Launched along the Gulf of Mexico, you'll enjoy the show starting at dusk. Free. St. Pete Beach Access Park 4700 Gulf Blvd., St. Petersburg Beach, FL 33706
Treasure Island Enjoy a great BBQ while enjoying fireworks on the beach. Bring your chair or blanket. Fireworks start at 9pm. Free. Treasure Island Beach 10400 Gulf Blvd., Treasure Island, FL 33706-4815 www.treasureislandchamber.org
Freedom Fest in Pinellas Park Why wait till Saturday to celebrate? Friday's Freedom Fest will have live Christian music, food, crafts, kids' activities and fireworks from 2-10 p.m. in Town Square Park Plaza. Saturday features a laser show.
Patriotic Picnic in Tarpon Springs Enjoy a hometown picnic in Craig Park from 10 a.m. to 2 p.m featuring live music and family-fun activities like a bubblegum blowing contest and sack races. Free hot dogs, soda and water will be provided.
Safety Harbor July 4th Celebrate in an activities area with carnival games, inflatables and a rock wall on the lawn of the Safety Harbor Resort and Spa. Fireworks display at 9 p.m.
Fireworks in Dunedin on July 3 Party island style at Dunedin's Knology Park with music by the De Lei'ed Parrots and children entertainer Shana Banana. Tropical attire suggested. Fireworks at 9:30 p.m.
Back for 2009 and bigger than ever, downtown St. Petersburg comes alive for the 4th of July with a spectacular evening of live music, tasty food, family fun - and of course - FIREWORKS!
Straub Park is the place to be if you enjoy live music - with the sounds of national country artists throught the evening. The must starts at 5:30PM with Suite Caroline; Due West takes the stage at 6:45PM; and our headliner, Krista Marie, plays at 8PM. http://www.us1035.com/common/celebrate/
Be sure to bring the family. The festival grounds are alcohol-free, plus both you and the kids will love playing dozens family friendly games and activities around the park. Don't worry about going hungry either, food vendors will have a large variety of snacks and non-alcoholic beverages to enjoy.
Then, look to the skies over Tampa Bay starting at 9:00PM as Tampa Bay's largest Fireworks display lights upthe summer sky. 30 minutes worth of fireworks, choreographed beautifuly to patriotic music - it's the perfect ending to a perfect lazy summer day.
The fun's not just limited to land- The Pier will be open with more great activities, live music, and a great view of the 9PM fireworks show!
Schedule of Events:
"Cool Daddies"- Poodle Skirts to the music from the 70's. 1pm - 4pm
Face Painting by Joanne Conte & Friends. 1pm - 9pm
"George Washington" character entertains the crowd. 1pm - 3pm
Characters from Fritzy One Man Circus entertain you. 1pm - 6pm
"Dance Heads" - Be your own star in a dance video! 3pm - 8pm
"Drum Circle Facilitation" feel the beat. 4pm - 5pm
"Save the Radio" - Alternative to Top 40's music. 5pm - 8pm
9PM Fireworks light up the sky across the waterfront
4th of July Celebrations and Fireworks LINKS for Saint Petersburg, Clearwater and Gulf Beaches
The latest update from FHA has established some guidelines for use of the first-time home buyer tax credit as down payment or closing costs.
Here are the 10 things you need to know about these guidelines:
1. The IRS tax credit refund can be made only to the taxpayer and not a third party. 2. Government agencies may offer tax credit advances with second liens. 3. The buyer cannot get cash back through the tax credit advance. 4. The 2nd lien may not exceed the down payment, closing costs, and prepaid expenses. 5. The 2nd lien may be "soft" or require payments. 6. Payments on 2nd liens must be included in ratios unless deferred for at least 36 months. 7. Balloon payments on 2nd liens may not be before 10 years. 8. FHA approved lenders and FHA approved non-profits may purchase the tax credit. 9. Tax credit purchaser may not charge more than 2.5% of the tax credit as a fee. 10. IRS may deduct from the tax credit: unpaid student loans, tax liens and garnishments.
