Maybe this information can help get a few of your buyers get off the fence since we all know they will not last this long.

Last week we were quoting 4.75% compared to 4.125% today.

On a $100,000 loan the difference between 4.125% and 4.75% is $13,000 over the life of the loan. That is a pretty big savings if you ask me.

Please let me know if I can do anything to help!

Have a great day!

By the way you can follow me on Facebook here: http://www.facebook.com/TimHartJr

Tim Hart Jr.

VanDyk Mortgage

3820 Colonial Blvd Suite #100

Ft Myers,FL. 33966

Office- (239)437-HART

Fax- (239)689-4577

Cell- (239)910-5668

E-mail- thart453@vandykmortgage.com

Visit my Website 24/7 to:

Search 1000′s of Homes for Sale!

Have your Mortgage Questions Answered!

Check out Interest Rates!

Use our Purchase Assistant

Effective for all FHA case numbers assigned on or after October 4, 2010:

Annual Premium Changes

For mortgage involving an LTV > 95%, the annual premium is increased to .90 percent (from . 55 percent)  of the remaining insured principle balance on loans with terms > 15 years increased .25 percent on loan with < 15  years.

Upfront Premium Changes

On all FHA mortgage types ( purchase, refinance and streamline), upfront premiums will decrease to 1.00 ( from 2.25 percent).

Hopefully this helps you keep your buyers informed on their loan process

Good morning! We are now underwriting full files within 48 hours!

If we get a signed contract on Monday and depending on how fast your buyer will move we can have an underwritten approval by that Friday.

We were able to improve our underwriting time because we added an underwriting division just for Florida.

Hopefully you are staying busy and getting ready for a productive fall!

Please let me know if I can do anything to help grow your real estate business!

Have a great day!

Best Regards,

Tim Hart Jr.

VanDyk Mortgage

3820 Colonial Blvd Suite #100

Ft Myers,FL. 33966

Office- (239)437-HART

Fax- (239)236-1212

Cell- (239)910-5668

E-mail- thart453@vandykmortgage.com

The best part is that we CAN go over the 20% increase in price! 

The seller will have to show proof of receipts and the required 2^nd appraisal must verify these repairs along with the value.

Here are the requirements for the standard FHA purchase under 90 days seasoning and also below the 20% increase. The requirements for above a 20% increase are below.

• All transactions must be arms-lengths, with no identity of interest between the buyer and seller or other parties participating in the sales transaction.
• The Seller holds title to the property.
• The transaction is not a simultaneous closing.
• The contract of sale for the purchase of the property is fully executed and dated between Feb.1, 2010 and Feb.1, 2011.
• LLC’s, corporations, or trusts that are serving as sellers were established and are operated in accordance with applicable state and Federal law.
• The LLC’s Operating Agreement or documentation that reflects membership in the LLC must be reviewed to determine the transaction is non-arms length to ensure the borrower is not affiliated with the LLC.
• There is no pattern of previous flipping activity for the subject property, as evidenced by multiple title transfers within a 12-month time frame (chain of title information for the subject property can be found in the appraisal report).
• The property was marketed openly and fairly, via MLS, auction, For Sale by Owner offering, or developer marketing (Not allowed, any sales contracts that refer to an “assignment of contract of sale,” which represents a special arrangement between seller and buyer).

Here are the guidelines when the property is over a 20% increase. It must have a 2^nd appraisal and the seller will be required to pay for it.

Justifies the increase in value by retaining in the loan file a second appraisal which verifies that the seller completed sufficient legitimate renovation, repair, and rehabilitation work on the subject property to substantiate the increase in value or, in case where no work is performed, the appraiser provides appropriate explanation of the increase in property value since the prior title transfer; and

Orders a property inspection and provides the inspection report to the purchaser before closing. The lender may charge the borrower for the inspection. The use of FHA-Approved inspectors or 203(k) consultants is not required. The inspector must have no interest in the property or relationship with the seller, and must not receive compensation for the inspection from any party other than the lender.

Also, the inspector may not compensate anyone for the referral of the inspection.

Additionally, the inspector may not receive any compensation for referring or recommending contractors to perform any repairs recommended by the inspection. At a minimum, the inspection must include:

i. The property structure, including the foundation, floor, ceiling, walls and roof;  

ii. The exterior, including siding, doors, windows, appurtenant structures such as decks and balconies, walkways and driveways;

iii. The roofing, plumbing systems, electrical systems, heating and air conditioning systems;

iv. All interiors; and

v. All insulation and ventilation systems, as well as fireplaces and solid-fuel-burning appliances.

I know that we have had to turn down many loans due to this seasoning issue but look forward to helping all of our Realtors close some more deals this year.

Please contact me if there is anything I can do to help or if you have any questions or concerns.

 Tim Hart

239-910-5668

thart453@vnadykmortgage.com

You must have a signed contract by April 30th 2010 and closed on your home by June 30th 2010.

