FHA to Reduce Waiting Period for Borrowers Who Experienced Foreclosure

FHA-Mortgage2-528x396FHA to Reduce Waiting Period for Borrowers Who Experienced Foreclosure… The Federal Housing Administration better known as FHA has made a popular decision today that will come as welcomed news to any borrowers who may have experienced a foreclosure recently or may find themselves in a foreclosure in the coming years. Up to this date ALL borrower’s who had there house foreclosed would have to wait 36 months or 3 years before they could finance the purchase of another home with an FHA mortgage and would have to wait 60 months or 5 years to finance the purchase of a new home with a conventional loan. But as of Today FHA will Reduce Waiting Period for Borrowers Who Experienced Foreclosure under specific guidelines.

The Federal Housing Administration (FHA) is going to allow borrower who have had a Foreclosure, Bankruptcy, Deed-In-Lieu or Short-Sale to renter the housing market and finance the purchase of a home with an FHA loan in as little as 12 months from the final date of action from the default if they fall under the specific guidelines. Meaning they have to have lost their home as a result of an economic hardship. For any borrower’s who went through a financial hardship FHA realizes “their credit histories may not fully reflect their true ability or propensity to repay a mortgage.”

Now in order to be eligible for this guideline and the more lenient approval process the borrower must be able to provide certain financial documents that show specific credit impairments and financial hardships were from loss of employment and/or loss of income that was beyond the borrower’s control. In addition the lender must also be able to verify the loss of income was at least 20% for a time period lasting at least 6 months.

Borrower’s must also show they have fully recovered from the event that caused the credit impairments and financial hardship and must also complete housing counseling. This means the borrower(s) must reestablish satisfactory credit for at least 12 months to satisfy the recovery requirement. Satisfactory credit include 12 months of timely payments on things such as mortgage, rent, or credit accounts etc…

Rising Interest Rates and what they Mean

Ben Bernanke Fed Chairman

Ben Bernanke Fed Chairman

As a Citizen 1st of our great country and Real Estate/Mortgage Professional I have a lot of mixed feelings and emotions about the Rising Interest Rates and what they Mean for our Country! When interest rates begin to rise that means the economy is getting stronger as a whole and who wouldn’t be in favor of that? I know I AM!!! But as your start to peel back the layers of this onion don’t be surprised when your left teary eyed over the rising interest rate for your home mortgage loan.

As most people know unless you have been hiding under a rock since 2008 our country has been in a deep economic recession! In which the Federal Reserve or the FED and its chairman Ben Bernanke have been pumping money into the market place to artificially depress interest rates to the tune of $85 billion a month with a B! Making it cheaper to borrow money which in-turn helps stimulate the economy. It’s a fairly simple concept really… The cheaper it is for someone to borrow money the more likely they will borrow. This helps keep money circulating and is the oil, grease & coal for this money train we call the US economy! Without it we could be the biggest & nicest train on the tracks but we wouldn’t get far without the oil, grease & coal.

As for the Miami & Nationwide Housing Industry which is my main area of expertise I am concerned about the Rising Interest Rates and what they mean for all of us! The housing market for many areas across the country have stabilized and even in some select markets have seen a steady increase in home values & purchase prices over the last several months. Now there are many factors that contribute to this but none more so than the low affordable interest rates that home buyers have all enjoyed over the last 18 months. What we know now is that interest rates are beginning to go up… Just ask anyone who is been trying to buy a home over the last 45 to 60 days where the interest started when they were first pre-approved and where the interest rate is at now! A traditional 30 year mortgage is now is around 4.5% which is up from 3.25% just a few months ago. And with the economy getting stronger interest rates are likely to keep rising.

Now I am forever optimistic and remain a glass-half-full person… but my fear is the FED will allow rates to increase too rapidly too soon which in-turn will stymie the little recovery and progress we have made in the overall housing industry since the great collapse of 2008! My hope is the FED will realize this and continue to take the necessary steps to keep rates low which makes more homes more affordable to more people and keeps the resurging housing market on a steady and upward trend that matches our growing economy!

Miami Kendall Hammocks Fireworks Show

Miami Kendall Hammocks Fireworks Show

Miami Kendall Hammocks Fireworks Show

If you’re in West Kendall for the 4th of July and don’t want to deal with the hassle of heading out to Black Point Marina or Bayside just to take in a good fireworks show then your in luck! The Miami Kendall Hammocks Fireworks Show is one heck of a July 4th Celebration and doesn’t require you showing up 3 hours before the show just to get a good view of the extravaganza or spending a couple hours after trying to get out of the traffic once the show is over.

There will be plenty of FUN activities for the whole family! Free Rides & Games for the kids! Karaoke with a LIVE Band! Food Trucks Galore to satisfy any and all of your hunger needs! Only piece of advice I would give is bring some insect repellant, an umbrella, and some fold-out chairs so you can watch the show comfortably.

Below please find a video of all you can expect to see as well as a map you can use for exact directions. Hope to see you there as we celebrate the birth of our great nation!


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A-Rod Sells his Miami home for a cool 30 MILLION!!!

A-Rod Sells his Miami home for a cool 30 MILLION!!!A-Rod Sells his Miami home for a cool 30 MILLION!!! Alex Rodriguez hasn’t played at all this 2013 season and spent most of last year striking out with what most baseball aficionados would consider mediocre play at best. But I think most people would agree he hit a TOWERING OUT OF THE PARK GRAND-SLAM HOMERUN with his most recent real estate transaction.

The Yankees 3rd baseman purchased his waterfront Miami Beach in home in 2010 for 7.4 million. He then pumped in an additional 7.5 million transforming the 20,000 sqft estate into a work of art with European white oak flooring throughout and glass windows that can be adjusted so that someone can walk straight outside. The house also features a zen garden and rooftop deck. The renovations took him a little over 11 months to complete but for those who can afford its well worth it.

If your keeping a box score that is $7.4million to purchase + $7.5million in upgrades & renovations with a $30 million dollar sold price which = 15 MILLION DOLLAR REAL ESTATE PROFIT in less than 36 months.

Rodriguez moved in October 2011 and, encouraged by the rebound of the Miami real estate market, listed the home for the first time at $38 million a year later. Failing to get a nibble, he took the home off the market in December 2012. Rodriguez never listed the home again, as he was personally offered the deal that was consummated Friday.

“When you’re offered the highest price for a home in a city’s history, you have to take it,” said Jose More, a business partner of Rodriguez who is the vice president of his construction company.

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