Florida Mortgage Lender Blog & Real Estate News

Buying a Florida Vacation Property

Have you often wondered what it would be like to own a beautiful vacation property in your desired getaway spot? Have you been reluctant to take the final step due to the inflated prices of such properties? Well, now is the ideal time to take action! In fact, given the current reduction in home prices, you could actually stay at your favorite vacation destination the entire year if you wanted to! This is due to the fact that great homes have been going through the distress sales process in a variety of vacation hotspots throughout the country. As a result, the prices of such properties have dropped dramatically. Your Dream home is no longer a dream, but closer than ever to becoming a reality.

So how do you make a great vacation buy? What are the top destinations for vacation foreclosures? Find the answers to these questions and learn more about why the time is right for investing in vacation homes in the FREE series of "Distress Properties Reports for Vacation Home Buyers".

Click Here to View Video Reports

              Florida Vacation Property  -  Florida Vacation Real Estate

A year after Fannie Mae and Freddie Mac teetered, industry executives and Washington policy makers are worrying that another government mortgage giant could be the next housing domino.

Stop Foreclosure & Save Your Credit SELL your Home - Short Sale

Problems at the Federal Housing Administration, which guarantees mortgages with low down payments, are becoming so acute that some experts warn the agency might need a federal bailout.

Running questions about the F.H.A.’s future — underscored by interviews with policy makers, analysts and home buyers — came to the fore on Thursday on Capitol Hill. In testimony before a House subcommittee, the F.H.A. commissioner, David H. Stevens, assured lawmakers that his agency would not need a bailout and that it was managing its risks.

But he acknowledged that some 20 percent of F.H.A. loans insured last year — and as many as 24 percent of those from 2007 — faced serious problems including foreclosure, offering a preview of a forthcoming audit of the agency’s finances.

“Let me simply state at the outset that based on current projections, absent any catastrophic home price decline, F.H.A. will not need to ask Congress and the American taxpayer for extraordinary assistance — we will not need a bailout,” Mr. Stevens said in his testimony.

But to its critics, the F.H.A. looks like another Fannie Mae. The hearings on Thursday came on the same day that the federal agency charged with overseeing Fannie Mae and Freddie Mac provided a somber assessment of those giants’ health. In the year since the government stepped in to rescue them, the companies have taken $96 billion from the Treasury, and may need more.

Since the bottom fell out of the mortgage market, the F.H.A. has assumed a crucial role in the nation’s housing market. Created in 1934 to help lower-income and first-time buyers purchase homes, the agency now insures roughly 5.4 million single-family home mortgages, with a combined value of $675 billion.

In addition, these loans are bundled into mortgage-backed securities and guaranteed through the Government National Mortgage Association, known as Ginnie Mae. That means the taxpayer is responsible for paying investors who own Ginnie Mae bonds when F.H.A.-backed mortgages hit trouble.

“It appears destined for a taxpayer bailout in the next 24 to 36 months,” Edward Pinto, a former Fannie Mae executive, said in testimony prepared for the hearing. Mr. Pinto, who was the chief credit officer from 1987 to 1989 for Fannie Mae, went further than most housing analysts and predicted that F.H.A. losses would more than wipe out the agency’s $30 billion of cash reserves. complete story

Stop Foreclosure  Save Your Credit Florida Short Sales

Source: NYTimes.com - David Streitfeld

The Time to buy Florida Real Estate is Now!

The golden rule when investing – be it in real estate, stocks or anything else – is to “buy low, sell high”. Given the current economic conditions, this advice is highly relevant especially if you are an investor interested in getting the most worth for your money. As a result, distress properties are definitely the right choice for you!

You are probably already aware that to make a good investment, the timing of your purchase is a very important factor. But do you know the details of investing in a changing real estate market? Are you aware of the different types of distress properties and the merits of each? For example, pre-foreclosure properties in particular are the most ideal real estate opportunity for investors wanting to close a deal quickly. On the other hand, if you are a novice investor, foreclosure properties would be most appropriate for you. The FREE series of “Distress Properties Reports for Investors” will help you learn about various aspects of investing in distress homes, and assist you in making the most well-informed decisions.

Click Here to View

Florida MLS  -  Florida Investment Property

Can you afford to make such an investment? And is worth the risk?

