Short Sales in Orlando Series overview

In Lesson 1 the definition of a short sale was established.  The homeowner negotiates with their lender to sell the property less than what is owed.  If the lender agrees then you have a short sale.  Although the definition is very simple, the process and results are quite complex.  Complex in terms of time, guidelines, negotiations, paperwork, parties involved, closing, patience, and emotions.  We will begin to simplify the complexities of the short sale.

The Foreclosure Process in Florida

Note: This article describes the foreclosure process in Florida.  Because the foreclosure and short sale process are closely connected, please be sure to understand your state foreclosure process and laws.  The short sale process will be slightly different based on the foreclosure process in your state.

In order to have a positive outcome using the short sale option, one must first understand the Florida foreclosure process.  Many folks are terrified of the court system.  Who is to blame them with judges, lawyers, court houses, and legal jargon (legalize).  The first step to reduce the fear factor is to be knowledgeable of the court system foreclosure process and understand some of the terms involved.

Typically after 3-4 months of not making payments to a mortgage lender, the lender will file Lis Pendens against the borrower.  This marks the beginning of the foreclosure process in the state of Florida.  At this point the lender’s attorney is involved and begins to file all the legal paper work.  One paperwork requirement is to serve all the defendants of the case.  When you are served make sure you follow the instructions to respond to the summons.  When all parties have been served Lis Pendens then a Notice of Hearing is scheduled or known as the Hearing Date.

On the Hearing Date, the assigned judge will hear both plaintiff and defendant of the case.  The outcome of the Hearing Date is to schedule a Sale Date on the property.  The plaintiff is represented by their attorney and the attorney will request 30 days to set the Sale Date.  The judge will turn to you and listen to your story.  You may or may not be represented by a lawyer.  Odds are if you are in foreclosure you cannot afford a lawyer to represent you.  You present your case to the judge and request for as much time as possible to make amends with the lender.  You must tell the judge you are working a short sale with the lender and you need additional time to close your buyer.

Once plaintiff and defendant present their case, the judge will determine the Sale Date.  Depending how well you presented yourself to the court, this will determine how much additional time you receive to sell the property.  If you do not appear at the Hearing then the judge will set the Sale Date in 30 days.

The Sale Date is the day your house goes to auction.  This typically occurs on the court house steps and your house will be auctioned off.  The lender may or may not find a buyer.  Either way you have less than a week to vacate the property.  So be prepared with a plan to move to another home which will be discussed in another lesson.

In summary the foreclosure process has a few major steps.  Lis Pendens, Hearing Date, and Sale Date.  The main point when dealing with the court system is to respond quickly and responsibly.  This is where many folks fail in the short sale process.  You must present yourself as a person who has a hardship and you are working with the lender to resolve the loan default.  The court system looks favorably on folks being responsible and for the most part will have sympathy for the homeowner.  The banks were bailed out, so why can’t you also get a bail out utilizing a short sale.  We will coach you through the foreclosure process and hearing in front of the judge.  Our services are always free to homeowners facing foreclosure.

Now that you have a base understanding of the legal foreclosure proceedings, the next Short Sales in Orlando Florida lesson we will next discuss the short sale process and how it fits in with the legal process.

Foreclosures are occuring in these surrounding locations of Orlando Florida

Altamonte Springs | Apopka | Avalon Park | Bay Lake | Belle Isle | Edgewood | Lake Buena Vista | Maitland | Ocoee | Orlando | Winter Garden | | Waterford Lakes | Winter Park | Eatonville | Oakland | Windermere | Azalea Park | Bay Hill | Bithlo | Christmas | Citrus Ridge‡ | Conway | Doctor Phillips | Fairview Shores | Goldenrod‡ | Gotha | Holden Heights | Hunters Creek | Lake Butler | Lake Hart | Lockhart | Meadow Woods | Oak Ridge | Orlo Vista | Paradise Heights | Pine Castle | Pine Hills | Sky Lake | South Apopka | Southchase | Taft | Tangelo Park | Tangerine | Tildenville | Union Park | Wedgefield | Williamsburg | Zellwood | Plymouth | Reedy Creek Improvement District‡ | University Park | Vineland | Altamonte Springs | Casselberry | Lake Mary | Longwood | Oviedo | Sanford | Winter Springs | Chuluota | Fern Park | Forest City | Geneva | Goldenrod | Heathrow | Midway | Wekiwa Springs | Kissimmee | St. Cloud | Campbell | Celebration | Citrus Ridge‡ | Lake Buenaventura | Poinciana | Ashton | Bull Creek | Deer Park | Harmony | Holopaw | Kenansville | Intercession City | Lake Marian Highlands | Narcoosee | Reedy Creek Improvement District | Yeehaw Junction

Usually hotels have them where I live along with magazines of homes for sale around the area but I have asked hotel staff and no one knows… Does anyone know where I c an find them in orlando or kissimmee?

Call Rick Belben at (407) 341-1706 for more information. Visit www.ricksellsflorida.com for photos.

Luxury Homes and Luxury Real Estate in Florida

Florida has always been a vacation get-away. It’s  beautiful sandy beaches, proliferation of luxury homes and architectural styles along with oceanfront and waterfront properties cause people to flock here. Whether you want the glitz and glamour of an international city like Miami or a planned community with everything in walking distance like Rosemary Beach, towns in Florida run the gamut insuring you’ll find that luxury home you’ve been waiting to buy.

