FHA mortgage, FHA Loans for buying a Florida home

Posted on January 24, 2010 by admin

FHA Mortgage Loans for Buying a Florida Home or FHA Mortgage Refinances are Fast and Easy with FHAmortgageFHAloan.com. FHA home loans allow first time Florida home buyers and current Florida home owners buy a home with less than 3.5% down or FHA home mortgage refinance up to 96.5% of the homes value.

Research FHA home loan programs to help you qualify to buy a Florida home with little money down, learn about FHA home loan qualifications, or get a free FHA home loan prequalification.

FHA home loans have so many advantages and qualifying is easier and less expensive with regulated closing costs of FHA loans protect you.

Other FHA loan Advantages Include:

Minimal Down Payment and Closing Costs.

Down payment less than 3.5% of Sales Price Gift for down payment and closing costs allowed. No reserves or required. FHA regulated closing costs. Seller can credit up to 6% of sales price towards buyers costs.

Easier Credit Qualifying Guidelines such as:

Minimum FICO credit score of 540. FHA will allow a home purchase 2 years after a Bankruptcy. FHA will allow a home purchase 3 years after a Foreclosure.

Easier Debt Ratio & Job Requirement Guidelines such as:

Higher Debt Ratio’s than other home loan programs. Less than two years on the job is allowed. Self-Employed individuals o.k. APPLY NOW FOR AN FHA HOME LOAN AT
http://www.fhamortgagefhaloan.com/

At one point and time many years ago, the FHA loan was the only alternative to local bank financing for home buyers. In the fashion world, there is a saying: Wait long enough, and everything comes back into style. That rule applies just as well to Florida FHA mortgage program. Long-overlooked, the FHA mortgage is becoming popular again with Florida Home Buyers for its low rates and the real security it provides borrowers.

For Florida banks and other mortgage lenders, FHA mortgage loan financing offers the security of a government insured Mortgage. Win/Win! To learn more, call today at 1-800-570-0448 or just use our fast and easy quick application!

For first time home buyers and other borrowers, the FHA home loans can have key advantages:

Easy Qualification – The FHA loan insures lenders against loss for loans made to properly qualified FHA home loan borrowers. So you’re likely to find FHA mortgage loans with terms that make it easier for you to qualify.

Minimal Downpayment Requirements – FHA mortgages can work with as little as 3% down and those funds can come from a family member, charity, or your employer. Although the FHA loan does not have a zero down mortgage option yet, you will find that your 1st Continental Mortgage loan officer can point you to many Downpayment assistance programs that work well with Florida FHA home loans.

Less than A-1 Credit is Okay – The Florida FHA home loan program exists to expand the pool of home buyers. Even borrowers with prior bankruptcies or mortgage lates get approved every day for FHA mortgages to buy or Refinance homes in Hillsborough County or any of the other Florida counties we serve. The FHA loan program uses credit quality, not credit score!

Lower Cost Over the Life of the Loan – The Florida FHA home loan rates are extraordinarily competitive. FHA’s lower risk to the lender means a better rate for the borrower.

Safeguards for Borrowers Who Get Behind – The Florida FHA loan mortgages also allow the lender more options in helping borrowers who fall behind keep their homes are get current again: special forbearance, workouts, even free mortgage counseling. Further, HUD can allow the lender to take past due payments and move them to the end of the loan and in some instance will actually pay your past due payments for you. Options to save your home you’ll never get from a conventional loan! In an uncertain world, this is another excellent reason for you to get an FHA mortgage.

Options for Manufactured Housing – Under certain conditions, you can even finance a Mobile Home or manufactured home using a Florida FHA mortgage loan. Call 1-800-570-0448 to get pre-approved for a Florida FHA loan for manufactured housing or just use our quick application to learn more!

FHA Loans Are Fully Assumable – When you are ready to sell your home, you can offer buyers FHA financing! All FHA loans can be assumed by qualified buyers.

These are just seven of the many good reasons to apply for an FHA mortgage. Call 1-800-570-0448 to speak with a friendly Florida FHA loan specialist now!

The FHA program has evolved since it started in 1934 and now has options for HUD insured loans that fit a variety of different borrowers and situations.

FHA Home Loans for Purchasing a Florida Home

Although Florida FHA home loans require additional paperwork, the reality is that applying for an FHA mortgage loan in Florida is not much different from applying for conventional financing. In fact, for many borrowers the small amount of extra time turns out to be an exceptional mortgage bargain because they save thousands of dollars over the life of their Florida Mortgage.

At 1st Continental Mortgage, we have been working with the FHA program for many years. We’re experts at assembling the proper paperwork and presenting your loan application to FHA approved lenders diligently and professionally. It’s one of the ways that we have earned our reputation for closing FHA home loans in Florida on-time.

You may be surprised at how flexible sellers are in the current market and how many programs there are that provide Downpayment assistance to applicants for FHA financing to purchase Florida homes, condos, and townhouses. The fact is, seller can pay up to 6% towards your closing costs. This means, no closing costs for you when negotiated during the purchase contract!

The FHA program offers excellent fixed rate options and never a prepayment penalty. If other mortgage lenders are quoting you subprime rates, you owe it to yourself to make the call to 1st Continental Mortgage to compare the costs of getting an FHA home loan for your home purchase. Call 1-800-570-0448 to speak with an FHA mortgage expert before accepting any conventional mortgage quote as the best you can do!

