destin: HUD to announce changes to FHA Mortgages Tomorrow (1/20/10)
- 01/19/10 02:38 PM
This was sent to us by Eric Egenhoefer, President of Waterstone Mortgage Corporation: FHA tomorrow will announce a series of changes designed to protect the federal agency that has emerged as the cornerstone of the mortgage market as the housing sector wobbles toward recovery. On the whole, mortgage lenders will find the new rules painful but necessary. The problem is that for the past 4 years, FHA was an "anything goes" environment. So they have a lot of catching up to do in terms of tightening up the rules. What makes this hard: With FHA hovering around … (1 comments)
destin: First Time Home Buyer Tax Credit - TIME IS RUNNING OUT!
- 09/25/09 05:03 PM
Here is a video that gives some important information about this credit, information that I hadn't really thought about until recently. Because I know that I hadn't thought about it, I feel it very important to share this information with any and all potential buyers - they really don't have much time remaining! If you, a friend, a client, a family member, or someone you work with is still on the fence about buying, you need to send this to them@ Click here to see the video and share with anybody you know that is contemplating on buying a home but … (5 comments)
destin: 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)
destin: 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 … (3 comments)
destin: The Stimulus Package
- 02/13/09 10:31 AM
Today may be the day that the American Recovery and Reinvestment Act of 2009 (aka the Stimulus Package) is passed; the Senate is voting on it right now. It is anticipated that it will be on President Obama's desk to sign into law this weekend. While we don't have all of the information about this Act, here are some highlights: Contains a record-setting $10.472 billion in funding for the USDA Guaranteed Rural Housing Program to insure Rural Housing mortgages. These funds are in addition to funds the program has already received through the Continuing Resolution, as well as additional funding expected … (1 comments)
destin: USDA Rural Housing Program - Buyer Can Get 2/1 Buydown with Start Rate of 3.75%! Less than 4% is HERE!!
- 12/09/08 04:13 PM
Based on today's rates, a buyer can get a 30 year fixed rate mortgage on a 2/1 buydown (rate is bought down 2% the first year and 1% the second year) with a rate of 3.75% the first year, 4.75% the second year, and 5.75% years 3 through 30! This gives you a better payment and cash out of pocket at closing than does a VA or an FHA loan! There is a cost to do this of 2.1% of the loan amount and this can NOT be paid by the buyer - it can be paid by the Seller, the … (0 comments)
destin: 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
destin: Short Sales and their Effect On Getting a USDA Rural Housing Mortgage Loan
- 11/11/08 10:40 PM
As a mortgage lender, we are constantly getting updates from Fannie Mae, Freddie Mac, FHA, VA and USDA on guideline changes. This summer, the "buy and bail" memo was released. This policy dictates the circumstances under which a buyer can convert their current primary home to either a 2nd home or an investment property and how we, as lenders, have to count the payment of the current primary home against them or under what circumstances we can count rental income on the property if they rent it. It makes it tougher to qualify because they fear, and rightfully so in … (1 comments)
destin: 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)
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)
destin: A Way To Possibly Slow Down A Foreclosure Action
- 10/28/08 05:08 AM
**Disclaimer: I am not an attorney and any legal advise must be given by a member of your state's BAR association. Please clarify this information with someone in your state! I have had conversations lately with some attorneys who have given me a little bit of detail about the FAIR DEBT COLLECTIONS PRACTICE ACT, a Federal Statute. When a homeowner receives a notice stating that their lender/investor intends to file a foreclosure (which is a prerequisite prior to a foreclosure action being filed), this notice must have the EXACT AMOUNT DUE on it. The EXACT AMOUNT DUE part is where there … (6 comments)
destin: 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)
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)
destin: 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)
destin: First Time Buyer? Buy a House with NO MONEY DOWN and get the $7,500 Tax Credit for 2008!
- 10/01/08 07:01 AM
HR3221, the bill signed into law about a month ago, allows for up to $7,500 in tax credits to be given to first time homebuyers that purchase a home between August 9, 2008 and July 1, 2009. This credit will be deducted from your 2008 tax return. It does have to be paid back but it is paid back over 15 years, which would be $500 a year added to your tax liability for the next 15 years as it is interest-free when repaying it. If you couple this with a USDA Rural Housing Loan (mortgage), you can get into a property … (1 comments)
destin: First Time Buyer? Buy a House with NO MONEY DOWN and get the $7,500 Tax Credit for 2008!
- 10/01/08 06:54 AM
HR3221, the bill signed into law about a month ago, allows for up to $7,500 in tax credits to be given to first time homebuyers that purchase a home between August 9, 2008 and July 1, 2009. This credit will be deducted from your 2008 tax return. It does have to be paid back but it is paid back over 15 years, which would be $500 a year added to your tax liability for the next 15 years as it is interest-free when repaying it. If you couple this with a USDA Rural Housing Loan (mortgage), you can get into a property … (0 comments)
destin: Okaloosa County, FL USDA Rural Housing Mortgage Eligibility Area and Maximum Income Requirements
- 09/16/08 03:45 AM
The following map shows those areas in Okaloosa County, FL that are eligible for USDA Rural Housing loans. Basically, the only areas that aren't eligible are "between the bases" - Ft. Walton Beach, Shalimar, and Mary Esther east of Hurlburt Field. Under the map is the income guidelines used to determine if a buyer would qualify for a USDA Rural Housing loan based on the number of people in their family. Please note that there are some deductions from a buyer's income that may help those who are over these guidelines to qualify, ie: medical expenses for disabled family members, a … (0 comments)
destin: Hurricane Ike has Affected Destin and Ft. Walton Beach.....and it's nowhere near here!
- 09/11/08 05:33 AM
I I live in Ft. Walton Beach, FL and my office is in Destin, FL (on the Gulf Coast in the Panhandle of Florida). It normally takes me about 10 minutes to get to my office. This morning, had I gone to the office, it would have probably taken a couple of hours......US Highway 98 between Ft. Walton Beach and Destin is closed due to the storm! There is water over the road in the eastbound lane and I guess they anticipate it covering westbound, as well, as both directions are closed. Below are some photos from Okaloosa Island that I … (4 comments)
destin: What A Difference A Week Makes! Why Florida is a GREAT Place to Buy Real Estate
- 09/07/08 02:56 PM
Last weekened, we were on the edge of Hurricane Gustav; this week, it was a beautiful weekend. While everybody knows that the real estate market nationally is down, and it is here, as well, the prices in our local market make buying real estate in Florida a great investment! We have something that makes us different than say, Kansas or Oklahoma, or most of the rest of the U.S......a GORGEOUS COASTLINE! Here in the Destin/Ft. Walton Beach area, our sand truly looks like snow. It isn't too hot to walk on like the Atlantic seaboard, and it even squeaks when you … (6 comments)
This was sent to us by Eric Egenhoefer, President of Waterstone Mortgage Corporation:;)
;)
