-
There was major economic news on many fronts this week, with mixed
results for mortgage markets.
The Fed statement essentially followed
the expected script, demand was strong for the Treasury auctions, and
much of the economic data released during the week was stronger than
expected.
The net effect was a small increase in mortgage rates during
the week.
As expected, the Fed made no change in the fed funds rate on
Wednesday. The biggest surprise was that the Fed's Hoenig dissented
from the decision, as he believes that economic conditions have
improved enough that the Fed should begin to tighten policy. The Fed's
outlook for the economy was slightly more positive than in the prior
statement.
The statement repeated that the mortgage-backed security
(MBS) purchase program will be concluded by the end of March.
Some
investors were disappointed that the Fed didn't show more support for a
possible expansion of the MBS purchase program, and mortgage rates rose
after the news.
There is a wide range of expectations in the investment community
about the impact of the end of the MBS purchase program on mortgage
rates.
The Fed has been purchasing roughly 75% of new MBS issuance, and
a decline in demand from one source normally leads to higher yields to
attract other buyers.
One argument, however, is that the end of the
program has been expected for quite a while, so mortgage rates already
reflect the news, and there could be little reaction over coming
months. Other analysts predict an increase in mortgage rates of as much
as one percent. The Fed itself expects a small increase in mortgage
rates as a result of the end of the program.
MBSquoteLine.com
-
Evernote is a great tool to use when hunting for a new home.
I use evernote everyday in my life ... and this is a great BLOG entry from their website - feel free to email me any questions about this program ... you can download it for FREE here.
Here are some ideas:
Before going
- Create a lists of any requirements, such as hardwood floors, parking, dishwasher, etc.
- Clip listings (and maps) as you do your research.
- Whenever you set up appointments or schedule open house visits make a list in Evernote including times, addresses and relevant phone numbers.
Out hunting
- Bring up your notes on your laptop or phone to keep track of what you are viewing. Use tags and saved searches to make things even easier.
- Take snapshots, text and voice notes of each place you visit, so you won’t forget any important details.
Afterwards
- Go through all of the research you have in Evernote to help you make your decision.
- Keep track of all follow-up questions you have related to specific properties
Find even more Evernote uses and tips at: Ron’s Evernote Tips
-
Yesterday at 1:00PM , Governor Charlie Crist, Mayor Buddy Dyer,
members of the Central Florida Commuter Rail Commission and other
elected officials in Downtown Orlando signed and celebrated the passage of a
comprehensive statewide rail plan. This legislation will allow for the
creation of SunRail, Central Florida’s first commuter rail line, and
pave the way for a future statewide rail transportation network.
This landmark legislation is a statewide rail transit
program and also sets the stage for Florida to leverage billions of federal
dollars to build high speed rail lines, the first of which would
connect Orlando to Tampa. Making it a huge plus for the cities to connect its consumers.
Beyond providing Floridians with desperately needed transportation
alternatives, this groundbreaking rail plan will spur the creation of
hundreds of thousands of jobs at a time when they are desperately
needed in our state.
SunRail, specifically, will generate nearly 10,000 jobs almost
immediately. Over the next 25 years SunRail will create more than
250,000 jobs and generate more than eight billion dollars ($8,000,000,000) in economic
impact.
Thank you government
-
The last time Orlando-area home prices were as low as now, it was the year George W. Bush first took office, terrorists attacked the World Trade Center and Apple released the iPod.
Last month the number of existing-home sales doubled from a year ago as prices dipped to a midpoint of $123,000, according to a report released Friday by the Orlando Regional Realtor Association.
The last time the median price was below $123,000 was March 2001, at the outset of the previous recession, when it dipped to $120,287. So anyone who bought an existing home in the past eight years probably paid more than if they bought the property today. During the housing boom, the local median peaked at $264,436 in July 2007.
Foreclosures, are driving the market downward to the point that she advises clients against listing their homes unless it's absolutely necessary.
In the past year, prices in the Orlando Realtors' core market (mainly Orange and Seminole counties) have fallen by more than 25 percent.