FHA Mortgage Loan Streamline Refinance Requirements

When your 1st Continental Mortgage lender helps you get a streamlined FHA refinance on your existing mortgage loan, he or she will make certain that you meet these conditions:

Your current mortgage must be an FHA mortgage. You must have had your FHA Mortgage for at least 6 months. You must have paid your mortgage on time for the most current 12 months. Your FHA Streamline Refinance must lower the principal and interest portion of your mortgage payment by at least $50 or convert the mortgage from an ARM to a fixed rate FHA home loan. You can’t get cash out on the FHA streamline refi. You must have an FHA appraisal if you are rolling the closing costs into the FHA streamline refinance. Any existing liens on your Florida home must be subordinate to the new FHA mortgage. FHA Mortgage Loan Refinance Programs for Cashing Out Equity

Although a streamline refinance does not allow you to cash out equity, we have a FHA loan refinance program that is specifically designed for borrowers who want to cash out equity to consolidate debts, make home improvements or to access funds for other purposes.

Unlike many conventional loan programs, the FHA mortgage does not adjust the rate based upon loan to value or credit score. You will find the FHA has very reasonable underwriting guidelines for cash out refinancing.

We have helped many clients borrow up to 85% of the appraised value of their homes and use the funds to consolidate debts or to make home improvements and other purposes. Qualified borrowers will have to look hard to find lower rates and better terms than they can get on Florida FHA cash out refinance right now!

Call 1st Continental Mortgage today at 1-800-570-0448 or use our quick application to apply for an FHA refinance on your home in Sumter County or any of the other Florida counties we offer FHA mortgages in.

FHA 203k Mortgages For Florida Homeowners Making Home Improvements

The FHA 203k loan program is nothing more than a specialized FHA home loan designed to help homeowners make home improvements. It is especially popular in neighborhoods with properties in need of rehabilitation.

The FHA 203k loans work in Florida communities in much the same way as Construction loans for home improvement. Eligible borrowers can use the proceeds from these mortgage to renovate and improve their primary residences.

Qualifying for a 203k FHA mortgage uses the same guidelines as a standard FHA mortgage for the purchase of a Florida home.

FHA Home Loans For Mobile Homes with Land

Although some conventional lenders in Florida shy away from making a loan on Mobile Homes or manufactured homes, many FHA mortgage loan lenders do not.

In fact, mobile homeowners fortunate enough to connect with a Florida mortgage lender, who is well schooled in how FHA loans work for mobiles and manufactured homes, can get a better interest rate, better terms, and a lower monthly payment by going FHA in nearly every case.

If you’re shopping for financing to buy a mobile or manufactured home on land in Sumter County or any of the other 66 counties in Florida that we serve, call 1-800-570-0448 and let us give you a quote for an FHA mortgage loan to purchase your mobile or manufactured home.

It only takes a few minutes to get an FHA loan mortgage quote on your Florida mobile home. We’ll wager that the savings on your monthly mortgage payments will make it some of the highest paid work you’ve ever done.

Few people realize that the FHA loan uses the same underwriting criteria for single and double wide mobile homes and manufactured housing as it does for traditional site built block or stick homes. In addition, FHA is one of the very few programs that can offer up to 97% financing on mobile homes on land. In addition, did you know that the seller can contribute up 6% toward your closing costs on an FHA mobile home loan and that down payment assistance can be used in Florida? It’s true! You could package your mobile home financing to create a real no money down loan with unbelievably low rates.

Call 1-800-570-0448 or use our secure online quick application for a free no obligation quote on financing your manufactured or mobile home using an FHA mortgage loan.

FHA Home Loans Offer the Convenience of Streamlined Refinance

An FHA streamline refinance is one of the easiest home loans for Mortgage Lenders and borrowers. Since HUD approved you for the original FHA loan, the paperwork to refinance is minimal and the process is simple.

So long as you have made your FL FHA loan mortgage payments on time for the previous 12 months, you can lower your monthly payment if interest rates go down with minimal out of pocket expense. Even if you have been late on your FHA mortgage, you might still qualify for an FHA streamline refinance in Florida under very specific conditions.

Less documentation and no appraisal are just two of the reasons a FHA streamline refinance is cheaper and faster for the borrowers who qualify.

FHA Mobile Home Lending Guidelines

The Department of Housing and Urban Development (HUD) sets forth these guidelines for determining if a mobile or manufactured home qualifies for an FHA mortgage loan in Florida:

The mobile or manufactured home must be constructed in accordance with the Federal Manufactured Home Construction and Safety Standards. A red tag is attached to the rear of each section of homes that comply with the standards. The home must be taxed as real estate by the local tax assessor’s office. The mobile or manufactured home must have been built after June 15, 1976. The mortgage must have a term of at least 30 years from when amortization begins. The mobile home or manufactured home must be on a permanent foundation. The axles and tongue must be removed from the mobile or manufactured home. The mobile home or manufactured home must have adequate skirting and insulation, and the crawl space must have adequate ventilation.

If you would like to determine if your mobile or manufactured home meets the guidelines for section 184 financing from FHA, call one of our Florida mortgage pros at 1-800-570-0448. We’ll be glad to help you determine if the property that you are interested in can be used as collateral for an FHA mobile home mortgage.

