Eustis, FL

I speak to several agents who all agree that the banks have no clue as to what to do with short sales. They all ask why do they take so long to make a decision on a "no brain-er"? For example, we are asking for a short sale on a home with a 1st and a 2nd. The first will be paid 94% of what is owed and 2nd agrees to accept $3,000. Yet the 1st is dragging their feet for the approval, 5 months. We as agent think, what is the hold up, why can't they see this is more profitable to short sale than to foreclosure. My thought is that the people in charge of the bank are not making the decisions. It is a person making $13 an hour with hundreds of file who could care less which is more profitable. So be friendly to everyone you speak to you just may get somewhere.

It's been confirmed! The income limits in Lake County (and the entire Orlando area) for USDA Guaranteed Rural Development loans will go up to $70,750 for households from 1-4 persons and $92,400 for households from 5-8 persons. No false start anymore folks. We can start taking and processing applications immediately but cannot submit them to the USDA until 04/20.

Folks don't take this lightly. I did my preliminary research on this change when it was first announced and discovered EVERY FHA deal I had done would have qualified for RD. Why is this a big deal? RD has no monthly private mortgage insurance and can save our customers an average of $50-$80 per month.

Please communicate this to any buyers you had going FHA. In some cases it can mean the difference between qualifying or not, and of course feel free to call with any questions!

Gerry Suarez, Jr.

Your FHA Loan Pro!

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Ray Levy

352-978-8551

www.lakecountyhomepros.com

The Lake and Sumter Counties Home Builder's Association Parade of Homes kicks off this weekend, Saturday February 21 with great deals on new, never lived in homes for sale. The great incentives being offered by builders, coupled with the new $8000 tax credit for first time buyers makes it an excellent time to buy.

Also remember if you want to have a home built to order, and want to be able to collect on your $8000 credit, you need to start construction within a few months so you can be closed by the November 30, 2009 deadline.

You can get more information at the Lake/Sumter HBA website here.

Look forward to seeing you there, and Happy Parading!

Gerry Suarez, Jr.

Your FHA Loan Pro!