About Clearwater's Downtown Clearwater

PURCHASE AND REHAB YOUR HOME IN CLEARWATER FLORIDA WITH THE FHA 203(K) LOAN - Most home buyers are turned off at the sight or even thought of buying a fixer-upper; a foreclosure or an older home today. However, educated and informed home buyers are utilizing the FHA 203(k) loan to buy their new home and fix it up with no additional out-of-pocket expense.

The FHA 203(k) loan is a tool that savvy home buyers, successful contractors, Realtors and mortgage originators have been using since 1978. An FHA 203(k) loan is very similar to the traditional FHA loan. The only real difference is that with the FHA 203(k) loan, the home buyer is adding money to their mortgage balance to finance-in any repair/improvement cost.

Whereas the traditional FHA loan requires that certain repairs be done before the home is purchased, the FHA 203(k) loan allows the home buyer to purchase their home and complete the repairs after the transaction closes.

The other traditional FHA qualifications (appraisal guidelines,seasoning rules,credit qualifications, etc...) still apply. But with the FHA 203(K) loan, a home buyer can fix up his home and not have to worry about the additional out-of-pocket expenses for the repairs/improvements. What a brilliant way to purchase a fixer-upper!

HERE ARE THE REASONS SMART HOME BUYERS ARE CHOOSING TO GO WITH THE FHA 203(K) LOAN

1. Better opportunities for a great financial deal on a home purchase

2. Allows buyers who are approved for an FHA loan to buy properties that would not otherwise qualify

3. Allows buyer to put personal touches into the interior/exterior making it feel like more of a home

4. Sellers do not have to pay for repairs prior to listing the property if they do not care to

5. There is less competition to buy fixer-uppers which forces sellers to accept lower offers

6. FHA loans are assumable; so when buyers go to sell house it will be easy to market.

Refinances for Under Water Home Owners In Clearwater Florida

Home Owners who owe more on their homes than the property is worth can refinance if the loan on their home is held by Fannie Mae or Freddie Mac.

To find out if your mortgage is held by Fannie Mae or Freddie Mac simply input your address into the following sites to find out.

Is My Mortgage Owned By Fannie Mae

Is My Mortgage Owned By Freddie Mac

FHA 203K Rehab/Home Improvement Loan in Florida With all the Bank-Owned, Foreclosure, Short Sale and Aging properties on the market today the 203k loan is becoming the answer on a growing number of real estate purchase transactions. This HUD approved FHA 203k loan gives buyers the MONEY they need for property repairs and Improvements at closing. It's an FHA loan that requires only 3.5% down at closing. All homes are sold AS-IS and an escrow account is set up to pay for the improvements.

Everyone is winning with this program. My company an I offer a 1 hour training class at no cost by a HUD Certified 203K Instructor that is done at your office for anyone who is interested in hearing more about the 203k loan program.

The FHA 203K Streamline Rehabilitation Program Process is simple when followed. Now that you have found a home....whats next?

Congratulations on finding a new home! Now that your loan has been APPROVED it is time to get busy. We are currently in contact with the Realtors, Title Company and the Sellers to coordinate the closing of your loan. It is very important that we move quickly to complete the next few steps to meet your closing date on time.

1) Order a termite inspection today.

2) Make a complete list of all repairs to be done. (This is a final list so make sure it is COMPLETE!)

3) Get a Licensed and Insured contractor to provide a detailed estimate for all the work. (The estimate must include a breakdown of labor and materials)

4) The contractor will need to complete the forms I have attached in my email and provide copies of their licenses and workman's compensation insurance.

5) If you are using Sears, Lowes, Home Depot or IKEA to do the work we only need their estimates. We already have copies of their documentation.

6) Please submit all the estimates, forms and Licenses along with insurance within the next 7 days. (VERY IMPORTANT)

7) We need all these before we can order the property APPRAISAL.

8) When the Appraisal and termite reports are completed, the underwriter of your loan file may require additional repairs to be done. We will contact you if this is the case and you will need to get an estimate for these repairs as well.

9) At closing you will get a check payable to you and the contractor for 50% of the total cost of repairs.

10) When the work is complete the Lender will have the property re-inspected to certify the work is completed and at that time the remaining 50% will be paid to the contractor.

Non-Occupying Co-Signers Are On The Increase for Purchase Transactions In Tampa

Non-Occupying Co-Signers - FHA allows a direct family member to co-sign with the buyer and still live at another property even if it is located in another State. This allows individuals who are directly related to buyers with high Debt-To-Income Ratios to Co-Sign and add additional income to the application in an effort to bring the ratios in-line with the lenders guidelines.

The Non-Occupying Co-Signer can also gift the buyer the money for the down payment or simply pay it out of their own funds.

A Non-Occupying Co-Signer has been a popular sales tool for my Realtors who cater to younger first time buyers who's incomes are still fairly low but who's parents are more then happy to help their children qualify for their first home.

The Non-Occupying Co-Signer is not allowed on the FHA 203K rehab loan.

The Non-Occupying Co-Signer can be dropped from the loan via refinancing the home back into the buyers name in as little as 1 year.

The increase may be a result of me and my Realtors marketing it more to our clients; but it has helped me get loans for 2-3 clients per month for the last year that otherwise would not have qualified for a home loan.

Sellers are still allowed to contribute up to 6% of the purchase price towards buyers closing cost.

Loans for Commercial and Multi-Unit Properties in Clearwater Florida

The process for obtaining a Commercial Loan begins with the entry of an EXECUTIVE SUMMERY FORM.

The form covers several important areas of information that are used to conduct a search of available lenders and their Rate and Terms for a particular loan type.

1) Contact Information

2) Property Description

3) Additional Collateral

4) Borrowers Desired Loan Terms

5) Personal Information Via Resumes, 1003's and Financial Statements for all borrowers

6) If it is income producing then a Rent Roll or Profit and Loss Statement is needed

7) Credit Files all borrowers

8) Property Appraisal

9) Use of Funds Statement

10) Transaction Description and Exit strategy