FHA 203K Mortgages for Florida Fixer upper homes

This specialized FHA mortgage is for Floridians who wish to buy a home that needs repairs or renovations. Just as is the case with a conventional construction loan, a single FHA 203k loan covers both purchase of the Florida real estate and renovation. FHA 203K financing can be used to purchase a property on a site and move it to a new foundation on the mortgaged property and rehabilitate it.

In addition, Florida homeowners can also use a 203k FHA mortgage to refinance existing debt when they finance one or more home improvements using the FHA 203k mortgage program.

Many borrowers are finding out what a good deal a Florida FHA home loan really is. Call 1-800-570-0448 today or simply use our quick application to find out more!

Buying a Home: New Vs Resale

Posted on January 20, 2010 by admin

When buying a home the largest decision that you will have to make is the choice of whether to buy a new home or a resale home. There are specific concerns that relate to both options so a smart buyer should take the time to consider the pros and cons of each.

New Construction Homes – Well, new construction homes definitely have the “shiny & new” factor in their favor. That being said, you should not assume that everything in the home is perfect. Many people buy new construction homes without an inspection and that is a big mistake. Just like resale homes there can be issues relating to the home’s systems or structure; although they are generally issues that are results of the home’s construction, not wear & tear. In a real estate market where new homes are springing up overnight, a major concern is the quality of construction. Unfortunately there are less than reputable home builders in operation that use sub-standard labor and materials in order to cut building costs and increase their profit margin. Before buying a new home try to find out about the home’s builder. Do they have a good reputation and track record? Have there been any issues with other homes they have built? Try finding people who are living in homes built by the builder and inquire as to whether they have had any issues with the home.

Resale Homes – When purchasing a resale home the home inspection is essential. A home inspection will let you know of any issues that have developed in the home over its lifetime. Common problems are things like: a leaky roof, cracks in the foundations, mold, easements or liens and old or out of date appliances. That being said, resale homes are usually located in a well developed area with good access to schools and community services like shopping, recreation and entertainment. Any issues that come up during an inspection can easily be used as bargaining chips during the offer process. typically you should be able to make the passing of a home inspection one of the major subjects in the purchase. If something does not pass the inspection it is either the owner’s responsibility to fix or the owner can decrease their price enough so that the buyer can fix it.

Buying a home is a huge responsibility. It is likely the largest purchase the average person will ever make so it makes good sense to take your time and explore all your options before jumping into anything. The more you educate yourself on your options, the better the chance is that you will find that perfect home that suits you in every way.

CJ de Heer is a certified REALTOR;

Three Questions to Ask Yourself before Buying a Home!

Posted on January 18, 2010 by admin

Buying a home is a major financial investment decision, a decision that can be filled with much worry and sleepless nights.

Buying the right home, at the right time, and for the right price can strengthen your financial situation significantly. Buying at the wrong time however, could hurt you financially. So, the Universal Law of risk and reward proves true yet again.

Before you begin the process of buying your home consider the following:

1. How long do you plan on living in the home you purchase? If you are unsure about your future job situation, maybe the company is unstable, or if you are unhappy in your current job this might not be the right time to buy. If you buy now and end up moving before your home has had time to appreciate in value, it could cost you to sell. Check the appreciate rate in your area by contacting your agent. The national average is between 3% and 5% per year. At this rate, it’s a general rule that you should plan on being in your home at least 3 years in order to recoup your investment and cover the selling costs of your home and buying costs of a new home. The higher the appreciation value in your area, the less time you’ll need to be on the positive side buying/selling process. Pay close attention on the average over time and not to the spikes in the market.

2. Will the home you’re considering meet your needs in the future? If you’re planning on staying in your location for five years, consider what your needs will be for those five years. Are you planning on growing your family? What will your childrens needs be as far as space in three years. If you have three children and two are sharing a room now at ages 10 and 8, will they still be friends at ages 15 and 13 in five years if they are still sharing a room? Will you need an office space of your own to have a little privacy? Plan for growth!

3. What is your credit situation? Take some time and get a credit report from a credible reporting agency. The better your credit is, the more options you’ll have when choosing a lender. If your credit is questionable you will probably still be able to find a lender, but your interest rates may be high and simply get you into more debt. Don’t rush into a purchase. Get credit healthy first.

Dirk Zeller is the President & CEO of Real Estate Champions. His company trains more than 250,000 Agents worldwide each year.
For more information on buying or selling a home in Clarksville visit:
More Help With Buying Homes

Buying Hud Homes as Investments

Posted on January 16, 2010 by admin

Buying HUD (Department of Housing and Urban Development) homes isn’t necessarily a way to get rich quick. These homes are supposed to be sold at market value, after all, which would seemingly make the great deals you hear about a myth. However, there are some profit opportunities here.

One of the reasons you still find good deals on HUD homes – even though they are supposed to sell at market value – is that they are sold “as is.” These are houses that have been foreclosed on and repossessed, so the previous owner may not have had the means nor the motivation to properly care for the home. They often have enough problems to scare away most home buyers.

What does this mean? It means that due to the condition, the market value may be low compared to properly-maintained homes. This can mean an opportunity for an investor who is willing to fix a few things. For example, to the general public, a “problem house” can be worth $40,000 less than surrounding homes, while it may take only $10,000 make it look good again.

