Fence-Sitting Homebuyers Face FHA Fee Hike Deadline

Fence-Sitting Homebuyers Face FHA Fee Hike Deadline

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by Jann Swanson

Both applications for FHA-guaranteed mortgages and FHA endorsements were lower in January than in the previous month or in January 2010. Reduced loan demand was reflected across all subsets, purchases, refinances and mortgages for first-time buyers.
Applications for FHA mortgages totaled 103,991 in January compared to 112,500 in December and 126,043 a year earlier.  The year-over-year figure reflects a drop of 17.5 percent.  There were 55,417 applications for mortgages to purchase homes and 41,178 to refinance.  This was a 3.4 percent decrease in purchase applications since December and a 21.6 percent change from January 2010.  Applications to refinance were down 12.1 percent quarter-to-quarter and 16.9 percent over the longer period.
FHA endorsed 119,521 mortgages in January compared to 133,603 in December and 158,612 in January 2010.  January numbers are lower by 10.5 percent and 24.6 percent respectively.  Purchase mortgages totaled 63,887 compared to 66,165 (-3.4 percent) and 90,030 (-29 percent) in the earlier periods.  47,429 (74.2 percent) of the purchase mortgages went to first time buyers compared to 48,539 (73.4 percent) and 90,030 (56.8 percent) in December and in January 2010.
Home Equity Conversion (HECM) or so-called Reverse Mortgages for senior citizens represented 5.4 percent of FHA endorsements compared to 4.9 percent in December and 4.8 percent a year earlier.
Year-to-date figures also show a substantial decrease in activity between FY 2010 and FY 2011.  Total applications are 26.7 percent lower with purchase mortgages down 34.3 percent and refinancing off 22.1 percent.  Total endorsements are 24.1 percent off of the 2010 pace with most of the fall-off accounted for by the purchase sector which was down 34 percent.  Refinancing endorsements dropped 8.1 percent and HECM endorsements are at -23.3 percent the 2010 level.
Mortgage Insurance -in-Force in January totaled 5,882,984, an increase of 1 percent month-over-month and 16.3 percent over the January 2010 total of 5,917,805.  The total unpaid principal balance amount is $947.8 billion.  The portfolio has a current delinquency rate of 8.9 percent with 612,443 loans over 90 days delinquent.   In December the rate was 8.8 percent and one year earlier it was 9.2 percent.
The weighted average FICO score for FHA mortgages was 703, one point higher than the previous month and nine points above the score a year earlier.  
FHA took an average of 5,735 applications per day in January.  The average processing time from application to closing was 8.1 weeks, up from 7.6 in December but about the same as a year earlier and 4.0 weeks from closing to endorsement, 1.3 week less than a year ago.
These figures are from the Single-Family Operations Report for January issued this week by the Department of Housing and Urban Development.  FHA mortgages have risen dramatically in popularity since the beginning of the housing crisis but the agency has also raised upfront and annual premiums in the past year. Declining loan demand in January is no surprise given the uptick in mortgage rates we witnessed. Rates are now off those highs but loan production has yet to pickup.  We are curious to see how the FHA's decision to raise the annual mortgage insurance premium will impact loan demand before the new fee structure goes into effect on April 18th.
Perhaps buyers will rush to beat the deadline?

Looking For Port Charlotte | Punta Gorda Bank Foreclosure Homes

Looking For Port Charlotte | Punta Gorda Bank Foreclosure Homes

Many new real estate investors want to buy foreclosure homes directly from the bank. The attraction to Port Charlotte | Punta Gorda bank-owned properties is understandable, as you borrow money from the bank to purchase a home. It is natural to assume that the bank owns the home; however, whether through a Deed of Trust or Mortgage, the title to your home is either held by a third party or pledged as security for the loan. So, in fact, the bank does not actually own the foreclosure home at all.
You borrow money from and give mortgage to the bank. The mortgage is the security instrument utilized to protect the bank from loss should you default on the home loan. Unless you bought a bank foreclosure home directly from the bank, the bank has never owned the foreclosure home at all.

