Thank You to all the Realtors that left there cards at yesterday's board function. There were so many cards we decided to pick two winners. DRUM ROLL PLEASE the winners are Bryan French and Gina Flood. I will drop the gift cards off today. Thank You again and if you have any loan questions or scenerios please e-mail or call me.
loansbystephanie@gmail.com
941-637-2673
Another publication (Where to Retire) has voted Port Charlotte the one of the TOP TEN places to retire. It sites Port Charlotte as being a "low cost Haven". Along with low priced home it has world class boating,wildlife, and outdoor activities.The article goes on to say that "Port Charlotte is a small city,yet you still have all the amenities you want in the area without big-city congestion". So thank you to "Where to Retire" magazine for this honor. All of Charlotte County should take pride in this deignation.
Thank You,
Stephanie Belknap
Good Morning,
It's raining in Punta Gorda and a Monday , that is a recipe to go back to bed. I enjoyed speaking to the new Realtors last week and wish them "best of luck " in the future. If there are any questions you might have or scenarios that you need help with, let me know.An editorial was written by a local lender this past week that stated 100%financing is gone. This is not a true statement~ I can still can get 100% financing with certain limitations. In getting a home loan- dealing with a bank, even a local one , may not be the best course of action for you or your client. Just like getting a medical procedure done it is wise to get a second opinion.
Thank you for reading and trusting me with your business
Wow! What a week, I would like to take a moment and thank everyone who voted Core Mortgage the best in Charlotte County.
Thank You Again,
941-637-2673 (CORE)
BRRRRRRR it is cold in southwest Florida 34 low tonight. Well that is not nearly as cold as the new RESPA laws are. They will leave you feeling frost bitten if your not educated about the changes. All fees have to be disclosed to buyer up front, in theory a good idea~ in real world application this can be confusing. For instance the buyer need to be disclosed what all closing costs are even if they are not paying them. Example: if your seller agrees to pay 6% it still needs to be reflected as a buyers cost . The buyer will show a charge for doc stamps on the Warranty Deed and title insurance, a seller fee. They say to "reflect back to the Real Estate Contract" for who is paying what. These are some instances where a client will have a BIG STICKER shock, if the process is not explained to them. Also if anything changes through the course of the transaction "sales price,interest rates" whatever this will delay closing by minium 3 days to disclose to buyer. There are a mariad of other changes, that will slow , delay or not close a property. "Don' get left out in the cold" hire a professional.
As always thank you for your business
With the arrival of our friends from the north , marks the start of Holiday Season. With our local economy suffering more then others , we welcome you and hope you enjoy your stay and tell your friends. This year marks the opening of a lot of new businesses in downtown Punta gorda and the parks are almost done with there renovations. Enjoy water front dining at Laishley Crab House , get your fresh seafood at the marina , book a fishing trip or just stroll along the water's edge. Last but not least, book a "night light cruise" that will take you along PGI to see all the "pretty" lights. Thank you again for visiting " MERRY CHRISTMAS and a HAPPY NEW YEAR".
NEW Phone # 941-637-CORE (2673).
We switched phone providers and weren't able to keep the old number....so we have a NEW and improved number. But in case you call by habit, we have a recording giving you the new number....so call often!
Happy Veterans Day.
NORTH PORT — Organizations, schools, charities and nonprofit groups are invited to decorate a tree for the "Holiday Festival of Trees" that will take place at North Port City Hall during the month of December.
Sponsored by People for Trees Inc., silent bids for the decorated trees will be accepted from Dec. 1-18. The winning bidder will take home the tree and the full bid amount will go to the sponsoring organization. (A tree can also be sponsored by a business on behalf of a charity or group.) Trees are to be brought to City Hall, off Sumter Boulevard, and decorated from 9 a.m. to 4 p.m. Nov. 30. Only artificial trees no taller than 6 feet (no electric lights) will be permitted.
The public is then invited to attend a special holiday reception featuring a visit from Santa on Dec. 7 from 7 p.m. to 8 p.m. to view the trees at City Hall. A “closing bid reception” will be held at 7 p.m. Dec. 18.
