</h1> <article> <h1>Is your Sarasota Bradenton home “underwater”? 4 considerations.</h1> <p>Joe — Fri, 04 Jun 2010 06:50:07 +0000</p> <p><strong>If you own a home in Sarasota or Bradenton.</strong></p> <p><strong>you could be on of <a href="http://www.manateemoves.com/blog-entry/half-of-homeowners-with-mortgages-are-underwater-in-florida/" target="_blank">44% Sarasota and Bradenton </a></strong><strong>homesowners that is UNDERWATER! That’s almost half! </strong></p> <p><strong>As a local Real Estate Expert in Sarasota and Bradenton I have compiled my “top 4 considerations”.</strong></p> <p><strong><br /> </strong></p> <p><a href="http://www.manateemoves.com/wp-content/uploads/l_2048_1536_5B2C3C57-6F5A-44BA-A194-A0936425D7DF.jpeg" rel="shadowbox[post-1399];player=img;"></a></p> <p><strong>If you owe more than your home’s value, you have three choices.</strong></p> <ol> <li><strong>Keep on paying your mortgage.</strong></li> <li><strong>Try and get the bank to modify your loan through </strong><strong><a href="https://www.hmpadmin.com/portal/index.html" target="_blank">HAMP</a></strong></li> <li><strong>Move. If you stop paying your mortgage eventually you will move. Either as a foreclosure (involuntary) or a short sale.</strong></li> </ol> <p style="text-align: center;"><strong><em>ONE</em></strong></p> <ul> <li><strong>Can you afford your current lifestyle?</strong></li> </ul> <ol><strong><em>Is 31%, or more, of your income going to home mortgage expenses</em></strong>?</p> <p>Then you might be struggling to afford your home. Reseting arm mortgages, layoffs, pay cuts, and unforeseen expenses could all cause your expenses to exceed your income. If you are paying more than 31% to housing expenses you might qualify for the new loan modification program through <a href="https://www.hmpadmin.com/portal/programs/hamp.html" target="_blank">The Home Affordable modification Program or HAMP</a>. This applies to primary homes, and there are other restrictions.</p> <p>Create a list of required minimum payments on credit cards, mortgage payments, car loans, utilities child care, etc.<br /> Once you have an idea of where the money goes, see if more than 31% goes to your mortgage, and you probably should consider applying for a loan modification. This is really a great thing if you have an adjustable rate mortgage, or a pick-a-pay or negative amortization mortgage.</p> <p style="text-align: center;"><strong><em>TWO</em></strong><br /> <strong>How deep ‘under-water’ are you, and are you willing to ride it out until home prices increase?</strong></p> </ol> <ul> <li><strong>What percentage are you negative?</strong></li> <li><strong>How soon will there be a recovery for your neighborhood?</strong></li> <li><strong>Do you have a need to move in the near future?</strong></li> </ul> <ol>Since <a href="http://www.manateemoves.com/real-estate-tips/new-treasury-department-guidelines-go-in-effect-in-2010-for-short-sales/">H.A.M.P</a> has passed on April 5, 2010 I have seen an increasing willingness and success in lenders doing loan modifications for the homeowner. <strong>In one case our customer was able to get a loan modification that l<em>owered their payment from 1,900 to 1,200. 0% interest for five years and fixed rate thereafter.</em> And the payments that were missed were added to the end of the loan.</strong></p> <p>It’s great when the lenders are cooperative on aggressive loan modification vs foreclosure. It sure didn’t hurt to show the banks that there was an offer for 30,000 below the payoff. For these owners they were only 20% upside down, they could easily manage the new lower payment, and they had the desire to stay put.</p> <p>If you can comfortably afford your home what does it really matter what it is worth? The value only matters when you want to sell.<br /> I would be happy to provide you with a comparative market analysis for your property to get a gauge on your homes value and the market forecast of what it will be worth in the future. I suggest including a <a title="free market report" href="http://www.waterlefehomevalues.com" target="_blank">comparative market valuation</a> of your property and including it with a loan modification or short sale request</p> <p style="text-align: center;"><strong><em>THREE</em></strong></p> </ol> <p><strong> </strong></p> <p><strong> </strong></p> <p><strong> </strong></p> <p><strong> </strong></p> <p><strong></p> <ul> <li>How important is your credit score to you?