St Petersburg Real Estate Financing

Florida condo buyers get more time - changes delayed until Dec 7

Scott Hoag (Gulf & Southern Mortgage) — Wed, 21 Oct 2009 16:52:42 -0500

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.

Checklist for Buying Bank-Owned Homes , Foreclosures , and REO Property

Scott Hoag (Gulf & Southern Mortgage) — Wed, 26 Aug 2009 12:30:26 -0500

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.

For Your Protection Get a Home Inspection

Scott Hoag (Gulf & Southern Mortgage) — Sat, 11 Jul 2009 14:00:29 -0500

How does my home inspection affect my mortgage?

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 1^st 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.
___________________________________________________

Kevin Dowd- Westcoast Inspections

727-439-2285

kdowd@tampabay.rr.com

FHA approved 203(k) consultant
Can also do Wind Mitigation and 4 point Insurance Inspections

_____________________________________________________

Steve Zimmer - Gulf Coast Inspection Services

Phone: 727-458-4616

szimmer@tampabay.rr.com

http://www.ashi.org/homeinspectors/Florida/Redington%20Shores/2256JJ/

Based out of reddington shores
18 years- Certified by ASHI and SBCI 1991 for county
Was in construction business for 6 years
________________________________________________________

Steve Majko- Mako Residential Services

Phone: 727-743-4082

http://www.Makoresidential.com

Licensed contractor - does re-models
Does about 3 inspections per week
Also can do 4 point inspections

________________________________________________________

Hope that helps you find a home that not only looks great, but is sturdy and safe for you and your family.

Scott Hoag
Mortgage Consultant

Office: 727-344-3995
Fax: 727-347-5297

Gulf & Southern Mortgage
5521 38th Ave N
St Petersburg, FL 33710

4th of July Celebrations Pinellas County and fireworks

Scott Hoag (Gulf & Southern Mortgage) — Fri, 03 Jul 2009 15:25:45 -0500

Celebrate the 4th!

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.

4th of July Saint Petersburg FL - fireworks and celebrations and music

Scott Hoag (Gulf & Southern Mortgage) — Fri, 03 Jul 2009 15:21:38 -0500

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

4^th of July Celebrations and Fireworks LINKS for Saint Petersburg, Clearwater and Gulf Beaches

2009 - Highlight on St Pete celebration

2009 - Clearwater, Beaches and Pinellas County celebrations

Patriotic Music

God Bless the USA (Lee Greenwood)

Fast Cars and Freedom (Rascal Flatts)

Only in America (Brooks and Dunn)

American Soldier (Toby Keith)

Born in the USA (Bruce Springsteen)

Our Country (John Mellencamp)

Pasted from <http://www.us1035.com/common/celebrate/>

FHA Allowance Of Tax Credit for down payment

Scott Hoag (Gulf & Southern Mortgage) — Mon, 01 Jun 2009 14:42:43 -0500

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.

Go FHA!

Credit Building- how to get credit if you don't have any

Scott Hoag (Gulf & Southern Mortgage) — Fri, 29 May 2009 11:35:52 -0500

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

________________________________________

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.

Scott Hoag
Mortgage Consultant
scott@livinginstpete.com
Phone: (727) 644-3656
Fax: (727) 347-5297

Ways We Work With BAD Credit Issues

Scott Hoag (Gulf & Southern Mortgage) — Fri, 29 May 2009 10:45:55 -0500

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.

Trinity Enterprises, LLC. -
Michael Bridenstine - 888-461- 8555 Ext: 303 mbridenstine@trinityenterprisesllc.com

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.

http://www.825moveinspecial.com

Scott Hoag-Mortgage Consultant

Saint Petersburg, Florida

Work Phone-727-644-3656
scott@livinginstpete.com

Memorial Day Weekend FIRST TIME HOMEBUYER seminars!

Scott Hoag (Gulf & Southern Mortgage) — Tue, 12 May 2009 14:02:58 -0500

Memorial Day Weekend FIRST TIME HOMEBUYER seminars!

Learn about how to buy a home and earn $8000 tax credit

To register, call Scott Hoag at 727-644-3656 OR Kathleen Smith 727-278-3329

Next event scheduled at Lowes Home Improvement Center

Ulmerton Road & 113th St (Duhme Rd)

May 22nd, 23rd, 24th and 25th 11am-1pm

Giving away a FREE grill at the end of the event.
Earn raffle tickets for filling out a credit application

3BR with fireplace in Lakewood Estates- Completely re-modeled- NOT A SHORT SALE

Scott Hoag (Gulf & Southern Mortgage) — Tue, 28 Apr 2009 10:13:21 -0500

Brought to you by:
Sven Dumont

Phone: (727) 324-7237
E-mail: elnido540@yahoo.com



$129,900	1436 sqft (approx.) Residential Property	3 Bedrooms 1 Bath

Subdivision: Lakewood Estates Completely Remodeled 3 Bedroom, 1 Bath 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)

Foreclosure RESCUE resources- 3 D's of foreclosure

Scott Hoag (Gulf & Southern Mortgage) — Mon, 27 Apr 2009 17:13:10 -0500

How can we help our friends and clients who are being foreclosed on? Here are resources you can pass along to help them. Based on information I have read, I have decided to offer some information and websites that will help people struggling to make their mortgage payments.

FHA expert, Jeff Mifsud offered some insight into the best things to do when you are being faced with the "time bomb loans" (his name for the sub-prime products). The reaction of most people when faced with the foreclosure of their home can be categorized into 3 main phases. The first phase is denial -homeowners start by just not doing anything to prevent the imminent foreclosure of their homes. The 2nd phase is disgust and anger that they were put in that position and even hatred of their current lender and the 3rd and final phase often results in the destruction or dismantling of the asset of valuable items.