Space is limited to 25 trees. To register a tree, $25 should be sent to: People for Trees Inc., 3597 Froude St., North Port, FL 34286. Be sure to include the name and address of the group that will receive the bid amount, along with a contact person’s name, phone number and e-mail address. For additional information, call Alice White at 941-426-9752
Courtesy: Charlotte Sun
Special Edition: The FHA's Non-HVCC; Mortgagee Letter 2009-28
The FHA released Mortgagee Letter 2009-28 last Friday, September 18, 2009, and it will likely have a dramatic impact on the FHA appraisal business. This document, which can be viewed in its entirety by clicking on the following link, "Mortgagee Letter 2009-28," is described by the writer, David H. Stevens, Assistant Secretary for Housing-Federal Housing Commissioner, as follows: "This Mortgagee Letter provides clarification and reaffirms Federal Housing Administration (FHA) appraisal requirements related to appraiser independence and announces new requirements pertaining to entities that are eligible to order appraisals for FHA insured mortgages."
The new requirements of importance to appraisers contained in this mortgagee letter are:
1) Mortgage brokers and commission based lender staff are prohibited from involvement in the appraisal process.
2) FHA-approved lenders have new responsibilities to ensure that FHA appraisers are ".compensated at a rate that is customary and reasonable for appraisal services in the market area."
3) "The fee for the actual completion of an FHA appraisal may not include a fee for management of the appraisal process or any activity other than the performance of the appraisal." "AMC and other third party fees must not exceed what is customary and reasonable for such services provided in the market area of the property being appraised."
The Appraisal Institute, in a news release on Saturday, hailed this as an overall victory for appraisers, describing the FHA's actions as ".reversing a policy that inadvertently capped fees for real estate appraisers." The news release also noted that ".FHA's new policy separates the services (and fees) charged by appraisers from those charged by AMCs, allowing each to float at reasonable and customary levels. The previous policy inappropriately restricted the combined fees to just the customary and reasonable fee for the appraisal in the market area where the appraisal is performed." In their release, the Appraisal Institute referred to the July 1, 2009 letter authored by themselves in conjunction with the ASA, NAIFA and ASFMRA in which they urged the FHA to rescind its previous policy. In that letter, the four appraisal organizations noted that: ".many highly qualified and experienced appraisers are decli ning to perform assignments for AMCs. In many instances, those com panies are being forced to use appraisers from distant locations with less experience and training, or more pointedly: those who will work for less. Using less experienced and less qualified appraisers to perform FHA assignments is not a good business practice and is not good public policy." A copy of this July 1st letter can be viewed by clicking on the following link: Appraisal Institute Letter
Courtesy of the Charlotte Sun-
NORTH PORT — Suncoast Humane Society is again offering a low-cost microchip and vaccination clinic at the society’s North Port Thrift Store, from 8 a.m. to noon Saturday. The thrift store is located at 14942 Tamiami Trail.
Special vaccination packages will be available for as low as $39 for canines and $28 for felines. Rabies vaccinations will be given for $8. In addition, flea, tick and heartworm prevention will also be available for purchase. Your pet can be microchipped for only $25.
Microchipping is an important measure that can be taken to better assure the safe return of your pet in time of displacement. This is especially important in our area where we may experience hurricanes and severe weather, Humane Society officials say.
Dr. Randy Hitesman, SHS’s veterinarian, will lead the medical team in conducting the event. All proceeds will benefit the animals at SHS.
The Society’s thrift store will be open for business during the event. Donate items for sale, and/or seek quality items at bargain-basement prices.
For more information, contact the Suncoast Humane Society at 941-474 7884 or visit www.humane.org.
Autumn seems the perfect chanceTo say a word or twoAbout how nice it is to haveA special client like you...It also is the perfect chanceTo send this wish your wayFor all life's best and finest thingsToday and every day...
The numbers from last month are even surprising Realtors.
"Things are selling feverously," said Realtor Chad McCory. "Across the board condos, homes at all price ranges - $50,000 to $500,000 and up."
"We expect we'll be totally out of inventory by January or February," added condo broker Dwayne Frazier.
Prices have been slashed and, according to the experts, consumers are taking full advantage.