</li> </ul> <p></strong></p> <ol>You will have to decide if you can live with the negative credit impact of a short sale. I think in almost every case a short sale is a much better alternative to a foreclosures, and the secondary lenders agree.<br /> Guidelines have come out from FHA and Fannie Mae that allow people that have done a short sale to potentially qualify for a new home loan in two years.<br /> With the potential for 1 in 4 people having either a foreclosure or bankruptcy the banks will be forced to loosen up their guidelines.</p> <p style="text-align: center;"><strong><em>FOUR</em></strong></p> </ol> <p><strong> </strong></p> <p><strong> </strong></p> <p><strong> </strong></p> <p><strong> </strong></p> <p><strong></p> <ul> <li>Understand potential tax consequence for foreclosure or short sale?</li> </ul> <p></strong></p> <ol><strong><em>I strongly suggest that all my customers seek out appropriate legal and tax advice to discuss potential tax and estate issues of a foreclosure or strategic default</em></strong>. In my experience assisting customers in short sales here in Bradenton I have found that on primary homes there are some major tax exemptions for the 1099-c income.<br /> The lenders can write off the loss in return the IRS looks as that amount as income since you have in essence reduced your debt and kept the Asset.<br /> For anyone considering short selling an investment or second home I think it should be required to retain legal advice. I have great attorneys and an accountant to recommend. Their fees are reasonable and in cases of financial hardship the fees can be reduced or eliminated.</p> <p>I suggest that you consider evaluating your housing situation for today and in the future, and get an update on the value of your home.</p> <p>If you would like to get<a href="http://www.waterlefehomevalues.com" target="_blank"> weekly updates on your home’s value, and local market activity, please sign up here</a>.</p> <p><strong><em>There is no charge for my services in short sales or consultation for loan modification. I believe in building business through goodwill. Many of the homeowners that I have been able to help have recommended me to their friends and family in the same situation. </em></strong></p> <p>If you would like a more accurate Comparative Market Evaluation, or a consultation please contact us to arrange an appointment. It’s good to know you have options and whether it is to stay put, attempt a loan modification, or do a short sale I have the experience to help you through the process.</p> <p>I can be reached at</p> <p style="text-align: center;"><strong>941-780-3260 cell/text</strong></p> <p style="text-align: center;"><strong>joe@manateemoves.com</strong></p> <p style="text-align: center;"><strong>941-739-6777 office</strong></p> <p style="text-align: center;"><strong>Joe Murphy, Broker-Associate with Coldwell Banker Residential Real Estate</strong></p> </ol> <p><!-- Paste this code just above the closing </body> of your conversion page. The tag will record a conversion every time this page is loaded. Optional ‘sku’ and ‘value’ fields are described in the Help Center. –><br /> <script src="//ah8.facebook.com/js/conversions/tracking.js"></script><script type="text/javascript"> try { FB.Insights.impression({ 'id' : 6002448528693, 'h' : '408bfeb82f' }); } catch (e) {} </script></p> </article> <article> <h1>Status of the local market Bradenton-34212</h1> <p>Joe — Thu, 04 Feb 2010 22:01:45 +0000</p> <p>Months of inventory have begun to stabilize recently.<br /> </p> <p>This is a look at the sales in the 34212 zip code of Bradenton, Manatee county, FL.</p> <p>The supply of homes ins down, sales are up. This is a chart that will be updated every month.</p> <p><a href="http://activerain.com"> </a> </p> </article> <article> <h1>New free map app for the iPhone</h1> <p>Joe — Tue, 02 Feb 2010 13:59:49 +0000</p> <div class='posterous_autopost'>This is a great new free app that I found for the iPhone <p /> Waze.com. <p /> Pretty cool since it is community based and interactive too. This is a very new app and hasn’t made it into a featured or top app yet but I think it will soon. <p /> <p /> Thanks, <p /> Joe <p /> Sent from my iPhone <p /> Joe Murphy, broker-associate <br />Coldwell Banker Residential Real Estate <br />941-780-3260 cell/text <br />941-739-6777 Office <br />11215 sr 70 east suite 105 <br />Lakewood Ranch, FL 34202 <br />Www.Manateemoves.com <br />Www.Manateecountyrealestatenews.com -blog <br /><a href="mailto:Joe@manateemoves.com">Joe@manateemoves.com</a> <br /><a href="mailto:Mojohomes@gmail.com">Mojohomes@gmail.com</a> <p style="font-size: 10px;"> <a href="http://posterous.com">Posted via email</a> from <a href="http://manateemoves.posterous.com/new-free-map-app-for-the-iphone">Joe’s posterous</a> </p> </p></div> <p><a href="http://activerain.com"> </a> </p> </article> <article> <h1>Are new home builders pulling market values down in Manatee County, FL?