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
Sunday, December 6, 2009
Personal experiences with Chinese Drywall Break
I have recently had the please to list an incredible home that was build in 2006. This large home was all set to sell but during the inspection it was discovered that it had Chinese drywall.
Chinese Drywall is Drywall that was imported from China during the building boom that is tainted with chemicals that corode wires and air conditioning systems in addition to the fact that they may be hazardous to your health.
As a result of this issue, I have discovered the ins and outs of handling this probem. There are resources! First check with your builder and insurance company about some type of resolution. There are a series of class action litigation related to this problem as well. The basic resolution to the problem appears to be removal of all drywall from the house and installation of new drywall which in my case is estimated to be $40K to $80K in repairs...Yikes!
The local Hillsborough County Tax office has even jumped in to help by providing Tax deductions for homes effected. http://www2.tbo.com/content/2009/sep/22/na-tax-break-made-in-china/
Steve Armstrong, Realtor
Certifying Agent, Florida Green Builders Coalition
Smith & Associates Real Estate
http://www.UniqueTampaHomes.com
Chinese Drywall is Drywall that was imported from China during the building boom that is tainted with chemicals that corode wires and air conditioning systems in addition to the fact that they may be hazardous to your health.
As a result of this issue, I have discovered the ins and outs of handling this probem. There are resources! First check with your builder and insurance company about some type of resolution. There are a series of class action litigation related to this problem as well. The basic resolution to the problem appears to be removal of all drywall from the house and installation of new drywall which in my case is estimated to be $40K to $80K in repairs...Yikes!
The local Hillsborough County Tax office has even jumped in to help by providing Tax deductions for homes effected. http://www2.tbo.com/content/2009/sep/22/na-tax-break-made-in-china/
Steve Armstrong, Realtor
Certifying Agent, Florida Green Builders Coalition
Smith & Associates Real Estate
http://www.UniqueTampaHomes.com
Tuesday, December 1, 2009
Tampa Bay History Center--A Must see
Sometimes we notice all of the great places and attractions and dont take advantage of something right in front of you. Well the new Tampa Bay History Center is one of those places....
If you havent visited this new addition to the Channelside district you are missing out. The layout is engaging and interesting. The movies combine Disney type effects to tell the history of this part of Florida.
On Top of all that.....The building is definitely a great example of what Green Building is about.
Learn more about Tampa Bay's history and support our local community
http://www.tampabayhistorycenter.org/green.html
Steve Armstrong, Realtor
Certifying Agent, Florida Green Builders Coalition
Smith & Associates Real Estate
http://www.UniqueTampaHomes.com
If you havent visited this new addition to the Channelside district you are missing out. The layout is engaging and interesting. The movies combine Disney type effects to tell the history of this part of Florida.
On Top of all that.....The building is definitely a great example of what Green Building is about.
Learn more about Tampa Bay's history and support our local community
http://www.tampabayhistorycenter.org/green.html
Steve Armstrong, Realtor
Certifying Agent, Florida Green Builders Coalition
Smith & Associates Real Estate
http://www.UniqueTampaHomes.com
Thursday, November 5, 2009
First Time Home Buyer Credit Extended!!!
Here is the latest from CNNMoney on the First Time Home Buyers Tax credit. There are some great new features that extend the opportunity for second home buyers who have lived in their homes for more than 5 years. Also the qualifying criteria has been raised!
By Tami Luhby, CNNMoney.com senior writer
Last Updated: November 5, 2009: 3:02 PM ET
Tax break for buying a home
The legislation also would extend the $8,000 homebuyer tax credit to contracts signed by April 30 and closed by June 30. The controversial credit, which many say has boosted home sales in recent months, was set to expire after Nov. 30.
The bill also creates a $6,500 credit for those who buy a home after living in their current house at least five years. That measure would apply to contracts signed by April 30 and closed by June 30. The current credit defines a first-time homebuyer as someone who has not owned a residence within the past three years.
The credit would be available only for the purchase of principal residences priced at $800,000 or less.
The bill would raise the adjusted gross income cap to $125,000 for single filers and $225,000 for joint filers. The amount of the credit currently begins to phase out for taxpayers whose adjusted gross income is more than $75,000, or $150,000 for joint filers.
"It's gonna put people back to work, the home builders, put people in the real estate business," said Sen. Chris Dodd, D-Conn. "The kind of jobs that can make a difference."
The extension will cost $10.8 billion over 10 years, according to the Joint Committee on Taxation.
Through mid-September, 1.4 million tax returns had qualified for the credit, according to the IRS. Some portion of those returns, which the IRS couldn't specify, represents buyers who took advantage of an earlier version of the tax credit, which was only worth $7,500 and has to be repaid over time.