Condo Prices
Condo Sales
Lee County
Down 35-percent
Up 65-percent
Collier County
Down 23-percent
Up 89-percent
Charlotte County
Down 42-percent
Up 186-percent
Buyers have to look no further than the ritzy Vivante Condos in Punta Gorda. There are 342 units in the complex and only 25 of them are occupied.
The condos there are selling for 60-percent lower than the original asking price and similar sale to price ratios are happening all over Southwest Florida
And it isn't just condos that are selling so well. Realtors we spoke to explain a home in Punta Gorda received three offers within its first three days on the market. The asking price for that home is now only one-third of its net value in 2007.
"We say if you have to sell, you're in trouble. If you're looking to buy, this is the time and place," said Real Estate Agent Pat Martin.
The time and place, Martin says, until all of those paces are sold.
By Sarah Hollenbeck
October is National Breast Cancer Awareness Month.... pass it on.
September is here and the door is about to close on summer. What do you think about that? I am thinking that it is time to get the vegetables planted and on their way. September is prime time for planting, making flower beds, and figuring out what colorful veggies you would like to eat from the garden for the holiday season. Ahh, September.. The kids are back in school, the hope of cooler days is becoming more of a reality. Now is the time to plant all of your fall crops for Florida. It is a prime planting season. Some veggies that do great right now are tomatoes, potatoes, peppers, cucumbers, squash, onions, peas, beans, lettuces, sometimes melons, corn, broccoli and cauliflower. Think that you don’t have room? Even if you put them in containers these veggies do great! My soil is real sandy at my house so I have about 20 raised beds I built out of 2X6’s, then filled them with compost and rich soil. My plants do great and come around Thanksgiving, we are eating some of our tomatoes on the early varieties, and salads.. YUMMY! You can buy your veggies as seeds through the local hardware store or online, or use seedlings that are already started for you from the local hardware. There is something about getting your fingernails dirty and eating fresh ripened veggies off the vine rather than them being picked weeks earlier and shipped across the continent. Try just one veggie this season, you will LOVE the rewards!
Hello HVCC Petition Signer:
HVCC Continues to devastate home values across the US. As we’ve shared, Representatives Childers (D-MS) and Miller (R-CA) introduced legislation (H.R. 3044) requesting an 18 month moratorium on the Home Valuation Code of Conduct (HVCC), which now has over 80 co-sponsors!
Tens of thousands of consumers have already been robbed of their opportunity to enjoy historically low rates by Attorney General Andrew Cuomo’s rule. HVCC needs to be permanently reversed in order to restore lower costs to the consumer and to protect the thousands of real estate transactions stalled by this code. You are well aware of the harmful nature of this horribly misguided code, but others may not be. We implore you to forward this petition link to everyone you know…EVEN IF YOU ALREADY HAVE. Let’s make sure this petition gets enough signatures to open the eyes of the representatives that have the power to initiate change!
WWW.HVCCPETITION.COM
Banks letting you down? Your client's loans getting denied? Before you kill the deal, call me, 941-206-2484 –see if I can revive it and get it to the table. A LARGE portion of our CLOSED transactions are Bank TURN DOWNS! You really don’t have anything to lose….Call me today 941-206-2484 or email me your scenario, loansbystephanie@comcast.net!
