The White House announced an executive order revising the Home Affordable Refinance Program (HARP) last week designed to help homeowners who are underwater refinance. If your home is worth less than the mortgage balance and you are current on payments, then you may qualify to take advantage of today's interest rates. The previous iteration of this program excluded homeowners who were more than … [Read more...]
Is it absolute madness that buyers can still purchase using an FHA insured loans with only 3.5% down? Does it make sense for the federal government to insure 92% of all new mortgages? Do such buyers have enough of a buffer to ride out any storms in the Tampa Bay housing market? Recent data shows that homeowners with a smaller down payments more likely to default or walk-away. A 2009 Federal … [Read more...]
A couple visitors to TampaMoves.com noticed great prices on bank owned homes and asked "what is missing from these REO homes, we can't tell from the photos". Hence, I went to visit three foreclosed homes today and found that all three were missing kitchens! Appliances and cabinets were gone. One was missing an air conditioning and a couple vanities. Each REO property needed carpet and paint. As … [Read more...]
You may not be the only one who recognizes a good deal. When the right home comes along there may be multiple offers. A pre-qualification letter must accompany every offer, regardless if you are looking at bank owned foreclosures, short sales or traditional sales in the Tampa Bay area. While pre-qualification offers leverage during pricing negotiations, a pre-approval letter goes a step further … [Read more...]
How much closing costs should a home buyer expect to pay? Closing costs average 5% of a home’s purchase price. Closing Cost Estimates Looking for the exact amount? Lenders are required to disclose all closing costs within three days of when a buyer applies for a mortgage. The forms used to list closing costs have been standardized and simplified. The new Good Faith Estimate (GFE), circa … [Read more...]
