Today FHA outlined some new guidelines for down payments that will drive how much a home buyer has to put down. If your credit score is under 580, then we need to come up with a 10% down payment instead of the current 3.5%.
As you start shopping for a house, always check your credit and see what you can do to keep it clean. Surprises hurts.
Here is more information
http://www.realtor.org/RMODaily.nsf/pages/News2010012001?OpenDocument
Steve Armstrong, Realtor
Certifying Agent, Florida Green Builders Coalition
Smith & Associates Real Estate
http://www.UniqueTampaHomes.com
Wednesday, January 20, 2010
Monday, January 18, 2010
Flipping is Back! FHA relaxes rules
Just a quick note to you real estate investors. There have been a few challenges in 2009 for those of you who want to buy distressed properties and resell them. The key challenge has been the ability to finance the property.
FHA being one the easiest wasy to get financing has not allowed "flipping" transactions where an investor buys a property and turns around to sell it for a profit without a minimum 90 day to "cure" title.
This restriction has now been relaxed. http://www.floridarealtors.org/NewsAndEvents/article.cfm?id=230411
Always check with your lender about their specific requirements particularly if the home does not fit into the FHA Guidelines
Steve Armstrong, Realtor
Certifying Agent, Florida Green Builders Coalition
Smith & Associates Real Estate
http://www.UniqueTampaHomes.com
FHA being one the easiest wasy to get financing has not allowed "flipping" transactions where an investor buys a property and turns around to sell it for a profit without a minimum 90 day to "cure" title.
This restriction has now been relaxed. http://www.floridarealtors.org/NewsAndEvents/article.cfm?id=230411
Always check with your lender about their specific requirements particularly if the home does not fit into the FHA Guidelines
Steve Armstrong, Realtor
Certifying Agent, Florida Green Builders Coalition
Smith & Associates Real Estate
http://www.UniqueTampaHomes.com
Friday, January 1, 2010
2010 More Great Buying Opportunities in Tampa Bay!
As 2010 rolls in, many of us are looking for opportunities for in real estate for investments, homes, offices and vacation homes.
On a positive note for buyers, prices have dropped in the Tampa Bay area further than other major metropolitan area according to the Case Shiller Index.
Case Shiller shocker: Tampa Bay is biggest monthly home price loser
Sellers will continue to struggle with the challenge of foreclosures and short sales consuming the market.
When buying property, always be aware that there are challenges when working with a Short Sale or REO (Real Estate Owned) property. It is in your best interest to work with experience representation, mortgage bankers, and title companies in the Short Sale or REO arenas. Short Sales and Foreclosures can be frustrating but also can be profitable!
Happy 2010!
Steve Armstrong, Realtor
Certifying Agent, Florida Green Builders Coalition
Smith & Associates Real Estate
http://www.UniqueTampaHomes.com
On a positive note for buyers, prices have dropped in the Tampa Bay area further than other major metropolitan area according to the Case Shiller Index.
Case Shiller shocker: Tampa Bay is biggest monthly home price loser
Sellers will continue to struggle with the challenge of foreclosures and short sales consuming the market.
When buying property, always be aware that there are challenges when working with a Short Sale or REO (Real Estate Owned) property. It is in your best interest to work with experience representation, mortgage bankers, and title companies in the Short Sale or REO arenas. Short Sales and Foreclosures can be frustrating but also can be profitable!
Happy 2010!
Steve Armstrong, Realtor
Certifying Agent, Florida Green Builders Coalition
Smith & Associates Real Estate
http://www.UniqueTampaHomes.com
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