Get $2000 from the City of Sunrise

The City of Sunrise is now reimbursing homebuyers up to $2,000 for select improvements to a newly-purchased single-family foreclosure or short sale home.  Under this New "Homebuyer Incentive Program", the City seeks to attract new residents to Sunrise - and benefit existing residents by helping to improve the appearance and property values in their neighborhoods.

The New Homebuyer Incentive Program is administered by the Redevelopment & Grants Division of the City of Sunrise Community Development Department.  In order to claim a rebate, homebuyers should:

•Get pre-qualified for a conventional, fixed-rate mortgage or FHA mortgage

•Work with their Realtor® to find a single-family foreclosure or short sale in Sunrise

•Get pre-qualified for the City’s New "Homebuyer Incentive Program" grant

•Purchase the foreclosure or short sale for use as their primary residence

•Make one or more eligible improvements (including landscaping improvements, exterior house painting, roof replacement, or installation of energy-efficient appliances)

•Submit their supporting documentation to the City of Sunrise

Website Details Here: http://www.sunrisefl.gov/index.aspx?page=558

FHA flip waiver extended through 2012

Happy New Year everyone!

We start off the year with some good news, for the second year in a row, the Federal Housing Administration is extending a temporary waiver of its "anti-flipping" rule, meaning home buyers can use FHA-insured financing to buy homes that have changed hands in the last 90 days such as those sold by investors.

This waiver is important for our recovery as it allows investors seeking to rehab and flip the huge influx of distressed homes expands the pool of eligible borrowers to include those relying on FHA-backed loans popular with first-time home buyers

In extending the waiver through 2012, FHA still requires the transaction to be arms-length. In cases in which the sales price of the property is 20 percent or more above the seller’s acquisition cost, the waiver will apply only if the seller  can document the justification for the increase in value which is also typical.