</h1> <p>Joe — Wed, 27 Jan 2010 03:53:16 +0000</p> <div class='posterous_autopost'> <div style=""> <p> I have been working with a buyer this week, and after seeing all the resale inventory including short sales, and foreclosures they decided on a new build. What is amazing to me is that the deal they got with the local builder is BETTER than any of the comparable resales in that area.</p> <p>A resale home that was essentially the same home as they purchased was an option, BUT it was 45,000 dollars more, and a SHORT SALE too. The new construction will take 8 months to close, but a short sale can take 90-180 days to close. Plus the new home has all the features and upgrades that they want.</p> <p>This perplexed the buyers. The new home Should be More, but in a falling market, I explained, that Bank owned, and new builds pull the market down, since they HAVE to Sell.</p> <p>A builder is not a builder if he is not building, so, he has to stay competitive in the market. </p> <p>Bank owned properties have owners that want to get rid of them asap.</p> <p>Short sales, and "regular" sales have a major disadvantage since they have to follow the market and are constrained to appraisal issues.</p> </p> </div> <p>When you need help with a short sale, loan modification, or just need some honest advice… Give me a call. <p />Joseph C Murphy P.A.<br /><a href="http://www.manateemoves.com">www.manateemoves.com</a><br /> <a href="mailto:joe@manateemoves.com">joe@manateemoves.com</a><br />941-780-3260 <p style="font-size: 10px;"> <a href="http://posterous.com">Posted via email</a> from <a href="http://manateemoves.posterous.com/are-new-home-builders-pulling-market-values-d">Joe’s posterous</a> </p> </p></div> <p><a href="http://activerain.com"> </a> </p> </article> <article> <h1>New Treasury Department Guidelines go in effect in 2010 for short sales</h1> <p>Joe — Wed, 27 Jan 2010 02:21:33 +0000</p> <div class="posterous_autopost"> <div> <p>Finally! Home owners, Realtors, Lenders, and home buyers are all going to benefit from these new guidlines. The faster and easier the process becomes the closer offers will come to being fair market value. This will lead to reduced inventories, and market stabilization. The Treasury department created a<a href="https://www.hmpadmin.com/portal/resources/outreach.html"> 46 page guide</a> for major lenders to follow with regards to short sales, deed in lieu, and loan modifications. The frustrating process was in need of standardization, and streamlining.</p> <p>Short sales can take months to close, andtend to go pending with prices that are below market value since the buyer(s) brace themselves for the long drawn out process with no guarantee that their offer will be accepted. New homes, regular sales, and bank owned homes can be closed in a normal time period, and there is little uncertainity IF you are going to close. When short sales can be conducted in the same time frame, they will not have this huge disadvantage.</p> <p>These guidelines go into effect in April of 2010. Hopefully, most lenders will become early adopters of the new guidelines.</p> <p><strong>One major point of the guidelines is that the lender has to offer a plan to help the borrower with a loan modification ahead of entertaining a short sale, or deed-in-lieu.</strong></p> <p>This is a great requirement, since I see many people that would rather keep their current home, but are having a tough time making the payments, or they are so far “underwater” that they question the rational of paying on a mortgage that is much higher than the actual value.</p> <p style="text-align: center;"><strong><em>I think that one aspect that was missing was creating an incentive for the lend ers to “cram-down”, or reduce the principle balance to the actual value of the home. Many borrowers would work to keep their homes if they had equity, or at least didn’t have negative equity.</em></strong></p> <p style="text-align: center;"><strong> </strong></p> <p><strong> </strong></p> <p><strong></p> <div style="text-decoration: underline;">Some of the major points that relate to short sales.</div> <li><strong>Lenders must respond to Short Sale requests within 10 business days of receipt of the offer package.