Andre Shambley

by Monica Hatcher

MIAMI - Nov. 11, 2009 - The Federal Housing Administration is giving the condo market something it hasn't had for a while - a little breathing room.

Last week, the FHA, the federal agency that insures low-downpayment home loans for private lenders, said it was relaxing its building underwriting guidelines as a way of helping the struggling sector ride out the downturn. The move could help boost sales in condos by making more FHA mortgages available to borrowers.

"The best way to bring back some level of security is to get new buyers into those vacant units. You can't do that until new homeowners have access to financing," said Meg Burns, director of the FHA's single-family program development.

The new rules - which are temporary - come after more than a year of more stringent standards from lenders, who, after suffering major losses on condos, began vetting and disqualifying condominium projects for purchase loans, regardless of whether home buyers qualified.

"This might be an entree for traditional and conventional lenders to return to the marketplace. Symbolically, it's a pretty significant move," said Peter Zalewski, a condo market analyst and broker with Condo Vultures in Bal Harbour, Fla.

The temporary rules are effective for most of the coming year and will help the marketplace transition into a new set of tougher guidelines that bring FHA into closer alignment with the project underwriting practices of Fannie Mae full story

According to the National Association of Realtors@ (NAR), the recent homebuyer tax credit extension expands benefits for the U.S. military.

Armed service, intelligence service and foreign service personnel on active duty and out of the U.S. for 90 days during any part of 2009 get an additional year to buy their homes - to May 1, 20ll.

Another benefit is a waiver on the time of occupancy. Most homebuyers using the tax credit must use that home as a principal residence for a period of no fewer than three years or forfeit the entire credit. But military, intelligence and foreign service members do not have to repay the credit if they sell their home in less than three years if they move because of official business. full story

By: Oliver Marks

Whether to move or improve is a harder question to answer than it was a few years ago, but a few cost-benefit calculations can help you make the right decision.

What do you do when your family outgrows your house, or when the quirks you once found charming about the place just aren't livable anymore? A few years ago, the answers were easy. With house values climbing an average of 50% from 2001 to 2005 and lenders handing out big checks to nearly anyone who asked, you could quickly unload a too-small house and use the profits to help pay for a larger one. Or you could borrow against that growing equity to fund a big home-improvement project, with the full expectation of making your investment back someday when you sold. Flash forward a few years, and the rules of real estate have changed. In this marketplace, with home equity shrinking and banks reluctant to lend, is it smarter to move or improve? Here's some advice to help you decide. full story

Buying a vacation home that doubles as a future retirement home requires forethought and thorough investigation. Conventional wisdom tells us to first settle on a desired location and then look for the least expensive house in the best possible neighborhood. This is of course true, but buying a future retirement property demands additional consideration. Without a doubt, the purchase of a dual purposed home can be one of the most important and financial rewarding decisions a pre-retirement couple undertakes. Quite simply, the ultimate home buying decision comes down to establishing relatively conservative financial boundaries, drawing up a wish list and employing a real estate broker to find a home that will serve your needs now and in years to come.

Consider this; as there are more and more bank foreclosure properties that are on the market a good bet is that there is one right for you. A big discount on your home purchase could be worth many times the time and effort to find and make it ready for your family. Find a good agent who understands the market and you can save thousands on your next home.

Homes in Every Market Place - Some over a million dollars, most well under $100,000. You have a supply of homes that will fit your requirements for size, amenities and location. Miami Best Real Estate Team can place you in their VIP Buyer program and email you daily or weekly all new listings that come up and fit your criteria of bank foreclosure, distress sale, size, amenities, and location. What could be easier? Full Story