Find Port Charlotte | Punta Gorda Bank Foreclosure Homes

The Foreclosing Lender’s Profits

The goal of the foreclosing lender is to gain possession of the foreclosure home. The financial goal of the lender is the recovery of the principle loan balance, accrued interest, late fees, and penalties, taxes paid on behalf of the home owner, court costs and attorneys’ fees.  In most states, the laws are written so that the mortgage lender can only attempt to recover these widely accepted standard losses.
The mortgage lender will add in every legitimate expense when foreclosing on a home. This is what is sued for: the total the mortgage lender claims is owed by the owner of the Port Charlotte | Punta Gorda foreclosure home. In most states, this is the maximum amount the mortgage lender can collect. The laws are written this way to protect homeowners from unfair practices.
The commonly held notion is that a bank (or any other lender) must sell a foreclosure home for the same amount it cost in order to gain possession of the home and, therefore, cannot make a profit. This is false. If the foreclosing lender is the successful bidder on the foreclosure home at auction, it will take possession of the foreclosure home for the very first time. When this happens, all the rules change. The lender, now the legal owner of the foreclosure home, can do anything it wants with the home, including sell the foreclosure home for any amount it desires.

NEED A LOCAL Port Charlotte | Punta GordaRealtor?

Buying A Port Charlotte | North Port home is a big decision.

There is no doubt that buying a Port Charlotte | North Port home is a big decision. A home is the most important, and most expensive, single item most people will purchase in their lifetimes, and getting the best deal on a home loan can save you thousands of dollars over the life of the loan.

If your credit is less than stellar, then find a house to buy can be even more of a challenge. While those whose credit is perfect will be likely to qualify for those eye popping low rates advertised by the banks, home buyers with bad credit will have few options and be subject to higher interest rates, higher down payment requirements and higher monthly payments. So, how do you buy a house with bad credit?

One of the most important steps to take if your credit is less than perfect is to get pre-qualified for a Port Charlotte | North Port mortgage before you begin shopping for a home. While it is important for any home buyer to pre-qualify for a mortgage, it is even more important for those with bad credit. When you pre-qualify for a mortgage loan, you will know up front exactly how much you can borrow. This means that you can tailor your home search to only those properties in your price range. You will not waste time looking at properties that you cannot afford to purchase.

Getting a copy of your free credit report, and trying your best to clean up the negative information, is also an important step to take before you begin trying to find a home and a mortgage. While it is very difficult to remove legitimate negative information from a credit report, it is entirely possible that your credit report contains errors. A recent survey by a consumer rights organization revealed that 7 out of 10 credit reports reviewed contained at least one error. You can get help to repair your credit and improve on your credit score.

The prospective home buyer should be sure to request a copy of their credit report from all three major credit reporting agencies, TransUnion, Experian and Equifax. Under a new law amendment to 'Fair Credit Reporting Act', all consumers are entitled to get one copy of their credit report free each year. Check with the credit-reporting agency to see if you are entitled to one of these free reports. Once you have the reports in hand, be sure to review it carefully and immediately report any errors you find. Cleaning up any problems you find will help improve your credit score and help you get the best possible interest rate and terms on your home mortgage loan. For example, by merely increasing your credit score from 570 to above 620 will lower the interest rate by up to three-quarters of a percentage point!

You may decide to wait for six months to a year to see how your credit score shape up in order to obtain a better interest rate on your loan. However, depending upon the housing prices movement in your area, waiting for more than a year before buying a Port Charlotte | North Port home  may cost your spending 5% to 15% more than what it would cost you today! Therefore, you are advised to consider various factors, housing prices trend and credit score, to find the best time to buy your home.

Once your credit is as good as you can make it, now it is time to start shopping around for the best mortgage loan. While you may not qualify for the best rates, but mortgage loan rates can still vary from lender to lender. Be sure to shop around at local banks, credit unions, savings and loan associations and mortgage brokers. Be sure you understand all the terms and conditions, including any fees or extra costs.

There is no denying that buying a home with bad credit makes finding a mortgage loan more of a challenge. But bad credit is no reason to abandon your dreams of home ownership. Some advance planning and hard work will allow you to buy the home you need, even if your credit is less than perfect.

Advantages of Owning a Home

Advantages of Owning a Home

While some people choose the flexibility of renting and being somewhat free of maintenance while having the ability to move often, many choose ownership for other reasons. It would be nice to say that the main reason for owning a home is the pride of home ownership, but that’s not quite true for most people. Their reasons are purely economical and there are clear financial advantages.


