collier county loan officer: extending a helping hand (to first time homebuyers) - 08/26/12 10:35 PM
First of all let's get this out there. Mortgage lenders have their own terms and guidelines. We hear all the whinning about those that many feel are too restrictive, but not too much about those that may be helpful. Try this one on for size.
a first time homebuyer is someone who has not owned a home for the last 3 years
so by definition someone who had previously owned a home, but not in the last 3 years may qualify for some first time homebuyer programs.
I receive many calls from potential new homeowners professing to be first time homebuyers … (7 comments)

collier county loan officer: We have a winner..."Naples Mansion Sells for Record Price" - 05/04/12 11:28 PM
$47.25 Million, that's chump change, right.
Let's look at it differently
$47,250,000
That actually looks like more now doesn't it?
Here's the deal as reported in our local rag;
On March 15th, Randal Bellestri paid $47.25 million for a 4 acre beachfront compound on Gordon Drive in Naples Florida.
That's a record folks, most ever, best we can tell
Now is it to be considered an abnormally, or the beginning of trend? What was the previous record? and when did it occur?
Great question
Ahem, apparently we had a sale
back in April for $42 million for another Naples beachfront property.
Are … (7 comments)

collier county loan officer: Collier County First Time Homebuyers you've got a friend in USDA/Rural Housing - 01/19/12 09:56 PM
USDA/Rural Housing "LOVES" Collier County!!!
Yes they do
No Doubt about it
and let's make something perfectly clear right now
USDA/Rural Housing is NOT limited to rural properties
Rural Housing is available wherever USDA determines it is necessary and that's ALL of Collier County
So, what's the big deal? check it out.
 
NO Downpayment required
competitive 30 year fixed rates
no prepayment penalties
seller contributions and gifts allowed
 
that's not all, that's just some highlights
 
there are some income restrictions
1-4 families   $83,750
5+  families   $110,550
there are some income exceptions
 
Also, this progam is not limited … (0 comments)

collier county loan officer: I Paid Cash for my home...NOW I'd like some back - 01/19/12 12:39 AM
In Southwest Florida, where I live, for the last 2-3 years at least an extremely large number of sales have been consumated by $$$$$ buyers, much to the delight of the Realtor World I may add.
Why so many cash Buyers you may ask?
I think that there are a few reasons;
 
1. you have your traditional cash buyers who don't want a mortgage and don't need one
2. some did it for convenience and timeliness, that being to complete the transaction quickly
3. others needed to pay cash due to the property quality. It needed work and the buyers … (5 comments)

collier county loan officer: Hey First Time Homebuyers (and others) in Collier County check out USDA/Rural Housing...you're gonna like it! - 07/02/11 07:38 AM
First things first;
on June 28th, despite a previous announcement to the contrary, USDA/Rural Housing announced that the current eligibility maps would not change.
that means, well check it out for yourself
go to 
http://eligibility.sc.egov.usda.gov
and click on the state of Florida. On the right hand side you will notice a heading entitled
Quick list of counties containing ineligible areas
You're not on it!
That's because there are no ineligible areas in Collier County.
Now let's just make it perfectly clear that Rural Housing does not mean that you're buying a farm, or a property with acreage. It means that you're … (0 comments)

collier county loan officer: Hey Charlotte County Florida; USDA/Rural Housing needs your help! - 06/01/11 12:04 PM
Direct form the National Office in Washington D.C. this is the announcement in the SFH Origination news.
Guaranteed Loan Funding Update: HELP WANTED!
24 BILLION DOLLARS ALLOCATED FOR GUARANTEED LOANS!
Okay let's do a little house keeping here. SFH is what it appears; single family housing and no USDA didn't allocate 24 Billion just for Charlotte County, but there are many many properties which are eligible in Charlotte County.
Now that's 24 Billion for the fiscal year which ends September 30, 2011 and 9.2 Billion has been already allocated to fund 70,759 loans nationally, so they have been busy, but
we need to … (0 comments)

collier county loan officer: Make Hay while the Sun Shines...Rural Housing changes are on their way - 05/05/11 02:39 AM
Let me start out by clarifying that statement.
First, I'm talking about area eligibility. That is property location.
Second, I'm a Southwest Florida Loan Originator and will focus mainly on that area.
But, there are some generalities that apply to the whole state and/or the whole country.
As the USDA release states they are making the changes because they have to, "it's the law."
and I quote
"the Agency is required to review rural areas for continued eligibility after the release of the decennial 2011 U.S. Census, as well as additional reviews every 3 or 5 years depending on population growth. … (0 comments)