Buying HUD Homes

What is a HUD home? It is a house that has a HUD-insured mortgage loan on it. When the owner doesn’t make the payments, HUD pays the lender what is owed, and then takes ownership of the home. They try sell it quickly, and at market value. Virtually anyone who can pay cash or get a loan is eligible to buy these houses. (HUD employees and relatives of HUD employees are eligible, but must receive written approval from the Director of HUD’s Office of Single Family Asset Management in order to purchase a HUD-owned single family property.)

HUD homes are found in all sorts of neighborhoods, although most are meant to be affordable to low-income and moderate-income families. These are homes that generally sell for the same as surrounding homes (except when they need work). To find HUD homes in the price range you want, then, you simply look for neighborhoods with homes in that price range.

If A HUD house need fixing up the asking price will reflect that. HUD may offer special incentives such as an allowance to upgrade the property, a moving expense allowance, or a bonus for closing the sale early. The houses are sold “as is,” but HUD will allow you to get professional inspections prior to making an offer. The cost of these will be yours, however, whether or not you make an offer or buy the home.

On most sales, you can request that HUD pays all or a portion of your financing and closing costs. Essentially you just make an offer as you would on any property, except that HUD homes are typically sold in an “Offer Period,” at the end of which all offers are opened and the highest reasonable bid is accepted. If not sold in the initial Offer Period, you can submit a bid any day of the week, including weekends and holidays, until the home is sold. If your bid is accepted, your real estate agent will usually be notified within 48 hours.

HUD doesn’t loan on these homes, although they do offer mortgage insurance programs that can help you get a loan. Contact a HUD approved lender for more information.

Investing In HUD Homes

HUD gives priority to owner-occupants purchasers. However, if there are no acceptable bids during the priority period, unsold properties are then available to all buyers, including investors. Your real estate agent should have the necessary details.

There are a couple ways to find out what HUD homes are available in your area. You can visit the HUD web site online and see the listings there. A better way is to find a participating real estate agent. He or she will know what is for sale, but also may know what HUD homes will soon be for sale. In any case, your real estate agent must submit your bid for you – HUD generally doesn’t accept offers directly from buyers.

When you make an offer, your real estate agent should help you with any paperwork. The settlement date (if your offer is accepted), will normally be within 30-60 days. You need to arrange financing and close the sale within this time, or forfeit your earnest money deposit (or you may be able to pay for an extension of your sales contract). The selling agent’s commission will be paid by HUD but only if you make this a condition of your offer.

Of course, when buying HUD homes, you have to analyze them like any other investment. If it will be a rental, you have to do the math to see if you’ll have positive cash flow. If you plan to fix it up and sell it, be sure there is a profit after all expected and some unexpected costs. Just because it is a HUD home doesn’t men it’s a great deal.

Copyright Steve Gillman. To see a photo of the house we bought for $17,500, get a free ebook on How To Buy Cheap Homes, and more, visit: http://www.HousesUnderFiftyThousand.com

Steps to Buying a Home

Posted on January 14, 2010 by admin

While this article was originally geared towards the first-time homebuyers, often a ripening age and the passing of time since your last purchase might slide you right back into that greenhorn status. Following are the steps you can expect to take when buying a home… at least in Kentucky. There are real estate laws and a “this-is-the-way-we’ve-always-done-it” mentality that sets each state uniquely apart, so talk to a local Realtor before you decide to purchase. That’s what we’re here for!

Though this must-do tip is not an official “step,” I’m going to say it anyways . . . stop making late payments! It affects your credit, adversely. Which brings me to the authentic first step.

FIND A LENDER!

Okay, I don’t mean to yell, but as first steps go, this one’s a doozy. I can’t stress enough the importance of finding a mortgage lender. Many a dream home has been lost because the debt-to-income ratio just doesn’t jive or your credit rating has dropped significantly when you weren’t even looking.

The unofficial rule of thumb for finding a lender is to talk to at least two of them. And tell them you’re shopping around! This encourages lenders to not only find the best loan for your situation, but a little competition might go a long way towards reducing your interest rate. Don’t be concerned that lenders pulling your credit will affect your credit rating. Not the case anymore. Once you’ve found your lender, you can lock into the interest rate for 30, 60 or even 90 days. But you don’t have to. Keep in mind, though, that the interest rates could change before you lock in.

Your lender will then give you a letter of approval or commitment letter. Times being what they are, many sellers/Realtors want this submitted right alongside the offer.

Decide on a Realtor.

Don’t even look at homes without first finding a Realtor. And I’ll tell you why. I am nauseatingly consistent in telling people this: Realtors are just people. And there are good people and bad people . . . Some people are lazy. Some are air-headed. Some are indifferent. Some are just plain mean. You never want to be stuck with someone you don’t like or trust. Pick the Realtor you want.

There’s a little known term that most laypeople don’t know. It’s called “Procuring Cause.” What that means is that if a Realtor shows you a home that you decide to buy, you cannot then bring your own Realtor into the mix. There are disgustingly few exceptions. The first exception is if the Realtor that showed you the home is sweet enough to give up his commission out of the goodness of his heart and allow you your chosen representation. Enough said. The second is if your Realtor will guide you through the process and expend considerable effort and time without pay. Also enough said.

Finding a Realtor is easy. Talk to people you trust. Ask them if they liked their Realtor, and why. Good Realtors should get more business from word-of-mouth than soliciting folks at their doors.