Sellers seem to be recognizing the market's extended decline, as the difference between the average sales price and average list price actually narrowed a few tenths of a percentage point in November, to 94.9 percent, despite the drop in prices.
The pace of sales last month actually fell slightly from October, to 2,238 from 2,319, but the November total was up more than 100 percent from the same month a year ago, an indication of how much sales activity has been improving for more than a year now. So far this year, Orlando Realtors have reported selling 21,420 homes, compared with 13,435 homes through the first 11 months of 2008.
The Orlando Realtors group broke down the prices paid for single-family homes and condo units in November by the level of financial distress involved: The median price for "normal" sales was $173,960, a 3 percent decrease from October to November; the median price for "short sales" was $122,000, down 2 percent from October; and the median for bank-owned properties was $84,000, up 5 percent from October.
Of all properties sold in November, 63 percent were owned by a bank already or in some stage of distress; the remaining 37 percent were "normal," or conventional sales, in which the owner wasn't under threat of foreclosure.
Orlando resident Bruce Tooker thinks many of the financially strapped homeowners peddling short sales -- listings for which the bank has agreed to accept less than the amount owed on the property's mortgage, to avoid the expense of a full foreclosure -- are still delusional about market prices.
Tooker said he recently submitted a low offer on a short-sale house near Westmoreland Drive in Orlando. The sellers had paid $329,000 for the house at the peak of the market and wanted $200,000 now, but it was worth only $169,000 when compared with similar sales, he said.
Tooker said he's in no hurry to buy because he expects prices will decay further.
"There are just too many houses out there and not enough buyers," he said.
According to the Orlando Realtors group, a growing number of buyers are poised to close on sales: Friday's report noted that the number of pending sales has more than doubled in the past year, growing from 3,326 to 8,633. That included 3,023 sales contracts filed just last month, an 84 percent increase from November 2008's new filings.
In southwest Orange, Bordelon said her Isleworth buyer has plans. She said he expects to get a good buy on a house in the tony, guarded development and then sell it in a few years when the market recovers.
A few years ago, she said, buyers bought houses and flipped in a matter of months -- not years.
-
Why
Choose a Realtor® With an ABR designation?
An
Accredited Buyer Representative (ABR) represents the
buyer who is purchasing property in a real estate
transaction. Research by the National Association of
REALTORS has shown that when a buyer's representative is
used, the prospective buyer found a home faster and
examined more properties than consumers who did not use
a buyer's representative.
The buyer's representative works for, and owes fiduciary
responsibilities to, the real estate buyer and has
buyer's best interests in mind throughout the entire
real estate process. A buyer's representative will:
-
Evaluate the
specific needs and wants of the buyer and locate
properties that fit their exact specifications.
-
Assist the
buyer in determining the amount that they can afford
(pre-qualify), and show properties in that price range
and locale.
-
Assist in
viewing properties -- accompany the buyer on the
showings, or preview the properties on behalf of the
buyer to insure that the identified specifications are
met.
-
Research the
selected properties to identify any problems or issues
to help the buyer make an informed decision prior to
making an offer to purchase the property.
-
Advise the
buyer on structuring an appropriate offer to purchase
the selected property.
-
Present the
offer to the seller's agent and the seller on the
buyer's behalf.
-
Negotiate on
behalf of the buyer to help obtain the identified
property -- keeping the buyer's best interests in mind.
-
Assist in
securing appropriate financing for the selected
property.
-
Provide a
list of potential qualified vendors (e.g. movers,
attorneys, carpenters, etc.) if these services are
needed.
-
Most
importantly, fully-represent the buyer throughout the
real estate transaction.
Why
you should use an ABR!
Why should
you look for the ABR designation before looking for a
home? These three letters after a REALTOR's name tell
you that you will be working with buyer representative
who is committed to your best interests. The ABR
Designation is awarded by REBAC to those REALTORS who
have met the specific educational and experiential
criteria needed to provide the high level quality
service required by REBAC (Real Estate BUYER'S AGENT
Council).