PANHANDLE

The Florida panhandle is sometimes called “the other Florida” because unlike most of the state, this region experiences all four seasons. It backs up to South Georgia on the north and has water views of the Gulf of Mexico to the south.

Panama City has lots of choices when it comes to luxury homes. Here you can find a striking Mediterranean mansion overlooking St. Andrews Bay or live on the beach and wake every morning to sweeping Gulf of Mexico sights and sounds. Enjoy entertaining friends and family on veranda style balconies that overlook the water. Choose a luxury bay front condo minutes from downtown and be swept away every time you look out your floor to ceiling windows to see St. Andrews Bay and the Gulf.

Rosemary Beach is a unique town, an unincorporated planned community, located on the Gulf Coast, between Panama City and Destin. Here you’ll find peace and solitude, observe long stretches of pristine beaches and feel refreshing breezes wafting off the warm Gulf waters. In this community, cars are restricted to alleyways behind homes and the town is built so that everything within the community is easily accessible by foot. This beachside community makes use of its natural topography. Roadways were paved in conformity to the contours of the land.

Santa Rosa Beach is best known for its quiet, wide stretches of beach and nature trails that pass through a 15,200-acre forest. This is part of the Emerald Coast where you’ll experience the beauty of ocean waters that are truly emerald green. Here you’ll taste the best of both worlds from the privacy of a custom-built luxury home on your own lot to a home in a gated golf community. There are mansions and luxury condos. Gulf front estates with wrap-around porches and lots of windows to give you an unobstructed view of the Gulf of Mexico. Luxury condominiums that sit on bluffs give you such gorgeous views you’ll feel like you’re sitting on top of the world. Homes that rest on sugar white sands reflecting the emerald waters that lap at its edges. In Santa Rosa Beach you can truly appreciate what it means to live in luxury and style.

Destin is known as “The World’s Luckiest Fishing Village”. The water is brilliant green, the dunes are towering, there are loads of fish and the excitement never ends. Sparkling quartz sand squeaks beneath your feet welcoming you to one on the most beautiful beaches you will ever see. Purchase a luxury home here and you can walk the beach all the time! There’s a plethora of exclusive homes and communities in Destin. Choose a gulf front home in an exclusive gated community that makes the most of the views the Gulf Coast has to offer. Take the stairs down to the beach or lounge by your pool. Maybe a Tuscan style villa with lots of windows that allow for spectacular Gulf views and overlook the pool and canal. If you’re a golfer find an exquisite custom home on a bay front lot in a gated golf community. Balconies and terraces set the scene for gracious beachfront living and entertaining. If you enjoy high-rise living, find a harbor front condo with balconies that include expansive water views.

Jacksonville was named for Andrew Jackson, Florida’s first territorial governor and later the President of the United States. Today, Jacksonville is a nice mix of urban charm and rural beauty. Located on the St. Johns River, Jacksonville has grand historic neighborhoods, cultural and sports entertainment. It’s an important military port graced with white-sand beaches that constantly tempt you to play on them. Your next luxury home could very well be a St. Johns River front mansion surrounded by ancient oak trees sitting on several acres of land just minutes from downtown. Have your own gated entrance, indoor pool, dock with hoist, guesthouse and 5-car garage. Perhaps a historic gated estate on a bluff that overlooks the river. Here you’d have privacy plus convenience to the city and beaches. There are also waterfront Mediterranean estates with panoramic views, luxury condos at a Yacht Club or waterfront town homes with water views in every room and even sights of downtown Jacksonville. This is casually elegant, luxury living at its finest.

Tallahassee is the capitol of Florida and home to universities, gracious historic homes and rolling hills. It is near the Apalachicola National Forest. So if your idea of luxury is living amongst rolling hills, oak-canopied roads and historic plantation homes – this is the location of your next home. Just because there’s no ocean doesn’t mean there are no water views available. Luxury homes have lake views and heated salt water pools. Gated estates with lots of land, privacy and convenience to the city. Some estates are already built to suit the equestrian lifestyle with fencing and barns on large plots of land. Palatial estates with plenty of acreage and a gated entrance are also appealing. If you enjoy entertaining you can find a large luxury estate with tennis court, pool, circular drive multi-car garage and more. Luxurious golf community homes and high-rise condominiums that overlook trees and the city from their balconies will give you a postcard view of this town.

NORTH FLORIDA

Orlando is world famous for its theme and water parks. Included in the Orlando metro are the areas of Kissimmee and Lake Buena Vista. If you’re looking for a luxury home in this locale you will get more for your money but with less water views. There are many activities to enjoy here including shopping, museums, sports, performance arts and interesting outlying towns and neighborhoods. Kissimmee is less flashy than Orlando. It has more of a hometown feel that stems from its cow-town origins. Cattle auctions and rodeos are still a way of life in the historic downtown area.

Daytona Beach boasts resorts, attractions and, of course, the Daytona International Speedway. It’s one of the only places you can drive on the beach plus there’s excellent surfing and other water sports. Ponce Inlet Lighthouse, Florida’s tallest lighthouse (and the second highest in the US) has 203 swirling steps to the top and then a stunning 360-degree view of the Atlantic Ocean and the salt marshes of the intracoastal. Here you can have a home with equally astounding views. A fenced and gated waterfront estate often comes with frontage and dockage. Four floors of living space provide impressive views. Wraparound balconies and a private sunset balcony pamper you at the end of a long day. Choose an ocean front condo that’s only minutes from upscale boutiques and fine dining. A lavish condo in a golfing community may appeal to the avid golfer in you. But an oceanfront home with the Atlantic Ocean and Daytona Beach as your backyard – now that’s the ultimate in luxury living!