</strong></li> <p><strong> </strong></p> <li><strong>The seller will be released from all liability for repayment of the mortgage debt.</strong></li> <p><strong> </strong></p> <li><strong>Subsequently, the seller is entitled to a relocation incentive of $1,500, which will be deducted from the gross sale proceeds at closing.</strong></li> <p><strong> </strong></p> <li><strong>The lender will be paid $1,000 to cover administrative and processing costs for a Short Sale or a deed-in-lieu.</strong></li> <p><strong> </strong></p> <li><strong>The property must be listed with a licensed real estate professional who does regular business in the community where the property is located.</strong></li> <p><strong> </strong></p> <li><strong>The lender is prohibited from requiring, as a condition of approving the Short Sale, a reduction in the agreed-upon real estate commission. </strong></li> <p><strong> </strong></p> <li><strong>The investor will be paid a maximum of $1,000 for allowing a total of up to $3,000 in Short Sale proceeds to be distributed to subordinate lien holders, or for allowing payment of up to $3,000 to subordinate lien holders.</strong></li> <p><a href="https://www.hmpadmin.com/portal/resources/outreach.html" target="_blank">LINK to Home ownership retention guide</a></p> <p><em>If you are looking for help with a short sale or loan modification for a home located in Manatee or Sarasota Counties I would be happy to help you understand your options. I have helped dozens of homeowners either sell or assist to modify their home loans. I can help you too with no cost. For all your real estate needs I am ready to go to work for you!</em></p> <p>Joe Murphy 941-780-3260</p> <p></strong></p> </div> <p><strong>Joseph C Murphy P.A.<br /> <a href="http://www.manateemoves.com">www.manateemoves.com</a><br /> <a href="mailto:joe@manateemoves.com">joe@manateemoves.com</a><br /> 941-780-3260</strong></p> <p><strong></p> <p style="font-size: 10px;"><a href="http://posterous.com">Posted via email</a> from <a href="http://manateemoves.posterous.com/new-treasury-department-guidelines-go-in-effe">Joe’s posterous</a></p> <p></strong></p> </div> <p><strong> </strong><br /> <a href="http://activerain.com"> </a></p> </article> <article> <h1>Are you curious what Bank of America thinks your home’s worth?</h1> <p>Joe — Tue, 26 Jan 2010 23:21:24 +0000</p> <div class='posterous_autopost'> <div style=""> <p> This entry discovered a <a href="http://www.bankofamerica.com/modular/index.cfm?template=hc_home_worth_modular&app=OMA&state=NC&origin=" title="bank of america home value site" style="color: rgb(30, 119, 185); text-decoration: underline;" target="_blank">great site</a> that Bank of America uses to evaluate home value.</p> <p>If you ever wondered what Bank of America thinks your home is worth, you can just type in the address and there you go!</p> <p>It's surprising why they need to do so many appraisals and BPOs on their short sales when they have this program that gives them a number on the fly.</p> <p><a href="http://www.bankofamerica.com/modular/index.cfm?template=hc_home_worth_modular&app=OMA&state=NC&origin=">http://www.bankofamerica.com/modular/index.cfm?template=hc_home_worth_modular&app=OMA&state=NC&origin=</a></p> </p> <p /></div> <p>Thanks, <p />Joseph C Murphy P.A.<br /><a href="http://www.manateemoves.com">www.manateemoves.com</a><br /><a href="mailto:joe@manateemoves.com">joe@manateemoves.com</a><br /> 941-780-3260 <p style="font-size: 10px;"> <a href="http://posterous.com">Posted via email</a> from <a href="http://manateemoves.posterous.com/are-you-curious-what-bank-of-america-thinks-y">Joe’s posterous</a> </p> </p></div> <p><a href="http://activerain.com"> </a> </p> </article> <article> <h1>Considering a short sale?</h1> <p>Joe — Sat, 16 Jan 2010 11:43:16 +0000</p> <p>So you have to sell your home, but you owe more than it is worth. Here are your options if you have to sell.</p> <p>IF you would rather stay in your home, but are having trouble afford the payments a loan modification should be your first step.</p> <p><em><strong>But if you already,</strong></em></p> <ol> <li>Tried to modify and the payments are still to high. ( I can help with this too.)</li> <li>Need to relocate for work or change in family reasons.</li> <li>Can’t afford to stay in a home that has too high of a mortgage payment.</li> <li>Your property is “UNDERWATER”, and you are prepared to walk away from a home that has no prospects of increasing in value in the near future. This would be considered a “strategic default”.