As part of our ongoing effort to expand the services we offer to our clients; we have now added foreclosure listings to this website.
By visiting our Foreclosure Listings you can search for forclosed properties in Florida and throughout the United States.
There is a membership fee for this service but we have negotiated a free 7 day trial offer for our clients. Start today and save thousands on your new home.
According to figures released by the census bureau, most Americans who move don't go very far.
Between the years 2006 and 2007, 38.7 million people in the United States. A surprisingly high 65% stayed in the same county they had previously resided in. Another 19% of movers remained in the same State, 13% moved to another State and approximately 3% moved out of the country.
The main reasons giving for moving were
30% of renters moved between 2007 and 2008 compared to only around 7% of Home Owners.
The largest group of movers by age were those between 20 and 24 (27%) and those between 25 and 29 (26%).
Movement from the urban core to the suburbs continued with major cities losing just under 2 million people and the suburbs growing by a similar amount.
One final note: I have been in the mortgage industry for 8 years. I have a financial industry background going back over 20 years. In my experience most mortgage people are honest and want to help you. Avoiding these seven mistakes should make your next mortgage experience an enjoyable one.
All homeowners who do not itemize their income taxes can deduct between $500 and $1,000 from their 2008 federal taxes. Anyone buying a first home between April 9, 2008, and July 1, 2009, will receive up to $7,500 in federal income tax credits. The bill includes an estimated $15 billion in housing tax breaks.
Homeowners struggling to make payments on high-interest mortgages can contact their banks and transform their loans into government-backed, 30-year fixed-rate mortgages.To qualify, homeowners must have a mortgage debt-to-income ratio greater than 31 percent. To see if you qualify: Multiply your gross monthly salary by 31 percent. A homeowner earning $75,000 a year, for example, must owe a monthly mortgage payments of at least $1,938.The new loan cannot exceed 90 percent of the home's value and borrowers must prove they can repay the loan.
Congressional budget analysts project that this $300 billion program would help 400,000 homeowners facing possible foreclosure. The program begins in October but officials recommend homeowners begin the process now.
Information provided by Franklin Financial Group
After months of negotiations between the House and Senate, as well as an initial veto threat by the White House, the President dropped his opposition and signed H.R. 3221 into law. The new bill is more commonly referred to as the Housing and Economic Recovery Act of 2008.
H.R. 3221 is perhaps the most significant piece of housing-related legislation we have seen in recent years. It implements necessary consumer protections while promoting stabilization of the current market and industry through reforms to the Government Sponsored Enterprises, Fannie Mae and Freddie Mac, (GSEs) and the Federal Housing Administration (FHA) program.
Here are some of the Bills most significant provisions:
We are hopeful that this Bill will benefit the majority of American homeowners and help to stabilize the nation's housing market.
Information provided by National Association of Mortgage Brokers (NAMB)
The HUD-1, also known as the settlement statement, is a prescribed form from the U.S. Department of Housing and Urban Development (HUD). This form itemizes all charges imposed on the borrower and all charges imposed on the seller in connection with the settlement of your real estate transaction. One business day before the settlement, you have the right to inspect your HUD-1 Settlement Statement.
The HUD-1 is filled out by the settlement agent who will conduct the settlement. The fully completed HUD-1 Settlement Statement generally must be delivered or mailed to you at or before the settlement. In cases where there is no settlement meeting, the escrow agent will mail you the HUD-1 after settlement.
Ever since the housing market started to turn sour increasing emphasis has been placed by the authorities on combating the various scams that target consumers. We have set out to list some of the most common types of mortgage fraud below in the hope that we might warn the unsuspecting.
Rescue Scams: This may be the most despicable of all types of mortgage fraud. In this case the scammers contact homeowners in distress promising to assist them. Instead of helping them they have them sign a “quit claim deed”. Then the home is taken from the owners and resold for a profit.