GULF COAST

Tampa, St. Petersburg and Clearwater are three areas in close proximity to one another but each has something different to offer. Tampa has sophistication, culture and a rich heritage in the Cuban-influenced district of Ybor City. Tampa is situated on Florida’s largest inlet, Tampa Bay, which separates it from its sister city, St. Petersburg.

Clearwater is popular with golfers and fishermen love it because there are more than 300 species of fish here. It’s quieter and more laid back than Tampa with a certain subdued style. Life here is meant to be simple and enjoyed. A high-rise condo on the water with a white sandy beach and sparkling crystal water may be just what you’re looking for. A historic waterfront mansion will impress with its awesome views of Clearwater, the bridges and the intracoastal

St. Petersburg has literally miles of bleached white beaches, stately palms and the Gulf of Mexico’s turquoise water lapping at its shores. With approximately 361 days a year of sunshine and an average temperature of 73 degrees, outdoor activities are all the rage: sailing, fishing, snorkeling, jet skiing and scuba diving are part of everyday life.

SOUTH FLORIDA

Miami is the place for luxury homes with a capital “L”. This city is an international destination for people all over the world and has everything you could ever want – and more: arts and culture, lots of nightlife, gorgeous beaches, five-star dining, water activities, impressive architecture and an abundance of shopping. Whether you’re in South Beach checking out glamorous Art Deco residences on Ocean Drive, hanging out in funky Coconut Grove or taking a boat past the very private homes of Star Island, you can’t help but be impressed with the selection of luxury homes available here. There are gate-guarded communities on the water with ocean access, palm trees and lush tropical landscaping. Take your pick of opulent high-rise condos with panoramic views of the Miami skyline. If historic homes interest you, you’ll find several waterfront estates here, too. There’s an abundance of luxury to be had in Miami.

Fort Lauderdale is sometimes called the “Venice of America” due to its extensive canal system. The city of Fort Lauderdale has a variety of activities and just as many different areas in which to live. Whether you’re searching for a waterfront mansion, an island estate, city high-rise or a luxury home in a gated community, it’s all here. A sumptuous home with wide water views that open up to a pool or terrace for entertaining guests is the perfect location for living the good life.

 Pompano Beach is located between Palm Beach and Miami, and is often referred to as “the Heart of the Gold Coast.” Pompano began as a farming and fishing community and gets its name from the popular ocean fish. Today, the city of Pompano Beach is known for its small town feel, Hillsboro Lighthouse and the beautiful beach where fish are still abundant offshore. If you’re searching for a unique home you’ll find many to choose from here. Discover an oceanfront, gated estate with views of not just the ocean, but Hillsboro Inlet and Lighthouse as well.

Incorporated in 1925, Boca Raton was created as a resort town. Water sports – from scuba to sailing – are prevalent here thanks to the Gulf Stream and a variety of reefs and shipwrecks. A haven for the affluent since the turn of the century, Boca Raton blends culture with small town appeal. The cultural events calendar is packed year round. So it makes sense when looking for your next luxury home here to purchase one on the water.

Palm Beach and West Palm have the reputation as being a playground for the wealthy. Ever since Henry Flagler brought his railroad to Palm Beach and built magnificent hotels for his passengers, the town has been synonymous with luxury. Superlative mansions and trendy landmark restaurants are plentiful here.

Jupiter and unincorporated Hobe Sound create a quiet, wealthy enclave north of Palm Beach. Blowing Rocks Preserve protects the island’s natural habitats and its large stretch of Anastasia limestone. When winter storms or high tides roll in, the ocean breaks against the limestone rocks and forces the water 50 feet skyward into a beautiful show of nature. Jupiter and Hobe Sound both have wonderful outdoor activities including fishing, golfing, surfing and of course, beaches. Your next luxury estate could be on the intracoastal waterfront with a dock for your boat. Colonial, Old World and Mediterranean styles are just a few of what you’ll experience.

THE KEYS

Key West is the southernmost Key as well as the southernmost tip of the United States. Real estate titles in Key West date back to the Kings of Spain. While strolling palm-lined streets you’ll spot historic Victorian gingerbread mansions, tin-roofed conch houses and Ernest Hemingway’s home with an overabundance of polydactyl cats in the yard.

If you’re looking for a luxury home in a relaxed island atmosphere head to Key West. It’s a small island – only about 4 miles long and 2 miles wide so pretty much anywhere you live will provide spectacular views of the ocean. Choose a condo, town home or waterfront mansion. Because the island is subtropical, there are lush grounds and tropical plantings everywhere

Key Largo is the northern-most Key and only an hour’s drive from Miami yet it feels like you’re on a totally different planet. Locals call Key Largo “The Diving Capital of the World” but the island is equally famous for its sport-fishing. Sandwiched between the Everglades and the only living coral barrier reef in North America, it’s also home to several parks, a national marine sanctuary and awe-inspiring botanical scenery. This lush, quiet island is perfect for a second or third home especially during the winter.

Get in touch with one of our member brokers to find out more about your next luxury home. LuxuryRegistry.com presents exceptional, luxury real estate to affluent individuals. Our Luxury Broker Registry supports only those qualified brokers who are well experienced in the sale of unique and distinctive properties worldwide. LuxuryRegistry.com offers brokers and buyers the opportunity to view premiere luxury real estate anywhere in the world.