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When
condo prices fall, it pains the Seller ... however for buyers it should create
a feeding frenzy.
In
Orlando, Condo prices have fallen more in the past year than in any other metro
area in the state and, most likely, the country, according to state and
national Realtor reports.
The median price for an existing unit in Orlando was $50,600 in the third quarter
-- a 56 percent drop from the same time a year ago, when the midpoint sales
price was $114,000. Statewide, condo prices fell 34 percent during that time.
In the US, the only city that comes even close to Orlando's dropping prices is
Las Vegas, which had a 46 percent decline in median prices for condominiums
during that same period.
Orlando's distinction for falling condominium prices comes as no surprise
myself. As we paid $134,000 in 2005 for a two-bedroom unit in the
Greater Orlando Area, today this unit is barely worth $30,000.
There is no "bottom" yet, however rental prices have either stayed
the same or they've even risen in some places. But the condo prices
continue to slip, mostly due to lack of FHA eligibility financing.
Most buyers have cash. Due to lack of Conventional lenders lending and
the government will not take a risk on the plummeting properties that are often
managed by associations on the brink of financial disaster, with many owners
not paying maintenance fees.
What's driving the fall?
It's
not as much an oversupply of downtown high-rises built during the peak of the
market as it is Orlando's fast pace of conversions from apartments to
condominiums from 2004 until early 2007, known as Condo-Conversions. In
2005, the city led the nation in the number of conversions, with many of the
complexes in outlying areas.
There is light at the end of the tunnel because in some newer projects, units
are converting back into apartments, as in the case at 55 West in downtown
Orlando. In November, for instance, Smith Equities Real Estate Investment
Advisors of Orlando sold 640 units at Park Central in South Orlando to a
Canadian buyer for $58,750 per condo.
"The key to closing this transaction was getting both the buyer and seller
comfortable with the financial condition of both the rental operations and the
condominium associations' economic stability," said Gerald Smith, senior
investment adviser for the firm.
Orlando should not continue to hang onto the biggest-price-fall distinction
much longer, because of the halt of development were other cities, such as
Miami, are getting ready to have new condo projects come online, and that in
theory will further extend their recovery for the sector.
This
means that for buyers - now is the time to pick up a condo at ROCK BOTTOM
PRICES
Lee Rosa
is a Realtor living and working in Downtown
Orlando, Florida and represents buyers and sellers there. Read more about
selling your home in Central Florida.
Call or email to set up a viewing of hot deals, or any other home in Central
Florida.
-
Amazing Investment Opportunity
• 537 sq. ft., 1 bath, 1 bdrm single story
-
MLS®
$45,000
Grand Central Square , Orlando
-
Great Downtown Orlando Investment! Large Master Bedroom, conveniently Located, Move-In Condition! This Fun, Contemporary and Social Community is Pet Friendly With A Courtyard & Pool. Easily Travel Downtown with O-Cartz! If You Liked Melrose Place... You'll Love This Condo!
Property information
-
At the beginning of the presentation @ ORRA, I was given this disclosure, so I will pass that along with this BLOG POST:
Everything I tell you will be true, accurate, and correct … but may be wrong.
Years of Effected Home(s): 2003-2008.
Chinese Drywall is called many different things: Chinese Drywall, Toxic Drywall, Defective Drywall, Problematic Drywall, Suspect Drywall, Tainted Drywall, Reactive Drywall, Skunk Board (because of its stench prior to its installment)
Chinese Drywall is created from Natural Gypsum, it has a sulfur smell and corrodes and blackens metal. It damages electrical wiring, basically eats at the house (anything metal, including the Plasma TV) - slowly, but could happen within 6 weeks.
The first signs of Chinese Drywall damage are usually in the bathroom or under sinks, where air flow are minimal.
If your home has Chinese Drywall: Be aware of bogus testing and quick cure remedies that falsely claim to remove the corrosive properties of the drywall. According to the presenter, only a VISUAL inspection can determine what kind of drywall it is.
The best websites to research Chinese Drywall.