New $8,000 Tax Credit for First-time Home Buyers
Great news for first-time home buyers in 2009! The stimulus plan that President Obama signed into law contains a new $8,000 tax credit for qualified first-time home buyers. And, unlike the $7,500 tax credit from last year, this credit does NOT have to be repaid to the government, as long as you stay in the home for at least 36 months after the purchase date. Remember, a tax credit is much more valuable than a tax deduction. A tax credit reduces dollar for dollar the amount of tax you owe. A deduction merely reduces the amount of your income that is taxable. This means the home buyer credit can be claimed even if the taxpayer has little or no federal income tax liability to offset. Who?First-time buyers or anyone who hasn't owned a home in the 3 years prior to a purchase of a primary residence may qualify for a tax credit of up to 10% of the purchase price or $8,000, whichever is less. To qualify for the full credit, the buyer's modified adjusted gross income must be less than $75,000 for single taxpayers and $150,000 for married taxpayers filing a joint return. Partial credit is proportionally reduced for incomes under $95,000 (single) or $170,000 (married). For married taxpayers, the homeownership history of both the home buyer and his/her spouse are taken into account. This means if you or your spouse has owned a principal residence in the last 3 years, neither you nor your spouse qualifies for the credit. What?According to the IRS, a primary residence is the one you live in most of the time. It can be a house, houseboat, housetrailer, cooperative apartment, condominium, or other type of residence. If you constructed your main home, you are treated as having purchased it on the date you first occupied it. When?The $8,000 tax credit is available for qualifying home purchases made from Jan. 1, 2009, until Nov. 30, 2009. This is not a typo. To receive the credit you must purchase a qualified home before December 1st, 2009 – not the end of the year. How?Unfortunately, you can NOT use the credit as a down payment. To receive the credit, you must purchase a qualified home first and then claim it on either your 2008 or 2009 taxes. If you make a qualified purchase after April 15, or after having already filed your 2008 taxes, you and your tax professional can submit an amendment to your return. To claim the credit, use form 5405. Why?The current combination of lower home prices and lower interest rates makes for an amazing opportunity to buy real estate. Add to that this $8,000 gift from the government, and renting a home just doesn't make much sense. If you or someone you know is ready to stop paying the landlord's mortgage and start building equity in your own home, give us a call. We'll run the numbers and see what makes sense for your individual financial needs.
Banks letting you down?
Your client's loans getting denied?
Before you kill the deal, call me, 941-206-2484
maybe I can revive it and get it to the closing table.
A LARGE portion of our CLOSED transactions are Bank TURN DOWNS!
You really don’t have anything to lose….
14850 Tamiami Trail, North Port, FL 34287
941-206-2484 Phone 800-319-5424 Fax
www.abc123homeloan.com
CORE MORTGAGE IS GOING GREEN!
We’re doing our part for the environment and hope to inspire other businesses and individuals to do the same! Our service and commitment will not change; other than our office going virtual and paperless. The only thing that WILL change is our carbon foot print. All communications are operational; Phone: 941-206-2484, Fax: 888-744-0323, Email: loansbystephanie@comcast.net. Call to schedule appointments or drop offs at our virtual office in North Port. Thanks for your understanding and patience during our transition. Please don’t hesitate to call for any questions.
Waiting for mortgage rates to once again fall below 5%? Don’t bother. Greg McBride, senior financial analyst at Bankrate.com, says those days are gone for good. But, it doesn’t mean you’ve missed your chance to act. Last week, the average 30-year mortgage rate was still a relatively low 5.38%, according to Freddie Mac.
Also, don’t forget there’s always the risk of even higher rates in the near future. As McBride puts it, “It’s like someone sets a table in front of you with a stack of cash. You have to grab the money while it’s there.” He’s got a point. A $400,000 mortgage at 6% costs just shy of $2,400 a month. That same mortgage with 5.35% rate: $2,240 – a savings of $160 a month.
If you’re in the market to buy, prices are also in your favor. Median home values are down more than 16% compared to this time last year. Buying a house is like getting married, MacBride says, “You’ve got to be in it for the long haul and have to be ready for the financial commitment.” If you can say, “I do” on both accounts than the market may have already bottomed for you.
