Archive for July, 2013

FHA 203K Streamline Loan. What is it?

Monday, July 29th, 2013

The FHA 203k Streamline loan: What is it?

Combine repairs and home financing into one loan. The FHA 203k Streamline allows borrowers to finance the purchase or refinance of an existing home and make improvements or upgrades up to $35,000. $5,000 minimum repair costs required.
Examples of repairs:
• Repair, replace, and upgrade roofs, gutters and downspouts
• HVAC systems (heating, vacuum, and AC)
• Plumbing and electrical systems
• Flooring, exterior decks, patios, and porches
• Minor remodeling that does not involve structural repairs
• Interior and exterior painting
• Weatherization, including doors, windows, insulation, stripping, etc.
• Appliance purchase and installation (kitchen appliances, washer, dryer)
• Lead-based paint removal and stabilization
• Exterior wall-re-siding
• Certain other improvements that are a PERMANENT part of the real estate*

Man with WrenchCall for more information. 321-723-6206

 

SOMEONE in the Mortgage Industry

Wednesday, July 24th, 2013

SOMEONE:
Good Morning Everyone! I hope you all have a successful day today. Someone needs your smile, someone needs a handshake, someone needs encouragement. Be that someone today. Watch how good the day can be. In addition, someone needs to help you with a mortgage. That someone would be me.  I’m here to help. If you need mortgage information or know of someone who could use my help please give them my information. I’ll take great care of them. If you live in the State of Florida I can help. I’m a Florida Native, originally from Miami.

Call me now. 321 723 6206

~Steve

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HomePath Mortgage Loans for Florida Homeowners

Friday, July 19th, 2013

The HomePath Mortgage Loan In Florida is Offered  On Homes Owned By Fannie Mae  through (Conventional)Lenders. This loan program is also known as HomePath Mortgage or HomePath Renovation Mortgage. We offer this product as well.

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The requirements for this loan are similiar to FHA and USDA however the selling bank will require the buyer to be pre-approved specifically for the HomePath loan.
If a Buyer Can Qualify For FHA or USDA, They Will Qualify For HomePath Loans – It Is Just A Different Name For A Type Of Conventional Loan.  Investors can be Approved For This Loan Which They Cannot Do With USDA or FHA.

THE BENEFITS INCLUDE:

  • Low down payment – Up to 5% and Flexible Mortgage Terms
  • Credit Score From 660
  • Available to both Owner Occupied and Investors
  • Down payment can be funded by your own savings; a gift; a grant; or a loan from a nonprofit organization, state or local government, or employer
  • No Monthly Mortgage Insurance Premium
  • No Appraisal Fees
  • Financing to fund both your purchase and light renovation

Frequently Asked Questions

Why does Fannie Mae have properties for sale?
Fannie Mae works with all of its partners to help homeowners prevent and avoid foreclosure; however, sometimes it is unavoidable. When foreclosures occur on mortgages in which Fannie Mae is the investor, our goal is to sell properties in a timely manner in order to minimize the impact on the community.

What kinds of properties are available in the Fannie Mae HomePath database?
Fannie Mae’s HomePath database includes only properties that are owned by Fannie Mae. There is a wide selection of homes, including single-family homes, condominiums, and town houses—located in a variety of neighborhoods. The number, types and the sales prices of the homes that are offered for sale may vary substantially. Many of these homes are relatively new; however, older homes are offered in some areas. Some homes may require repairs.
How is buying a home owned or managed by Fannie Mae different from other home purchases?
Usually, when you buy a home, you deal with a seller who lives in the home. Fannie Mae has acquired these properties through foreclosure, deed in lieu of foreclosure, or forfeiture.

When buying a Fannie Mae-owned home, you should know the condition of the property, as explained in more detail below, the cost of any needed repairs, and the steps in the loan qualification and closing process before you enter into a purchase and sales agreement.

Has Fannie Mae fixed everything in the house?
Fannie Mae may make some repairs to properties to increase their marketability; however, the buyer should be aware that other repairs may be needed. Fannie Mae sells each property “as is,” which means that the buyer accepts the property “as is.” Fannie Mae is not responsible for fixing any problems after settlement.

Even if the house has fresh paint, brand new carpet, new appliances, perhaps even a new roof or siding, it doesn’t mean everything in the house is new, or even works.

Fannie Mae does not warrant or guarantee any work that may have been done on the property, whether as part of its efforts to sell the home or pursuant to conditions in the purchase contract. Where a home warranty is available, you may wish to buy it at your own expense.

You should also consider hiring a qualified professional to inspect the property, whether it has been repaired or not. Hiring a home inspector is a recommended practice, no matter what type of home you buy.

What can you tell me about this house?
If Fannie Mae knows of any hazards on properties we own or market, we disclose this information through our real estate listing agents. However, we may not have been informed by the previous owner of all hazards. We encourage you to have the property inspected by a professional before you buy.

What type of sales contract does Fannie Mae use?
Fannie Mae uses a state-specific real estate purchase contract and a real estate purchase addendum for our properties. If there is anything in the document you don’t understand or aren’t comfortable with, you may want to contact a real estate attorney, the real estate sales professional who has listed the property, or any real estate professional of your choice to review these documents with you.

Do I have to use Fannie Mae’s selected title, settlement, or escrow companies?
No. You may designate the title, settlement, or escrow company of your choice, subject to the terms of the contract.

Will Fannie Mae accept an offer contingent on the sale of my house? No, Fannie Mae will not accept offers contingent on the sale of your current home. Other types of contingencies will be considered on a case-by-case basis.