CDC
CPSC
EPA
DOACS
DOH
Florida Attorney General
Lee Rosa is a Prominent Listing Specialist who understands our changing marketplace and utilizes technology to put his clients in the best position to sell. As an ABR® Specialist in Orlando, Florida, he understands the market temperature when negotiating with Central Florida Homebuyers, search every Active Listing in Orlando.
-
US Senate to vote for extension of 8K Tax Credit
The United States Senate is expected to vote, later today, on a bill to extend Unemployment Insurance benefits.
This bill will contain the Dodd - Lieberman - Isakson Amendment to Extend and Expand the $8,000 First Time Homebuyer Tax Credit.
The Extended and Expanded Tax Credit will contain the following provisions:
Amount: $8,000
Eligibility:
ALL HOME BUYERS (Step-up buyers will have to have lived in their current home for seven years to be eligible)
Income Limits: $125,000 for single filers/$225,000 for joint filers
Time Frame: December 1, 2009 to April 30, 2010 plus 60 Day
extension if binding contract is in place by April 30, 2010
*The 7 year ownership requirement is designed to lower the "score" or cost of the tax credit. This is still open to change.
The
Congressional Budget Office is going to "score" the cost of 3 year and
5 year requirements. We are continuing to push for step-up buyers to be
required be in their current home for three year period.
NAR will be monitoring
the progress and any potential changes to the bill. NAR will send out a
notice when the legislation is voted on tonight--regardless of how late
into the night or early into the morning the debate continues.
Lee Rosa is an ABR® Specialist in Orlando, Florida. You can search Orlando Homes for Sale at his website.
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Have you ever heard of the HomeSteps SmartBuy program?
Well it is an incentive designed to help sell Real Estate Owned (REO) homes, or
houses taken over by banks or other lenders after foreclosure, will
expire soon.
Freddie Mac in July launched this magnificent program offering up to 3.5
percent of closing costs for buyers who close on an REO home (Foreclosure)
This program offer will expire on October 30th.
Have no fear, all that must be done is to write an initial offer on a Foreclosed home by Oct. 30, with closing completed by Dec. 31.
Property must be a primary residence.
-
This article was copied from SmartMoney.com
Most house hunters spend months juggling numbers like mortgage rates, list prices and broker fees. Here’s another figure they should keep in mind: 68. That’s the number of days left to snag the $8,000 federal tax credit for first-time home buyers.
The credit expires on Nov. 30 – a deadline that’s putting pressure on would-be homeowners trying to take advantage of a real-estate market on the mend.
“Most first-time home buyers understand that time is running out. Now they need to understand how little time is left to get into action,” says Jay Papasan, the vice president of publishing for Keller Williams Realty and co-author of “Your First Home: The Proven Path to Ownership.”
In the current housing market it takes about 45 to 60 days to close on a home from the time you have an accepted offer, Papasan says. So buyers should have their offer accepted no later than mid-October if they’re trying to make the Nov. 30 deadline. (For information on who can qualify for the credit, check the IRS’s web site.)
Several bills have been introduced in Congress to extend the credit by six months to give the real-estate market another boost, though they are still up for debate. The National Association of Realtors estimates that the credit has generated 350,000 home sales this year. Moody’s Economy.com puts the number at 400,000.
The process of buying a home is neither quick nor easy. Compiling your financial paperwork, applying for a loan, negotiating an offer and signing contracts can take months. And that’s if everything goes smoothly. There are myriad ways home buyers – and especially novices – can get tripped up by the process.
Here are four strategies that can expedite a closing.
Make sure you’re liquid
When it’s time to make a down payment, home buyers should make sure they have enough cash available. Their funds should not be tied up in a stock portfolio, 401(k) plan or other investment that could delay the money by days.
Using gift money for a down payment is another potential snag for home buyers. Say your parents gifted you the $60,000 you’d need for a down payment on a new house. The bank underwriting your mortgage needs a paper trail to track the money’s origin, says David Hanna, the president of the Chicago Association of Realtors. Money that suddenly shows up in your account can raise a red flag. Buyers should expect a thorough financial examination, a process that “won’t necessarily derail 
transaction,” Hanna says. “But it will slow it down.”
