About Kissimmee's Bridgewater

Government Home Loans FHA/VA/USDA in Kissimmee Florida are still being used in most purchase transactions. I specialize in FHA, USDA, VA Loan products.

When it comes to less out of pocket expense at a rate that is competitive with other lenders such as the conventional types more people are choosing to go with the Govies; which are aka FHA, VA and USDA Loans.

However lenders are not always willing to adopt into practice the new programs being passed down byHUD. Lets just say it would appear that this particular program isn't being accepted with open arm's on main street so far.

HUD recently launched a program aimed at helping people who are current on their mortgage loans; refinance to the lower prevailing rates being offered through FHA and VA Approved Lenders even if they are under water or up-side down on their mortgages due to reduced property values.

FHA Launched a Refinance Opportunity for Underwater Homeowners who are in good standing with their current Lenders. Not just FHA Loans but all type loans.

Here is how the program is designed:

The program states that if a responsible homeowner can get his or her current lender to WRITE OFF or FORGIVE a minimum of 10% of the current loan balance; then they will do a loan for up to 115% of the property value.

So if the balance is $300,000. the lender must agree to shave off a minimum of $30,000. of the borrowers loan balance. The problem lies in how willing will lenders be to do that for a loan that is currently being paid as agreed?

In the real world lenders are focused on mitigating current defaults rather than reducing the balances owed on loans that are in GOOD STANDING.

So far I have yet to find an FHA Lender who has adopted this program into their portfolio. It seems that in some cases at least there is a disconnect between what is being passed down by HUD and what works in the real world.

The program was designed to encourage principal write-downs for responsible borrowers. Unfortunately lenders have yet to get encouraged by the write downs or by the 115% loan program itself.

I know this article has to do with REFINANCING but everyone probably knows someone personally that is in this situation and would like to use this particular program. What home owner who is current on their loan and owes more on their property than it is currently worth wouldn't want a 10% balance reduction as well as a 2% rate reduction? So my issue is the same as every responsible home owner; why isn't it being made available on main street?

UPDATE 1/26/2011 - Lenders are now adopting this program as part of their portfolio; please contact Jim Poole at 813-205-7958 if you are interested in applying for this program ASAP as the program is only being offered for a limited time.

For more information on Government Home Loans FHA/VA/USDA in Tampa Florida I can be reached by phone at 813-205-7958.

Properties located in the State of Florida only at this time.

Bridgewater is located in the eastern section of the Kissimmee real estate market off of Osceola Parkway. There has been 3 single family houses sold in 2007. They sold for prices ranging from $219,900 to $285,000 with an average of $256,616 and ranged in size from 1,565 square feet to 2,008 square feet. They took an average of 229 days before they sold.

There are presently 0 houses that are pending closing.

There are a total of 5 houses on the market ranging in size from 1,155 square feet to 1,841 square feet with asking prices ranging from $164,900 to $270,000. Of these 5 houses 4 of them are priced at $204,900 or lower.

Considering the amount of houses sold in 2007, the saturation rate, (the amount of time it will take to sell all of the houses in a specific area assuming that no other houses are listed in that area) will be 20 months. This is below the rest of the Kissimmee real estate market.

If any additional information is required either log onto http://www.flatfeerealty.info/ and fill out the contact us or call 321-766-7176.