</li> </ol> <p style="text-align: center;"><span style="font-weight: bold;">Short sale or Foreclosure</span></p> <p style="text-align: center;">Short sales can be tedious, exhausting and an inconvenience for a home seller. <strong> Is it worth it???? <em><span style="text-decoration: underline;">YES!</span></em></strong><em><span style="text-decoration: underline;">!</span></em></p> <p style="text-align: center;">Some things are worth the effort. A short sale vs a foreclosure is well worth the effort.</p> <p style="text-align: center;">Here are the Pros and Cons to maybe help you make up your mind which way to go</p> <p style="text-align: center;"><strong>“Cons”</strong></p> <ul> <li>Having to accommodate buyers seeing your home. Showings can be a hassle with pets and kids</li> <li>Organizing and submitting paperwork to the lender. The lenders request for paperwork, bank statements, tax returns, profit and loss statements, budget worksheets etc can be a hassle, and sometime a challenge for even an organized person.</li> <li>There is a potential for tax consequences from written off debts from the lender. An important consideration for investment properties.</li> <li>There is no guarantee that a buyer will buy, or your lender will agree to take the sale. My success rate for closed short sales here in Manatee County is 94% I have had only three short sales NOT go through out of over 45 sales. Two were due to an unreasonable lender with regards to market value, and the other was from a seller who just gave up.</li> </ul> <div style="text-align: center;"><strong>“Pros”</strong></div> <div> <ul> <li>Avoiding the stigma, and credit effect of a foreclosure on your credit. This is the main reason to short sell. If you want to be a homeowner again in the near future this is the way to go. A short sale can be much better to recover from than a foreclosure. Just think when you want to make an application for a new home loan.</li> <li>Right now on primary homes the 1099 income has no tax consequences. If you short sell a primary home and the lender agrees to a short sale the taxable income is exempt of taxes, up to 2 million dollars. Please note that this does not apply to investment properties. There is other causes for exemption of taxes but that’s another post.</li> <li>Your neighbors will benefit from you short selling vs foreclosing. A foreclosure will typically sell for less than a short sale. It takes time for a home to foreclose, then get re marketed by the bank, In that time, the home’s condition can go down hill fast. Here in Florida, a home closed up with no A/C will only last so long. In a short sale, the amount of home vacancy is reduced thereby helping the neighborhoods appeal, and resale values.</li> </ul> <div>I am an advocate for the short sales over foreclosure.</div> <div>Obviously I have an interest as a real estate agent thats how I make a living. I graduated with a degree for psychology, and social work. Helping homeowners in tough situations is very rewarding for me. I have helped my customers negotiate with lenders for reduced payments and loan modifications, and if that doesn’t work out, helping them get out of their home, and avoid foreclosure. My customers that have had successful short sales will be back sooner than later to having normal credit, and the possibility of home ownership. That’s what I call “social work”!</div> <div>Sellers can get to a point where they are ready to just give up, but at these darkest moments we have to be reminded of the long term goal. The temporary pain of showings, negotiating offers, and following up with lenders can aggravate even the most patient home seller, and agent too.</div> <div style="text-align: center;"><strong><em>The outcome does justify the process</em></strong>.</div> </div> <div style="text-align: left;">If you need help buying or selling real estate in Manatee County please consider me for the job. I have been a top producing agent here in Manatee County for the past 7 years.</div> <div style="text-align: left;">I am an Experienced short sale agent and I would be happy to discuss your unique situation and give you advice that you need. Don’t go it alone. Call me today</div> <div style="text-align: left;">Joe Murphy 941-780-3260 cell/txt</div> <div style="text-align: left;">joe@manateemoves.com</div> <div style="text-align: left;">www.manateemoves.com</div> </article> <article> <h1>Tax credit gets extended- Whew!