Forget about short sales
A short sale occurs when a homeowner is no longer able to make their mortgage payments and owes more on their home loan than what it can fetch in the current market.
They’re attractive from a price point, but they can take months to close. So if you’re after the tax credit, “you have no business looking at short sales,” says Steven Senter, a real estate broker and the owner of Keller Williams Fox Valley Realty in St. Charles, Ill. When making an offer on a short sale, not only does the seller have to accept the offer, but the bank must accept and approve it too – and that can take a while. “There’s no guarantee on when the bank is going to approve it – it may approve it in 30 days, maybe in 300 days,” Senter says.
Don’t go on a shopping spree before you close
Refrain from making big purchases on a credit card before closing on the home and completing the transaction, Papasan says.
Big buys can trigger concern because a buyer’s debt-to-income ratio is usually the most important factor lenders use to determine how much they can borrow. This ratio compares the amount you earn to the amount you owe (including credit-card debt, student loans and car loans). Once you enter into the loan application process, that ratio is set. If you’re in the middle of securing financing, buying a $5,000 living room set might throw that balance off. Any increase in credit-card debt can come under scrutiny from a lender, who may be looking at buyers’ credit reports until the day of the closing. It can also prompt an inquiry on your credit report, which then might have a negative impact – albeit a slight one – on your credit score.
Be aware of closing costs
Each state has its own closing requirements, and first-time buyers should know in advance what and how much they’re required to cover. For example, in Maryland, the buyer pays the closing costs. In most states, the buyer and seller share the costs. In many states, closing costs must be paid in cash at the closing.
-
Existing single-family home and condominium sales continued to grow in August in the Orlando market, but values keep falling.
Condo resales in the Orlando area totaled 377 in June, a 181% Difference sold in the month a year prior. The median price, however, has continued to slide downward ... with No end in sight.
A total of 1,648 single-family homes changed hands in the Orlando area last month, a 36 percent increase from July 2008’s numbers.
But the median home price of a single-family home fell to $149,000 last month, a 32 percent drop from the $219,500 posted in 2008.
The main reason for posting these numbers is to bring back reality to our market - As HOT as this market is (under 200k), the values are continuing to drop. The cause of the decline can be directly related to Mortgage Distress Properties and Appraisals.
Appraisers are doing their job, however the distressed sales are continuing to add stress to depressed values.
-
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Information
for Buyers
In today’s Real Estate Market
sellers will have several competing purchase offers to consider.
Sellers have several ways to deal
with multiple offers.
1. Sellers can accept the “best”
offer; they can inform all potential purchasers that other offers are “on the
table”
2. Sellers can “counter” one offer while putting the other offers to the side
awaiting a decision on the counter-offer
3. Sellers can “counter” one offer and reject the others.
While the listing broker can offer
suggestions and advice, decisions about how offers will be presented – and
dealt with – are made by the seller - not by the listing broker/agent.
There are advantages and
disadvantages to the various negotiating strategies you can employ in multiple
offer negotiations.
A low initial offer may result in
buying the property you desire for less than the listed price – or it may
result in another buyer’s higher offer being accepted. On the other hand, a
full price offer may result in paying more than the seller might have required.
In some cases there can be several full price offers competing for the seller’s
attention – and acceptance. If you have
an urge for a particular property the school of thought is to go strong or don’t
go for it at all.
The Lee Rosa Team will explain the
pros and cons of these (and other) negotiating strategies.
The decisions, however, are yours to
make. Purchase offers generally aren’t confidential. In some cases sellers may
make other buyers aware that your offer is in hand, or even disclose details
about your offer to another buyer in hope of convincing that buyer to make a
“better” offer.
In some cases sellers will instruct
their listing broker to disclose an offer to other buyers on their behalf. Listing brokers are required to follow
lawful, ethical instructions from their clients in the same way that
buyer-representatives must follow lawful, ethical instructions from their
buyer-clients.