My hope is that we can help each other avoid the destruction of the human spirit and property if we work together to offer the appropriate resources. I can't think of a better goal for this situation than to make a difference in their lives by offering the guidance to some people that may be able to save the families homes and avoid a great heartache.

If you are a member of the community of loan officers, Realtors, Title companies, Appraisers or in a Real Estate related industry, please link this information and pass it along to your database. It's important to offer helpful websites and counselors to aid those in need.

Here's a list I've compiled for you of HUD resources and links where you can direct the homeowner for help:

Tips for avoiding foreclosure: www.hud.gov/foreclosure/foreclosuretips.cfm
Avoid foreclosure rescue scams" www.occ.treas.gov/ftp/advisory/2008-1.html
Seek counseling" www.hud.gov/offices/-hsg/sfh/hcc/hcs.cfm
Explore loan workout solutions with your lender: http://portal.hud.gov/portal/page?_pageid=73,1827467&_dad=portal&_schema_portal
Utilize state resources: www.hud.gov/foreclosure/local.cfm
HOPE NOW Alliance: www.hopenow.com
Foreclosure timeline: www.hud.gov/foreclosure/fctimeline.cfm
Know the foreclosure laws in your state: www.foreclosurelaw.org"

Please read the following excerpt to get some additional detail on The Three D's of foreclosureby Jeff Mifsud taken from The Florida Mortgage Press | January 2009 issue p 39 along with a embedded copy of the original article.

Denial phase is when the homeowner denies the fact foreclosure is imminent unless they act to prevent it from occurring. Today, more than ever, lenders are willing to work out a solution with their borrower rather than let them foreclose. but many homeowners either don't know what to do about it, or simply are in a state of, well, denial.

the next phase is disgust, which outwardly manifests itself with the expression of extreme disgust and anger, even hatred, toward the lender. However, looking more closely, the disgust is more of an (unconscious, perhaps) expression of the inner turmoil they feel at finding themselves in this unimaginable circumstance. they may have feelings of guilt, embarrassment and anger directed at themselves, as well as at the fact that they have landed (and/or were unwitting parties to putting themselves) in this position. Sadly, not saying much for the better side of the human spirit, this often leads to a final phase: Destruction.

While certainly not an automatic given, when destruction phase does in fact follow denial and disgust, the (former) homeowner actually causes destruction to the property. You've probably all experienced the holes kicked in the walls, windows smashed in and/or the house being stripped of all remotely valuable fixtures, such as kitchen cabinets, copper and the like.

The most critical first step in helping the homeowner is to get him to a reputable and effective counseling agency that will guide him through the process. Most importantly, he should be assured that the fact of this situation in and of itself does not make him "bad" or, necessarily, even a fiscally irresponsible person. Just knowing that others experience foreclosure- especially in today's climate, in every socio-economic strata- and live to tell about it can go a long way toward avoiding the three D's of foreclosure."

EMBED original article

Home Buyer Seminars- Learn about how to get $8000 for buying a home

Scott Hoag (Gulf & Southern Mortgage) — Mon, 27 Apr 2009 10:25:58 -0500

First Time Homebuyers!

Have you thought about buying a home, but aren't sure how to do it?

We are offering 2 homebuyer seminars for people that want to take advantage of the amazing opportunity available NOW!

We are offering information on :

$8000 tax credit
Deadlines for Compliance
Requirements
Market Conditions
How to get the seller to pay closing costs
up to $25,000 in government grants for our hometown heroes
up to $15,000 in government grants for our everyday heroes

To learn more about buying a home, call to find out about our

FIRST TIME HOMEBUYER seminars!

Scott Hoag at 727-644-3656 OR Kathleen Smith 727-278-3329

Next event scheduled at Lowes Home Improvement Center

Ulmerton Road & 113th St (Duhme Rd)

May 22nd, 23rd, 24th and 25th 11am-1pm

Giving away a FREE grill at the end of the event.
Earn raffle tickets for filling out a credit application

Earth Day and Arbor Day in St Pete - Festival of Green Thumbs

Scott Hoag (Gulf & Southern Mortgage) — Sat, 25 Apr 2009 23:09:54 -0500

I've lived at my home for about 8 years and one of my favorite times of year is the Festival about 5 blocks from my house called the Green Thumb Festival . This year they are having it on April 25 & 26, 2009 - 9 a.m. to 4 p.m.

It's great to get out and look at some plants, eat some healthy food and maybe even get a FREE tree or two. My daughter is old enough to enjoy it with me and we love just walking around and talking about what we see. She's 3 and so I'm really mostly interested in what she sees and thinks.

I hope you have a chance to go out to a neighborhood park with your family and enjoy the earth and the trees and each other.

Here are the specifics in case you want to visit our festival.

http://www.stpete.org/parks/greenthumb.asp

Walter Fuller Park, 7891 26th Avenue N., St. Petersburg, FL, 33710

Children's Plant Fair
Walter Fuller Community Center
9 a.m. to 2 p.m., Saturday and Sunday

Garden Club of St. Petersburg Flower Show
Walter Fuller Community Center
9 a.m. to 4 p.m., Saturday
10 a.m. to 3:30 p.m., Sunday

Join in the fun and excitement of celebrating Arbor Day and Earth Day at this annual city festival. Now in its 23st year, the Green Thumb Festival features environmental and horticultural exhibits, vendors (with every kind of plant imaginable), the Garden Club of St. Petersburg Flower Show, a grow and share program, a diagnostic clinic (bring soil and water samples), a recycling rally, free mulch, plant auction, more than 2,000 trees for sale for $3, free Butterfly plants (500 each day), tool sharpening booth, entertainment, children's programs, other environmental programs and exhibits, and a food court! Mark your calendar so you don't miss this annual event: April 25-26, 2009.

The Green Thumb Festival is now full, and no additional vendor applications are being accepted. Applications for the 2010 Festival (April 24 and 25, 2010), will be available in January.Thank you for your interest in the Green Thumb Festival.