Here is the timeline for a typical home buyer in our market so you can be prepared.

Pre-Approval Process: 24 to 48 hours

Shopping for a home and having your contract accepted: 30-60 days

Loan Underwriting and Closing: 30-45 days

As you can tell by our timelines the total process can take well over three months.

If you want to buy a house and need financing the time to start the home buying process is February 1st or even better TODAY.

This gives you enough time to get the home you want and close your loan on time.

With whole country trying to close their loan before the June 30th deadline to take advantage of the amazing tax credit you don’t want to be  stuck in the middle of that log jam!

Let’s get started today! Use our Free Purchasse Assistant to start the pre-approval process.

Click Here to get Pre-Approved!

There are now two different tax credits available for home buyers.

The original tax credit is the First Time Home Buyer Tax Credit and you can receive a tax credit up to 10% of the sales price or $8,000 whichever is less.

Click Here to learn more: First Time Home Buyer Tax Credit

The newest Tax Credit is for Move Up/ Repeat Home Buyers. You can receive up to 10% of the sales price or $6,500, whichever is less.

Click here to learn more: Move up/Repeat Home Buyer Tax Credit  

Hope this helps you make an informed decision and please call me with any questions or concerns.

You can reach me at 239-437-4278 ext 11 or on my cell phone at 239-910-5668.

Good Luck!

Tim Hart

If you have not read the press release from HUD you can read it here: http://portal.hud.gov/portal/page/portal/HUD/press/press_releases_media_advisories/2010/HUDNo.10-011

As a direct mortgage lender we will not be able to have this program available until HUD publishes a Mortgagee Letter.

I have also spoken to several of our wholesale lenders and they are all saying the same thing. They are going to wait to see how it all shakes out before they commit to any internal guideline changes.

This guideline change means a large increase in all of our business so I will work very hard to make this available to you and me!

Hopefully as this week rolls on we will have more clarity on the programs that we will have available.

As I get updates I will be sure to forward them directly to you.

Have a great week!!

P.S. It was nice having Realtors call me this weekend and today EXCITED about a guideline change! I haven’t had that happen in about 3 years!!:)

Please remember that it will only fit a handful of our buyers since the majority of our short sales are because people couldn’t afford their house or are selling because of decreased value.

Borrowers are considered eligible for a new FHA-insured mortgage if, from the date of the loan application all mortgage payments were made on time for the most recent 12 months PLUS all installment debts for the same time period were also made within the month due.

However, borrowers are NOT eligible if they pursued a short sale simply to take advantage of declining market conditions therefore they also must meet one of the following conditions:

(1) Borrowers are relocating and establishing residency in an area not within a reasonable commuting distance from the property that was/is being sold on short sale.

(2) Borrowers number of legal dependents increased to the point where the property sold as a short sale no longer met the family’s needs.

(3) Consideration may be given on a case by case basis to an empty-nester needing to scale-down but wants to remain in the same neighborhood.

Hopefully this information helps you or someone you know get qualified for a mortgage!

Let me know if you have any questions or concerns.

Have a great weekend!

We have just heard that Chase retail has suspended accepting USDA/Rural Housing loans in Fort Myers-Lehigh Acres.

Chase plans on accepting USDA loans soon but they are not for sure on the exact date.

But what do you know…….in the meantime, we are still accepting USDA/Rural Housing Loans!!  If you send your USDA buyers to Chase and need your client approved please do not hesitate calling me and we will happily step in to help.

We are still able to close USDA loans while Chase figures out what they are going to do. Please call me with any questions or concerns.

I wanted to pass along this information from our local USDA office in North Fort Myers.

They are now taking 30 days to underwrite a file starting on files from 12/18 on. They were taking 10 to 15 days before today so this is not good news for any USDA buyer.

Hopefully you will be able to prepare your buyers and sellers for this long delay until USDA/Rural Housing can get caught up.

Thanks and have a great New Year!

Here is the e-mail we received today.

From: Roy, Kristine – Royal Palm Beach, FL
To: Prioleau, Angela – Royal Palm Beach, FL
Sent: Mon Dec 28 12:14:11 2009
Subject: 30 Day Email to Lenders

Though we have taken every possible measure to process your Guaranteed Loan request, due to the extensive volume experienced, we will not be able to underwrite your request by December 31, 2009.  The current turn time for underwriting is averaging 30 calendar days from the date of submittal. 

We apologize for any inconvenience that this may have caused. 

Sincerely,

Angela S. Prioleau

Area Director

The City of Cape Coral will be holding a new event at Sun Splash called “Santa Land”.

The event will be from 12/18- 12/23 starting at 5pm to 11pm.

It will include a  mini-carnival, train rides around the park, visits with Santa, a children’s craft area, and a Waltzing Waters liquid fireworks display.

$10 each will get you in the doors and allow you to do everything the event will offer and all the proceeds go to the Sunshine Kids.

For more information, call Cape Coral Parks & Recreation at (239) 573-3128.