Working with an FHA lending expert can help you take advantage of this change and help you to become a homebuyer much faster.
But we only have till December 1st, so take action.
As an FHA expert we can help your clients buy a home with less money out of their pocket, let us know what we can do to assist you.
Credit Building- how to get credit if you don't have any.
This is part 2 of the credit improvement process
http://www.825moveinspecial.com
Scott Hoag-Mortgage Consultant Saint Petersburg, Florida Work Phone-727-644-3656 scott@livinginstpete.com
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Credit re-building is tough!!
To establish new credit so you have some good things on your credit report that continually report positive things is almost as important as the removal of the bad stuff. Especially if your score is less than 550, most people give up on their ability to get new credit.
That is the worst thing you can do. If you still are having trouble paying your bills on a month to month basis, this part of the plan may have to wait, but if you can spare $300-$1000 of money to put toward establishing new accounts we need to get started with the re-building of good credit.
If you had the right coaching, you could buy a wonderful home within the next 3-12 months, depending on how quickly you get started with these credit builders. And don't put it off because when the right home comes along, you'll be ready to go.
In some cases it takes 3-12 months to get the full benefit of new credit established.
Here are my favorite ideas to start re-building credit right away:
Add yourself to you’re a friend or relatives credit cards as an authorized user
Get a secured credit card through Bank of America or Fifth Third bank (currently everyone is getting turned down- not a good method to build credit currently (May 29,2009)
There are some local department stores that report your purchases to the 3 credit bureaus. You can check with Badcock’s or with Aaron's to see if they will give you credit to purchase some of their merchandise.
Online credit cards- you can find secured credit cards online too. If the local bank won't offer you a secured line of credit, you can check with http://www.creditcards.com. With the online companies, you need to be very careful because they can have huge fees associated with the cards. I signed up for a card when I was working on my own credit and ended up paying $270 in application fees, annual fees and monthly fees. Make sure you read the box that summarizes all the financing terms. They have to disclose the terms and if you take the time to find the info, it's usually very easy to understand whether you're getting a good deal or not.
Auto financing- if you car is paid off, you can offer the title of your vehicle in exchange for a small $500-$1000 loan. That would enable you to access funds to use some of the other items on this list too. Auto financing is typically MORE helpful when it comes to credit score than new credit cards.
Please stay in touch and let me know what else I can do to help. I think we should spend time speaking in the next couple weeks after you have a chance to try some of these items.
When you're done with this step, we'll need to work on your budgeting and weekly and monthly savings ability. Tracking the little impulse buys can be a huge aha for some people who never realize where all the money goes.
Good Luck,
Scott
PS By the way, if you may know anyone you think may benefit from our services, please let me know how to reach them so I can see if I can help. We just need to get their name, phone and e-mail and we’ll let you know when you reach them.
If you are trying to buy a home and DO NOT have a 620 credit score, credit repair is the best thing you can do to put yourself in position to buy a home. My homework for you is to call these companies, ask questions about how their system works and what the costs are. I always like to hear about what's going on, so if you could let me know how that went for you I would appreciate that. After we strip all or most of the negative items off your credit report, we start re-building your credit which is a whole separate process.
Hope this information saves you some time in researching your options,
http://www.825moveinspecial.com Scott Hoag Mortgage Consultant Saint Petersburg, Florida Work Phone-727-644-3656 scott@livinginstpete.com
4 Ways to Dispute Negative Items on your Credit
You have 4 different ways you can try to get negative things off your credit report.
The 1st is to work with the dispute process yourself. You can go to
http://www.annualcreditreport.com
and they can give you a copy of your report. Once you get the report, you would be able to dispute the negative items. It's extremely challenging to do that work and although I don't reccommend it, it would be the cheapest way.
I have only met 1 person get their reports improved sucessfully by themselves over the 3 years I have told people about how to do it. There are too many details to manage and everyone is too busy to manage their daily lives to learn how to fix credit reports.