Green Thumb Documents/Information
Green Thumb Vendors and Vendor Layout Map
Green Thumb Vendors and Websites

Teacher A Plus Program

Scott Hoag (Gulf & Southern Mortgage) — Wed, 22 Apr 2009 19:03:04 -0500

This program is designed to provide teachers, administrators, staff, faculty and their families with information and ideas about the home buying process. Our community will not only give teachers a resource to build their team of real estate advisors, but also ask questions, find properties and interact with other members.

Teacher A+ encourages everyone to join and participate.
Visit Teacher A Plus

FHA Loans- Qualify for financing on a tight budget

Scott Hoag (Gulf & Southern Mortgage) — Wed, 22 Apr 2009 18:25:01 -0500

Yes, You May Qualify for an FHA Loan!

FHA loans are great for buying AND refinancing! Gulf & Southern Mortgage is an approved FHA lender and the Manual Underwriting is one of our most popular loans, allowing more people to qualify under the flexible credit guidelines. Our clients love the low fixed rates and security of a government-insured loan. To find out if an FHA loan is right for you, call (727) 644-3656 today!

Refinancing with an FHA loan

You can refinance up to 97.75% of your home's value. Or make a smart financial move and get cash from your home to consolidate your high-interest debt to a low, fixed rate - FHA cash-out refinance loans allow you to take out up to 85% of your home's value.
If you are currently in an FHA loan, you could get a lower rate with FHA Streamline refinance. FHA Streamline offers a limited documentation option that could avoid an appraisal and has flexible credit requirements. If you're in an FHA loan, call us now at (727) 644-3656 to find out if you qualify for an FHA Streamline refinance loan.
Our mortgage application and processing uses exclusive technology that cuts the headaches out of getting an FHA loan.

Buying a home with an FHA loan

Your down payment can be as low as 3.5% of the price of the home.
FHA also allows seller concessions up to 6% of your home purchase price.
First-time home buyers can get a tax credit up to $8,000! “First-time home buyers” includes anyone who hasn't owned a home in the past three years.
Need a lower payment? Ask us about FHA Rate Break - a 1-year 1% reduction in your interest rate! Instead of taking an ARM, choose FHA Rate Break and enjoy a low payment AND a fixed rate.

Congress has raised the loan limits for FHA loans across the country! For example, in Fort Lauderdale, the FHA loan limit went from $362,790 to $625,500. Higher loan limits mean lower rates for more people! Get in touch with us today: fill out the secure loan application online or call (727) 644-3656 to find out the current FHA loan limit in your county. Don't wait until it's too late!

*Consult your tax advisor.

Why Should You Choose Gulf & Southern Mortgage?

When it comes to your finances, something as important as your mortgage, we know it’s not something you take lightly. The mortgage company you choose matters. We want you to know what’s important to us, too.

You need to know you’re dealing with an experienced, reputable company. We have 23+ years under our belt, and we are a Florida expert that is locally owned and operated. Of course, we promise to make this your best mortgage experience ever. We’ll return your calls by the end of the day. If something’s not right, tell us and we’ll do whatever we can to fix it. We have the tools to make your mortgage go smoothly, and the customer service to back it up.

Here are some important items for you to be aware of.

STOP!! We have more FHA Home Loans info available NOW!!

Check our Do's and Dont's list by clicking here!!

Teacher A+ FHA program

Teacher A+ : Home Buying & Loan Program

Scott Hoag (Gulf & Southern Mortgage) — Wed, 22 Apr 2009 18:22:55 -0500

Home Buying & Loan Program for Teachers

Teacher A+ : Home Buying & Loan Program

Gulf & Southern Mortgage is proud to announce our new home buying program & home loan program. We are dedicated to assisting educators, faculty, staff and their families with the proper education, tools and guidance.

The HOME BUYING PROGRAM

Homes starting at $54,500
Selected Homes - No Money Down
Foreclosures & Short Sales Available
Network of Real Estate Professionals Dedicated to Teachers
24/7 Online Support and Help
www.TeacherAPlus.com

The HOME LOAN PROGRAM

Teacher A+ 30 Year Fixed Loan
No Down Payment*
Free Appraisal
Free Credit Report
Lower Your Existing Payment

*1^st Time Home Buyers - Purchase selected new homes with no down payment. We use a non-traditional credit score method which allows teachers with challenged credit or no credit history to qualify. The Teacher A+ loan can be combined with any city, county or state grants and also allows gifts from family.

Call 727-344-3995 today to get started!

Visit us at www.TeacherAPlus.com for more information.

Appraisal Rules HURT home buyers- HVCC Problems

Scott Hoag (Gulf & Southern Mortgage) — Wed, 22 Apr 2009 13:37:06 -0500

Someone decided a big national appraisal company can tell you what your home is worth better than the local appraisers that have worked in our area for years. Who did that?

Fannie Mae and Freddie Mac...that's who.

In an era of ever growing conservatism, we get the new and screwed up Home Valuation Code of Conduct(HVCC) requirements that will go into effect May 1st.

What does that mean???

The HVCC is applicable to all one-to-four family residential mortgages, regardless of occupancy type, originated on or after May 1, 2009 that are purchased or guaranteed by Fannie Mae and Freddie Mac. It is now policy of some large lenders to obtain Conventional and FHA appraisals from national Appraisal Management Companies (AMC's); this change does not affect VA appraisal requirements. (hint...they were already screwed up)

Luckily, some lenders are NOT participating. Pick you mortgage professional well, cause its about to get ugly. For large institutions to dictate who gets an appraisal order and charge a higher fee to consumers is stupid!! And I told my daughter that we don't use that word, too.

Stupid stupid stupid!

