About Tampa's 1000 Channelside

State of Florida Home Buyer Assistance Program Process and Time Line by County

1. County sponsored home buyer education class is required.

2. Home buyer is APPROVED and signs contract for home.

3. Lender sends Reservation Form with contact to county.

4. With-in 5 days, home is inspected by county staff.

5. If necessary, lead based paint assessment is completed.

6. Lender sends loan package to county.

IF NO REPAIRS ARE NECESSARY......

7. County approves application package.

8. County contracted appraiser completes appraisal.

9. Home buyer meets with home buyer counselor.

10. Mortgage package e-mailed to title company.

11. Home buyer assistance check is released by county after HUD 1 is approved.

12. Closing occurs at the offices of the title company.

FOR MORE INFORMATION PLEASE VISIT:

HUDS List of Home Buyer Assistance Programs in the State of Florida by County

For More Information on Government Loan Programs in the State of Florida Please Visit:

Government Home Loan Programs in the State of Florida

Realtors; Closing Agents and Settlement Fees - Here is an internal Memo that became privy to me from a well known lender this morning.

"We are seeing that some Realtors are requiring certain Title Agents to act as the Closing Agent with the buyer having no say in the matter. These particular Realtors and Closing Agents make the borrower believe that it is being required by the bank; or in some cases by Fannie Mae who owns the property; neither of which is true. The Closing Agent then charges a $1,500 settlement fee to the buyer on the closing statement when the buyer in actuality could have used a Closing Agent of their own choosing and paid around $500."

"Because the Realtor's closing agent is not a recommended vendor of the bank or lender, the 10% tolerance for fee's listed on the GFE do not apply; so the settlement charge is increased on the HUD-1; BY THE CLOSING AGENT the day of closing."

Is this a LOOP HOLE in the system? As far as I know they can charge whatever they can get the buyers to agree to pay.

To me it's scary to think that the Bank/Lender; who is financing in most cases as much as 95-96.5% of the purchase price has no say in who is reviewing the title work and closing the loans they are funding; are the banks leaving the back door open for further sabotage?

The difference between Knowledge and Wisdom; I have struggled with this one and perhaps someone can enlighten me; but here's my take on it.

It seems to me that it is plausible to say; that if I studied really hard in high school to get good grades and attended a well known college where the professors I studied under were all Doctorates who had written books on the subjects they were teaching; that I could walk out into the world with the knowledge I need to be successful in life. Would that not in-it-self give credence to the notion that I am wise?

Could I not take all the knowledge I have and immediately go to work and by speaking fluently about the nuance's of my degree earn the respect of my fellow colleagues? And If I did that; wouldn't that prove that in-deed I am wise?

If I could impress others with my broad knowledge of the heavens and the earth; and speak intelligently about many subjects to many people from equal and comparable backgrounds such as mine; all the while snickering at the little people who dare question my knowledge on said subject. Would that not be certifiable proof that I am with-out question Wise?

Here's my take on it: Knowledge is knowing that a tomato is a fruit; Wisdom is knowing not to put it in a fruit salad.

I often wonder why after graduating with a degree in banking and finance and after working for 18 years in the mortgage business; which changes continually on a daily basis; I still get clients that question if I know how to do my job. After a few hours of research on-line they suddenly know more than I do. Doctors,Lawyers,Teachers;Professional Athletes,Truck Drivers it doesn't matter what they do for a living they have all questioned my advice and often add; well that's not what I was told. Well who told you different? Well I looked it up on-line! REALLY???

I get 20-30 emails everyday from Lenders advising me of changes in there programs and guidelines. I also get daily feeds from HUD that give me up-to-the-minute changes in laws being voted on and passed down by our elected officials; so I know what's coming before it even gets put into practice. I work side by side with over a dozen loan originators from equal backgrounds; and am privy to their files and what's working and what's not. It's how I have earned my living for the last 18 years! What was being done last year doesn't apply today and I think it's safe to say that what's being done today won't apply tomorrow.

I have knowledge; but what I have that separates me from others in my field is my EXPERIENCE; with experience comes WISDOM. Would you want a guy who just got out of law school; even if he graduated at the top of his class from Harvard defending you in a capital murder case? How about a neurosurgeon who just graduated top of her class from Princeton performing your brain surgery. Not me. I want someone who has experiences with-in the field; I want someone who has an excellent track record and who is admired by his or her peers. I also have an added respect for an individual who exudes strong family values. This to me shows a degree of earned balance; experience and Wisdom. But that is just a personal preference of mine; I am not suggesting that people who are single are not trustworthy.

Down payment requirements were changed by Fannie Mae on December 13th 2010. Under new Fannie Mae guidelines, buyers of owner-occupied, 1-unit properties (i.e. single-family homes,condo's,town homes) can now forgo the minimum 5% down payment from their own funds. Down payments can now be comprised from 100% of gifted and/or granted monies. Buyers of second homes or investment homes or multi-unit properties must still make the required down payment from their own funds.

Other changes made are 1) Going forward Debt with fewer than 10 payments remaining must now be included in an applicant's monthly obligations and 2) Debt not reporting a monthly payment must be assigned a minimum payment equal to 5% of the outstanding credit balance. These edits will raise some applicant's Debt-to-Income Ratio's and push some buyers beyond the maximum allowed limits resulting in a denial. People with large car payments are especially susceptible.

Fannie Mae is easing however it's down payment requirements for owner occupied SFR,condo's and town homes and they are easing some of it's income documentation requirements. Salaried applicants from who commissions and/or bonuses account for less than 25% of their annual income will have fewer pay stubs to produce for underwriters.

Fannie Mae's Complete guideline changes are available online at http://efanniemae.com

These changes are for conventional loans only and do not apply to government loans such as FHA,VA or USDA backed loans.

Dramatic Channelside Condo complex with unique living homes. Located close to Tampa Port, downtown skyline and Channelside views from expansive windows and rooftop terraces makes for a unique and close location to all the excitement of Tampa.

You can search available homes via the MLS right here: Florida Home Searches.

Looking for a property manager in Tampa? To see our reasonable rates and great service check out our services on Tampa Homes

Deana E. Cuevas

Solaris Realty of Tampa Bay, Inc

(813)966-3907 - Deana Direct

(813)657-6223 - Office

Deanacuevas@gmail.com

www.tampahomeguides.com

Deana Cuevas is an agent working in the Pasco, Polk and Hillsborough area helping buyers and sellers buy and sell homes. Contact Deana at 813-966-3907 to list your property for sale or to purchase a property in Hillsborough, Polk or Pasco County area. Information is provided in this blog with the intent to educate homeowners and buyers about Tampa, St. Petersburg, Clearwater, Brandon, Wesley Chapel, Lutz, Land O' Lakes, Riverview, Plant City, Lakeland, Valrico, Odessa and other communities in the Tampa area.