By the end of November, the credit will have been used by 1.8 million homebuyers, at least 355,000 of whom would not have bought a house without the tax break, according to estimates by the National Association of Realtors.
"The data on the present home buyer tax credit show that the credit has had its intended impact -- sales have jumped in recent months to a projected 5.1 million for the year and housing inventory has been trimmed, thus stabilizing home prices noticeably," said Ron Phipps, the association's first vice president, in Senate testimony last month.
The credit, however, has also posed many problems. Critics say it's a waste of money because most of those claiming the credit would have bought homes anyway.
It's also been the target of fraud. Some 74,000 people claimed more than $500 million in credits even though they may not be first-time homeowners, according to Treasury officials. And more than 580 children, including some as young as 4-years-old, have claimed the credit.
"Some key controls were missing to prevent an individual from erroneously or fraudulently claiming the credit and receiving an erroneous refund of up to $8,000," said J. Russell George, Treasury inspector general for tax administration, before a House subcommittee last month.
CNN Radio Capitol Hill correspondent Lisa Desjardins contributed to this report.
First Published: November 5, 2009: 2:45 PM ET
Steve Armstrong, Realtor
Certifying Agent, Florida Green Builders Coalition
Smith & Associates Real Estate
http://www.UniqueTampaHomes.com
By Tami Luhby, CNNMoney.com senior writer
Last Updated: November 5, 2009: 3:02 PM ET
Tax break for buying a home
The legislation also would extend the $8,000 homebuyer tax credit to contracts signed by April 30 and closed by June 30. The controversial credit, which many say has boosted home sales in recent months, was set to expire after Nov. 30.
The bill also creates a $6,500 credit for those who buy a home after living in their current house at least five years. That measure would apply to contracts signed by April 30 and closed by June 30. The current credit defines a first-time homebuyer as someone who has not owned a residence within the past three years.
The credit would be available only for the purchase of principal residences priced at $800,000 or less.
The bill would raise the adjusted gross income cap to $125,000 for single filers and $225,000 for joint filers. The amount of the credit currently begins to phase out for taxpayers whose adjusted gross income is more than $75,000, or $150,000 for joint filers.
"It's gonna put people back to work, the home builders, put people in the real estate business," said Sen. Chris Dodd, D-Conn. "The kind of jobs that can make a difference."
The extension will cost $10.8 billion over 10 years, according to the Joint Committee on Taxation.
Through mid-September, 1.4 million tax returns had qualified for the credit, according to the IRS. Some portion of those returns, which the IRS couldn't specify, represents buyers who took advantage of an earlier version of the tax credit, which was only worth $7,500 and has to be repaid over time.
By the end of November, the credit will have been used by 1.8 million homebuyers, at least 355,000 of whom would not have bought a house without the tax break, according to estimates by the National Association of Realtors.
"The data on the present home buyer tax credit show that the credit has had its intended impact -- sales have jumped in recent months to a projected 5.1 million for the year and housing inventory has been trimmed, thus stabilizing home prices noticeably," said Ron Phipps, the association's first vice president, in Senate testimony last month.
The credit, however, has also posed many problems. Critics say it's a waste of money because most of those claiming the credit would have bought homes anyway.
It's also been the target of fraud. Some 74,000 people claimed more than $500 million in credits even though they may not be first-time homeowners, according to Treasury officials. And more than 580 children, including some as young as 4-years-old, have claimed the credit.
"Some key controls were missing to prevent an individual from erroneously or fraudulently claiming the credit and receiving an erroneous refund of up to $8,000," said J. Russell George, Treasury inspector general for tax administration, before a House subcommittee last month.
CNN Radio Capitol Hill correspondent Lisa Desjardins contributed to this report.
First Published: November 5, 2009: 2:45 PM ET
Steve Armstrong, Realtor
Certifying Agent, Florida Green Builders Coalition
Smith & Associates Real Estate
http://www.UniqueTampaHomes.com
Thursday, October 15, 2009
First Time Home Buyer Credit Running Out
With the first time home buyer credit coming to a close at the end of November. First Time Home Buyers need to be aware that they run the risk of losing their $8000.00 tax credit if they do not act fast.(Assuming that congress does not extend the tax credit)Many of the "deals" in the market right now are short sales or foreclosures that require additional time to get the appropriate approvals. What looks like something that could close in 30 days sometimes takes 45+ days or more to get closed. Now is the time to get those details nailed down.Additionally financing in this day and age takes longer and requires more documentation. Be prepared and take advantage of the opportunities you have in this market!
Steve Armstrong, Realtor GRI
Certifying Agent, Florida Green Builders Coalition
Smith & Associates Real Estate
http://www.UniqueTampaHomes.com
Steve Armstrong, Realtor GRI
Certifying Agent, Florida Green Builders Coalition
Smith & Associates Real Estate
http://www.UniqueTampaHomes.com
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