It is now policy of SOME lendes to make home buyers pay their appraisal fees up front now? What is really bad about that is we were able to watchdog for our clients and if there was a problem with the property or the comps, we could usually save them the $350 for appraisal by letting them know up front about that problem. This new HVCC rule would prevent those nice phone calls to tell you that the value problem. Just wave goodbye to your appraisal fee paid up front and move along to the next house. OUCH!!!

The speed factor is a problem too. We have people that can deliver an appraisal within hours if we really needed it. That means we order the appraisal in the morning and get the report by end of day. That's nice. Saves a lot of trouble. According the new HVCC rules that are being implemented, there is no more rushing something through to accomodate a tight closing schedule where a buyer needs fast service. Just put your request in and about a week or two later you'll probably see the appraisal.

Luckily, I have found a couple places I can get money for my home buyers that "are not participating". So I am going to do my best to avoid these AMC's too. I've decided I'm NOT going to participate in screwing up my clients home buying plans either.

New guidelines for Fannie Mae condo loans

Scott Hoag (Gulf & Southern Mortgage) — Sat, 11 Apr 2009 11:32:09 -0500

Fannie Mae has issued new guidelines that Florida condos and condo conversions, and, in some cases, old condos, must meet before it will fund loans:

• At least 70 percent of the units in new condos must be presold.

• No more than 10 percent of units can be owned by a single entity.

• No more than 15 percent of units in all condos can be more than 30 days past due on association fees.

• No more than 20 percent of a condo can be devoted to commercial use.

• All condos, new and old, must have fidelity insurance, which protects association funds from fraud.

• The seller is not allowed to help with down payments or offer other perks, like deductions of association fees, unless they are disclosed.

• Condos must have hazard insurance.

• When investors buy in established projects, at least 51 percent of units must be owner-occupied.

How to get Condo Mortgages in Florida

Scott Hoag (Gulf & Southern Mortgage) — Sat, 11 Apr 2009 11:30:42 -0500

FLORIDA- If you are thinking about buying a condo because the prices are getting so low, financing may end up being the deciding factor. FHA approval for condos in Florida isn't easy. There is a very small group of condo projects that is already FHA approved for mortgages. But if there is no approval in place, it's time to get out your questionnaires and get informed on what makes or breaks your purchase decision.

The process of letting FHA review the way the condo is insured, managed and who lives there is called "Spot Approval". If you need to do a "spot approval", most lenders are unable or unwilling to help, so you may think it's hopeless, but with a little guidance, you can get an FHA loan with only 3.5% down instead of the gruesome 25% down that some Fannie Mae lenders are requiring.

As early in the process as you can, get your FHA condo mortgage expert involved. If you can take the time to send the questions listed below to the seller or listing agent, you can find out your chances of getting FHA "spot approval". In most cases by reviewing the basic criteria, your condo mortgage expert, buyers, and Realtors can get an quick idea of whether you should take the time to inspect a condo.

You can use this as a reference tool so you understand what's important to your FHA condo expert. Once this preliminary review is complete, you can go to the next step by asking the Homeowners Association complete the condo questionnaire. That is a much more formal document that allows us to submit the request for FHA "spot approval" to get FHA to allow you to obtain FHA financing for the condo you have picked.

You can find a SAMPLE questionnaire in another of my FHA condo posts.

Condo Questionnaire for Mortgage Approval

Important questions to ask when trying to get a condo approved with FHA spot approval:

·The condominium project must be complete. There should be no ongoing or anticipated addition of any units, common elements, and/or facilities.

·Control of the common areas of the project must have been turned over to the unit owners association for at least one year.

·The owners association must provide evidence that the project has the appropriate hazard, liability and flood insurance .

·Individual units in the project must be owned in fee simple or be an eligible leasehold interest. The project's legal documents must provide for undivided ownership of common areas by unit owners. By virtue of this ownership, unit owners must have the right to use all facilities and unrestricted common elements.

·The project's documents should not place any legal restrictions on conveyance. Any provisions that seek to limit the free transferability of title is generally unacceptable. Such restrictions include rights of first refusal and restrictive covenants. Certain governmental or nonprofit programs designed to assist in the purchase or rental of low- or moderate-income housing are exempted from the restrictions on conveyance provisions.

·At least 90% of the units in the project must have been sold.

·At least 51% of the units in the project must be owner-occupied.

·No single entity may own more than 10% of the units in a project. "Entity" includes an individual partnership, corporation, limited liability company, limited liability partnership, joint venture, investor group or other natural or legal person qualified to hold an interest in real property. The 10% restriction does not apply when the ownership of less than three units would disqualify an otherwise eligible project.

•HUD recognized that the 10% cap on the number of units that may secure FHA insured mortgages in a given project can place a small regime at a disadvantage, since only a few units will invoke the limit. Accordingly, a two-tiered system was established. For condominium projects having more than 30 units, no more than 10% of the units may have FHA insured loans at any given time. Condominium projects consisting of 30 units or less, can have up to 20% of the units encumbered by FHA insured mortgages under the spot loan rule.

I hope this helps, we can work on this with you if you need a NEW condo expert for Florida Mortgages

Scott Hoag
FHA Condo Expert

Cell: (727) 644-3656

Email: scott@livinginstpete.com

Federal VA Loans

Scott Hoag (Gulf & Southern Mortgage) — Sat, 11 Apr 2009 10:18:58 -0500

Federal VA Loans
Federal VA Jumbo Loans

Federal VA loans are now available up to $1,000,000 for purchase and refinance. Please contact us 727-644-3656 or request an online quote. Get a quote.

More than 29 million veterans and service personnel are eligible for VA financing. Even though many veterans have already used their loan benefits, it may be possible for them to buy homes again with VA financing using remaining or restored loan entitlement.

