Largo, FL

We closed on another condo on Monday and today a tenant completed the condo association forms to rent it out!

I can't blame her for moving fast on this condo since it is located in a great community that is right on Largo's intercoastal waterway!

The condo was purchased furnished! The previous owners had rented it seasonally when they were not using it themselves. That made it perfect for the new tenant that moved down from Michigan and left all of her belongings in storage up there. She is renting on an annual basis which is perfect for my clients!

It has been a really busy year so far and seems to be gathering momentum as we move into the Fall months!

If you are considering purchasing in Florida, don't wait too long! Condo sales are up 10% over a year ago and the sales prices are up 7% over a year ago! Those aren't my figures, they come from the Florida Association of Realtors!

When is the time to buy? NOW! Give me a call today and let's get started!

PURCHASE AND REHAB YOUR HOME IN LARGO 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, theFHA 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.

New Atlantis Club condos on Indian Rocks Road in Largo Florida is a wonderful condo complex located directly on the intercoastal waterway!

There are two heated pools to enjoy as well as a hot tub. If that isn't enough, there are tennis courts, kayak storage facilities and bike racks. You can put your kayak into the water right on the New Atlantis Club property!

Talk about Florida living at it's best! We will be closing on this new purchase within two weeks and then my clients are putting it back on the market....as a rental!

Stay tuned for information on renting out this 1 bedroom 1 bath unit! You can rent it fully furnished or you can bring your own furniture! Give me a call for more information!

The German Deli in Largo Florida is the place to go for original German sausage!

It is at the German Deli, located at 1995 East Bay Drive in Largo Florida, that you will find fresh homemade German sausages! The spices are flown in from Germany and the sausages are made on site. Many are in natural casings, just as they are made in the Old World.

Here at the German Deli you will also find a wide variety of German imports, including German beer and wine. German bread and rolls are baked fresh daily!

If you are out running errands, be sure to stop off at the German Deli for a bite to eat. There are tables and chairs so you can dine in if you so desire. And while you are there, be sure to stock up on items for the house.

What better way to celebrate Oktoberfest than with original German beer and wurst? Open Tuesday thru Saturday, from 10 am to 4 pm, be sure to check out the German Deli in Largo Florida!

Which Government Backed Home Loan Is Best Suited For Purchasing My New Home?

If you want a loan with a No Money Down Option then you must be a veteran or you must purchase a home in a HUD Approved Area for Rural Housing. The VA and USDA Loan are the only type loans that offer the No Down Payment Option for buying a home.

The FHA loan is the most popular type loan at this time because the down payment requirement is only 3.5% compared to the Conventional Loans which require 5% down. Both require the added cost of Mortgage Insurance any time less than 20% down is used.

The VA and USDA Loans do not require mortgage Insurance but have a funding fee that is financed into the loan. The USDA funding fee is currently 3.5% but expected to rise with the growing number of defaults. The VA funding fee varies and is determined by the veterans DD214 and Certificate of Eligibility.

Here is a snap shot of the type client that may choose one of these loan types.

VA Loan - An active member or a former member of the armed forces.

USDA Loan - A person living in or wanting to buy a property that resides in an area that typically has under 10,000 other residents.

Conventional Loan - A person with clean credit and 5% or more saved for the down payment of their new home.

FHA Loan - A person with past credit issues that have been resolved in the last year who does not have any money saved for a down payment but who has a relative that will give them the money to put down and/or co-sign on the loan for them.

The Interest Rates on all of the above mentioned loan types are at their lowest levels in the past 100 years. Some are opting for the 5 year arm which is fixed at 3% for the first 5 years of the 30 year loan term. Many of whom plan to refinance or sell the property within the next 5 years.

Jim Poole

Senior Home Loan Originator

NMLS #351358