</h1> <p>Joe — Tue, 27 Oct 2009 06:44:33 +0000</p> <p>It’s finally really here. Of course, this is a little old news, as people have been saying that the tax credit was approved fro the past week. Nothing is in stone until the President signs the bill into law.</p> <p>It would have been nice if this could be extended to ALL home buyers. This would cause the investors back in the market in droves, and snapping up all the investment homes. Could you imagine buying a rental home for 50,000 and getting back 8,000 of your taxes?</p> <p>Kind of like when everyone was driving HUMMERS because they could write off the full cost of the vehicle in the first year. I am happy with this extension because personally I have four contracts pending with First time home buyers that were probably not going to close by the deadline. It would have been ugly for all those that were counting on the credit if they couldn’t get it.</p> <p>Here are the highlights</p> <ul> <li>the stimulus bill will extend the 8,000 dollar tax credit to First time home buyers from the current deadline of November 30. until May 1, 2010. If you are under contract by April 30, then you will qualify as long as you close by July 1, 2010.</li> <li>“MOVE UP” buyers can now qualify for up to a 6,500 dollar tax credit if they are buying a primary home, and have lived in their current home for at least 5 years. (This is really great, although it would be better if it was for all home-buyers regardless of purpose)</li> <li>All U.S citizens that file taxes are eligible</li> <li>The tax credit has no pay back provisions so that you don’t pay anything back over time, and if your taxes are less than the credit you will get a refund back.</li> </ul> <p>Here is the FINE PRINT</p> <ul> <li>Home-buyers who file as single or head-of-household taxpayers can claim the full credit ($8,000 for first-time buyers and $6,500 for repeat buyers) if their modified adjusted gross income is less than $125,000.</li> <li>For married couples filing a joint return, the combined income limit is $225,000.</li> <li>Single or head-of-household taxpayers who earn between $125,000 and $145,000, and married couples who earn between $225,000 and $245,000 are eligible to receive a partial credit.</li> <li>The credit is not available for single taxpayers whose income is greater than $145,000 and married couples with an income that exceeds $245,000.</li> <li>The maximum price of the home can not exceed 800,000. Bummer..</li> </ul> <p>When you need a great Realtor in Manatee County please give me a call. I am ready to help.</p> <p>Short sale expert, REO-Bank owned, and investment properties</p> <p>Joe Murphy</p> <p>Coldwell Banker Residential Real Estate</p> </article> <article> <h1>Adding a Patio Spa to Your Backyard</h1> <p>Joe — Thu, 08 Oct 2009 00:06:52 +0000</p> <p>This is an example of a WordPress post, you could edit this to put information about yourself or your site so readers know where you are coming from. You can create as many posts as you like in order to share with your readers what exactly is on your mind.</p> <p>This is an example of a WordPress post, you could edit this to put information about yourself or your site so readers know where you are coming from. You can create as many posts as you like in order to share with your readers what exactly is on your mind. This is an example of a WordPress post, you could edit this to put information about yourself or your site so readers know where you are coming from.</p> <p>This is an example of a WordPress post, you could edit this to put information about yourself or your site so readers know where you are coming from. You can create as many posts as you like in order to share with your readers what exactly is on your mind. This is an example of a WordPress post, you could edit this to put information about yourself or your site so readers know where you are coming from. You can create as many posts as you like in order to share with your readers what exactly is on your mind.</p> <p>This is an example of a WordPress post, you could edit this to put information about yourself or your site so readers know where you are coming from. You can create as many posts as you like in order to share with your readers what exactly is on your mind.</p> <p>This is an example of a WordPress post, you could edit this to put information about yourself or your site so readers know where you are coming from. You can create as many posts as you like in order to share with your readers what exactly is on your mind. This is an example of a WordPress post, you could edit this to put information about yourself or your site so readers know where you are coming from. You can create as many posts as you like in order to share with your readers what exactly is on your mind.