Before arranging for a new mortgage to finance a home purchase, veterans should consider some of the advantages of VA home loans
Most important consideration, no down payment is required in most cases.
Loan maximum may be up to 100 percent of the VA-established reasonable value of the property. Due to secondary market requirements, however, loans may not exceed 1 million dollars.
Flexibility of negotiating interest rates with the lender.
No monthly mortgage insurance premium to pay.
Limitation on buyer's closing costs.
An appraisal which informs the buyer of property value.
For most loans for new houses, construction is inspected at appropriate stages to ensure compliance with the approved plans, and a 1-year warranty is required from the builder that the house is built in conformity with the approved plans and specifications. In those cases where the builder provides an acceptable 10-year warranty plan, only a final inspection may be required.
An assumable mortgage, subject to VA approval of the assumer's credit.
Right to prepay loan without penalty.
VA performs personal loan servicing and offers financial counseling to help veterans avoid losing their homes during temporary financial difficulties.

5 Steps to a VA Loan

Apply for a Certificate of Eligibility.
A veteran who doesn't have a certificate can obtain one easily by completing VA Form 26-1880, Request for a Certificate of Eligibility for VA Home Loan Benefits and submitting it to one of the Eligibility Centers with copies of your most recent discharge or separation papers covering active military duty since September 16, 1940, which show active duty dates and type of discharge.
Decide on a home the buyer wants to buy and sign a purchase agreement
Order an appraisal from VA. (Usually this is done by the lender.)
Most VA regional offices offer a "speed-up" telephone appraisal system. Call the local VA office for details.
Apply to a mortgage lender for the loan.
While the appraisal is being done, the lender (mortgage company, savings and loan, bank, etc.) can be gathering credit and income information. If the lender is authorized by VA to do automatic processing, upon receipt of the VA or LAPP appraised value determination, the loan can be approved and closed without waiting for VA's review of the credit application. For loans that must first be approved by VA, the lender will send the application to the local VA office, which will notify the lender of its decision.
Close the loan and the buyer moves in.

Who is Eligible for a VA Loan?

Veterans who served on active duty and were discharged under conditions other than dishonorable, during World War II and later periods are eligible for VA loan benefits. World War II (September 16, 1940 to July 25, 1947), Korean conflict (June 27, 1950 to January 31, 1955), and Vietnam era (August 5, 1964 to May 7, 1975) veterans must have at least 90 days' service. Veterans with service only during peacetime periods and active duty military personnel must have had more than 180 days' active service. Veterans of enlisted service which began after September 7, 1980, or officers with service beginning after October 16, 1981, must in most cases have served at least 2 years.

Persian Gulf Conflict. Basically, reservists and National Guard members who were activated on or after August 2, 1990, served at least 90 days and were discharged honorably are eligible. VA regional office personnel may assist with eligibility questions.

Members of the Selected Reserve, including National Guard, who are not otherwise eligible and who have completed 6 years of service and have been honorably discharged or have completed 6 years of service and are still serving may be eligible. The expanded eligibility for Reserves and National Guard individuals will expire September 30, 2003. Contact the local VA office to find out what is needed to establish eligibility. Reservists will pay a slightly higher funding fee than regular veterans.

VA Loan Eligibility

Question: How do I apply for a VA guaranteed loan?

Answer: You can apply for a VA loan at any mortgage company that participates in the VA home loan program. At some point, you will need to get a Certificate of Eligibility from VA to prove to the mortgage company that you are eligible for a VA loan.

Question: How do I get a Certificate of Eligibility?

Answer: To get a Certificate of Eligibility, you need to submit form 26-1880, Request for Determination of Eligibility and Available Loan Guaranty Entitlement. A copy of the form can be obtained by calling 800-827-1000. Send it to any VA Regional Office. You must include a copy of your DD214 with the form 26-1880. If you are on active duty, you must submit a statement of service signed by, or by direction of, the adjutant, personnel officer, or commander of your unit or higher headquarters showing date of entry on your current active duty period and the duration of any time lost.

Question: I have already received one VA loan. Can I get another one?

Answer: Yes, depending on the circumstances. If you have paid off your prior VA loan and disposed of the property, you can have your entitlement restored for additional use. To obtain restoration of entitlement, you must send VA a completed VA Form 26-1880, along with evidence that the property has been disposed of and the loan repaid in full. This evidence can be in the form of a pay-off statement from the former mortgage company, or a copy of the HUD-1 settlement statement completed in connection with the sale of the property. The application can be presented to any VA Regional Office. A veteran can also obtain restoration of entitlement, on a one-time basis, if the prior VA loan has been paid in full but the property has not been sold.

Question: I have sold the property I obtained with my prior VA loan on an assumption. Why can't I get my entitlement restored to purchase a new home?

Answer: In this case the your entitlement can be restored only if the assumer is also an eligible veteran who is willing to substitute his or her entitlement for that of your original entitlement. Otherwise, you cannot have entitlement restored until the assumer has paid off the VA loan.

Question: My prior VA loan was assumed, the assumer defaulted on the loan, and VA paid a claim to the mortgage company. VA said it wasn't my fault and waived the debt. Now I need a new VA loan but am told that I am not eligible. Why not? or My prior loan was foreclosed on, or I gave a Deed in Lieu of Foreclosure, or VA paid a compromise claim. I was released from liability on the loan and/or the debt was waived. Can I get another VA loan?

Answer: Although the your debt was waived by VA, the Government has still suffered a loss on the loan. The law does not permit the your entitlement to be restored until the loss has been repaid in full.

VA Loan Questions and Answers

Question: Can I get a VA loan if I have had a bankruptcy in the last few years?

Answer: VA credit standards state that a veteran with a bankruptcy less than 3 years ago would generally not be considered a satisfactory credit risk unless: the veteran or spouse has obtained items on credit since the bankruptcy and has paid the obligations in a satisfactory manner for a continued period; and the bankruptcy was caused by circumstances beyond the control of the borrower, which would have to be verified. A bankruptcy discharged 3 to 5 years ago must be given some consideration in the underwriting of the loan. A bankruptcy discharged more than 5 years ago may be disregarded. These are the minimum standards that mortgage companies must follow when making a VA loan. In 95% of the cases, companies make the decision to approve a loan without VA's prior approval. Keep in mind that mortgage companies also have money at risk in giving you a VA loan, so they may have stricter credit standards than those mandated by VA.

