Here is a bit of GOOD news in Real Estate — and it may just benefit you!
YES! YOU CAN STILL OBTAIN A 100%, NO MONEY DOWN MORTGAGE!
USDA’s Rural Development is authorized to assist lenders in providing NO DOWN PAYMENT loans to low and moderate income families. Really! Considering all the GREAT DEALS out there now, combined with the first time home buyer (up to) $8,000 tax CREDIT and historically LOW INTEREST rates, how can you resist!!!! This is NOT a gimmick.
To Qualify:
♦Homes must be in an eligible area (call me, I can tell you the areas….many in DeBary, Deltona, and ALL of Orange City; many areas of Seminole County too!).
♦The home must be structurally sound, and the buyer must occupy the home.
♦You must make application with a mortgage company or bank that participates in this program — I can help you there too!
♦Income limits are very generous. For example, a family of 4 income must not exceed $70,750; a family of 3 $63,700.
Requirements are:
♦Must be a US citizen or permanent resident alien.
♦You should have “acceptable” credit (not score driven); very generous. If your score is 580 to 619, that’s good; if it’s 620 or better, that’s GREAT!
♦You need to be able to show stable income and repayment ratios are typically 29% and 41%.
♦All closing costs can be included in the loan, up to its appraised value. There are no limits on the sales price of the home.
THIS IS SUCH A GREAT OPPORTUNITY, IT TRULY IS!
If you, or someone you know—son, daughter, church member, friend, neighbor who may be interested in looking into this, PLEASE either contact me or pass my name and number on to them. I will walk you/them through the relatively simple process.
IT IS, INDEED, A GREAT TIME TO BUY A HOME! Call me at 386.956.0466 or email at Joan@JoanFairchild.com for further details.
Friday, March 27, 2009
How Can I Help You!
Seeking Central Florida home buyers and sellers who know the value of working with one agent from one company unencumbered by the constraints of self interests and sales quotas. If you want to know more about my real estate services, call Joan Fairchild, Realtor at 386.956-0466 or eMail to Joan@JoanFairchild.com or visit me at www.JoanFairchild.com
Thursday, March 26, 2009
SHORT SALE VS. FORECLOSURE - One BIG advantage of a Short Sale
Sellers may wonder whether letting a property go into foreclosure would be easier and smarter than going through a short sale. With a foreclosure, and depending on state laws regarding foreclosure, a seller could stay in the property, essentially rent free, for four months to a year before being forced to vacate. But that fact alone does not mean a foreclosure is better. Whereas a short sale involves offering the home for sale, generally listed through MLS. Potential home buyers will make appointments to view the home, some will make lowball offers, agents might hold open houses and, in general, a seller's life will be disrupted, all in the hopes that a buyer will buy the home. The major advantage in short selling, rather than foreclosure, is that you will be able to buy a home again......sooner than with a foreclosure.
Basics of a Short Sale
Short sales happen when a lender agrees to accept less than the amount owed against the home because there is not enough equity to sell and pay all costs of sale. Most lenders will negotiate a short sale, but it is a long and complicated process, and that is why a real estate agent or a lawyer can be a tremendous help by contacting the lender's loss mitigation department to find out.
You can't just wake up one morning and decide you're going to sell your home at a loss by asking for a short sale. It used to be that lenders wouldn't even consider a short sale if your payments are current, but that has changed. Your lender will require you to fill out financial statements and provide documentation that substantiates your inability to pay on your home. It can be a complicated process, but working with a Realtor will help make the process easier.
How is the Seller's Credit Affected?
Foreclosure or Deed-in-Lieu of Foreclosure sellers who wants to buy another home after foreclosure will end up waiting about 36 to 72 months before a lender will offer any kind of interest rate that makes sense. The good news is a short sale will allow the consumer to obtain an institutional loan for a new home within two years".
Some agents say the good news for short sale sellers is the wait is much shorter before buying another home, and new Fannie Mae guidelines make that a true statement. New Fannie Mae guidelines now require only 24 months' seasoning, and that's good news for agents who specialize in short sales."
Note that Fannie Mae guidelines allow a seller to immediately apply for a new loan to buy another home if that seller kept the payments current and had no 60-day late pays or greater on record.
Short Sale / Foreclosure Deficiency Judgments
The bad news is a seller could be subject to a deficiency judgment for the difference between the loan amount and the amount paid. In general, a trustee's sale wipes out the right to a deficiency, except for certain junior lienholder conditions.
The lender has sole discretion whether to pursue a deficiency judgment in those instances when the judgment is permitted. To determine whether a pending foreclosure or short sale is subject to a deficiency judgment, talk to a real estate lawyer.
If you're a seller trying to decide whether to let a home go through foreclosure versus attempting a short sale, salvaging your credit may not be an advantage to doing a short sale, if you've fallen behind in your payments. The only advantage is being able to buy another home within two years over the three- to five-year period required for foreclosures. But seek legal and tax advice before making that decision.
If you would like to discuss selling your home with a "short sale" status, please call me at 386.956.0466 or eMail me at Joan@JoanFairchild.com. I'll help you through the process.
