Finally some good news courtesy of Clear Capital, a California-based real estate research company.
Broward and Miami-Dade counties rank among the nation’s
highest-performing major markets when it comes to home prices over the
past quarter and year. The two counties saw a 2.1 percent
increase in prices quarter over quarter and a 5.4 percent jump year over
year.
Broward and Miami-Dade ranked 11th on a list of the top 15 markets!
Dec 1, 2011
The Florida Short Sale Relocation Assistance Program has been extended!
The Florida Enhanced Short Sale Relocation Assistance Program has been extended to Dec. 12, 2011.
This program offers Homeowners needing to sell via short sale relocation assistance between $5,000 and $20,000.
Eligibility:
-Homeowners with property in Florida
-Short sales initiated without an offer between Sept. 26 and Dec. 12, 2011
-The customer will have to be eligible for one of the without an offer programs, such as the Home Affordable Foreclosure Alternatives (HAFA) program or Bank of America's proprietary program (specific investor participation and eligibility criteria do apply to these programs)
Successful closing of the eligible short sale by Aug. 31, 2012
Exclusions:
-Ginnie Mae, FHA, VA and USDA loans are ineligible for participation
-Lot loans are ineligible for participation
-Properties outside Florida are not eligible for participation
-Short sales initiated with an offer are not currently eligible for the enhanced relocation assistance
Frequently Asked Questions:
Do I have to do anything different to initiate or complete the short sale?
No. If the homeowner's short sale is initiated between Sept. 26 and Dec. 12, 2011, and the property closes by Aug. 31, 2012, the homeowner will be eligible.
Will the relocation assistance funds be reported on the HUD-1?
Yes, they will be documented on the HUD-1, and a 1099-MISC will be issued.
Can the relocation assistance funds be used to pay off existing liens?
Yes, if the investor approves it.
Will this enhanced relocation assistance waive the homeowner's deficiency?
An additional benefit for these pre-offer programs, such as HAFA and Bank of America's proprietary program, is that deficiency may be waived for homeowners who qualify.
Is the relocation assistance added to any other incentives, such as HAFA or Bank of America proprietary program incentives?
No. A homeowner will receive the $5,000 to $20,000 in place of the typical incentive paid out by these programs. The relocation assistance is essentially an enhancement to the standard payout offered on these programs.
Is the enhanced relocation assistance available for other programs?
The enhanced relocation assistance is currently available only to short sale programs initiated without an offer. However, as we gauge the success, we may extend this incentive to other programs.
Questions?
Contact my office at 954-441-5366 or call BoA directly at 1.877.459.2852
This program offers Homeowners needing to sell via short sale relocation assistance between $5,000 and $20,000.
Eligibility:
-Homeowners with property in Florida
-Short sales initiated without an offer between Sept. 26 and Dec. 12, 2011
-The customer will have to be eligible for one of the without an offer programs, such as the Home Affordable Foreclosure Alternatives (HAFA) program or Bank of America's proprietary program (specific investor participation and eligibility criteria do apply to these programs)
Successful closing of the eligible short sale by Aug. 31, 2012
Exclusions:
-Ginnie Mae, FHA, VA and USDA loans are ineligible for participation
-Lot loans are ineligible for participation
-Properties outside Florida are not eligible for participation
-Short sales initiated with an offer are not currently eligible for the enhanced relocation assistance
Frequently Asked Questions:
Do I have to do anything different to initiate or complete the short sale?
No. If the homeowner's short sale is initiated between Sept. 26 and Dec. 12, 2011, and the property closes by Aug. 31, 2012, the homeowner will be eligible.
Will the relocation assistance funds be reported on the HUD-1?
Yes, they will be documented on the HUD-1, and a 1099-MISC will be issued.
Can the relocation assistance funds be used to pay off existing liens?
Yes, if the investor approves it.
Will this enhanced relocation assistance waive the homeowner's deficiency?
An additional benefit for these pre-offer programs, such as HAFA and Bank of America's proprietary program, is that deficiency may be waived for homeowners who qualify.
Is the relocation assistance added to any other incentives, such as HAFA or Bank of America proprietary program incentives?
No. A homeowner will receive the $5,000 to $20,000 in place of the typical incentive paid out by these programs. The relocation assistance is essentially an enhancement to the standard payout offered on these programs.
Is the enhanced relocation assistance available for other programs?
The enhanced relocation assistance is currently available only to short sale programs initiated without an offer. However, as we gauge the success, we may extend this incentive to other programs.
Questions?
Contact my office at 954-441-5366 or call BoA directly at 1.877.459.2852
Oct 31, 2011
Buy a Home with only $100 dollars down in Florida
HUD has approved a program aimed at putting foreclosed homes back into the hands of owner-occupant buyers. In select states, from now until October of next year, buyers need a down payment of only $100 to purchase a HUD-owned REO home!