</p> </article> <article> <h1>7 Considerations for getting a mortgage today</h1> <p>agentevo — Fri, 10 Jul 2009 22:18:11 +0000</p> <p>Getting Ready to Buy a New Home? Need a Mortgage? Seven Things to Consider…</p> <p>1. Realtors and mortgage professionals agree that you must find out what price home you can afford before you start looking. A general rule of thumb is that the sales price of your new home can be equal in price to <strong><em>three times your gross annual income</em></strong>. However, there are other factors to take into consideration to see if this is what you can really afford.</p> <p>2. Your ability to repay the loan is crucial. Do you work full-time? Part-time? Self-employed? Retired? How long have you been in your current job and do you have reason to believe you will stay there? Are you relocating? What about raises and bonuses? Besides a paycheck, what other type of income do you receive? Alimony? Rent? Child Support? All these factors should be taken into consideration. Even if you have NO income, you may still be able to get a mortgage loan based on your other assets. The amount of cash you have (or can get) for a down payment and closing costs. Most lenders require 20% down if you want to avoid the added expense of mortgage insurance. However, let’s not forget about FHA and VA government-sponsored loan programs if you qualify. Most lenders nowadays have special loan programs to fit almost everyone’s needs.</p> <p>3. The amount of debt you have outstanding, including car payments, credit card bills, first and second mortgages (equity loans), etc. Will these debts be paid off if you’re selling a home in order to purchase a new one? What other kinds of monthly obligations do you have?</p> <p>4. Your credit history plays a big role in deciding what interest rate you will pay on your mortgage. It’s a good idea to go online to <a title="credit score" href="http://www.myfico.com" target="_blank">myfico.com </a>to get a copy of your personal FICO score. You can get a FREE credit report once a year from the three major credit agencies, or get your scores and you’ll be prepared when you meet with a lender. Right now with the tightened lending guidlines, your Credit Score is CRITICAL in deciding if you will qualify. 620 is considered a MINIMUM now to obtain financing. This has been increasing over the past year. In early 2009 I was able to help a family get financing with a 580. Keeping track of your scores, is really important if you want to get a house.</p> <p>The higher the score, the better credit history you have. If your credit score is lower than you think it should be, you may need to go further and check into why. You can get a detailed analysis from several local credit bureaus. Are there errors on your report? Are there reasonable explanations for items that bring your score down? Some lenders recommend a yearly check of your credit just to make sure there are no inaccuracies or problems.</p> <p>5. What kind of mortgage fits your lifestyle? There are many different types of mortgages to choose from. Some of the most popular are 30-year, 15-year, and adjustable rate mortgages (ARMs). Lenders are getting more and more creative when it comes to tailoring a mortgage that fits homebuyers’ needs. Take advantage of your lender’s expertise when selecting a mortgage that’s right for you and your family.</p> <p>6. Interest rates you will pay on your mortgage depend on a lot of things, some of which are mentioned already like credit score and history. But the prime lending rate that the Federal government charges banks and savings and loans, and the general state of the economy also play a role. Lenders tend to keep interest rates as low as possible in order to remain competitive.</p> <p>7. The process of purchasing a home is much easier if you get pre-qualified or even pre-approved with your lender for a home loan. The amount determines how much home you can buy and makes you a much more credible buyer with home sellers. When you make an offer on your new home, the seller will know you’re a serious buyer and will be much more likely to consider your contract.</p> <p>When you are ready to make a move, or if you have any questions please free to give me a call/text/email anytime 941-840-0150, <a href="mailto:joe@manateemoves.com">joe@manateemoves.com</a></p> </article> </main></body></html>