100 financing: What Makes a Loan Officer a Success? - 07/10/09 05:16 PM
I am being interviewed for a podcast that will be on iTunes this coming week and the subject is "What Makes a Loan Officer a Success".  Having pondered this, I have concluded that two traits are needed: knowledge and involvement.
While trying not to appear demeaning, all of us can market, learn to market, or hire someone to do our marketing for us.  However, unless and until we know what it is that we are marketing, even the best marketer will be scrambling to make their car payment or keep their cell phone on!
In these days of ever-changing guidelines, it is … (6 comments)

100 financing: Condotel Financing Available! - 04/29/09 12:00 PM
I have been getting a LOT of calls about financing condos in our area and throughout the Southeast.  At this point, we have been told that if any of the following are present, the project is considered a "condotel": 
If an underwriter can Google the name of the project and the city and finds that they can rent a unit for a short term there (ie: a day or a week), they are considering that project a condotel;  If the project has the word "Resort", "Inn", "Hotel" or "Motel" in the legal name, it is being considered a condotel;  If a … (5 comments)

100 financing: USDA Rural Housing Mortgages - Increased Income Limits - 04/22/09 07:50 AM
On Monday, April 20, USDA Rural Housing income limits were increased.  Here are our local limits and, if you are located elsewhere, just email me and I can tell you the limits in your area. 
Okaloosa County: 
If there are 1-4 persons in the household, maximum income is $76,250 and if there are 5-8 persons in the household, maximum income is $100,650 
Escambia, Santa Rosa, Holmes, Bay and Walton Counties: 
If there are 1-4 persons in the household, maximum income is $73,600 and if there are 5-8 persons in the household, maximum income is $97,150. 
This is a great tool to … (0 comments)

100 financing: It's Official - USDA Rural Housing Increased Income Limits to go Into Effect April 20, 2009!!! - 04/08/09 02:58 AM
USDA Rural Development has confirmed that the proposed change in the income limit structure for the USDA Guranteed Rural Housing Program will be implemented as planned on April 20th!  This will allow a lot more people to qualify for one of the only 100% financing programs left, and certainly one of the only ones that allows you to include closing costs in the mortgage (if supported by the appraisal)!
In summary, the current income limit structure that is based on household incomes will be restricted as follows: 
Okaloosa County:
Household of 1-4 persons in it: Max Gross Income of $72,650

100 financing: Update on USDA Income Limit Increases - 03/05/09 04:36 AM
I wanted to share the response I received from someone at USDA today on the increase in the income limits.  It still sounds very promising!
Here is my ‘canned' response sent to all inquirers.  If it happens (we're very optimistic), it will be incorporated at the same time as our regular annual income adjustment, late March, early April, maybe by March 20, depending on when we get data from HUD (for the regular increase).
NO guarantee but optimistic.  Hopefully around March 20, maybe a little later.  It would use the 4-person limit for the 1-4 person households, and … (4 comments)

100 financing: USDA Does NOT Lend Money - So How Can They Be Out??? - 01/25/09 12:52 AM
It is amazing to me to see how many phone calls we are getting from around the country asking how we can still do USDA Rural Housing loans since they are "out of money"!  It is a misconception that the USDA lends money - they don't!  Their role in the USDA Rural Housing Loan is to guarantee (insure) the loan against default.  That is why the have the 2% funding fee as opposed to monthly mortgage insurance.
Currently, they have used the entire appropriation that was given to them by Congress for FY2009; however, they are still issuing conditional guarantees that … (9 comments)

100 financing: USDA Rural Housing Income Limit Increase Postponed - 01/13/09 10:39 PM
Even though we had it on good authority (we even had it in writing that unless someone complained it would take place January 20), USDA has postponed the 2-tiered income system, which will allow more buyers to qualify for this program, until March 20.  I have heard that the reason for this postponement is that they have already used their FY2009 congressional appropriations in the first quarter, from October 1, 2008 - December 31, 2008 (actually, I believe they were used up as of January 9, 2009).
While they have used all of the current appropriated funds, USDA RURAL HOUSING LOANS … (2 comments)