collier county loan officer: Fannie Mae's Homepath Offers GREAT financing for Properties in Lee, Charlotte, & Collier Counties, and it just got better! - 04/13/11 12:38 AM
It just got better?
Yes it did!
If you're not familar with Fannie's Homepath program let me help you out here. If you are here's a refresher, with some new info, and a great new option.
Fannie Mae offers the Homepath program for their foreclosed properties. They currently hold approximately 162,000 homes in their portfolio, with an estaimated value of 15 Billion. As of today here's what we've got for Lee, Charlotte, and Collier Counties.
Lee  503 properties
Charlotte  136 properties
Collier  173 properties
So in the 3 counties, we have over 800 homes available. Please keep in mind that these … (2 comments)

collier county loan officer: A Few FACTS about getting a Mortgage APPROVED in Today's World - 01/11/11 01:40 AM
Let's start with the following basic premise;
Whatever you did, to get your mortgage approved 1 year, 2 years, 3 years ago, or maybe even 3 months ago, does not matter. All that matters are the processes and guidelines
TODAY
Okay, REQUIRED Documentation
require;  to demand, to need...so says Websters
Upfront
the last 2 years of tax returns (all schedules; all meaning ALL)
the last 2 years w2's
the most recent 30 days of paystubs
the most recent 2 months of bank/asset statements (all pages; all here still means ALL)
retirement statements
copy of drivers license(s); social security card(s)
copy of executed, legible contract … (0 comments)

collier county loan officer: "Massachusett's High Court Invalidates Foreclosure Sales" - 01/10/11 01:15 AM
So says (writes) Sheri Qualters for the National Law Review.
"Court gives banks "beat down" over foreclosures"
So says (writes) Les Christie for CNNMoney.com
To quote Vince Lombardi,
"what the h---'s goin on out there?"
Here it is from Christie's article;
" the banks failed to make the required showing that they were the holders of the mortgages at the time of foreclosue,"
That's what Justice Ralph Gants wrote for the Massachusett's Supreme Court.
Supreme Court...that's the biggie in Mass, right?
Woooooooooo
what does this mean? well it's probably too early to access the big picture, but for sure … (7 comments)

collier county loan officer: We killed Downpayment assistance programs, BUT gave away 12.6 billion in taxpayer funded credits.Should we rethink this? - 08/04/10 01:05 AM
Okay I was watching TBWS, and they brought up HR 600, a piece of legislation which is lingering around with no activity. The purpose of the bill is to restructure DPA's (downpayment assistance).
First a quick note on TBWS.com. That's "Think Big Work Small" and if you've never seen these guys, I personally think you should. You can get a basic subsciption free, that's right free, meaning at no cost, and the info is great, and presented in an exremely entertaining manner. Check it out.
Back to DPA's and Tax Credits
It has been reported that the taxpayers funded 12.6 billion … (4 comments)

collier county loan officer: PRE-APPROVAL LETTERS-If they're WORTHLESS why are they required? and other questions which need answering. - 08/03/10 03:03 AM
So what's the answer? You tell me.
Just like Frazier Crane,
I'm listening
If you think they have no value
why require/use them at all?
why not INSIST on content that creates value?
why don't you hold the lender's feet to the fire?
why not establish consistent guidelines?
Do something about it.
Make them pass the test
they MUST be base on hard core data, currently in the issuers hands
the issuer MUST disclose what they based the preapproval on, what type of program is involved, how long the preapproval is good for.
the lender MUST disclose what type of institution they … (11 comments)

collier county loan officer: LOOK!!!!! what's happening in Southwest Florida with mortgage financing! - 08/02/10 06:56 AM
Wake Up!
Cape Coral, Ft. Myers, Lehigh Acres, San Carlos Park, Estero, Bonita Springs, and the rest of Lee County.
Hey, you too in Collier County.
It's a new day when it comes to mortgage financing.
Last month the door swung open for Condominium financing for primary residences and second homes.
Ya, you need some skin in the game;
75% LTV (25% downpayment) for primary residences
70% LTV (30% downpayment) for second homes
(second homes MUST be considered to be in a resort area)
the door slowly began to open.
Now!
95% LTV (5% downpayments) for primary residences
90% LTV (10% … (0 comments)