While some REALTORS® may be
reluctant to disclose terms of offers, even at the direction of their
seller-clients, the Code of Ethics does not prohibit such disclosure.
The Lee Rosa Team has the ability to
make your offer confidential, and establishing a confidentiality agreement
between yourself and the seller prior to commencing negotiations.
Appreciate that The Lee Rosa Team’s
advice is based on past experience and is no guarantee as to how any
particular seller will act (or react) in a specific situation.
Information
for Sellers
It’s possible you may be faced with
multiple competing offers to purchase your property. The Lee Rosa Team can explain various negotiating
strategies for you to consider.
1.
You can accept the “best” offer
2.
You can inform all potential
purchasers that other offers are “on the table” and invite them to make their
“best” offer
3.
You can “counter” one offer while
putting the other offers to the side awaiting a decision on your counter-offer
4.
You can “counter” one offer and
reject the others.
If you have questions about the
possibility of multiple offers and the way they can be dealt with, ask The
Lee Rosa Team to explain your options and alternatives.
Realize that each of these
approaches has advantages and disadvantages.
Patience may result in an even
better offer being received;
Inviting buyers to make their “best” offers may produce an offer (or offers)
better than those “on the table” – or may discourage buyers who feel they’ve
already made a fair offer resulting in them breaking off negotiations to pursue
other properties.
The Lee Rosa Team will explain the
pros and cons of these strategies (and possibly other) negotiating strategies.
The decisions, however, are yours to
make.
Appreciate The Lee Rosa Team’s
advice is based on past experience and is no guarantee about how any particular
buyer will act (or react) in a specific situation.
Information
for Buyers and Sellers
Perhaps no situation facing buyers
or sellers is more potentially frustrating or fraught with potential for
misunderstanding and for missed opportunity than presenting and negotiating
multiple, competing offers to purchase the same property.
Consider the following issues and
dynamics:
1.
Sellers want to get the highest price and best
terms for their property.
2.
Buyers want to buy at the lowest
price and on the most favorable terms.
3.
Listing brokers – acting on behalf
of sellers – represent sellers’ interests.
4.
Buyer representatives represent the
interests of their buyer-clients.
Will a seller disclosing information about one buyer’s offer make a second
buyer more likely to make a full price offer?
Or will that second buyer pursue a different property?
Will telling several buyers that
each is being given a chance to make their “best offer” result in spirited
competition for the seller’s property?
Or will it result in the buyers looking elsewhere?
What’s fair?
What’s honest?
Why isn’t there a single, simple way to deal with multiple competing offers?
Knowledgeable buyers and sellers
realize there are rarely simple answers to complex situations.
But some fundamental principles can
make negotiating multiple offers a little simpler.
Realize the listing broker
represents the seller – and the seller’s interests, and the
buyer-representative represents the buyer – and the buyer’s interests.
Real estate professionals are
subject to state real estate regulation and, if they are REALTORS®, to the Code
of Ethics of the National Association of REALTORS®.
The Code of Ethics obligates
REALTORS® to be honest with all parties; to present offers and counter-offers
quickly and objectively; and to cooperate with other brokers.
Cooperation involves sharing of
relevant information.
Frequently frustration and
misunderstanding results from cooperating brokers being unaware of the status
of offers they have presented on behalf of their buyer-clients. Listing brokers
should make reasonable efforts to keep buyer-representatives up-to-date on the
status of offers. Similarly, buyer-representatives should keep listing brokers
informed about the status of counter-offers their seller-clients have made.
Finally, buyers and sellers need to
appreciate that in multiple offer situations only one offer will result in a
sale, and the other buyers will often be disappointed their offers were not
accepted.
While little can be done to assuage
that disappointment, fair and honest treatment throughout the offer and
negotiation process, coupled with prompt, ongoing and open communication, can
enhance the chances that all buyers – successful or not – will feel they were
treated fairly and honestly.