 In the United States, real estate is showing a strong growth trend especially in the refined luxury sector. That means that now is the best time to take advantage of these investment opportunities.

For More Information goto luxuryregistry.com 

For information on how to become a LuxuryRegistry.com member broker please email us at contactus@luxuryregistry.com

Lowest costing FHA home loan.

Coming soon to FHA-mortgage loans will require Higher FICO scores and more cash at closing. The changes are needed to help keep the agency afloat.

FHA mortgage loans are about to become more expensive and harder to get for Florida FHA loan applicants.

The details will be revealed in late January. But this much already is clear: FHA Mortgage applicants will need higher credit scores and more cash at closing to get the lower interest rates and cheaper insurance of FHA mortgage loans and refinanced loans.

The rules are changing because the Federal Housing Administration is in a financial hole. It’s been paying out more to cover defaulted FHA mortgage loans than it’s taking in from mortgage-insurance premiums. The imbalance has drained agency reserves to 1.5% of the FHA mortgages  it covers — below the 2% level required by law.

To cure the FHA insurance deficit President Barack Obama’s administration has announced it will tighten the FHA Loan requirements, making four changes that will hit consumers making it tougher to qualify:

Raising the minimum FICO score you need to qualify. Increasing the cost of FHA mortgage insurance and possibly changing how premiums are collected. Increasing the FHA down payment required for an FHA loan. Decreasing the amount that sellers can pay toward a buyer’s FHA closing costs.

 Why the FHA mortgage insurance exists

The FHA agency was created during the Depression to put builders and contractors back to work, keep the mortgage industry going and help keep homeownership affordable.

FHA mortgage insurance doesn’t make loans; it insures them. Anytime a mortgage applicants has  a down payment smaller than 20%, lenders require mortgage insurance. FHA’s mortgage insurance is low-cost, and the agency will insure borrowers that private industry often won’t touch. Essentially, FHA mortgage insurance lets borrowers — especially first-time homebuyers — get homes with low down payments.  

Other FHA Mortgage loan Advantages Include:

Minimal Down Payment and Closing Costs.

Down payment less than 3.5% of Sales Price Gift for down payment and closing costs allowed. No reserves or required. FHA regulated closing costs. Seller can credit up to 6% of sales price towards buyers costs.

Easier Credit Qualifying Guidelines such as:

Minimum FICO credit score of 540. FHA will allow a home purchase 2 years after a Bankruptcy. FHA will allow a home purchase  3 years after a Foreclosure. 

Easier Debt Ratio & Job Requirement Guidelines such as:

Higher Debt Ratio’s than other home loan programs. Less than two years on the job is allowed. Self-Employed individuals o.k. http://www.fhamortgagefhaloan.com/

 The history of the FHA mortgage

When mortgages became hard to get a couple of years ago, the FHA “helped when no one else would, when everyone else buried their head in the sand”It’s fair to say the very survival of the housing sector in 2007-08 is thanks to FHA.”

As the housing bubble expanded, FHA mortgage loans took a back seat to cheap, quick, subprime loans, dropping to about 4% of market share in 2005 through 2007 for new mortgages and refinances combined. But once subprime products disappeared in the housing collapse, the FHA mortgage market share grew, to 21% in September 2009.

Here are the changes being discussed and what they could mean to FHA mortgage applicants:

1. FHA Mortgage insurance premiums

FHA Mortgage applicants pay two kinds of premiums for FHA mortgage insurance: an upfront lump sum that’s due when the loan closes (currently 1.75% and usually rolled into the loan amount and financed) and monthly payments (0.5% or 0.55% of the loan amount, depending on your down payment).

Here’s what you’d pay now in FHA mortgage insurance premiums on a $250,000 loan:

$4,375 (1.75%) at closing. $1,250 to $1,375 (0.5 % or 0.55%) a year, broken into monthly installments.

An increase appears certain on at least the monthly charges, based on recent remarks to Congress by Housing and Urban Development Secretary Shaun Donovan.

There’s also speculation, says Lenders One’s Stern, that the FHA might require the upfront fee to be paid in cash and close off the option of rolling it into the loan.

Stern says that financing option is “one of the primary benefits of FHA.”

The cost to you: Higher mortgage insurance premiums will increase your monthly payments. And if you’re not allowed to finance the upfront insurance premium, you’ll have to produce the entire amount in cash at closing. (Your monthly payments would drop a bit, though, if you couldn’t roll the lump sum into your loan.)

 

2. FHA Down payment

Another big attraction of FHA loans is the low down payment requirement. You can get into an FHA-insured mortgage with as little as 3.5% down — that’s $8,750 on a $250,000 home.

That’s likely to increase, too. The idea would be to raise a borrower’s stake in the investment, reducing the chances you’d default.

The cost to you: Some in Congress want to raise the minimum down payment on an FHA-backed loan to 5% of the purchase price. That means you’d have to come up with $12,500 to buy a $250,000 home — $3,750 more cash than today. (Read “The end of the 0% down payment” and “How to come up with a down payment” to learn how down payments work.)

3. FHA LOW FICO  Scores

During the housing boom you could get an FHA loan with a FICO score below 500. The government has been steadily raising the limit since mortgage lending has contracted.