Fortunately, as a first-time buyer, you are actually in the best of positions when it comes to buying real estate. And right now, distress properties are worth looking into and may be a great way to get a terrific deal on a home. Now there are still a number of things that you should be aware of before you buy your first home such as:

1. What to look out for and how to get the best value for your money?

2. Should you be looking at pre-foreclosures or foreclosures?

3. What are the top misconceptions regarding distress properties?

4. How easily can you get mortgage financing?

FREE Video Reports - Click Here

Florida Investment Property - Orlando Vacation Property

Behind on your payments and have no equity? We can help.

Stop Foreclosure & Save Your Credit SELL your Home - Short Sale

Whether positive or negative, short sales are definitely creating a buzz in the marketplace. Aren’t you curious to find out why? The primary reason is the fact that short sales can prove to be a very effective way of selling your home quickly, especially given the current market situation.

Whether positive or negative, short sales are definitely creating a buzz in the marketplace. Aren't you curious to find out why?

The primary reason is the fact that short sales can prove to be very effective way of selling your home quickly, especially given the current market situation.

In order to ensure that a short sale works for your home, you need to know :

• How to successfully negotiate a short sale
• What are the benefits of conducting a short sale
• How a Realtor can help with the process

This FREE series of Short Sales Video Reports will provide you with all this information and more.

Stop Foreclosure  Save Your Credit Florida Short Sales

Wealthy but 'underwater' homeowners are giving up on paying their mortgages as a financial tactic, a study finds. Those with smaller loans are less likely to do so.

Stop Foreclosure & Save Your Credit SELL your Home - Short Sale

Increasingly, homeowners with good credit and no late payments are making what appears to be a strategic decision to walk away when their home's value falls below what's owed.

"The American consumer has had a long-held taboo against walking away from the home, and this crisis seems to be eroding that," concludes a report on research by Experian, the credit agency, and Oliver Wyman, a management consultant company.

The better their credit rating, the more likely homeowners were to default. The trend is most pronounced where prices have fallen furthest: Florida and the West, especially California.

The finding -- that 588,000 borrowers appear to have strategically defaulted in 2008, a 128% increase from the year before -- surprised the researchers. Piyush Tantia, who conducted the research for Oliver Wyman, and Charles Chung of Experian spotted the trend while analyzing 24 million credit files to see what they could learn about mortgage delinquency.

Foreclosure as a financial strategy

• Pay all their bills consistently and on time until abruptly stopping mortgage payments with no attempt to get current again.
• Keep current on other debts after defaulting on the mortgage.
• Keep up payments on home equity lines of credit, sometimes drawing out cash, before defaulting on both the first mortgage and credit line.

This "sophisticated" combination of moves and timing suggests borrowers are employing foreclosure as a calculated financial strategy, said Tantia and Chung. complete story

Source: MSN Money - Marilyn Lewis

Stop Foreclosure  Save Your Credit Orlando Short Sale

FREE Foreclosure Secrets - Real Estate Video Reports

These Deals Won't last Forever!

In today's market, distress and foreclosure properties are the hottest ticket when it comes to purchasing real estate. Price reductions have created a true "buyer's market". This means that prices are lower than ever, and buyers can find fantastic deals that would not be available under regular circumstances!

It is crucial to have a solid understanding of how to purchase the right kind of distress property if you want to take advantage of the great deals out there.

So, let's get started. Whether you are a first time buyer who is new to the process, or a veteran investor who has been through it all before. These exclusive video reports on Foreclosures are sure to include something you were not aware of. And the best part: they're free.

Just click on any one of the video topics below to get started.

• Foreclosure Secrets for First Time Buyers
• Short Sale Secrets for Home Sellers
• Foreclosure Secrets for Investors
• How to Get a Deal on a Vacation Home

It's getting close to Halloween, and families across the nation are slowly but surely decorating their Florida homes. The spirit of the season is in the air, the leaves are changing colors, and pumpkins are going up for sale. It's time to carve!

Picking Tips

• Make sure your pumpkin has a stem; it won't last very long if it doesn't.
• The pumpkin needs to have a flat bottom so it won't roll.
• No holes or soft spots, because they'll rot.
• Choose a light-colored pumpkin for easier carving, or a dark colored pumpkin for a longer lasting decoration.

Pattern Tips

On the steps of Florida homes everywhere, pumpkin faces sprout fangs and witches ride their brooms. Maybe you want your carvings to stand out, though. Here are a few things to look at when choosing a pattern:

• Keep in mind who'll be doing the carving. Smaller children generally have a harder time with detailed carvings.
• Carving patterns should be as large as the pumpkin you're working with.
• If your design is elaborate, draw it out on paper first. You can't erase a cut.
• Remember that you have to leave space between the cuts. The pumpkin has to stay together.