100 financing: How Many Homes Can Be Sold With a Start Rate of 3.25% on a Fixed Rate Mortgage that Ends Up at 5.25%?? - 12/26/08 11:44 PM
Imagine this: You, as a Realtor have a house listed for sale and a motivated seller.  This seller is willing to pay up to 4% to 6% or higher towards the buyers' closing costs and prepaids.  You have a prospective buyer that qualifies for a USDA Rural Housing Loan (the income limits starting January 20, 2009 are much higher than where they currently are). Imagine now that you send your buyer to Northstar Mortgage Group for their financing.  They don't have a lot of cash to use towards closing and their credit score is a 580.  Imagine that they are told … (2 comments)

100 financing: Good Morning, America interviewed me for show on MONDAY, DEC. 15 - 12/13/08 02:18 AM
I was interviewed Thursday for a show that is supposed to air on Monday, December 15 on Good Morning, America.  It's about the housing market and how to help people who are behind, as well as what steps could be taken to improve the housing market.  I made the following points, but they may edit a lot of it out.  I hope you get an opportunity to watch!  Thank you to Beth Forbes for part of her ActiveRain post - I made SURE to get that out there, as well!
Until we get housing out of it's "deep depression", the rest … (0 comments)

100 financing: 100% Financing with Rate Under 4%???? Is it possible???? - 12/01/08 03:44 PM
With a 2/1 buy down program under the USDA Rural Housing Loan program, you can get a rate of 3.75% for the first year, 4.75% for the second year, and 5.75% for years 3 through 30!!
The buyer can't pay the fees to get these rates as it has to come from another party, ie: the seller or the Realtor but it's a program that is great for using if you are anticipating higher income over the next 24 months!
Call me at 850-424-6866 or email me at sue@northstarmg.com for further information.  You can even "move in for a penny" on this … (0 comments)

100 financing: Thanksgiving Treat from the Fed!!!!!!!!!!!! - 11/26/08 03:50 AM

100 financing: 2009 FHA Limits For Florida - 11/12/08 08:54 AM
HUD has come out with their maximum loan limits for 2009.  In the state of Florida, the following will be the maximum loan amounts that will be insured by an FHA loan:
2009 FHA Limits - Florida
All areas except those counties listed below:
One-Unit          $271,050
Two-Unit         $347,000
Three-Unit        $419,400
Four-Unit         $521,250
                                                                                One Unit      Two Unit     Three Unit       Four Unit


100 financing: USDA Rural Housing Loans and In-Ground Swimming Pools........ - 11/07/08 04:00 PM
The USDA Rural Housing Mortgage program has very "black and white" guidelines, or so most people think.  They have certain limitations on the debt to income ratio of the borrower (your total monthly debt divided by your total monthly income), they have a maximum income a borrower can make (see prior blog for how that is changing), they have geographical restrictions (which are VERY liberal and won't be changed until at least 2012) and they don't allow in-ground swimming pools.
However, and many people don't realize this, you can ask for an exception if your buyer is purchasing a home that … (6 comments)

100 financing: USDA Rural Housing Loans - More People Will Now Qualify!!! - 11/04/08 08:46 AM
Today, the final ruling was published to simplify the USDA Rural Housing program's income limit structure for the USDA Guaranteed Rural Housing Program.  These income structural changes will become effective on January 20, 2009, unless they receive adverse comments by January 5, 2009.  They had put an advance notice out about trying to do this on April 10, 2008 and have not yet received any adverse comments so this should be a non-issue.
In essence, the current income limit structure that is based on household incomes from one to eight persons (in the household) would be restructured as follows:
1-4 person … (10 comments)