Today, you need a minimum 600 FICO score to qualify for an FHA-backed loan. (Get a free credit score estimate here.) For many borrowers, that’s not really an issue, because their lenders require even higher scores. But a few lenders resell their loans directly to the FHA, not to loan aggregators or other banks. These lenders, for a price, will lend to borrowers with the FHA minimum FICO score, which means that today it’s still possible to get an FHA-insured loan with a FICO score of 600. That’s about to end.

Donovan told Congress that the administration intends to raise the minimum FHA requirement “for the time being” to weed out risky borrowers. He didn’t say by how much. Speculation ranges from 620 to 640. It’s possible that the new requirements will be multilayered, letting borrowers balance a lower credit score with, say, a bigger down payment.

“Of all these things, that will have the biggest impact, because there are so many borrowers who fall below the 620 score,” says Dale Vermillion, author of “Navigating the Mortgage Maze: The Simple Truth About Financing Your Home.” “Today, a lot of people have had credit issues, and their credit scores have gone down. When you combine the two (insurance and down-payment increases), it’s certainly going to have an impact on purchases.” (If your credit score is low, see “Raise your credit score to 740.”)

Raising FHA’s minimum score changes the playing field, says Stern. While private lenders usually do require higher credit scores, they can drop their limits quickly when lending safety has improved. A higher minimum FHA requirement means lost flexibility for retail lenders and their homebuying customers.

The cost to you: Buyers with FICO scores under the new minimum, be it 620 or 640, will be shut out of loans. The rules probably will become more rigid than they are today.

4. HomeSeller contributions to closing costs

Sellers sometimes agree to help pay a buyer’s closing costs. It’s a way to help a cash-poor buyer make a purchase. Currently, the FHA lets sellers contribute as much as 6% of the house price. The administration is considering reducing that to 3%.

“Three percent is what conventional loans allow, industrywide,” says Chad Bergman, a mortgage banker with Frost Mortgage in Littleton, Colo.

 The history of the FHA

The cost to you: Probably nothing. In practice, a reduction to 3% probably won’t matter to most FHA buyers, at least today, Bergman says. Closing costs are based in part on loan amounts and interest rates, and they were considerably higher several years ago, when home prices and interest rates were higher. Today, closing costs average just $2,732 nationally on a $200,000 loan (they vary from state to state), according to a study by Bankrate.com.

If you were buying a home for $210,000, borrowing $200,000 and your closing costs were $4,000, currently the seller could pay up to $12,600 (6% of the home’s price) toward your closing costs — more than enough to cover the whole bill. If the seller’s allowed “concession,” as it’s called, dropped to 3%, your seller could pitch in up to $6,300 — still plenty.

 

‘Still the best mortgage for Florida homebuyers out there’

Taken together, the upcoming changes will make buying a Florida home harder for individual consumers, no question about it. And the FHA administration says it intends to back out of its expanded role once FHA mortgage lenders start making more loans again.

But, FHA still has the lowest down payment in the industry, still has unbelievably low interest rates and still is doing fixed-rate 30-year amortization mortgages. It’s still the best mortgage loan out there.

 Serving These Fine Florida Communities:

Arcadia :: Boca Raton :: Boynton Beach :: Bradenton :: Brandon :: Cape Coral :: Clearwater :: Clewiston
Crestview :: Daytona Beach :: Deerfield Beach :: Deland :: Delray Beach :: Deltona :: Destin :: Englewood
Fort Pierce :: Ft. Lauderdale :: Ft. Myers :: Ft. Walton Beach :: Gainesville :: Hollywood :: Homosassa Springs
Jacksonville :: Key West :: Kissimmee :: Lake City :: Lakeland :: Lynn Haven :: Marathon :: Marco Island
Melbourne :: Miami :: Miami Beach :: North Fort Myers :: North Miami Beach :: Naples :: Ocala :: Okeechobee
Orlando :: Ormond Beach :: Osprey :: Palatka :: Palm Bay :: Palm Beach :: Palm Coast :: Panama City :: Pensacola
Pompano Beach :: Port St. Lucie :: Punta Gorda :: Santa Rosa :: Sarasota :: Sebastian :: Sebring :: Springhill
St. Augustine :: St. Petersburg :: Tallahassee :: Tampa :: The Villages :: Titusville :: Venice :: Vero Beach
Wauchula :: Wesley Chapel :: West Palm Beach :: Winter Park

Serving These Fine Florida Counties:

Alachua :: Baker :: Bay :: Bradford :: Brevard :: Broward :: Calhoun :: Charlotte :: Citrus :: Clay :: Collier
Columbia :: Dade :: DeSoto :: Dixie :: Duval :: Escambia :: Flagler :: Franklin :: Gadsden :: Gilchrist :: Glades
Gulf :: Hamilton :: Hardee :: Hendry :: Hernando :: Highlands :: Hillsborough :: Holmes :: Indian River :: Jackson
Jefferson :: Lafayette :: Lake :: Lee :: Leon :: Levy :: Liberty :: Madison :: Manatee :: Marion :: Martin :: Miami-Dade
Monroe :: Nassau :: Okaloosa :: Okeechobee :: Orange :: Osceola :: Palm Beach :: Pasco :: Pinellas :: Polk
Putnam :: Saint Johns :: Saint Lucie :: Santa Rosa :: Sarasota :: Seminole :: Sumter :: Suwannee :: Taylor :: Union
Volusia :: Wakulla :: Walton :: Washington

 

 

FHA home loan Florida, FHA mortgage Florida, Florida FHA Loans have many advantages over other financing programs including:

 Minimal Down Payment and Closing Costs.