Please, please remember, though, that Realtors aren’t perfect. We make the same mistakes that other humans do. Try and cut us a little slack when we don’t call you back right away because our phone fell in the toilet. Stuff happens.

Search for a home.

This is one of the most enjoyable aspects of the process, but make it easier both on yourselves and your Realtor. Prepare. I know that when you’ve finally reached this stage, you’re chomping at the bit to “kick some tires,” but it’s important to narrow the search down first. Make a wish list. Write down all the things that are important to you. If you must have a first-floor master, write it down. If you want a basement but will do without one for the home that has a ton of storage space, leave it off. You don’t want to waste everyone’s time looking at homes you’re not going to buy, but you also don’t want to miss a terrific home because your criteria is choking it out.

Writing the offer.

Once you’ve found your dream home, it’s time to make an offer. Your Realtor will hold your hand throughout this whole process, but I’ll address briefly what to expect. Having decided on the home to buy, your Realtor will do some research on your behalf. She’ll run the comps to find out if the home is priced accordingly, how many days it’s been on the market, etc.

Armed with all the information revealed by your Realtor, you’ll submit an offer on the home. It will either be accepted, rejected or countered. If the seller counters the offer, you will have a limited amount of time to respond with your own rejection or counter. Once the offer or counteroffer is accepted, you move on to the next stage.

Inspections.

Your contract should allow you a time limit for inspections. Some states may require home or pest inspections, some may not, but they are highly encouraged. Let me put it this way: If I am your Realtor and you decide not to have inspections, I will require you to sign a Home Inspection Disclosure stating that I pleaded shamelessly with you to have inspections, but you declined and therefore release me from any liability resulting from said refusal . . . or words to that effect. Have inspections!

Many lenders will require you to have termite inspections. That’s okay. In Kentucky, the price for the inspection is minimal. But home inspections are equally (if not more) vital. For a few hundred dollars, you can find out beforehand whether or not there are any plumbing leaks, foundational instability, shingle damage, repairs and/or renovations that are not up-to-code, if your chimney needs tuck pointing or your tub drains slowly, whether your bathroom has proper ventilation or the attic has adequate insulation, whether there are electrical issues, siding issues, drainage issues . . . the list goes on. Again, have a home inspection.

Once the inspections are concluded, if you didn’t state in the contract that you were buying the home as-is, you can ask the seller to make repairs. Please don’t make the same blunder that some married folk find themselves making. You need to pick and choose your battles. If you can fix it yourself for minimal cost and effort, don’t ask for it. If it’s no big deal to you in the whole scheme of things, let it go. The mistake most people make is nickel-and-diming the sellers into wondering why they ever accepted your offer in the first place. Let your Realtor be your guide. A good starting point is safety. You want to make sure the home is safe before you pack it full of kids, pets and all your worldly possessions.

Escrow.

Escrow is just the period of time from contract acceptance to closing. It’s boring, but you can offset the tedium or lessen the anxiety by packing. Now is the time to box up your possessions. Meanwhile, your lender is working to set the closing date and gathering any necessary paperwork that may be missing.

Utilities.

Remember to call the utility companies a week ahead of the closing date to schedule the turning on or transfer of service for the day of possession.

Closing.

This is it! Whether you’re jumping from the closing table into the moving van or waiting because you’ve given the sellers a few days to move out, you will own your home today! Be prepared to sign enough paperwork to line your new kitchen. Either before the closing agent sticks a pen in your hand instructing you to “sign here, here and here” or when he’s out of the room making copies is the time to ask the sellers what day is trash pick-up and whether or not that ugly bush is on your property or your neighbor’s.

But equally important, don’t forget to recommend your Realtor to others. We feed our families on commission!

Lisa Buth is a Realtor at RE/MAX Action First in Louisville, Kentucky. She was licensed to sell real estate in 2003 and holds a certification as a New Home Specialist. Lisa feels that in every business, particularly the real estate industry, it?s important to demonstrate honesty, integrity and professionalism. She likes to spend time with her family, fish and write . . . in that order. Visit Lisa’s website at www.ButhHomes.com.

Buying a Home in Cape Verde

Posted on January 13, 2010 by admin

Have you visited Cape Verde once or maybe twice in your life and you think that it is a beautiful place to be? You can probably even picture yourself living in a nice house in Cape Verde. Then perhaps you should thinking about buying a home in Cape Verde for yourself. Because you only live once, and if you can afford it then I see no reason why you shouldn’t think of buying a home in Cape Verde.

If you are buying a home in Cape Verde you may want to start putting your home on the market as well, this will give you some money on purchasing your home in Cape Verde, but first make sure that you have a home already in Cape Verde, you can work something out if you really want to buy a home in Cape Verde.

If you do a bit of research for your home in Cape Verde you will find that it won’t be that hard to do. But buying a home in Cape Verde will take some time and patience. Buying a home is never anything that you can up and do. You do not want to end up getting in debt so first you should try to budget yourself at a payment you can afford when buying a home in Cape Verde.

Another rule when you are buying a home in Cape Verde is you should be aware of their laws because Cape Verde’s laws are more than likely different with the laws that you are familiar with.

If you like sun then Cape Verde would be the place for you to buy a home because in Cape Verde throughout the year they only get about 24 centimeters of rain. So the sun is basically always shining in Cape Verde.