100 financing: VA Refinancing Changes - May Help Veterans in Financial Distress with Their Mortgage - 10/29/08 02:50 PM
Of Potential Benefit to Those in Financial Distress  

WASHINGTON -- Veterans with conventional home loans now have new options for refinancing to a Department of Veterans Affairs (VA) guaranteed home loan. These new options are available as a result of the Veterans' Benefits Improvement Act of 2008, which the President signed into law on October 10, 2008.
"These changes will allow VA to assist a substantial number of veterans with subprime mortgages refinance into a safer, more affordable, VA guaranteed loan," said Secretary of Veterans Affairs Dr. James B. Peake. "Veterans in financial distress due to high rate subprime … (3 comments)

100 financing: If you are a Seller, or a Listing Agent, How about Offering a Rate of 4.75%??? - 10/29/08 03:27 AM
If you are familiar with the 2/1 buydown program, you know that rates are 2% less the first year, 1% less the second year and stabilize at the end rate for years 3 through 30.  This is a FIXED RATE mortgage that allows a buyer to have an interest rate of 4.75% the first year, 5.75% the second year, and 6.75% for the remaining life of the loan based on today's rates!
If you have a seller that is anxious to sell their property (and from what we're hearing, there may be a lot of bank auctions on foreclosed properties coming … (1 comments)

100 financing: USDA Rural Housing Eligibility and General Information - 10/22/08 05:02 PM
If you are a Realtor® with a client, or you are a prospective real estate buyer, the USDA Rural Housing loan is a great program!  It is one of the last truly "no money down" program and allows closing costs the the seller isn't paying to be included in the loan amount!
The areas that are eligible will probably surprise you.  Their maps haven't been revised in nearly 10 years and, as this program is based on the full-time population in an area, much of the Florida urban maps  are still considered in this program.  The maps won't be revised until 2012, or later, so … (1 comments)

100 financing: Choose the Right LOAN OFFICER, as well as the right Lender. - 10/20/08 12:50 PM

While it may be tempting to choose a loan officer and lender strictly based on the lowest-quoted interest rate, it is recommended that the decision be prioritized by a different standard - their reputation. As the loan officer to provide you with testimonials from past clients, as well as ancillary-related professionals (you can see mine here). Google your prospecitve loan officer's name and see what type of information that they are contributing to help buyers and sellers and Realtors®. (It is suggested you google the first and last name of the loan officer, the word "mortgage" and the city … (0 comments)

100 financing: Florida Real Estate Foreclosures: Inflated Facts or Fiction?? - 10/19/08 03:05 PM

Florida has gotten the reputation for being "the foreclosure capital of the nation".  What they don't tell you is that the basis of this "fact" is the the Lis Pendens filing, which is the first step in the foreclosure process.
A Lis Pendens is file and it can take 6, 8, 12 8, and even 24 months in some cases to actually get to foreclosure.  During this time (after the filing of the Lis Pendens and prior to the foreclosure), many of these properties are being sold (either as a short sale or a regular sale), or some of the … (3 comments)

100 financing: 100% USDA Rural Housing Loans for Low and Very Low Income Households! - 10/14/08 03:39 PM
Most of my posts are on the USDA Guaranteed Rural Housing Mortgage program. This is a mortgage program that gives 100% financing, including, if necessary, the funding fee, closing costs, and prepaids to enable a buyer to get in a house with absolutely no money down. This program is one in which the client goes to a mortgage lender (such as Northstar Mortgage Group!), a bank or a mortgage broker to get their financing. If a client makes less than a specified amount for a specific purchase area, and the property fits the geographical requirements, we can assist a buyer with … (3 comments)


Sue Botelho

USDA Rural Housing Mortgage Pro

Fort Walton Beach, FL

More about me…

Waterstone Mortgage Corporation

Address: 2 Park Circle, Suite A, Ft. Walton Beach, FL, 32548

Office: 8(503) 626-9012

Mobile: (850) 797-7946

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