Archive for September, 2008
Learn about the Dept of Housing Urban and Development
Related Posts: Credit & Finance, Government, Real Estate News
hiHUD’s http://www.hud.gov mission is to increase homeownership, support community development and increase access to affordable housing free from discrimination. To fulfill this mission, HUD will embrace high standards of ethics, management and accountability and forge new partnerships–particularly with faith-based and community organizations–that leverage resources and improve HUD’s ability to be effective on the community level. Read and learn about them, how they can effect your real estate in Florifa and how they can help you at
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Get to know the Federal Reserve !
Related Posts: Credit & Finance, Real Estate News
hiJust go visit their website http://www.federalreserve.gov/aboutthefed/default.htm and read all about them and what they are doing! See how they can effect your Florida real estate.
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New Overall Fixed Rates with 1 year ARMS at 5.03%
Related Posts: Credit & Finance, Real Estate News, What If Realty News
hiFreddie Mac reports a decline in the 30-year fixed mortgage rate to 5.78 percent during the week ended Sept. 18 from 5.93 percent the prior week, marking the lowest level in seven months.During the same period, the 15-year mortgage rate dropped to 5.35 percent from 5.54 percent.
Meanwhile, interest on five-year adjustable mortgages slipped to 5.67 percent from 5.87 percent; and the one-year ARM slid to 5.03 percent from 5.21 percent.
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More about Short Sales !
Related Posts: Credit & Finance, Real Estate News
hiShort sales are a financial tactic that appears only in real estate downturns. Such sales are supposed to be a win-win that gets the seller out of a tight spot, a buyer a good deal and the bank off the hook.
But what sounds like a logical alternative to the usual outcome of defaults - foreclosure - can be a minefield. Critics charge banks with being shortsighted and a menace to neighborhood home values. Banks say they have obligations to their investors. Some say inexperienced real estate agents forward irrational offers and incomplete paperwork, then expect fast miracles from their inundated staff members.
The result inside this real estate downturn has often been frustration for sellers, buyers and banks. Banks have been resistant, operating in a new financial landscape that requires permission from global investors and other parties. Many real estate agents simply avoid short sales, steering buyers to bank repos. And sellers have become frustrated by complications and 60- to 90-day timetables.
The lender insists that the customer pay thousands of dollars in late fees for accepting a short sale.
Agents who try short sales often accuse banks of being shortsighted, even harming the market.
Banks say they prefer loan modifications over short sales. Freezing or lowering interest rates helps people who want to stay with the house. Short sales aim at owners who just want out. And, there are problems with incomplete short sale applications. “The banks are inundated so If you give them an incomplete application, it’s going to the bottom of the pile.”
What’s the No. 1 secret to getting a short sale done successfully?
Contact your servicer and let them know you intend to sell. If you let the bank know early they may get things ready, go through the financials and get ahead of the offer. Too often, people submit the entire packet with their first offer and many times incomplete.
Your licensed real estate agent can help you through the steps.
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$7500 Tax Credit or a 15 year zero interest loan?
Related Posts: Credit & Finance, Real Estate News
hiSigned into law last month by President Bush as part of a bigger housing bill, the federal tax credit is aimed at luring fence-sitting homebuyers back into the real estate market.
The law defines first-time homebuyers as those who have not owned a home used as their main residence for at least three years. The tax credit is for the purchase of either new or existing homes purchased between April 9 of this year and July 1 of next year.
The tax credit is a refund from Uncle Sam. For instance, if someone owes $2,000 in income taxes, the $7,500 tax credit would wipe out that amount and the federal government also would send out a $5,500 check. If the taxpayer owes nothing at tax time, the check would amount to $7,500.
The rub is the tax credit must be repaid over a 15-year period to the federal government. According to the National Association of Home Builders, the tax credit is best described as a zero-interest loan.
Realtors and home builders have been learning about the tax credit to answer questions from buyers. It will help but don’t be fooled when you hear the term tax credit. It is like saying “Free” in stead of “Included” when a product is advertised.
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