Written by Ross Johnson. Find the latest information on IPC as well as Cape Verde holiday homes.

Common Issues When Buying A Home To Remodel

Posted on January 11, 2010 by admin

Remodeling a home starts with a dream. A gourmet kitchen! Skylights! A gigantic walk-in closet! But, the dream may turn into a nightmare if you don’t plan ahead. Buying a home will arguably become your most important financial investment, as well as a major emotional investment. And, remodeling that home can make it better suited to your lifestyle and increase the house value. However, the remodeling process can seem overwhelming at times. If you’re buying a home that you plan to remodel, here are some issues to consider.

It’s always important to make home improvements to satisfy your needs and desires, not just to raise the house value. After all, you’re the one who will be living in the home and enjoying the improvements. However, if you’re making improvements in order to increase the resale value of the house, be careful not to overdo it. It is possible to add too much house value in relation to the other homes in your area, and can be difficult to recover these improvement costs when you sell the home. Also, some expensive choices, like particular fixtures or flooring, may actually make your home more difficult to sell. Talk with your Coldwell Banker® real estate professional about your remodel plans before putting on your work gloves.

While the specifics of the home you are buying will determine your remodel plans, certain improvement projects have historically provided high ROI’s, or Return On Investments. According to Remodeling Magazine, improving the quality of a kitchen-whether upgrading appliances, changing the layout, counters and cabinetry, or simply painting and swapping out drawer pulls-provides the highest ROI of any remodel project. Also, remodeling or adding a bathroom is a proven way to increase house value.

Before you purchase a house with the intention of remodeling and raising the home value, be sure to investigate the zoning restrictions and environmental regulations. Many older homes come with zoning restrictions, including pre-determined setbacks from property lines, limits on roof height, etc. If the home is on a municipal historic register, regulations will likely be even more stringent in order to preserve the house’s historic character. If the home you are buying is in an environmentally sensitive area-adjacent to wetlands or protected open space, for example-or contains a significant natural resource, additional regulations may limit your remodel plans. Such regulations can impede on house size, paving, grading soil, cutting down trees and removing native plants.

Your attorney can help you determine zoning and environmental regulations and determine if you have the correct permits to begin any home improvement project. In most parts of the world, a legal permit is required before you make structural changes to your home. The building permit and associated inspections and approvals can provide assurance that the remodeling project meets local building codes and safety regulations. If you live in a historic district this process may also provide assurance that exterior changes to your home are in keeping with neighborhood guidelines.

Lastly, before buying a home that requires a remodel, be aware that some problems simply can’t be fixed. Whether the desired improvement is prohibited by local regulations, or can’t be undertaken with your budget or timeframe, it’s important to recognize the limitations of your home’s potential.

The staff at Coldwell Banker Real Estate Corporation [http://www.coldwellbanker.com/] writes select articles about important topics related to real estate. For more information about buying a home or selling your current property, visit http://www.ColdwellBanker.com today.

Six Steps to buying a Florida home with Bad Credit

Posted on January 10, 2010 by admin

Six Steps to buying a Florida home with Bad Credit

Do you have a low credit score but want to take advantage of the mortgage mess to buy a Florida home? If you are like millions of Floridians others trying to keep up with credit card bills, car payments and a student loan on a reduced, or non-existent income, you may think that a new loan is out of reach. In truth, Florida bad credit loans are more difficult to obtain these days, but you may be surprised that there are still ways to get a Florida bad Credit home loan with bad credit.

Getting a Bad Credit Florida Mortgage with bad credit isn’t as easy as it was a year or two ago. However, it isn’t as impossible as some news reports make it seem. Even Floridians with bad credit reports which reveal past financial sins still sometimes get to the promised land of mortgage approval. Most Florida Home Buyers and Refinance clients do so with the help of a skilled and experienced Florida mortgage lender who specializes in Florida bad credit home mortgages.

Florida home buyers should know the many advantages of the FHA mortgage loan programs. FHA loans were created to help increase home ownership. For the Florida home buyer the FHA program can simplify the purchase of a home, making financing easier and less expensive than a conventional mortgage loan product. Some highlights of the Florida FHA loan program include:

Minimal Down Payment and Closing costs.

Down payment less than 3.5% of Sales Price Gifts are allowed Seller can credit up to 6% of sales price towards closing and prepaid costs. 100% Financing available No reserves required. FHA regulated closing costs.

Easier Credit Qualifying Guidelines such as:

No minimum FICO score or credit score requirements. FHA will allow a home purchase 2 year after a Bankruptcy. FHA will allow a home purchase 3 years after a Foreclosure.

Visit http://www.fhamortgageprograms.com/florida/, for more info

Why Now?
Now could be your best chance ever to own a Florida home. There is a lot of inventory on the market, about 12 months’ worth of Florida homes on the market as of June 2009, so there is a wide selection of Florida homes, townhomes, condos, ect to choose among, especially if you are flexible about where you are willing to live. And Florida homes have depreciated across the board an average of 23 percent since 2005, so there are lots of Florida home bargains. Add to that relatively low interest rates, and you have a perfect storm of opportunity-if you can get a bad credit Florida home loan.

You can’t get a Bad Credit Florida home loan if you don’t apply. But where should you look if your credit is not good? Read on for six steps to get a Florida bad credit mortgage loan, even if you have bad credit.