Basics of a Short Sale
Short sales happen when a lender agrees to accept less than the amount owed against the home because there is not enough equity to sell and pay all costs of sale. Most lenders will negotiate a short sale, but it is a long and complicated process, and that is why a real estate agent or a lawyer can be a tremendous help by contacting the lender's loss mitigation department to find out.
You can't just wake up one morning and decide you're going to sell your home at a loss by asking for a short sale. It used to be that lenders wouldn't even consider a short sale if your payments are current, but that has changed. Your lender will require you to fill out financial statements and provide documentation that substantiates your inability to pay on your home. It can be a complicated process, but working with a Realtor will help make the process easier.
How is the Seller's Credit Affected?
According to David Steep, division manager at Vitek Mortgage, Sacramento sellers, as well as sellers in other states, will take as big a hit on their credit report by going through foreclosure as giving the lender a deed-in-lieu of foreclosure, providing you are more than 30 days in arrears. Steep says the points lost on a FICO score are as follows:
Foreclosure or Deed-in-Lieu of Foreclosure. Both of these solutions affect credit the same. Sellers will take a hit of 200 to 300 points, depending on overall condition of credit. This means if a seller's FICO score before foreclosure was 680, it could dip as low as 380.
The effect of a short sale (providing the sellers are more than 59 days late) on a seller's credit report is identical to that of a foreclosure. The ding on credit will show up as a pre-foreclosure in redemption status, Steep says, which will result in a loss of 200 to 300 points. This means a short sale with a previous FICO of 720 will see it fall from 520 to 420.
Foreclosure or Deed-in-Lieu of Foreclosure sellers who wants to buy another home after foreclosure will end up waiting about 36 to 72 months before a lender will offer any kind of interest rate that makes sense. The good news is a short sale will allow the consumer to obtain an institutional loan for a new home within two years".
Some agents say the good news for short sale sellers is the wait is much shorter before buying another home, and new Fannie Mae guidelines make that a true statement. New Fannie Mae guidelines now require only 24 months' seasoning, and that's good news for agents who specialize in short sales."
Note that Fannie Mae guidelines allow a seller to immediately apply for a new loan to buy another home if that seller kept the payments current and had no 60-day late pays or greater on record.
Short Sale / Foreclosure Deficiency Judgments
The bad news is a seller could be subject to a deficiency judgment for the difference between the loan amount and the amount paid. In general, a trustee's sale wipes out the right to a deficiency, except for certain junior lienholder conditions.
The lender has sole discretion whether to pursue a deficiency judgment in those instances when the judgment is permitted. To determine whether a pending foreclosure or short sale is subject to a deficiency judgment, talk to a real estate lawyer.
If you're a seller trying to decide whether to let a home go through foreclosure versus attempting a short sale, salvaging your credit may not be an advantage to doing a short sale, if you've fallen behind in your payments. The only advantage is being able to buy another home within two years over the three- to five-year period required for foreclosures. But seek legal and tax advice before making that decision.
If you would like to discuss selling your home with a "short sale" status, please call me at 386.956.0466 or eMail me at Joan@JoanFairchild.com. I'll help you through the process.
MORTGAGE INTEREST RATES TAKE ANOTHER DROP!
Average Mortgage Interest Rates Take Another Very Nice DROP!
Today, 3/26/09, Freddie Mac announced the average mortgage interest rate for 30 year fixed-rate mortgages was down to 4.85%, down from 4.98% a week ago. The average interest rate for 15 year fixed-rate mortgages was 4.58%, down from 4.61% last week. A year ago the 30 year rate was 5.85%. Freddie Mac states this is the lowest interest rates have been since they started doing the survey dating back to 1971!
The Federal Reserve said it would begin buying Treasury securities over the coming 6 months. This caused bond yields to drop and interest rates on mortgages played follow-the-leader downward.
Freddie Mac noted that on July 24th the rates were at 6.63%. The difference between then and today would mean that someone with a $200,000 mortgage would pay about $225 less each month due to the drop in interest rates. HUGE savings! How would you like an extra $225 in your pocket each month, especially in these tough times. Who wouldn't?
It seems that many buyers are taking notice of the lower rates. Both sales of existing and new homes rose 5% in February 2009. Over half of the buyers were purchasing their first homes. Also, applications for new mortgages rose for three straight weeks. Again the lower rates likely fueled this action.
Hopefully some of my readers will be able to take advantage of these extremely low rates, special first-time buyers tax credits (UP TO $8,000 TAX CREDIT GIVEN TO YOU....FOR BUYING IN 2009!!!), and the very low prices of homes. Now is a great time to buy a home! So jump down off the fence and make that move before rates and prices go back up. And THEY WILL!
If you want to learn more about Freddie Mac or see the details of their survey, go to: http://www.freddiemac.com/ and click on the link for "Current Weekly Survey". They break down the survey by specific regions in the United States so you can see how your state compares to other parts of the country. They also explain the mission of Freddie Mac and offer a lot of useful information for consumers.