The 2nd way is to choose a locally owned and operated company. I think the level of service is excellent with these companies.
The 2 local companies that I would recommend for you to talk to have a little more personal service. They will spend time talking about your situation and are a little more expensive, but both companies have money back guaranty in case you are not happy with the service they provide.
Although no one can promise to get everything off your report, they do promise that they will put a substantial amount of effort into helping you. I've sent over 30 people to these companies over the last 5 months and no one has been disappointed.
Both Michael Bridenstine from Trinity Enterprises and John Barbero from Elite Credit are quality individuals that I have spoken to often.
They can be a great resource for you and I hope you take the time to learn how you can help yourself.
2431 Aloma Ave STE 307 Winter Park, FL 32792 http://www.trinityenterprisesllc.com/
Elite Credit, Inc. - John Barbero - 813-777-1110 john@elitecreditinc.com 3152 Little Road #190 Trinity, FL 34655 http://www.ideserveperfectcredit.com/
The 3rd way is to work with an online company. I like working with Lexington Law and I have a link to their website at http://www.825moveinspecial.com I work with Ron Cooper from Lexington Law and he can probably help you with your credit situation. You can call him at 800-451-9437 x 10017.
They are very affordable (about $60/month) and I have seen excellent results from the people that have used their service. Make sure you mention the id # 9222 so he knows we're working together.
I work closely with Lexington to help our clients and you and I can keep track of what they are accomplishing regarding your credit improvement progress together. That’s the number they will assign to you that tells them we are working together.
They have 3 payment options $39, $59 and $79 per month to fit your budget and a $9.99 set up fee to pull your 3 credit reports into their system.
The 4th and final way you may be able to make some progress regarding the credit is some of the local government funded agencies that are designed to help people with their credit. One works more with people in the city of st pete and the other is for people outside of that area. I believe the only cost associated with these companies is a nominal $25-$50 fee to intake into their system.
The 2 that I learned about recently are
1. Tampa Bay Community Development Corp http://www.tampabaycdc.org My contact at Tampa Bay CDC is Jo Frost and you can reach her at 727-442-7075. Once again, please let her know we are working together so we can speed up the process of getting your credit disputes out.
2. St Pete Neighborhood Housing Services, Inc http://www.stpetenhs.org
I work with Faye McElroy over at St Pete Neighborhood Housing. I've known Faye for years and she is a wonderful resource for you to learn more about credit and get some things started that will improve your score. Her number is 727-821-6897.
Both of those agencies have several services that might help you. They will review your credit report in order to help you learn about additional resources you can use to fix any issues that are on those reports.
Completely remodeled, new paint inside and out, new central heating and air, new electric panel, new windows and doors, new hardwood flooring, all new stainless steel appliances including side by side fridge, microwave, hot water heater, dishwasher, new light fixtures, and more.
Spacious livingroom with wood burning fireplace, alcove with window seats, huge formal diningroom, beautiful built-in shelves in livingroom.
Great home, great floor plan, great price! New kitchen cabinets, new bathroom, washer/dryer connection.
Features
Lot Features
Water Utilities (Public Municipal), Fence, Sewer Utilities
Building Features
Cooling System (Central), Heating System (Central), Roof (Built Up, Shingle)
Interior Features
Floors (Ceramic Tile, Wall to Wall Carpet, ), Fireplace
Appliances
Dishwasher, Microwave, Range/Oven, Refrigerator
Exterior Features
Garage (1 Car Carport, Detached), Parking (Parking Pad), Patio (Open)
I specialize in helping individuals like you and families like yours find, qualify for, and own the home of their dreams with little or no money down, even with less than perfect credit.
Disclaimer: ActiveRain Corp. does not necessarily endorse the real estate agents, loan officers and brokers listed on this site. These real estate profiles, blogs and blog entries are provided here as a courtesy to our visitors to help them make an informed decision when buying or selling a house. ActiveRain Corp. takes no responsibility for the content in these profiles, that are written by the members of this community.
FHA condominium project approval changes delayed until December 7, 2009.
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