Snagging a low mortgage rate requires steady paycheck, good credit

Since the mortgage crisis, qualifying for a home has become a more difficult task.  While in no way is it out of reach, in order to receive the current low rates, a borrower must have a stable income + good credit.

Snagging a low mortgage rate requires steady paycheck, good credit

RealtyTrac: Foreclosures up in the first half of the year | House Keys blog

RealtyTrac: Foreclosures up in the first half of the year | House Keys blog

Mortgage interest rates plummet to new lows -- some below 2.9%

Average interest rates plummeted to new historic lows, this week for both 30- and 15-year fixed-rate home loans, Freddie Mac reported Thursday.


The average 30-year fixed rate fell to 3.62 percent this week. Last week, it was at  3.66 percent. The mortgage rate has matched or hit a new record low in 10 of the last 11 weeks, Freddie Mac reported Thursday. The 30-year fixed rate loan has remained below 4 percent since December, with the exception of one week, according to Freddie Mac. Last year at this time, the average rate was at 4.6 percent.




                                                     Mortgage interest rates plummet to new lows -- some below 2.9%

30-year mortgage rates plunge to new record low

Just when you think mortgage rates can't go any lower.... It has happened again.  30 year fixed mortgage rates are now an unimaginable 3.66%.  This is one of the reasons we have seen an increase in homes sales in the local Fort Lauderdale real estate market.  Are you in the market for a home?? Click here to search the local MLS

30-year mortgage rates plunge to new record low

Hiring the right contractor

Hiring the right contractor is a key step in any home renovation plan.  Ensuring the contractor is licensed by the State of Florida and has adequate insurance coverages is a prudent step for any home seller.  Don't feel shy about asking for copies of these documents. Check www.myfloridalicense.com to search and verify licenses.  Following these vital steps can potentially save thousands of dollars and a whole lot of stress.

http://www.floridarealtors.org/NewsAndEvents/article.cfm?p=4&id=277223

Buy a fixer-upper with FHA 203(k) financing

Buy a fixer-upper with FHA 203(k) financing

WASHINGTON – June 5, 2012 – Sometimes the ideal house needs a little bit of work, and private lenders don’t like doling out more money than a home is worth. Unknown to many buyers, however, is an FHA program that allows them to add up to $35,000 onto their first mortgage with the extra money earmarked for immediate repairs.

The FHA 203(k) loan is available from approved FHA mortgage lenders nationwide, providing the borrower plans to live in the home. The downpayment is approximately 3.5 percent of the total loan amount including repairs.

The Department of Housing and Urban Development lists the following steps to secure an FHA 203(k) loan:

• The first step for a potential homebuyer is to find an appropriate fixer-upper and execute a sales contract. Before bidding however, a buyer should a do a feasibility analysis of the property. The contract should then state that the buyer is seeking a 203(k) loan, and that the contract is contingent on loan approval based on the additional required repairs.

• The homebuyer selects an FHA-approved 203(k) lender and submits a detailed proposal on the work that will be done, along with a cost estimate for each repair or improvement.

• An appraisal will determine the value of the property after the planned renovation.

• Once a borrower passes a lender’s credit-worthiness test, the loan closes for an amount that covers the purchase (or refinance) cost of the property, remodeling costs and allowable closing costs. The loan includes a contingency reserve of 10 percent to 20 percent of the remodeling portion of the loan to cover any unplanned extra work.

• While the seller gets paid at closing, the extra repair funds go into an escrow account. As projects are completed, the new homeowner submits draw requests to pay the vendors who did the work.

If the borrower chooses to do so, he can also have up to six monthly mortgage payments added to the cost of rehabilitation if the home won’t be occupied for a while.

For a list of lenders offering the 203(k) Rehabilitation Program, check the 203(k) Lenders List on HUD’s website.

© 2012 Florida Realtors®

RealtyTrac: Banks prefer short sales to foreclosures | House Keys blog

Some interesting statistics in this article related to short sale home sales vs foreclosures. Lenders obviously prefer the short sale route due to the shorter processing time, which usually results in a decreased financial risk for the lender.  Broward County still has a number of short sales being processed; 1,831 in the first quarter of 2012.  Foreclosures in Broward County are slightly lower at 1,476.

RealtyTrac: Banks prefer short sales to foreclosures | House Keys blog