How it works:
1) Buyer must be an owner-occupant
2) Must utilizing financing insured by the Federal Housing Administration (FHA)
3) Standard FHA underwriting guidelines apply
4) Sale must be for the full amount of the current list price
5) HUD may contribute up to 3% to your closing costs in some cases!
What's even better is that HUD’s $100 down payment incentive program can also be applied to an FHA 203k loan, which can be used to fund repairs and renovations on your home. The 203k program allows buyers to finance both the mortgage and additional money for rehabilitation needs with a single government-insured loan!
What this means is you can find a property that needs some TLC, fix it up however they want to (up to $30K), and finance the whole thing for only $100!!!
Qualifying States Are:
How it works:
1) Buyer must be an owner-occupant
2) Must utilizing financing insured by the Federal Housing Administration (FHA)
3) Standard FHA underwriting guidelines apply
4) Sale must be for the full amount of the current list price
5) HUD may contribute up to 3% to your closing costs in some cases!
What's even better is that HUD’s $100 down payment incentive program can also be applied to an FHA 203k loan, which can be used to fund repairs and renovations on your home. The 203k program allows buyers to finance both the mortgage and additional money for rehabilitation needs with a single government-insured loan!
What this means is you can find a property that needs some TLC, fix it up however they want to (up to $30K), and finance the whole thing for only $100!!!
Qualifying States Are:
- Florida
- Georgia
- Kentucky
- Illinois
- Indiana
- Mississippi
- North Carolina
- South Carolina
- Tennessee
- Caribbean
- Alabama
- Oklahoma
- South Dakota
- Texas
- Wisconsin
- Wyoming
- Utah
- Arkansas
- Colorado
- Iowa
- Kansas
- Louisiana
- Missouri
- Minnesota
- Montana
- Nebraska
- New Mexico
- North Dakota
Oct 7, 2011
New Short Sale Incentives to Homeowners
Bank of America is offering
Florida homeowners up to $20,000 to short sale their homes rather than
letting them linger in foreclosure.
Only homeowners whose short sales are submitted for approval to Bank of America before Nov. 30 will qualify. The homes must have no offers on them already and the closing must occur before Aug. 31, 2012.
A short sale is when a bank agrees to accept a lower sales price on a home than what the borrower owes on the loan.
The Bank of America plan has a minimum payout amount of $5,000.
A spokesman for Bank of America said the program is being tested in Florida, and if successful, could be expanded to other states.
Wells Fargo and J.P. Morgan Chase have similar short sale programs, sometimes called “cash for keys.”
Similar to the federal Home Affordable Foreclosure Alternatives program, or HAFA, which offers $3,000 in relocation assistance, the Bank of America program may also waive a homeowner’s deficiency judgment at closing.
A deficiency judgment in a short sale is basically the difference between what the house sells for and what is still owed on the loan.
Guidelines for Bank of America's new Florida Enhanced Short Sale Relocation Assistance program state that a borrower may use the incentive to pay off existing liens or for relocation expenses. FHA, Ginnie Mae, VA and USDA loans are not eligible. Details are available by calling 1-866-880-1232.
•Wells Fargo offers incentives of $10,000 to $20,000 to certain homeowners who opt for a short sale or who transfer a home's title back to the bank. The program is aimed at properties in Florida and other states known for protracted, judicial foreclosures. The money is available only on first-lien loans that the company owns, which is about 20 percent of its portfolio. Details: 1-800-678-7986.
•JPMorgan Chase has not reported how much it offers for short-sale incentives, though real-estate agents have reported sellers getting $20,000. The lender also has declined to specify how it determines the amount of its incentives. Details: 407-248-3945.
•Citibank has reported it offers an average of $12,000 for borrowers when it owns the mortgage. The amount is determined upfront and varies depending on a borrower's financial circumstances and mortgage-payment history. The money is disbursed when the short sale closes. Details: 1-866-272-4749.
Only homeowners whose short sales are submitted for approval to Bank of America before Nov. 30 will qualify. The homes must have no offers on them already and the closing must occur before Aug. 31, 2012.
A short sale is when a bank agrees to accept a lower sales price on a home than what the borrower owes on the loan.
The Bank of America plan has a minimum payout amount of $5,000.
A spokesman for Bank of America said the program is being tested in Florida, and if successful, could be expanded to other states.
Wells Fargo and J.P. Morgan Chase have similar short sale programs, sometimes called “cash for keys.”
Similar to the federal Home Affordable Foreclosure Alternatives program, or HAFA, which offers $3,000 in relocation assistance, the Bank of America program may also waive a homeowner’s deficiency judgment at closing.
A deficiency judgment in a short sale is basically the difference between what the house sells for and what is still owed on the loan.
