Under a decision announced last week, the U.S. Department of Housing and Urban Development (HUD) will allow eligible first-time home buyers to use the tax credit authorized under The American Recovery and Reinvestment Act of 2009 during the actual home purchasing process. However this Mortgagee Letter 2009-15 issued on May 11th appears to have been rescinded effective May 13th. So in short, as it stands currently first time home buyers.....continue reading
Would you be outraged if you found out that the Federal Government was taking actions that are slowing the pace of the recovery in the housing market? Well it appears that is exactly what is going on.
While the Federal Government is pouring billions of tax payer dollars into the economy in an all effort to stabilize the housing and financial markets the recently nationalized Fannie Mae is tightening condominium lending standards. These new standards make it more difficult to obtain financing for those who want to buy a new condo.
The fact is that many mortgage brokers and some lenders no longer have the ability to offering Jumbo loans. However, those lenders that have the financial strength and know how remain committed to the Miami Jumbo mortgage and luxury home markets. But who can qualify? This yet another topic that has fallen victim to the Medias’ seeming inability to report facts in favor of reporting misinformation and rumor in an effort to sensationalize all aspects of real estate. The fact is that underwriting guidelines of today are very similar to those of the late 1990’s and are in no way unreasonable or unmanageable. Down payment requirements, documentation standards, allowable property types and residency status appear to be those areas which cause many potential luxury home buyers, luxury home owners and Realtors that service this segment of the market the greatest concern. Knowing the region specific guidelines for the Miami mortgage market is half the battle. The Facts If you are buying or refinancing a luxury home and utilizing a Jumbo mortgage which in Miami and most of Florida would be any loan amount above $417,000 then there are just three primary items to keep in mind. The Wells Fargo / HomeServices joint venture provides us with the ability to provide some of the most advantageous Jumbo financing available today. With interest rates starting in the low 5% range, we offer fixed rate and adjustable rate programs as well as interest only payment features if desired. As a Private Mortgage Banker my focus is exclusively on the luxury market and providing jumbo financing solutions to luxury home buyers. If you have questions regarding the jumbo mortgage market please leave a comment or simply give me a call at 305.960.2671. James R. Venney Private Mortgage Banker Click to read this post in it's original format on Juicy Estates.com
If you are a savvy luxury home buyer looking to take advantage of historically low interest rates and the dramatic price reductions in the high end market dont’ be mislead by the rumor on the street that Jumbo financing is not available. Several time in the past few weeks I have had knowledgeable real estate professionals call me to ask if it was true that Jumbo financing was no longer available…..nothing could be further from the truth.
Wells Fargo is the first of the major financial institutions to announce that it is paying a quarterly dividend of $371.5 million back to the Federal government on the preferred shares the bank issued when it received TARP funds. Wells Fargo which reluctantly took $25 billion of TARP money says that has been lending aggressively even as it’s primary competitors are on the brink of being nationalized.
In the fourth quarter of 2008 Wells Fargo made $22 billion in loan commitments and $50 billion in mortgage origination’s which is almost 3 times what the Treasury Department invested in the bank.
Given Wells Fargo’s reputation as being the most stable and methodical of the major mortgage lenders you may be surprised to know where they stand in the industry…..
Wells Fargo continues to be a dominate force in the residential mortgage business in terms of product availability and total dollar volume. With the acquisition of Wachovia which was completed in the forth quarter of 2008 Wells Fargo is poised to continue it’s tradition of being the residential mortgage leader in the US.
Top 5 Mortgage Lenders in 2008
I might be a bit bias given that Wells Fargo is my employer but clearly we are leading the way when it comes to lending in a responsible and prudent manner while simultaneously doing everything possible to help the economic situation.
To read more on this topic see Colin Barr’s storyon CNNMoney.com
Read this post in it's original format on Juicy Estates
State Farm is the most recent of the national insurance carriers to announce that it will no longer be writing home owners insurance policies in the state of Florida. This announcement will effect approximately 1.2 million Florida households many of which are located in the Miami and South Florida area.
Critics are quick to point out that State Farm agents may be tempted to steer their clients to Citizens for their homeowners insurance while trying to retain the auto and life insurance business by offering "multi-line discounts", however Citizens may not be the best fit for all current State Farm customers.
I defend State Farms right to only engage in those insurance lines in Florida that they feel will be profitable however customer retention of their auto, life and other insurance lines may be a tough battle.
If you are a State Farm customer, have questions regarding insurance related matters or would like to explore your insurance options for your current home or a home you are purchasing please contact one or all of the following Miami Insurance experts that I know and trust.
For new policies or renewals
Gisela Castro of EWM Insurance 305-632-4034 or E-mail
or
Armondo Silva-Trujillo of Insurance Corner 305-642-1885 or E-mail
For mitigation inspections that can deliver substantial savings
Ralph Cabal of Cabal Inspection Service 305-256-7369 or E-mail
For issues on a claim with your current carrier
Daniel Guilfoyle III of Public Adjusters Inc. 305-233-4441 or E-mail
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As native Floridian and 3rd generation Miami area resident I have been a South Florida real estate professional for about 20 years. Prior to taking on the challenge of being a Private Mortgage Banker with a focus on advising high net worth clients and move up buyers in stategic equity management, I spent the early part of my career in a key position with a major residential developer. I left that organization and for about 10 years owned and operated a successful residential real estate appraisal practice. Currently I am a licensed mortgage broker, Certified Mortgage Planning Specialist and remain a State Certified Residential Appraiser.
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