Question: How big of a loan can I get? If my guaranty entitlement is $36,000, does this mean I am limited to a $36,000 loan?

Answer: There is no limit on the size of a VA guaranteed home loan, provided that the veteran is qualified for the loan from a credit and income standpoint. However, as a practical matter, companies will generally limit the maximum loan amount to 4 times the amount of the veteran's available entitlement plus any down payment. Currently, the maximum entitlement on loans above $144,000 is $50,750, which will support a no down payment loan of up to $203,000.

Question: Why do I have to pay a fee for a VA home loan? Since I paid a fee for my first loan, why is there a larger fee for my second loan?

Answer: The VA funding fee is required by law. The fee, currently 2 percent on no down payment loans, is intended to enable the veteran who obtains a VA home loan to contribute toward the cost of this benefit, and thereby reduce the cost to taxpayers. The funding fee for second time users who do not make a down payment is 3 percent. The idea of a higher fee for second time use is based on the fact that these veterans have already had a chance to use the benefit once, and also that prior users have had time to accumulate equity or save money towards a down payment. Second time users who make a down payment of at least 5 percent pay a reduced funding fee of 1.5 percent, the same as first time users making the same down payment. For a 10 percent down payment, the fee drops to 1.25 percent. The effect of the funding fee on a veteran's financial situation is minimized since the fee may be financed in the loan.

Question: May a veteran join with a non veteran who is not his or her spouse in obtaining a VA loan?

Answer: Yes, but the guaranty is based only on the veteran's portion of the loan. The guaranty cannot cover the non-veteran's part of the loan. Consult mortgage companies to determine whether they would be willing to accept applications for joint loans of this type. Mortgage companies that are willing to make these types of loans will likely require a down payment to cover risk on the un-guaranteed, non-veteran's portion of the loan. Unlike other loans, the mortgage company must submit joint loans to VA for approval before they are made. Both incomes can be used to qualify for the loan. However, the veteran's income must be sufficient to repay at least that portion of the loan related to the veteran's interest in (portion of) the property and the non-veteran's income adequate to cover the rest.

Florida VA Regional Offices

VA Benefits 1-800-827-1000
Life Insurance 1-800-669-8477
Debt Management Center 1-800-827-0648
Education Loans 1-800-326-8276
TDD Line 1-800-829-4833
CHAMPVA 1-800-733-8387
Headstones and Markers 1-800-697-6947
Persian Gulf Helpline 1-800-PGW-VETS
VA ONLINE 1-800-US1-VETS (871-8387)

FLORIDA
Regional Office:
St. Petersburg 33710 (5521 38th Ave N 727-344-3995)

Mortgagte rate HIT RECORD LOW

Scott Hoag (Gulf & Southern Mortgage) — Thu, 09 Apr 2009 09:34:32 -0500

The lowest mortgage interest rates in the history of Freddie Mac's monthly survey, which dates back to 1971, has spurred millions of homeowners to refinance their existing mortgages. Rates have dipped below 5% on 30-year fixed rates and are approaching 4.5% on 15-year fixed rates for the most credit worthy borrowers. Nearly 80 percent of the new mortgage applications are from borrowers seeking to take advantage of this unique refinancing opportunity according to the Mortgage Bankers Association. The precipitous drop in rates was prompted by the Federal Reserve's announcement that it would buy $1.2 trillion on mortgage-backed securities and $300 billion in long-term government debt, which traditionally influences 30-year home loans. Freddie Mac rates do not include add-on fees that lenders charge for mortgages. For more information go to http://www.825moveinspecial.com/

ZERO DOWN - VA loan guide for 2009 - Florida

Scott Hoag (Gulf & Southern Mortgage) — Sat, 04 Apr 2009 10:19:42 -0500

VA LOAN GUIDE- 2009 Veterans want low down payment loans. In St Pete, FL we found that VA Loans are the best way to help you buy a home with ZERO DOWN. See how little red tape there really is in getting a VA loan through the VA Home Loan Program. A veteran mortgage often requires no downpayment and frequently offers lower interest rates than ordinarily available.

If you already have a VA loan, we have our refinance program-
VA streamlined Refinance! Truly the easiest loan to process with no qualifying and no out of pocket cost. Find out how to lower the interest rate on your VA loan and make your mortgage more affordable.

VA loans can be challenging to understand, but given a little directions are one of the best loans available. The biggest benefit is there is no down payment required and a buyer can purchase a home with absolutely $0 out of their pocket.

Perhaps the biggest negative is the relatively high upfront cost to work with the VA. 2.15% for the 1st time and skyrocketing to 3.45% for 2nd use. Compared to 0% upfront mortgage insurance for conventional loans, or 1.75% for FHA, its a costly loan to get into.

There is NO monthly mortgage insurance cost though. Compare that to .97% for some conventional loans or .55% for most FHA monthly mortgage insurance and you may be talking about over $100 per month difference in mortgage cost.