•·  Down payment less than 3% of Sales Price

•·  100% Financing options available

•·  No reserves or required.

•·  FHA regulated closing costs.

•·  Seller can credit up to 6% of sales price towards buyers costs.

Easier Credit Qualifying Guidelines such as:

•·  No minimum FICO score or credit score requirements.

•·  FHA will allow a home purchase 2 years after a Bankruptcy.

•·  FHA will allow a home purchase 3 years after a Foreclosure. 

Easier Debt Ratio & Job Requirement Guidelines such as:

•·  Higher Debt Ratio’s than other home loan programs.

•·  Less than two years on the job is allowed.

•·  Self-Employed individuals o.k.

Apply for an FHA loan at www.FHAmortgageFHALoan.com

FHA Home Loans for Purchasing a Florida Home

Although Florida FHA home loans require additional paperwork, the reality is that applying for an FHA mortgage loan in Florida is not much different from applying for conventional financing. In fact, for many borrowers the small amount of extra time turns out to be an exceptional mortgage bargain because they save thousands of dollars over the life of their Florida Mortgage.

At 1st Continental Mortgage, we have been working with the FHA program for many years. We’re experts at assembling the proper paperwork and presenting your loan application to FHA approved lenders diligently and professionally. It’s one of the ways that we have earned our reputation for closing FHA home loans in Florida on-time.

You may be surprised at how flexible sellers are in the current market and how many programs there are that provide Downpayment assistance to applicants for FHA financing to purchase Florida homes, condos, and townhouses. The fact is, seller can pay up to 6% towards your closing costs. This means, no closing costs for you when negotiated during the purchase contract!

The FHA program offers excellent fixed rate options and never a prepayment penalty. If other mortgage lenders are quoting you subprime rates, you owe it to yourself to make the call to 1st Continental Mortgage to compare the costs of getting an FHA home loan for your home purchase. Call 1-800-570-0448 to speak with an FHA mortgage expert before accepting any conventional mortgage quote as the best you can do!

For first time home buyers and other borrowers, the FHA home loans can have key advantages:

Easy Qualification – The FHA loan insures lenders against loss for loans made to properly qualified FHA home loan borrowers. So you’re likely to find FHA mortgage loans with terms that make it easier for you to qualify.

Minimal Downpayment Requirements – FHA mortgages can work with as little as 3% down and those funds can come from a family member, charity, or your employer. Although the FHA loan does not have a zero down mortgage option yet, you will find that your 1st Continental Mortgage loan officer can point you to many Downpayment assistance programs that work well with Florida FHA home loans.

Less than A-1 Credit is Okay – The Florida FHA home loan program exists to expand the pool of home buyers. Even borrowers with prior bankruptcies or mortgage lates get approved every day for FHA mortgages to buy or Refinance homes in Hillsborough County or any of the other Florida counties we serve. The FHA loan program uses credit quality, not credit score!

Lower Cost Over the Life of the Loan – The Florida FHA home loan rates are extraordinarily competitive. FHA’s lower risk to the lender means a better rate for the borrower.

Safeguards for Borrowers Who Get Behind – The Florida FHA loan mortgages also allow the lender more options in helping borrowers who fall behind keep their homes are get current again: special forbearance, workouts, even free mortgage counseling. Further, HUD can allow the lender to take past due payments and move them to the end of the loan and in some instance will actually pay your past due payments for you. Options to save your home you’ll never get from a conventional loan! In an uncertain world, this is another excellent reason for you to get an FHA mortgage.

Options for Manufactured Housing – Under certain conditions, you can even finance a Mobile Home or manufactured home using a Florida FHA mortgage loan. Call 1-800-570-0448 to get pre-approved for a Florida FHA loan for manufactured housing or just use our quick application to learn more!

FHA Loans Are Fully Assumable – When you are ready to sell your home, you can offer buyers FHA financing! All FHA loans can be assumed by qualified buyers.

These are just seven of the many good reasons to apply for an FHA mortgage. Call 1-800-570-0448 to speak with a friendly Florida FHA loan specialist now!

The FHA program has evolved since it started in 1934 and now has options for HUD insured loans that fit a variety of different borrowers and situations.

Serving These Fine Florida Communities:

Arcadia :: Boca Raton :: Boynton Beach :: Bradenton :: Brandon :: Cape Coral :: Clearwater :: Clewiston
Crestview :: Daytona Beach :: Deerfield Beach :: Deland :: Delray Beach :: Deltona :: Destin :: Englewood
Fort Pierce :: Ft. Lauderdale :: Ft. Myers :: Ft. Walton Beach :: Gainesville :: Hollywood :: Homosassa Springs
Jacksonville :: Key West :: Kissimmee :: Lake City :: Lakeland :: Lynn Haven :: Marathon :: Marco Island
Melbourne :: Miami :: Miami Beach :: North Fort Myers :: North Miami Beach :: Naples :: Ocala :: Okeechobee
Orlando :: Ormond Beach :: Osprey :: Palatka :: Palm Bay :: Palm Beach :: Palm Coast :: Panama City :: Pensacola
Pompano Beach :: Port St. Lucie :: Punta Gorda :: Santa Rosa :: Sarasota :: Sebastian :: Sebring :: Springhill
St. Augustine :: St. Petersburg :: Tallahassee :: Tampa :: The Villages :: Titusville :: Venice :: Vero Beach
Wauchula :: Wesley Chapel :: West Palm Beach :: Winter Park