If you would like to speak with a lender, you can contact me via my website: http://www.joanfairchild.com/ , or by eMail: Joan@JoanFairchild.com, or call me directly at 386.956.0466. You can also speak with your own bank, credit union, or mortgage broker to see what your particular interest rate would be, should you decide to finance a home purchase.
Today, 3/26/09, Freddie Mac announced the average mortgage interest rate for 30 year fixed-rate mortgages was down to 4.85%, down from 4.98% a week ago. The average interest rate for 15 year fixed-rate mortgages was 4.58%, down from 4.61% last week. A year ago the 30 year rate was 5.85%. Freddie Mac states this is the lowest interest rates have been since they started doing the survey dating back to 1971!
The Federal Reserve said it would begin buying Treasury securities over the coming 6 months. This caused bond yields to drop and interest rates on mortgages played follow-the-leader downward.
Freddie Mac noted that on July 24th the rates were at 6.63%. The difference between then and today would mean that someone with a $200,000 mortgage would pay about $225 less each month due to the drop in interest rates. HUGE savings! How would you like an extra $225 in your pocket each month, especially in these tough times. Who wouldn't?
It seems that many buyers are taking notice of the lower rates. Both sales of existing and new homes rose 5% in February 2009. Over half of the buyers were purchasing their first homes. Also, applications for new mortgages rose for three straight weeks. Again the lower rates likely fueled this action.
Hopefully some of my readers will be able to take advantage of these extremely low rates, special first-time buyers tax credits (UP TO $8,000 TAX CREDIT GIVEN TO YOU....FOR BUYING IN 2009!!!), and the very low prices of homes. Now is a great time to buy a home! So jump down off the fence and make that move before rates and prices go back up. And THEY WILL!
If you want to learn more about Freddie Mac or see the details of their survey, go to: http://www.freddiemac.com/ and click on the link for "Current Weekly Survey". They break down the survey by specific regions in the United States so you can see how your state compares to other parts of the country. They also explain the mission of Freddie Mac and offer a lot of useful information for consumers.
If you would like to speak with a lender, you can contact me via my website: http://www.joanfairchild.com/ , or by eMail: Joan@JoanFairchild.com, or call me directly at 386.956.0466. You can also speak with your own bank, credit union, or mortgage broker to see what your particular interest rate would be, should you decide to finance a home purchase.
It IS a great time to BUY A HOME
Contrary to what you read, banks ARE still lending money to buy a home. With a decent credit score, a solid job history and a little money to invest (in some instances ZERO money needed to invest) you CAN own a home.
Why is it a great time? Several reasons. Currently mortgage interest rates are at historical lows. Inventory is plenty, many homes to choose from AND the prices of some of these homes are dirt cheep!!! Bank owned homes are abundant.
AND, if you are a first time home buyer (or haven't owned a home in the past 36 months) you may qualify for up to an $8,000 tax CREDIT; not a tax deduction -- it is a TAX CREDIT! The government will pay you up to $8,000 to buy a home this year!!!!
So.....historically low interest rates, an abundance of low priced homes, combined with a tax CREDIT from Uncle Sam.....makes it A GREAT TIME TO BUY A HOME!
Call or email me for more details: Joan Fairchild, Realtor, REMAX Associates, Inc. 690 Deltona Blvd., Deltona, FL 32725. Phone: 386.956.0466 eMail: Joan@JoanFairchild.com
FOR A COMPLETE LIST OF BANK OWNED/FORECLOSURE HOMES IN YOUR CENTRAL FLORIDA AREA, contact me today!
Each office independently owned and operated.
Why is it a great time? Several reasons. Currently mortgage interest rates are at historical lows. Inventory is plenty, many homes to choose from AND the prices of some of these homes are dirt cheep!!! Bank owned homes are abundant.
AND, if you are a first time home buyer (or haven't owned a home in the past 36 months) you may qualify for up to an $8,000 tax CREDIT; not a tax deduction -- it is a TAX CREDIT! The government will pay you up to $8,000 to buy a home this year!!!!
So.....historically low interest rates, an abundance of low priced homes, combined with a tax CREDIT from Uncle Sam.....makes it A GREAT TIME TO BUY A HOME!
Call or email me for more details: Joan Fairchild, Realtor, REMAX Associates, Inc. 690 Deltona Blvd., Deltona, FL 32725. Phone: 386.956.0466 eMail: Joan@JoanFairchild.com
FOR A COMPLETE LIST OF BANK OWNED/FORECLOSURE HOMES IN YOUR CENTRAL FLORIDA AREA, contact me today!
Each office independently owned and operated.
VACANT LAND - LAKE FRONT - DEBARY, FLORIDA
REAL ESTATE FOR SALE - DEBARY, VOLUSIA COUNTY, FLORIDA
Lakefront lot located in The Estates within DeBary Golf & Country Club. This prestigious gated community consists of upscale executive homes. Nothing like it in the area! Homes ranging from over 3,000 s.f. to over 6,000 s.f. Truly a high-end atmosphere.
FOR MORE INFORMATION CALL 386.956.0466 or EMAIL Joan@JoanFairchild.com
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