Here are some posts to help you learn more about the VA loan guaranty program and how it can help you or one of your clients:

va loans: VA Loan Funding Fee Tables - 07/01/07 04:32 PM
VA Loan Funding Fee Tables
There are some cases where there is an exemption to the funding fee requirement.
The following persons are exempt from paying the funding fee:

Veterans receiving VA compensation for service-connected disabilities.Veterans who would be entitled to receive compensation for service-connected disabilities if they did not receive ... (4 comments)

va loans: VA Loans: Frequently Asked Mortgage Questions - 07/01/07 04:20 PM
Our mortgage customers at Gulf & Southern Mortgage here in St Petersburg FL typically have many questions regarding the mortgage benefits they are entitled to use towards purchasing a home through the VA. If you are living in the Clearwater, St Petersburg, Tampa or Pinellas and Hillsborough County and are going ... (16 comments)

va loans: VA loan eligibility - 07/01/07 04:18 PM
Save money with a VA home loan! VA loans usually have lower interest rates than conventional loans, and they do not require mortgage insurance. In addition to saving money, there may be no down payment required for a VA loan. At Gulf & Southern Mortgage, we aim to provide you with ... (0 comments)

va loans: VA loan benefits - 07/01/07 04:16 PM
Benefits of Veteran Home Loans
Loans up to $417,000 No down payment required when purchasing a home. A VA mortgage loan is guaranteed with no money down for any loan up to $417,000. Lower rates for bad credit. If you have bad credit, you would likely get a much lower rate with ... (1 comments)

Getting Condo Loans in Florida using FHA - Questionnaire

Scott Hoag (Gulf & Southern Mortgage) — Wed, 01 Apr 2009 17:01:02 -0500

The most important document to have when you are looking for a CONDO LOAN in FL is a HOMEOWNERS' ASSOCIATION QUESTIONNAIRE. You will need to determine if the CONDO passes the test for all types of financing, especially the best CONDO LOAN on the PLANET, the FHA CONDO LOAN.

To make your life easier, we have typed a sample of what FHA LOAN EXPERTS use to determine if your CONDO can pass the test. I hope it helps you get your CONDO LOAN approved, please let me know if I can help in any way.

PROJECT NAME:__________________________________________________________________________________

ADDRESS:_________________________________________________________________________________________

BORROWER:_______________________________________________________LOAN NUMBER:_______________

This company is processing a mortgage loan, which is located in the subject homeowners' association/project. Your assistance is required in answering the

questions on this form. Your immediate response is requested as the subject loan funding is pending.

1. Legal name of project/homeowners' association is:__________________________________________________________________

2. The project is a ! Condominium ! PUD

3. Was the project created by the conversion of an existing building? If yes, please provide the following information:

Age of subject:____________ Year converted______________ Original use_______________________

4. Voting control of the Board of Directors has been turned over from builder/developer since:______/_______ (month/year).

If not turned over yet, please provide anticipated date of transfer: ________/_________ (month/year).

5. The project is ! is not ! a legal phased project. The project consists of _____total units in _____ legal phases.

6. Are all units and common areas/facilities complete? ! Yes ! No

7. Can the project be expanded beyond its current size? ! Yes ! No If yes, number of add'l units to be built_______.

8. Please indicate the common amenities (other than those in a Master Association):

! Pool, # of ______ ! Clubhouse, # of _______ ! Tennis Court, # of ______ ! Playground, # of _______

! Other _______________________________________________________________________________________

9. Is there any commercial space designated in the project? ! Yes ! No Describe_______________________________________.

If yes, is the designated space more than 20% of the total square footage of the entire project? ! Yes ! No

10. Is there more than one association for the project, such as a "Master" or "Umbrella" Association? ! Yes ! No If yes:

Name of Master Assoc.:_________________________ Recreational Amenities:__________________________________________

Are the amenities complete? ! Yes ! No Date control of MHOA turned over to unit owners:________________

11. Is the subject association involved in any litigation? ! Yes ! No If yes, please provide copies of all litigation information available.

12. How is title held to units? ! Fee Simple ! Leasehold If leasehold, provide copy of lease(s).

13. Are there any leased common areas/facilities? ! Yes ! No If leasehold, provide copy of lease(s).

14. Do the unit owners have sole ownership in and the right to the use of the project facilities? ! Yes ! No

15. Does the project contain any leased or rented units? ! Yes ! No If yes, how many? ___________

16. Is there a rental service for leasing/renting units? ! Yes ! No

17. Does the homeowners'association provide a cleaning service for the leased/rented units? ! Yes ! No

18. Does the project have a front check-in desk for the leased/rented units? ! Yes ! No

19. Does any single investor or entity own more than 10% of the total units in the project? ! Yes ! No

If yes, please identify the investor/entity and indicate the total number of units owned by each separate investor:

__________________________________________________________________________________________________________

20. Does an outside, professional management firm manage the project? ! Yes ! No If yes, please provide contact information:

Name of Company:____________________________________ Contact:_______________________________________________

Address:_____________________________________________________________________Phone:_________________________

21. The unit assessment charges/fees for all units are:

! Uniform charges of $____________per month ! Varying charges of $__________ to $___________ per month

22. How many unit owners are delinquent more than 30 days in their payment?_______; The total amount is $_____________

23. The amount currently held in a segregated reserve account for future repair/replacement of the project is $____________________

This amount is adequate for replacement of major components ! Yes ! No

24. Are there any special assessments now approved, or have there been any in the past year? ! Yes ! No If yes, please describe

nature of assessment, amount and per unit charge:__________________________________________________________________

25. Are there any mortgages or other long-term debts currently outstanding for the association? ! Yes ! No If yes, please describe

and state the terms of the loan:_________________________________________________________________________________

26. Does the Declaration or any other constituent documents governing the project contain a right of refusal (or to provide a substitute

buyer) in favor of the association or developer to purchase any unit in the project offered for sale, lease or transfer? ! Yes ! No

27. If a unit is taken over in foreclosure or deed-in-lieu, is the mortgagee responsible for delinquent HOA dues? ! Yes ! No

If yes, are they responsible for ! 0-6 months or ! 7+ months?

28. Please provide the following insurance information for the project:

Insurance Company:____________________________Agent's Name:_____________________________Phone:_______________

HOA_cert.doc rev: 12/00 2

29. Please provide the following sales information:

_______Total number of completed units in project ________Total number of units conveyed

_______Total number of units under contract ________Total number of units conveyed/under contract to investors

** PLEASE NOTE **

Please provide the following documents along with the completed questionnaire:

1. Homeowner's Association Budget

2. Management Company Agreement (if applicable)

3. Copy of Declaration page from the Master Insurance Policy that reflects hazard, liability, fidelity bond and flood insurance if applicable.