1. Get in the Game
First, consider an FHA backed loan. FHA loans are designed for Florida home seekers with less than stellar credit, and the interest rates are usually less expensive than rates on sub-prime loans, sometimes up to three percentage points less. Reach out to www.FHAmortgagePrograms.com providing Florida bad credit mortgages with No Min FICO Requirement.

2. Look for Help from Experts in Florida Bad Credit Mortgage Loans
While you are online, use one or more comparison shopping sites for Florida bad credit mortgage lenders. Typically, you enter your information just once for access by multiple Bad Credit mortgage lenders. Since these Florida lenders are focused on bad credit loans, they know the ins and outs of qualifying with low FICO scores and which Florida lenders will accept which kinds of credit problems.

3. Improve your Odds by Forgoing Jumbo Loans
If you have bad credit, conventional Florida mortgage lenders won’t touch you with a ten-foot pole unless you have a huge down payment. Then you can get a loan of up to $417,000 and it can be underwritten electronically rather quickly. Otherwise, stay within Florida FHA loan limits for your area. That means a fairly modest home is your best bet if you have a low down payment and some credit issues. Jumbo financing IS out there–but it’s very hard to get– you have to prove you can afford the higher payments, a Florida bad credit lender that specializes in jumbo loans charges much higher rates.

4. Understand New versus Existing Florida Home Prices and Sales
There are two kinds of Florida homes on the market: existing and new. Traditionally, the percentage of sales is about the same for both while the supply of existing homes is larger. That may not be true in some areas. Florida, for example, is offering a $10,000 tax break to those who buy newly-constructed homes. In distressed markets, deal-seekers may have to decide between negotiating with a struggling developer or a bank entertaining a short sale. The Florida short sale might be a better price but these transactions often take months and fall through. If the developer is still the legal owner of the property, new construction might be a faster way to go.

5. Understand the Appraisal
Appraisals are independent evaluations of the value of the Florida property. If an appraisal comes in lower than your offer, you can still go forward with your purchase–but you are in an excellent position to negotiate a lower price. If you are getting an FHA loan, your purchase contract explicitly states that you cannot be forced to complete a transaction if the home appraises for less than the sales price. If your appraisal comes in higher than the sales price, you still get to buy at the lower price if you have a valid contract and have obtained financing.

6. Understand Interest Rates and Timing
Florida Bad credit mortgage loans are going to cost a few points more than loans for people with solid credit, so interest rates are especially important to those with poor credit. Although interest rates are relatively low right now, they are fluid, which means that they could go up enough to undermine your loan. One good thing about today’s soft real estate market is that, rather than asking for a price reduction from the Florida home owner, you can ask for them to pay enough points to buy your Florida bad credit loan rate down to something manageable. It shouldn’t matter to the seller if they drop the price 5% or pay 5% to get you a good interest rate. They’ll still receive the same proceeds.

Remember, you can’t win if you don’t play, so forget about rejection and start by filling out some bad credit mortgage loan applications.

Apply for a Florida Bad Credit Mortgage http://www.fhamortgageprograms.com/mortgage/bad-credit.shtml

Have You Lost Your Home to Foreclosure? Buying a Home is Still a Possibility

Posted on January 9, 2010 by admin

The dire headlines coming fast and furious in the financial and popular press suggest that the housing crisis is intensifying. The real estate market is a key sector contributing to the economic downturn in the U.S. economy. Millions of homeowners have lost homes and face ruined credit ratings due to bank foreclosures. Yet, this fact remains: you can buy a home after foreclosure.

Without a doubt, loss of a home is one of the most traumatic experiences that any homeowner will ever face. Foreclosure is the conclusion of a very stressful and emotional financial period in one’s life.

The foreclosure may not have been completely your fault. The road that led to you losing your home to the bank may have been caused by any number of reasons loss of employment, a life-altering event, buying more home than you could afford, or simply that you just had the wrong loan product from a lender. The reason itself does not matter. The fact is this foreclosure has changed your life. The process of foreclosure has caused you embarrassment, financial strain, anxiety, frustration, and a bad credit debt.

Now you must begin a long road to financial recovery. Any hopes of buying a home in the near future have disappeared, unless you have enough cash to do so.

Banks and mortgage companies will be of little or no help to you, once they see the foreclosure on you credit report. Keep in mind that a foreclosure stays on your credit report for ten years. Most traditional lenders will not even consider offering a home loan to you for the first several years after your foreclosure. They will inform you that you must wait until enough time has passed, in their opinion, and that you have improved and maintained an acceptable credit rating to their standards.

When the time finally comes that one of these traditional lenders will offer you a home loan, it more than likely will be at a premium interest rate and will include funding points. These points are bank fees (one point equals 1% of the loan amount).

This is not good news for those of you trying to get back into homeownership. The loan offer may result in you paying much more than otherwise needed for a home either in up-front closing costs or over the life of the loan itself. Thus, you may be forced to settle for a lesser priced home in order to afford the total loan payment that is being offered by the lender.

Wait. You do have other choices to live in the home you want. One option is to become a renter and begin paying a monthly fee to a owner. You may also consider a Lease Option agreement as a viable alternative if you must rent. Many real estate agents and homeowners trying to sell their homes could present this opportunity to you to get into the home.

Before you agree to either of these options, consider these details in making your decision.