Carving Tips

• Before carving, wash the pumpkin and let it dry.

• Use good carving tools - or a sharp knife and a small serrated knife - for the more elaborate designs (unless you want to carve a difficult design with a spoon tip)
• Start at the center of your design and work outwards.
• Use petroleum jelly on the cuts after you're done so the pumpkin will last longer.

Left-overs

Once you're done carving, you'll have a lot of left over pumpkin. Instead of throwing it in the trash, try roasting the pumpkin seeds for a great snack, or using the flesh for a delicious pumpkin pie.

Soon, children will be visiting Florida homes in mass, and with these tips on pumpkins, patterns and carving (and candy, of course), you can have them oohing and aahing with delight.

It’s October, which means Halloween is just around the corner. Are you still struggling to come up with great decorating ideas for your Orlando home? Have no fear; your real estate agent is here to help. Here are a few ideas that will take away those holiday Halloween jitters:

1. Nothing says “Halloween” like twitching fingers, growling werewolves and hovering demon skeletons. Thanks to today’s technology, you can turn your decorations into a hellish wonderland with animated Halloween props. Build a graveyard and have a rocking tombstone or a creeping skeleton to snatch up visitors.
   
2. Everybody has the standard jack-o-lantern on the front porch. As Halloween nears, they crop up everywhere. This year, try something a little different. There are plenty of pumpkin-carving patterns available for purchase or for free on the Internet. Grab some bloodcurdling patterns and get to work.
   
3. Are you throwing a party this year? Add a little fog to your Halloween decorations! Fog machines aren’t near as expensive as they used to be. You can grab one big enough for fantastic, spine-tingling effects for less than $50. Sometimes the extra touches make all the difference, and fog is a great addition
   
4. Spruce up your doorbell with sinister sound effects and chilling Halloween music. Record-A-Chime™ by Dimango® Carlon® is perfect for just such a thing. Although it’s somewhat expensive at $59.98, you can record whatever sound effect or music you want for any holiday.

Each Halloween, people struggle to come up with something different for their Orlando home. We hope these ideas help you find your “something different” and get your creative juices flowing. Have fun, stay safe and happy holidays!

If you’re looking to buy Orlando real estate, you’re probably already looking at mortgage possibilities as well. Since many buyers are also looking for energy efficient options, I thought it only right that I brought EEMs (Energy Efficient Mortgages) and EIMs (Energy Improvement Mortgages) to your attention.

What are EEMs and EIMs?

An EEM adds a home’s energy efficiency into the mortgage, giving you the ability to finance energy efficient measures as part of the mortgage payment. One of the good things about an EEM is that it stretches the debt-to-income qualification ratio, which means that you can qualify for a larger loan and a more energy efficient home.

An EIM is for existing Orlando real estate that you plan to make energy efficient improvements to. You can include the cost of the improvements into the mortgage without raising the down payment. In addition, whatever you save in utility costs from the improvements can go to finance more improvements.

Qualifications

If you’re trying to qualify for an EEM or EIM, you’ll need to have a home energy rating conducted first. This is to give you an estimated Energy Savings Value – the value of the measures and the estimated monthly energy savings.

Types of Energy Mortgages

There are several types of energy mortgages available:

• Conventional – sponsored by Fannie Mae and Freddie Mac, these EEMs give the Fannie Mae approved lender the ability to raise your income, matching a dollar for each estimated dollar gained through efficiency.
• FHA – Lenders can add 100% of the cost of improvements to an approved FHA loan, up to $4,000 or 5% of the home value (maximum of $8,000). FHA loan limits won’t stop you from getting the EEM. You can find out more about the FHA EEMs on their website.
• VA – Veteran’s Administration EEMs cap energy improvements at $3,000 to $6,000, and are for buying existing [city] real estate. If you’re a qualifying reservist, veteran or military personnel, you can find more information on the U.S. Department of Veteran’s Affairs website.
• Last but not least, there is the Energy Star mortgage pilot program. Currently, it is only available in a few states, but it’s growing to include others.

If you’re interested in making energy efficient improvements to an existing home or buying a home that’s already energy efficient, I strongly recommend that you look into EEMs and EIMs.

If you’re looking for an energy efficient home or one you can make energy efficient, we can help. Call us at 407-876-5771 for more information.