Guidelines for Bank of America's new Florida Enhanced Short Sale Relocation Assistance program state that a borrower may use the incentive to pay off existing liens or for relocation expenses. FHA, Ginnie Mae, VA and USDA loans are not eligible. Details are available by calling 1-866-880-1232.
•Wells Fargo offers incentives of $10,000 to $20,000 to certain homeowners who opt for a short sale or who transfer a home's title back to the bank. The program is aimed at properties in Florida and other states known for protracted, judicial foreclosures. The money is available only on first-lien loans that the company owns, which is about 20 percent of its portfolio. Details: 1-800-678-7986.
•JPMorgan Chase has not reported how much it offers for short-sale incentives, though real-estate agents have reported sellers getting $20,000. The lender also has declined to specify how it determines the amount of its incentives. Details: 407-248-3945.
•Citibank has reported it offers an average of $12,000 for borrowers when it owns the mortgage. The amount is determined upfront and varies depending on a borrower's financial circumstances and mortgage-payment history. The money is disbursed when the short sale closes. Details: 1-866-272-4749.
Oct 3, 2011
Reduction in FHA loan limits
As of October 1, 2011 the Federal Housing Administration will
be reducing the FHA Loan Limits.
The current limits in Dade, Broward, and Palm Beach counties
is $417,000. The limits for these counties will be reduced to $345,000. This
reduction will affect any loan that has not been approved by an FHA Direct
Endorsed underwriter.
If you are
looking for homes above this price range or even under contract and not yet
approved and you are expecting to finance your home with an FHA insured loan, you will be affected by the drop in the FHA loan limit.
Please remember these are loan limits, not limits on the
purchase price. Buyers can always make up the difference between the purchase
price and the loan amount by increasing your down payment.
Sep 4, 2011
Best time to buy a home in more than 50 years!
Record low interest rates and bargain home costs...
Interest rates for a 30-year fixed rate home loan fell from 5.06 percent in late March to 4.79 percent by the end of June, according to the Federal Housing Finance Agency's Monthly Interest Rate Survey. Since then, interest rates have continued to drop. The rate on a fixed-rate, 30-year loan dropped from an average of 4.32 percent in early August to 4.151 percent a week later, the lowest since 1971! Combine that with the rock bottom prices of current homes and you are left with the single best time to buy a home in more than 50 years!
Interest rates for a 30-year fixed rate home loan fell from 5.06 percent in late March to 4.79 percent by the end of June, according to the Federal Housing Finance Agency's Monthly Interest Rate Survey. Since then, interest rates have continued to drop. The rate on a fixed-rate, 30-year loan dropped from an average of 4.32 percent in early August to 4.151 percent a week later, the lowest since 1971! Combine that with the rock bottom prices of current homes and you are left with the single best time to buy a home in more than 50 years!
Jul 28, 2011
New FHA loan limits
On Oct. 1, we will see the maximum loan sizes for FHA loans reduced back to the original loan levels prior to the run-up in home prices. Buyers and sellers would be best advised to follow this change carefully and plan accordingly.
The lowering of the HUD (FHA) loan limits is but one of many changes headed our way.May 25, 2011
2011 First-time Homebuyers Program
· Up to $7,500 awarded for down payment and closing cost assistance
· Funds awarded on a 5:1 match – borrower must contribute a minimum
of $500
· Subject to the following maximum income limits based on number in
household:
· To be eligible to apply, you must not have owned a home during the
three years prior to the date you apply for the program.
· Primary residents only. No investor or vacation homes allowed
· Eligible for use with all FHA loans, including the purchase & repair loan
· Program participants must complete prescribed Home Buyer Counseling
· All borrowers must occupy the home for a minimum of five years or
award money goes back to the bank
· Program ends on December 31st, 2011, or when funds run out
· Funds awarded on a 5:1 match – borrower must contribute a minimum
of $500
· Subject to the following maximum income limits based on number in
household:
· To be eligible to apply, you must not have owned a home during the
three years prior to the date you apply for the program.
· Primary residents only. No investor or vacation homes allowed
· Eligible for use with all FHA loans, including the purchase & repair loan
· Program participants must complete prescribed Home Buyer Counseling
· All borrowers must occupy the home for a minimum of five years or
award money goes back to the bank
· Program ends on December 31st, 2011, or when funds run out
Feb 7, 2011
Freddie Mac new Credit requirements
Are you ready to face a tougher Freddie Mac? The new requirements in Freddie Mac’s Bulletin 2010-19 kicked in last week, and mortgage professionals need to bring their 'A' game:
- Be ready to look into every borrower's credit report inquiries made in the previous 120 days — not just the 90 days previously required.
- Was the borrower granted additional credit? You need to get verification of the debt and include that debt when you qualify the borrower.
- This goes for all loans, not just manually underwritten loans.
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