As a tenant entering into a rental agreement with a landlord you will be required to provide the landlord a security deposit, as well as the first and last months rent. This usually amounts to a considerable sum of up-front money at a time when you’re already financially stressed.

In addition to that financial hardship, at the conclusion of your rental agreement you will be left with nothing. You will have no interest in the property and no equity growth. A method to purchase now with no more up-front money than if you rented a home. Your landlord has paid down his mortgage and your landlord has enjoyed a certain amount of equity growth on his property.

If you choose to enter into a lease option agreement with a seller, keep in mind that two agreements are being made at the same time.

The first agreement will be a lease between you and the owner of the property. This agreement makes you the tenant while the seller of the property becomes your landlord. You will be required to make monthly rental payments to the landlord, which may or may not have any deposit credit value (a percentage of the monthly rent payment to be applied to your deposit funds if you opt to purchase the property at the end of the lease). And you will most likely be required to place a security deposit with the landlord and pay him the first and last months rent in advance, as with a typical lease agreement.

The second agreement in a lease-option is the purchase agreement. This agreement will define the option date, price and terms to purchase the property from the landlord. The agreement will convert you from tenant to buyer, and the landlord to seller. The price for the property will have already been predetermined by the seller with you at the time of the original agreement to lease with the option to purchase the property.

The downside to this is that the seller wanted to sell the property originally at a price competitive with market values at the point in time when the agreement is made. By agreeing to lease the property to you with an option to purchase at a later point in time, he will expect you to pay a higher price based on anticipated equity growth for the property. You will also be required to make a full deposit prior to closing, and obtain the balance of the funds by the closing date in order to close on the property.

This simply means that since you have a foreclosure on you credit history you will most likely be required to make a 20% deposit, and to have improved your credit rating sufficiently in order to qualify with a lender for a mortgage loan. If you qualify for the loan you will finally start homeownership and home equity growth once again for you and your family.

The cost of regaining this position is one to three years of rental expense, a down payment of possibly 20% of the purchase price, any loan fees required by the lender to grant and fund the loan, and most importantly paying one to three years of equity growth more for the home.

What if there was another way to get into a home right now? A way, that allows you to start gaining home equity immediately? A way, that starts to rebuild your credit? A way to buy now with no more money up-front than if you rented a property?

Don’t run away from the problem. Face it head on and get back into home ownership reasonably and for not much more than what you would pay to rent a home.

Above all, be realistic. Don’t fall in love with a home you can’t afford. You may convince yourself that if you scrimp and tighten your belt, you can afford it. If you do that, you may put yourself at risk. Buy the home you can afford now and if you’re able later on, you can “trade up” when you can afford a larger house.

Don’t plan other big purchases or other big ticket items right away unless absolutely necessary. Build an “emergency fund” into your budget. Put a little away each month for the unexpected. That way when the car needs repair or the house needs a new roof you won’t be tempted to reallocate funds from existing financial responsibilities.

NFSBOS.com

9040 Town Center Parkway, Suite 110,

Bradenton, FL, 34202 941-552-5673

A Few Tips to Remember When Buying a Home

Posted on January 8, 2010 by admin

Buying a new home is obviously one of the most important decisions in life, and should not be made on the spur of the moment – it should never be a “love at first sight” decision, but a carefully reasoned one. Here are some things to remember to take into account during your decision making.

1. Never offer the asking price

This would seem to be obvious, yet many people view a house and say “I want it!”, and offer to buy it on the spot. Because you are the prospective buyer of the property, you have the right to put in whatever offer you want, and the vendor has the right to accept it or not. Don’t let the real estate agent tell you that your offer is too low, let that decision be made by the vendor. You never know the vendor’s position, he might be desperate to sell because of a marriage break up for example, or any other reason. Being a cash buyer puts you in a much stronger bargaining position.

2. Sell your own home before buying another one.

As explained above, if you are a cash buyer, having sold your own home, any vendor will be more receptive to your offer. An offer which is subject to you selling your current home is in reality not much of an offer at all. You are immediately vulnerable to being overtaken by a cash buyer, even if their offer is lower. If you are worried about not having a place to live if your home sells and you haven’t yet bought, one option is to try for a longer settlement time on your current home, and a shorter time on the one you are buying. Another option is to go into short term rental accommodation, or perhaps stay with relatives, even if it is in a caravan.

3. Don’t get talked into buying a home by someone else.

Don’t forget that it is your money that is going to be spent, and you are the one who is going to be living there. Of course you can get advice from family and friends, and this can be helpful, but it remains your decision. If you cannot fide a house which satisfies your needs, be prepared to sit back and wait until you find one that does. Houses are like suburban buses, if you miss one, another will be along shortly. Take all the time you need to get the right house.

4. Don’t get carried away by advertisements.

Obviously you will be reading the real estate pages, but concentrate on the facts like the number of bedrooms and bathrooms, the area, the price etc. The ads will be presenting the home in the best possible light, leaving out any major problems, such as a leaky roof. Take time to learn real estate jargon, and what the words really mean. “Cute cottage” means very small, “handyman’s dream” means the house will cost a lot to renovate. In time you will get to automatically substitute the jargon with your own words.

So there are just a few tips to consider when buying a home, and I hope to publish some more in further articles.

Do you want to save thousands on the next home you buy? Visit my website and find out how. http://www.money-makingopportunities.com/mortgage/

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