Why does Fannie Mae require a lender’s prequalification statement before negotiating a home purchase offer?  Fannie Mae wants to be sure that prospective buyers will be able to complete the sales transaction, including obtaining financing for the HomePath Mortgage in Florida when needed. Prequalification allows you to see how much house you can afford and the mortgage amount you may be able to qualify for before you make an offer on a home. It also helps you focus on homes in an affordable price range.  A loan prequalification doesn’t mean your loan is approved. You must apply for a loan separately, after you are prequalified and your purchase offer is accepted.

Does Fannie Mae provide special financing?
Special financing is available on many properties through HomePath® Mortgage and HomePath® Renovation Mortgage.

Can I buy a house directly from Fannie Mae without going through a real estate sales professional?
No. Fannie Mae depends on the expertise of local real estate sales professionals and accepts offers only through our real estate listing agents. You may work with any real estate sales professional to submit an offer to the real estate agent who has listed the property.

What happens if Fannie Mae gets more than one offer?
All interested parties may be asked to submit their best offer in writing though the listing agent no later than a specified date and time. Fannie Mae may accept or provide a counteroffer that we determine to be in our best interest. Fannie Mae is not obligated to accept any offer submitted.

If you want more information on this Fannie Mae Homepath Loan in Florida simply fill out the form below.

Be A Prepared Homebuyer

Tuesday, July 16th, 2013

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Being a prepared homebuyer can ease the burden of purchasing a home as well as obtaining a mortgage.  A home is not only an investment in your future, it can also be your sanctuary. Your place of rest or where you are raising your family. A wise choice will bring you the contentment you are looking for. Being prepared will help you reach those goals.  So before you decide on your next home here are a few steps you need to take to assure the perfect choice.

  1. Surround yourself with a great team. With the many changes in the Real Estate market Buying a home can be stressful, so you must work with professionals who are knowledgeable, honest, available, and with whom you feel comfortable working with. Being prepared begins before you start looking for a home. Your team will also generally consist of a Mortgage Broker, realtor, title company, and property inspector. Having the right team in place is crucial to a worry free home buying experience. Ask around; get referrals.
  2. Get preapproved. In order to buy a home now you are going to be required to be pre-qualified or pre-approved for a home loan. Being pre-qualified for a mortgage gives you the confidence to start shopping with confidence.  Sellers enjoy knowing that the potential purchaser of their home has been pre-qualified to obtain a mortgage. Getting pre-approved also helps you, as a buyer, narrow your property search to houses  you can afford. There is no use falling in love with a home, only to find out later, that it is out of your price range.
  3. Do your pre offer research. Before you decide to place an offer, take the time to review all aspects of the home, including location. Visit the neighborhood in the morning, evening and on the weekends. See what kind of activity you see in the neighborhood. Does it meet what you are looking for? Ask the local police about any areas of concern. There are many websites that you could visit that will rate the school districts, community amenities, resale values and safety of any given neighborhood.  You also need to research the home itself, by carefully reading the property disclosures and deed restrictions attached to the property. You will, of course be permitted to conduct a property inspection  during the review period,  but some restrictions or problems with the property may be deal breakers for you and prevent you from pursuing the property with an offer to purchase.
  4. Don’t get emotional.  Be prepared to say NO. Emotions can cloud your judgment. Know your limits and what price range you want to stay in. Budgets are a good thing. Don’t fall in love with any property until it’s your’s. There are many homes that will suit you and your family perfectly, so don’t lose hope if a bidding war, inability to come to agreeable terms, or discovery of problems during the home inspection put you out of the running.
  5. As mentioned above, get a home inspection by a qualified and licensed inspector. It may be possible to renegotiate the deal with the sellers if problems with the home are discovered, but at minimum, you will know the condition of the property and can make an informed decision about whether or not to buy the home. Your Realtor may be a good source for information on inspectors.
  6. Finally. Be diligent and prompt during the contract period. The paperwork process continues as you go through the steps off purchasing a home. If you are financing the purchase your mortgage broker will be asking for further documentation that the lender may need.  It is for your best interest to respond quickly to your brokers request for any and all documentation.  You do not want to put your closing date and escrow deposit at risk by taking your time when one of your team asks you for something! Be a Prepared Homebuyer!

I can help you through the entire process. Call me at 321-723-6206

Good News for the housing market on Independence Day

Wednesday, July 3rd, 2013

Hey there,

This is GOOD NEWS.

1. We are free and independent.

2. SEE BELOW

Wall Street has had its ups and downs recently but the stock market continues to remain at high levels, consumer confidence has improved and the housing market is making a sound comeback. That should sound good to your ears if you are a homeowner or looking to purchase a home.

What does this mean to you?

** This means that values on your property will improve as the price paid per home rises in your area. For those that have been upside down or owe more than  your property is worth it’s possible that you will start to get right side up and then be put in a position where you can refinance and still take advantage of today’s low rates.  If you are sitting on the fence about refinancing or purchasing a home you may want to take a closer look at doing it sooner than later. IF you need any assistance call me right  away and keep in mind I am licensed to do mortgages in the entire State of Florida.

Call me at 321-723-6206. 

I wish all of you a joyous celebration this July 4, 2013 as we Celebrate Independence Day and Freedom together.

 

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American Mortgage

Steve Mugar (NMLS 378997) “The Mortgage Guy”

Senior Loan Originator/VP 22 years of experience

Direct: 321-723-6206

Cell: 321-288-8306

Efax: 321-622-3220