THE UNDERSIGNED DOES HEREBY CERTIFY THAT THE INFORMATION ABOVE IS TRUE AND

ACCURATE TO THE BEST OF THEIR KNOWLEDGE AS OF: ________________________.

(date)

___________________________________________ __________________________________________

Name of authorized signer Title

___________________________________________ __________________________________________

Organization of signer Signature Phone Number

THIS FORM IS TO BE COMPLETED BY A DIRECTOR OR OFFICER OF THE HOA OR MANAGER OF THE

MANAGEMENT COMPANY ONLY.

FHA CONDO requirements for SPOT APPROVAL

Scott Hoag (Gulf & Southern Mortgage) — Wed, 01 Apr 2009 16:52:58 -0500

Since we all know that using FHA with the low 3.5% down payment requirement is the BEST LOAN on the planet for CONDOS in Florida. I wanted to list the important things you can check from your friendly neighborhood Home Ownership Association.

The following requirements must be satisfied before a FHA spot CONDO loan is endorsed:

•	The condominium project must be complete. There should be no ongoing or anticipated addition of any units, common elements, and/or facilities.

•	Control of the common areas of the project must have been turned over to the unit owners association for at least one year.

•	The owners association must provide evidence that the project has the appropriate hazard, liability and flood insurance.

•

Individual units in the project must be owned in fee simple or be an eligible leasehold interest. The project's legal documents must provide for undivided ownership of common areas by unit owners. By virtue of this ownership, unit owners must have the right to use all facilities and unrestricted common elements.

•

The project's documents should not place any legal restrictions on conveyance. Any provisions that seek to limit the free transferability of title is generally unacceptable. Such restrictions include rights of first refusal and restrictive covenants. Certain governmental or nonprofit programs designed to assist in the purchase or rental of low- or moderate-income housing are exempted from the restrictions on conveyance provisions.

•	At least 90% of the units in the project must have been sold.

•	At least 51% of the units in the project must be owner-occupied.

•

No single entity may own more than 10% of the units in a project. "Entity" includes an individual partnership, corporation, limited liability company, limited liability partnership, joint venture, investor group or other natural or legal person qualified to hold an interest in real property. The 10% restriction does not apply when the ownership of less than three units would disqualify an otherwise eligible project.

•

HUD recognized that the 10% cap on the number of units that may secure FHA insured mortgages in a given project can place a small regime at a disadvantage, since only a few units will invoke the limit. Accordingly, a two-tiered system was established. For condominium projects having more than 30 units, no more than 10% of the units may have FHA insured loans at any given time. Condominium projects consisting of 30 units or less, can have up to 20% of the units encumbered by FHA insured mortgages under the spot loan rule.

GUIDE to CONDO LOANS in FLORIDA using FHA : Part 1 of 4

Scott Hoag (Gulf & Southern Mortgage) — Wed, 01 Apr 2009 16:24:45 -0500

CLEARWATER BEACH, FLORIDA- Prices of Condominiums in Florida have been slashed in 2009 and the BEST LOAN for CONDOs is still an FHA Loan. Sales Prices have dropped like a rock over the last couple years and are now approaching, "I HAVE TO BUY IT!!" levels. But how can you take advantage of the low prices and find a way to finance Condos in FL? Some people will tell you that to buy a Condo in Florida, you have to take a bank Loan that requires a hefty 25% down payment? I know most people have been hit hard by the economic crises andthey don't have 25% down or if they have it, they want to keep it in their bank account.

In that case, the only way to get a Loan with 3.5% down payment is FHA. Yes that's right!

FHA Loans are the answer. If you can find someone who specializes in working with FHA CONDO LOANs, you will buy your new Condo with very little money out of your pocket, and you will probably get that money back if you qualify from the $8000 tax credit. The great part about the tax credit is that as long as you keep your new Condo for 3 years, it doesn't have to be paid back.

The truth about Condo Loans is that FHA will still lend money on Condos if they pass the test. But it's not fast and it's not easy, so you need an Expert. I have worked very hard at knowing all there is to know to become an FHA CONDO LOAN EXPERT. If you need help with your Condo Loan, please leave a reply to this article and I will help you find an answer.

When one of my clients finds a Condo,

STEP #1 is to get the FULL legal name of the CONDO
STEP #2 is to inquire from the listing agent or OWNER if they have a CONDO QUESTIONNAIRE
STEP #3 is to check with your FHA CONDO LOAN EXPERT to see if the Condo passes the EASY WAY

Your FHA CONDO LOAN EXPERT will be able to determine with a quick search and review of the questionnaire whether the FHA approval process has been completed yet. Remember that some Condos have several phases, so one phase may be OK and the one next to it, may need more work.

Never fear, if you don't pass the EASY WAY test. You still have hope! If the Condo questionnaire is filled out, we can send that along with several thick files with Insurance, Condo Docs, and Financials on the Association that manages the development to Washington D.C. and get that Condo approved. In some cases a DE Underwriter can issue a spot approval on the Condo, but more often than not lenders are unwilling to take that risk.

Here is a quick tip for anyone considering a Condo purchase right now. Searching for Condo projects in the towns you considering is very easy and only takes a few seconds. Also keep in mind that when searching for these projects the HUD page will only display approved Condo or townhouse projects in that zip code or town, so it is suggested you first make a list of zip codes you would consider living in then search for projects.

Search the HUD database for Condos.

Coming up next:

GUIDE to CONDO LOANS in FLORIDA using FHA : Part 2 of 4
Spot Approval of Florida Condos

Search the HUD database for Condos.

Coming up next:

GUIDE to CONDO LOANS in FLORIDA using FHA : Part 2 of 4
Spot Approval of Florida Condos