Serving These Fine Florida Counties:

Alachua :: Baker :: Bay :: Bradford :: Brevard :: Broward :: Calhoun :: Charlotte :: Citrus :: Clay :: Collier
Columbia :: Dade :: DeSoto :: Dixie :: Duval :: Escambia :: Flagler :: Franklin :: Gadsden :: Gilchrist :: Glades
Gulf :: Hamilton :: Hardee :: Hendry :: Hernando :: Highlands :: Hillsborough :: Holmes :: Indian River :: Jackson
Jefferson :: Lafayette :: Lake :: Lee :: Leon :: Levy :: Liberty :: Madison :: Manatee :: Marion :: Martin :: Miami-Dade
Monroe :: Nassau :: Okaloosa :: Okeechobee :: Orange :: Osceola :: Palm Beach :: Pasco :: Pinellas :: Polk
Putnam :: Saint Johns :: Saint Lucie :: Santa Rosa :: Sarasota :: Seminole :: Sumter :: Suwannee :: Taylor :: Union
Volusia :: Wakulla :: Walton :: Washington

 

 

 

 

 

 

How to Buy a Home
It begins with Preparation

When thinking about buying a home the first mistake many home buyers make is run out or go online and start looking at houses.  To minimize mistakes and maximize your time, you must resist the urge to start looking for houses.  Instead you need to be prepared before looking at your first house.  Your success is contingent how well (or poorly) prepared a home buyer is prior to making the purchase. This preparation does not need to take a great deal of time, and most of it can be done from the comfort of your home, but it is important to spend some time getting ready before running off to look at specific homes.

In this article, which is the second of the series, we will discuss evaluating your needs and wants in a new home.

Know your Needs and Wants for buying a home.

I have a theory, one reason for the housing mess we are currently was partially caused because of this very lesson.  I’ve talked with many homeowners and sellers over the years and their wants were substantially more than their needs.  “I really didn’t need a big house with a view of the lake but I sure did want it.”  “I really didn’t need that 60″ Flat Screen High Definition TV but I sure wanted it and we took out a second loan on the over inflated equity of my house.”  We’ve become a society of more wants than needs.  Because of this lack of financial and emotional restraint the housing market is correcting itself to realistic levels. But in the laws of economics one’s loss is someone else opportunity. We as a nation have a chance to do it right this time buy being more educated, informed, and showing “I want” restraint.

Unfortunately the mind set of many people is their needs and wants are interchangeable concepts.  They are not and they have quite different meanings.  In simple terms a Need is something required.  A Want is something desired.  Not making this simple distinction before purchasing your new home can be very costly in the long run.

This is not to say your dream home cannot have what you want.  But instead you have to be very clear to separate true needs from your desired wants.  Ultimately your budget will be the determining factor and not a wish list.  Also note many of your wants can be changed in a particular home, if the house doesn’t have a feature now you can change it later.  The Rolling Stones summed this up with their song “You can’t always get what you Want” “…because if you try sometimes you’ll get what you Need.” 

The important lesson here is determine your needs in a new home and keep them separate from your wants. This simple exercise will greatly increase the probability your dream home doesn’t turn into a money pit or nightmare. 

Take a few minutes to develop your own list of NEEDS and WANTS. Provided is a form to assist you complete this task.  Checklist

If you are married one approach to consider is for you and your spouse complete the checklist separately.  Then sit down and compare and explain why each of you consider features as a need or want.  This approach will shed light what is considered important to you and your spouse.

When looking at houses, the checklist will keep you focused on what is important.  Because when you start looking at houses your emotions will likely turn you in a direction which is not in your best interest.  One person told me I don’t know what I was thinking when I bought this house, the lake view wasn’t a need or a want, but when I entered the house I just had to buy it!!  Don’t fall into this emotional trap, the check list will keep you on track, focused, and reduce time spent in the house hunting phase.

The goal is to find a home which includes all your needs and as many of your wants which remain within your budget.  Speaking of budget, the next article in the How to Buy a Home Series we’ll discuss the financial piece of this puzzle.

Your Real Estate Resource

If you are an existing home owner or future home buyer, take advantage of this tremendous Buyers market we are currently in. When you add up the below market prices, historically low interest rates, and the new federal government tax credit there has never been a better time to own a home or upgrade your current home. Think about it!

Your Real Estate Resource is a professional Orlando Florida home buying company that buys houses at a discount and passes this discount on to our home buyers. Interested living or investing in Orlando Florida?

