Sue Botelho-USDA Rural Housing Mortgage Pro

Florida has gotten the reputation for being "the foreclosure capital of the nation". What they don't tell you is that the basis of this "fact" is the the Lis Pendens filing, which is the first step in the foreclosure process.

A Lis Pendens is file and it can take 6, 8, 12 8, and even 24 months in some cases to actually get to foreclosure. During this time (after the filing of the Lis Pendens and prior to the foreclosure), many of these properties are being sold (either as a short sale or a regular sale), or some of the homeowners are getting loan modifications and restructuring their mortgages or some owners are getting a deferrment of payments. When one of these solutions occurrs, the foreclosure is stopped, thus the number of "foreclosures" in Florida is actually less than what is being reported as fact.

Another piece that is being reported incorrectly is that "there are a disproportionate number of people being left homeless in Florida" due to this "high number of foreclosures". In some areas of our state, over 70% of the properties on which Lis Pendens are being filed were purchased by speculators as investment properties with the sole intention of selling them fast for a profit. The majority of these speculators are residents of other states who took advantage of exotic loan products (Ie: stated income or no doc). As these products have gone away, so have the speculators.

Due to this distortion of the number of foreclosures in Florida, investors have tighted their guidelines concerning loan to value and property and/or occupancy type that they will finance in Florida. Several years ago, it wasn't uncommon for investors and banks to allow a mortgage lender or broker to secure 100% financing on a 2nd home or investment property for their clients and we are now limited to 75 - 80%. Some investors, including Chase and Suntrust, have recently gone so far as to make the decision to get out of the condo and investment financing markets altogether in the state. Chase has even ceased financing 2nd home properties in Florida, regardless of the property type (single-family detached, attached, condo, etc.) and are limiting primary home purchases of detached properties to 90% and of attached properties (townhomes, duplexes, etc.) to an 80% loan to value!

While the pendulum on financing properties in Florida has swung in an entirely opposite direction from where it was several years ago, there are still programs available to buyers of ALL property types in Florida and of all occupancy types (primary, 2nd home, or investment) if you work with the right lender or broker. No matter what you may be hearing in the media, 100% financing for primary homes is alive and well (VA Mortgage, USDA Rural Housing Mortgage, Community Assistance Programs, Community Second Mortgages) and there is also an FHA Mortgage, which only requires a 3% down payment (3.5% after December 31, 2008).

With the tax advantages offered with home ownership, as well as the new tax credit created with the signing of HR3221 for up to $7,500 for those individuals who haven't owned a home in the last 3 years, now is an advantageous time to buy and get the benefits of these tax credits/deductions. Interest rates are still low and purchase prices have dropped. Florida residents who are considering buying a primary home and keeping it for a long time (over 4 years) should jump in with both feet. BUY NOW OR KICK YOURSELF LATER!

My title on ActiveRain says that I am a "USDA Rural Housing Mortgage Loan Pro". I am licensed to do USDA Rural Housing loans in Florida, Alabama, Georgia, North Carolina, South Carolina, and Tennessee.

The media tells you that 100% financing does not exist today for your buyers today. This is not true. Of course 100% financing is available to Veterans but it is also available through the USDA via their Rural Housing program.

If you are going to place your commission check in the hands of a loan officer where your client needs 100% financing, send them to an expert. When LoanToolbox, a company that educates over 10,000 mortgage professionals across the country, wanted to educate their membership on benefits of the USDA, they sought out an expert to help them. That expert was me, Sue Botelho.

Not only did LoanToolbox interview me for the benefit of their members, they also requested sales presentation materials I use when educating the real estate community, including the PowerPoint presentation you may have already seen. (If you see someone else present something similar, plagiarism is the greatest form of flattery!)

Bottom Line. If you had to place your commission check in the hands of the student or the teacher, who would you choose? When the mortgage industry seeks expert advice, they sought out Sue Botelho. When you have clients needing expert advice and your commissions are at risk, who will you seek out? Call me; I will get your deal done and get you paid. I get deals done others can not.

Read below where you can see Loan Toolbox turned to me for information I can provide you every day.

New USDA Presentation and Marketing Kit

What if there was a loan product available that offered 100% financing to your buyers - and they don't have to be veterans to qualify? What if rates for this product were not only attractive, but it also didn't require monthly mortgage insurance? And finally, what if this same loan didn't require any additional licensing on your part to originate?

Does this sound like something your clients and REALTORS® would like to know about?

Listen to today's business tip from LTB faculty member Jim Sahnger and learn how USDA loans - that's right, the US Department of Agriculture - can help you close more deals and put even more in your pipeline. More importantly, listen as Jim announces a new USDA Marketing Kit LTB will release this week with everything you need to take advantage of this great opportunity, including a new conference call with Jim and LTB member Sue Botelho and MBP speaker Linda Davidson, a new PowerPoint presentation, and all the necessary handouts.

To learn more about this incredible opportunity, listen to today's voice broadcast..

The following map shows those areas in Walton County, FL that are eligible for USDA Rural Housing loans. Basically, the entire county is eligible! Under the map is the income guidelines used to determine if a buyer would qualify for a USDA Rural Housing loan based on the number of people in their family. Please note that there are some deductions from a buyer's income that may help those who are over these guidelines to qualify, ie: medical expenses for disabled family members, a credit for full-time students, a credit for those in the household under 18 years of age, child care expense credit, etc. If you aren't sure if you or your client are eligible, please call me at 850-424-6866 or email me.

Income Limits for Walton County, FL based on number of people in household:

1 person: $49,550

2 person: $56,600

3 person: $63,700

4 person: $70,750

5 person: $76,400

6 person: $82,050

7 person: $87,750

8 person: $93,400

The following map shows those areas in Okaloosa County, FL that are eligible for USDA Rural Housing loans. Basically, the only areas that aren't eligible are "between the bases" - Ft. Walton Beach, Shalimar, and Mary Esther east of Hurlburt Field. Under the map is the income guidelines used to determine if a buyer would qualify for a USDA Rural Housing loan based on the number of people in their family. Please note that there are some deductions from a buyer's income that may help those who are over these guidelines to qualify, ie: medical expenses for disabled family members, a credit for full-time students, a credit for those in the household under 18 years of age, child care expense credit, etc. If you aren't sure if you or your client are eligible, please call me at 850-424-6866 or email me.

Income Limits for Guaranteed Rural Housing Loan based on number of people in household:

1 Person: $50,850

2 Person: $58,100

3 Person: $65,400

4 Person: $72,650

5 Person: $78,450

6 Person: $84,250

7 Person: $90,100

8 Person: $95,900

I I live in Ft. Walton Beach, FL and my office is in Destin, FL (on the Gulf Coast in the Panhandle of Florida). It normally takes me about 10 minutes to get to my office. This morning, had I gone to the office, it would have probably taken a couple of hours......US Highway 98 between Ft. Walton Beach and Destin is closed due to the storm! There is water over the road in the eastbound lane and I guess they anticipate it covering westbound, as well, as both directions are closed. Below are some photos from Okaloosa Island that I took by the pier of the waves. Keep in mind: if you look at the blog below ("What a Difference a Week Makes"), that's how flat our seas normally are!