collier county loan officer: Mortgage Modifications: Are They Successful? - 03/29/10 01:10 AM
First of all, I think that there are probably many different opinions as to what would be considered successful. I don't think that we went into this with a clearly defined goal such as, if 50% of the modifications work than they're successful, or 75%, or 90%. I think that that was not established up front. We did not establish any clear expectations.
Let's try Websters;
Success;  a favorable result
Okay, some have had favorable results and some haven't.
Bloomberg reports (March 25th)
more than half of US borrowers who received loan modifications on deliquent mortgages defaulted again after 9 months, according … (0 comments)

collier county loan officer: NY Times writer bashes Cape Coral Florida! What does he know? Really! - 01/04/10 01:55 AM
Okay Peter Goodman, a Times writer, would apparently like to pass himself off as an expert in regards to the real estate market in Cape Coral, Florida. Peter says the market in the Cape is "far from recovery."
Let's start with the tremendous amount of time that Peter hs spent in "OUR" market. The article states that he based his findings on;
a week he spent here 2 years ago
and apparently
some time he spent riding on a safari bus hawking foreclosed homes.
I do sincerely apologize to the Realtor who is exercising his marketing rights by using the bus, … (2 comments)

collier county loan officer: Blogging, How do I get started? - 12/30/09 10:25 PM
This is not going to be an all inclusive, this is it, I've read Jay's post and now know everything kind of post. But rather just what I feel may be a couple of suggesttions, or reflections of thoughts I've had recently on how to improve my blog.
This is not boasting, but just making a point. I've been blogging for over 2 years, have accumulated over 100k, and I'm a Rainmaker. Here's the point;
I continually look for ways to improve my content, writing skills, and all facets related to my blogging.
How do I do this? what's the best … (6 comments)

collier county loan officer: Hey San Carlos Park, Estero, Bonita Springs, Florida-What's the Best 100% Home Financing for YOU? - 12/12/09 02:47 AM
With all the talk, and constant whining, about how tough things are, and how there are no programs available to purchase a home today, I've got gooooooood news.
There are at least two programs available for you, if you want to buy in the San Carlos Park, Estero, and/or Bonita Springs area, with NO money down .
First and most importantly there are VA Loans available for qualified Veterans who have earned this benefit.
And one piece of advice;
Never, ever let someone try to talk you out of, or discourage you from using your VA entitlement.
Your entitlement allows you, or you and your spouse … (0 comments)

collier county loan officer: Take it from Marine Gunnery Sergeant Tom Highway! - 12/11/09 01:10 AM
You Improvise!
You Adapt!
You Overcome!
That's Marine Gunnery Sergeant Tom Highway addressing his new company of deadbeat recruits.
Now, picture this!
Marine Gunnery Sargeant Tom Highway addressing your associates in a sales meeting.
He walks in with fatigue pants, a plan green t-shirt, black boots, a bush cut, and a snarl.
There's dead silence.
All right you so and so's, stop your wimpering.
As a successful agent you must;
Improvise! Adapt! Overcome!
For those of you who didn't see "Heartbreak Ridge" you don't know that Marine Gunnery Sergeant Tom Highway is
Clint Eastwood!
Now that man can snarl, and … (3 comments)

collier county loan officer: Filing for the New Tax Credit, it may not be much fun - 12/08/09 12:07 AM
I was recently forwarded an article from the "mortgage girlfriends" website. You've got to love the internet everyone has a website. The article was focusing on some comments made by Doug Geissler, CPA, about the changing requirements for filing when looking to capture the new Homebuyers Tax Credit. Mr Geissler stated that
"the IRS is literally writing the refund guidelines as they go along."
Well that's encouraging.
Not!
Also that the IRS is giving "behind the scenes" instructions to CPA's and tax preparers. That is information that is not being made available to the general public.
That doesn't sound right … (0 comments)

collier county loan officer: 100% USDA/RD financing LOVES Collier County!!! - 11/16/09 03:03 AM
Okay I've checked the maps, and I visited the website, and I just can't find any part of Collier County which is not eligible. They do have a specific list of county's with ineligible areas and Collier County is not on the list. This does go to prove something that I have been continuing to stress;
Rural Housing is available wherever the USDA says it is, it has nothing to do with RURAL areas!
Naples, Marco, Immokalee, Golden Gate-go for it!
So what's the benefit to perspective Collier County Buyers;
100% financing-no downpayment required
Closing costs can be paid by the … (0 comments)

 


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