Fraudulent Flipping: This is one of the most common types of fraud; although the downturn in the housing market and greater diligence by Lenders has made it much harder to execute. A property is purchased at a low price and little or no renovation work is done. Next an appraisal is falsified to make it appear that the property value is much higher than the true value. For example a home worth $150K may be “appraised” for $250K. When the home is sold the fraudsters pocket the profit.
Straw Buyers: A “straw buyer” is offered a payment or fee to put their name on a mortgage application. The purpose is to hide the identity of the real buyer and after the loan closes the criminal assumes ownership of the home. In some instances the straw buyer may not be aware that their name is being used on the mortgage application, in which case they are victims of identity theft.
Silent Second: In this scam a Lender is led to believe that the borrower is making a downpayment from their own funds when in fact the money is borrowed from another party. This misleads the Lender as to the true financial risk of the loan.
Double Sales: A swindler can record a deed and arrange a mortgage before those transactions show up on record, file another deed and arrange another loan. Weeks can pass between the filing of a property record and its appearance in computerized registries used by title-search companies.
Air Loans: This is the ultimate con in mortgage fraud. “Air Loans” are mortgages on non-existent properties. Usually everything involved in the transaction is fraudulent. The perpetrator may set up phones and pose as borrower, employer, appraiser and credit agency when the lender calls to verify.
Don’t get caught up in any of these scams. Criminal prosecution will usually follow and jail terms can be lengthy. Never lie on a loan application and don’t sign something you know to be untrue. If you feel you have been scammed or that someone is attempting to scam you, contact a real estate attorney or your State Attorney Generals office. And remember the vast majority of people involved in the real estate industry are honest so just do your homework. The old adage applies; if it sounds too good to be true it probably is.
Deductible Homeowners Expenses
One of the advantages of owning your own home is that the home mortgage interest and real estate taxes paid can be deducted from your federal income tax*. To do so, youll need to comply with current tax laws and complete the appropriate federal tax forms and itemized deduction schedules.
Home Mortgage Interest
For your home mortgage interest to be deductible, it must be for a first or second mortgage, a home improvement loan or a home equity loan. Additionally
The amount you can deduct can be limited if your mortgage balance is more than $1 million ($500,000 if married filing separately) or the mortgage was taken out for reasons other than to buy, build or improve your home.
Points
Points (aka loan origination fees, maximum loan charges, loan discount, or discount points) are generally treated as pre-paid interest and, as such, the full amount cannot be deducted in the year paid. Rather, the deduction must be taken over the term of the loan.
Real Estate Taxes
State or local real estate taxes can be deducted from your income if they are paid in the tax year. To qualify, the tax must be levied on the propertys assessed value, the taxing authority must charge a uniform rate for properties in its jurisdiction, and the tax must not be for your special privilege but for the benefit of the general welfare.
Restrictions on Itemized Deductions
The amount of itemized deductions you can take are restricted by your adjustable gross income. In 2003, the limits were $139,500 for single persons, persons filing as head of household or qualified widow(er), or married persons filing jointly; and $69,750 for married persons filing a separate return.
Non-deductible items
Many of the expenses related to owning your own home cannot be deducted from your income tax. These non-deductible items can include:
Check with the IRS
*The information contained in this article is for informational purposes only and may not reflect current tax year rules and regulations. Youll need to consult with your tax attorney, CPA, or the IRS for current tax year rules, restrictions and regulations.
As a result of the distressed real estate market there are many great deals available for those interested in investment property. We recently came upon one buyer who snapped up a desirable home for almost half its appraised value. The challenge up until now has been that financing is difficult to come by. The credit crunch has seen financing for investors dry up especially when a large downpayment is not possible.
However, things have just changed. We are pleased to announce that we can now offer investor financing for the State of Florida up to 95% of the purchase price.
The important detail is that the buyer must be purchasing the property well below market value and that is not so unusual these days. We can also do refinance loans including "cash out" loans on both investment and owner occupied properties
Our Lender has money ready to lend and they are looking for the right borrower today. Don’t miss the bottom of the market! For more information on this program please call 1-800-461-2986. Inquiries from Real Estate Professionals are welcome.
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