We Sell Houses in and around these surrounding locations of Orlando Florida

Altamonte Springs | Apopka | Avalon Park | Bay Lake | Belle Isle | Edgewood | Lake Buena Vista | Maitland | Ocoee | Orlando | Winter Garden | | Waterford Lakes | Winter Park | Eatonville | Oakland | Windermere | Azalea Park | Bay Hill | Bithlo | Christmas | Citrus Ridge‡ | Conway | Doctor Phillips | Fairview Shores | Goldenrod‡ | Gotha | Holden Heights | Hunters Creek | Lake Butler | Lake Hart | Lockhart | Meadow Woods | Oak Ridge | Orlo Vista | Paradise Heights | Pine Castle | Pine Hills | Sky Lake | South Apopka | Southchase | Taft | Tangelo Park | Tangerine | Tildenville | Union Park | Wedgefield | Williamsburg | Zellwood | Plymouth | Reedy Creek Improvement District‡ | University Park | Vineland | Altamonte Springs | Casselberry | Lake Mary | Longwood | Oviedo | Sanford | Winter Springs | Chuluota | Fern Park | Forest City | Geneva | Goldenrod | Heathrow | Midway | Wekiwa Springs | Kissimmee | St. Cloud | Campbell | Celebration | Citrus Ridge‡ | Lake Buenaventura | Poinciana | Ashton | Bull Creek | Deer Park | Harmony | Holopaw | Kenansville | Intercession City | Lake Marian Highlands | Narcoosee | Reedy Creek Improvement District | Yeehaw Junction

Florida is one of the hot spots in the United States, known for its variety of activities, beaches, and overall living experiences. It is known for its theme parks, its beaches, and its night life. Different areas in Florida are known to have some of the most beautiful and breathtaking sunsets and night skies. A great area for the beach and water sports lover and a great reason to look for houses for sale in Florida.

Many people love the wide variety of different activities that Florida and have looked into the different houses for sale in Florida. They see it as a nice investment and a nice place to have that second home or investment property. Buyers who are looking for Florida villas for sale are usually flabbergasted by the choices they have available to them. Over the years Florida has become the hotspot for buyers form all over the world.

Buying property in Florida really depends on what area you are interested in. If for instance, the beach is important to you, you will probably want to search for houses for sale in Florida in the Miami Dade County. You should decide on whether you want a house or a condominium, as you can find both just minutes from the ocean. You might consider the Palm Beach area as well; there are many great condo and house options in this area.

If you enjoy the Florida lifestyle but are not really interested in living right on the beach then you might consider Florida villas for sale in the Central Florida area. Areas such as Orlando or Kissimmee, are great for children because of the nearness of attractions like Epcott center, Universal Pictures, and Disney world. Today Orlando is considered to be one of the most active cities in the US.

If golfing and fishing are your bag, then you might enjoy the Clermont area, a small city just west of Orlando that stands near some of the loveliest lakes and natures beauty. Throughout the course of this year there have been several news reports referring to the decline of the Florida real estate market. This news follows on the tail end of quite extensive growth and increased value in the real estate market, with properties growing in value by as much as 65% in the last 5 years.

Does this mean that it is not a good time to look at houses for sale in Florida? Not necessarily, to some it means that the availability of properties and the declining prices are an opportunity for investors. Studies have shown that because of the large increase in prices in the last 6 years, many homes were probably artificially inflated in price, and this may adversely affect sellers within this year and next but can be very helpful to people looking for Florida villas for sale.

It is estimated that the prices will stabilize toward the later part of 2008. In essence although there have been some complications in the real estate market, these complications are not as serious as predicted at the beginning of the year. The important thing to remember when buying real estate is to buy when people are selling and sell when people are buying.

Property in Florida continues to grow in demand despite. Popular areas of Florida and Orlando property are demand the centering around Disney like Kissimmee Davenport and other nearby towns all within easy reach of the major attractions that Florida has to offer.

Real estate of Florida properties are includes the residential, office to commercial buildings as the land itself. The most expensive property is along that the coastline overlooking to the water and they are rather to expensive to rich own most of the beach homes and villas lining the coast.

The most important consideration should be the location, as you should want your property to escalate in value If you are interested in real estate in Florida, find a good real estate agent and talk about what you need to get started The cost of property in Florida varies greatly depending on these factors. Keep in mind that in order to get the most for your money you must research in the Florida real estate market. This should be looking in areas of businesses like banks, shopping malls, restaurants and entertainment The real estate needs a agent to clear picture of you are looking for and how much you are willing to spend.

The cost of property in Florida varies greatly depending on these factors. Keep in mind that in order to get the most for your money you must research in the Florida real estate market. You have to know that you are looking for the way of size price, location and your purchase will be worth down the road. The most important consideration should be the location, as you should want your property to escalate in value. This should be looking in areas of businesses like banks, shopping malls, restaurants and entertainment. If you are interested in real estate in Florida, find a good real estate agent and talk about what you need to get started. The real estate needs a agent to clear picture of you are looking for and how much you are willing to spend. With this information in hand a good real estate agent will guide you, give you options and find the home that you are looking for.

The state’s population is rapidly growing and new construction is popping up almost daily, allowing for increased home values and offering all types of real estate options & active listings of homes. Florida State University in Tallahassee Florida’s capital covers the state from top to bottom. Prestigious schools such as the University of Florida in Gainesville, the University of Miami and the leading of state of nation in tourism. With its year sunny climate and swaying palm trees and unique combination snow-white beaches along the Gulf of Mexico and crashing surf along the Atlantic Coast

Florida is looking for real estate, FL map or the city list to instantly find a home. There are many popular communities to offering the waterfront single family homes luxury properties, and beach condominiums to suit an array of real estate preferences. A top House Hunt Realtor can help you find just listed Florida homes, recent foreclosures, bank owned listings, and listing search. Our expert Realtors will make finding your dream home as easy as possible.

A top House Hunt Realtor can help you find just listed Florida homes, recent foreclosures, bank owned listings, and listing search. Florida is looking for real estate, FL map or the city list to instantly find a home. There are many popular communities to offering the waterfront single family homes luxury properties, and beach condominiums to suit an array of real estate preferences.