-
• 1,040 sq. ft., 2 bath, 2 bdrm single story
-
MLS®
$103,000
Park North at Cheney Place Condos, Orlando
-
Resort Style Condominium Located In "Uptown" Downtown Orlando. Spacious Unit With Peaceful Views. Crown Molding, Built-In Desk, Large Pantry, Private Reserved Parking In Garage, 2 Pools, 3 Elevators, Business Office, Fitness Room, PET FRIENDLY. On-site Management And Maintenance, A MUST SEE! Short Sale!
Property information
-
The Florida Homebuyer Opportunity Program (FL HOP) was created during the 2009 regular legislative session it will provide $30 million in financial assistance to first time homebuyers eligible to receive the federal first time homebuyer tax credit established through the American Recovery and Reinvestment Act of 2009.
The FL HOP program will be administered through the State Housing Initiatives Partnership (SHIP) program; Eligible FL HOP applicants can receive up to $8,000 in purchase assistance, which is expected to be repaid by the applicant upon receipt of his/her federal tax refund.
The links on this page provide additional information on the program. Interested persons should contact their local SHIP office for additional information and/or to apply for the program.
Orlando’s Local SHIP Contact is:
Kerwin Mellott, SHIP Administrator
Housing and Community Development
525 E. South St.
Orlando, Florida 32801
Florida First Time Homebuyer Opportunity Program FAQ
(pulled from| http://www.floridahousing.org/FH-ImageWebDocs/Housing%20Partners/Local%20Governments/FLHOP/FLHOP_FAQ.pdf)
How will funds be allocated?
Funds will be allocated according to the SHIP statute (420.9073, F.S.). All SHIP eligible local governments will receive some funding.
When will funds be available to local governments (you, the borrower)?
Due to documentary stamp collections, the first disbursement will not be available until the first week of August.
Where do interested persons apply for funding?
IN Orlando:
Kerwin Mellott, SHIP Administrator
Housing and Community Development
525 E. South St.
Orlando, Florida 32801
Phone: (407) 836-5172 FAX: (407) 836-5193
Email: kerwin.mellott@ocfl.net
When will funds be made available to the public?
Each local government will be able to process funding to applicants once they have received funding from the state in August. In some cases, local governments may not have completed their advertising or approval process at that time which would delay funding in that jurisdiction.
Can a borrower use the FHOP funding as the required 3.5% down payment requirement for FHA?
Borrowers who access the $8,000 tax credit through a state or local government program may use it to make up the required 3.5% DP; those who access through any other FHA-approved lender must (as with any standard FHA loan), provide the 3.5% themselves.
Can a mobile home be purchased?
The SHIP rule still applies related to ‘Eligible Housing”. However, since the passage and signing of SB 360, manufactured housing that meets certain criteria are eligible under SHIP. This change will be included in the rule during the rulemaking process.
How will the buyer’s income to determine eligibility, 2008 income or the 2009 income?
Look at their 2008 income tax return AND also determine that their income is also below $150,000 for 2009 when they buy their house.
In the LHAP, can an Income Max Below $150,000 per family be incorporated?
Eligibility must remain set at $75,000 for individuals and $150,000 for couples. However, there is no prohibition from setting a priority for first serving applicants with lower incomes before serving higher income applicants.
Does FHOP have a separate Education requirement for buyers?
There is nothing required in this Legislation, but the first mortgage provider often has some minimum requirement. If the local government requires homeownership counseling, it is legible just as in SHIP.
Can you explain what you have referred to about 36 months?
The legislation States: (6) If the county or eligible municipality receives repayment from the homebuyer within 18 months after the closing date of the loan the county or eligible municipality shall waive all interest charges. A homebuyer who fails to fully repay the loan within 18 months shall be subject to repayment terms provided in the local housing assistance plan. Therefore, a jurisdiction may explain in its LHAP that it is setting a repayment plan which requires repayment starting 36 months after home purchase, in order to avoid negatively affecting FHA’s debt ratio calculations. The LHAP must clear state that the recapture terms will be recorded as a lien against the property. In addition, FHA’s Mortgagee Letter 2009-15 states that a balloon payment cannot be required.
Do our SHIP maximum purchase price limits apply to FHOP?
Yes.