Monday's bond market has opened in positive territory following strong selling in stocks. The major stock indexes are posting sizable losses with the Dow down 202 points and the Nasdaq down 52 points. The bond market is currently up 13/32, which should improve this morning's mortgage rates by approximately .375 of a discount point over Friday's morning rates.The first data of the week comes tomorrow with the release of three relevant reports. The day's reports are a broad spectrum of data ranging from housing figures to manufacturing output to an important inflation reading. Their importance to the markets also is a wide variety. The first report of the day is May's Housing Starts that tracks starts of new home projects. It is the week's least important report and likely will not affect mortgage rates unless its results vary greatly from the 5.5% increase that has been forecasted.The second is one of the two highly important reports of the we ek. May's Producer Price Index (PPI) will also be posted early tomorrow morning. It helps us measure inflationary pressures at the producer level of the economy. There are two readings of this index, the overall and the core data. The core data is considered to be the more important of the two because it excludes more volatile food and energy prices. A large increase could raise concern about inflation rising as soon as the economy pulls out of the recession. This would not be good news for bond prices or mortgage rates since inflation erodes the value of a bond's future fixed interest payments. Rising inflation causes investors to sell bonds, driving prices lower and mortgage rates higher. Analysts are expecting to see an increase of 0.6% in the overall index and a 0.1% rise in the core data. It will not take much of a variance from forecasts for the markets to react, which would most likely lead to changes in mortgage rates. The third and final piece of dat a scheduled for Tuesday is May's Industrial Production. This report will be released at 9:15 AM ET and is considered to be moderately important. It measures output at U.S. factories, mines and utilities, giving us a fairly important measurement of manufacturing sector strength. If it reveals that production is rising, concerns of manufacturing strength may come into play in the bond market. A larger than expected 0.8% decline would indicate that the manufacturing sector is weaker than expected and should help push mortgage rates lower. That is assuming that the PPI doesn't surprise us. Overall, look for tomorrow to be the biggest day of the week. Not just because it brings the release of three of the five reports, but also because it brings us the PPI that is considered to be a key inflation reading. Wednesday is also very important with the CPI being posted, so look for the most movement in rates during the middle part of the week.If I were conside ring financing/refinancing a home, I would.... Lock if my closing was taking place within 7 days... Lock if my closing was taking place between 8 and 20 days... Float if my closing was taking place between 21 and 60 days... Float if my closing was taking place over 60 days from now... This is only my opinion of what I would do if I were financing a home. It is only an opinion and cannot be guaranteed to be in the best interest of all/any other borrowers.
©Mortgage Commentary 2009
Posted by Two Cents Editors
June 2, 2009 1:51 pm
After announcing a plan that would have allowed first time homebuyers to use a special tax credit to cover the 3.5% required down payment on an FHA-insured loan, the Dept. of Housing and Urban Development apparently had second thoughts.
Late last week HUD released a newly remodeled plan that does not allow the first-time homebuyer tax credit to be used for the down payment. Seems there was plenty of push back that allowing borrowers to land a mortgage without any “skin in the game” was not exactly a great idea. What’s amazing is that the proposal even got floated in the first place; the notion that taxpayer dollars would have been on the line for mortgages that required no down payment was a bit of a head spinner.
What HUD finally settled on was that lenders can essentially advance qualified home buyers the value of their tax credit today to reduce their mortgage costs, but only if the borrower can bring a minimum 3.5% down payment to the table. Approved uses of the tax credit include paying for closing costs, making a larger down payment (to thereby reduce the monthly mortgage cost) or buying down the interest rate by paying points. The real value of the new rule is that eligible homebuyers can now “use” their tax credit today, rather than having to wait to recoup the value of the credit when they file their 2009 federal tax return in early 2010.
Basically, if you meet the eligibility rules you can now get a maximum of $8,000 advanced to you to buy a home. Single homebuyers with income below $75,000 and married couples who file a joint return with income below $150,000 are eligible for the max tax credit. (A limited credit is available for individuals with income between $75,000-$95,000 and joint filers with income between $150,000 and $170,000; the credit completely phases out above those income levels.) Anyone who has not owned a primary residence for three years is considered a first-timer but to grab the tax credit you must close on an FHA-insured loan before December 1 of this year.
– Carla Fried
Hey there,
In an effort to be the greenie that I am, I always read up to see what I can do to do my part, and when I find simple solutions, I like to pass them on.
If you feel like you are constantly going out to the recycle bin with your Junk Mail, check out these websites and save a tree or ten. Did you know the average Joe receives almost 41 POUNDS of Junk Mail annually.?.. THAT’S CRAZY!
It’ll take about 10 minutes to register and put in your info, but here are some of the websites to remove yourself from lists on junk mail clogging up your mail box.
www.coxtarget.com this clears your mailbox from the VALPACK you get all the time
www.dmachoice.org Ad Mail
www.catalogchoice.org no more catalogs to wish stuff out of
www.41pounds.org this one carries a small fee. $41.00 for 5 years to get off the junk mail list as a whole.
ONE MORE tidbit since I am on a roll. IF you want to boost your credit rating, I am hearing if you go on the website below to opt out of prescreened credit card and insurance offers, the creditors see that as a plus, since you are tempted to over extend yourself with every pretty card you get in the mail.
www.optoutprescreen.com
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