Building Equity
The difference between what you owe on your home and its value is called equity. In the early years of a home mortgage, most of each payment will go toward the loan interest, but later it will gradually go more and more toward your principal balance (what you owe). Through the years your payments will reduce this balance, thus raising your equity. Plus, if your home increases in value, your equity will rise even more. Your equity is like a savings account and it could prove very important for future needs such as a retirement plan, or major purchases.

Tax Deduction
By law, you can deduct mortgage interest and property taxes from your U.S. Federal Income Tax and from some state income taxes. This results in significant tax savings, especially in the early years of a mortgage when interest payments are higher. And you may find the tax savings alone makes it less expensive to buy than to rent.

Payment Stability
Unlike renting where payments can increase over the years, a fixed-rate mortgage payment will remain the same for the term of your loan. Other types of loans could vary in the structure of payments and there always could be slight adjustments for tax and insurance, but owning a home can result in being able to depend on stable payments for years to come. During times of inflation when rent goes up and home values rise, renters end up paying more each month while home owners increase their equity as they make the same payment.




Why Pay Rent? Rent To Own
Good Or Bad Credit We Can Help
Lease Option / Contract For Deed
http://www.123Rent4Now.com

Port Charlotte Mother's Day, Gift certificates for house cleaning

Port Charlotte / North Port Mighty Kklene Home Services can help make it easier to find the right gift. With a Port Charlotte / North Port Mighty Kklene Home Services gift card, you can give a friend or family member the ability to shake off the burden of house cleaning to enjoy some free time.

Gift certificates for house cleaning services make an ideal gift for Anniversaries, Birthdays, Mother's Day, Wedding or Shower gifts and for Housewarming gifts. Gift Certificates also make an excellent last minute gift idea!  Or for those special moments, "just because" letting her know you were "thinking about her." Imagine how she will feel after walking in a clean home after you have been out for dinner, or a movie.

Someone you know deserves a House Cleaning Gift Certificate - A Gift Certificate is a gift that lets that special someone know just how much you truly care.
Port Charlotte / North Port Mighty Kklene Home Services is truly S.W. Florida best affordable housecleaning company in the business!

Get A Free QuoteHome Cleaning | Maid Service | Move In/Out Cleaning -We Can Clean Now Best Port Charlotte / North Port / Punta Gorda Cleaning Service / Maid ServiceFREE CLEANING QUOTE HERE===>>> Http://www.FreeCleaningBid.com or CALL (941) 628-3891

The beaches of Charlotte Harbor

The beaches of Charlotte Harbor & the Gulf Islands appeal to athletes, families, nature lovers and those who seek seclusion.

Charlotte County beaches appeal to athletes and casual swimmers.

On the beaches of Charlotte Harbor & the Gulf Islands, you can go shelling, stroll nature trails, swim, fish and even frolic on playgrounds. Find the perfect seashore for you or try them all.


Family Beaches
All of Charlotte Harbor & the Gulf Islands’ beaches are kid-friendly, but which one is right for your family?

If your children love to dig into the sand, you’ll want to visit Englewood Beach, known for its wide shoreline perfect for sandcastle building. A long boardwalk provides extra amenities. The adjoining Chadwick Park has a playground, as well as restrooms.

Budding archaeologists and marine biologists will have a field day at Stump Pass Beach State Park, where fossilized sharks' teeth pepper the beach when the tide comes in. Covered picnic tables are a natural for family meals.

A playground, a heated swimming pool and picnic shelters make Port Charlotte Beach Park a great choice for young families. Active families can canoe and kayak from this harborfront park, which is also a favorite location for sunset viewing.


Athletes’ Beaches
Swimmers, joggers and beach walkers can exercise on any beach. If you need courts and equipment to play your sport of choice, area beaches have you covered.

Englewood Beach’s Chadwick Park appeals to weekend jocks with its volleyball and basketball and even horseshoe courts. Little athletes can practice their skills on the playground.

Port Charlotte Beach Park has a sandy beach, but its main draw is the extensive recreational facilities, such as a heated swimming pool, five baseball fields, and basketball, tennis, beach volleyball, bocce and horseshoe courts. Canoers and kayakers can launch from the park, and a boat ramp and a fishing pier are also on the property.


Nature-Lovers’ Beaches
Close encounters with natural wonders are readily experienced at three area beaches, including two state parks.

Port Charlotte Beach Park is a perfect choice for families and athletes alike.

Nature trails traverse 11 habitats within Don Pedro Island State Park. The barrier island is home to an array of Florida flora and fauna, including giant leather ferns, West Indian manatees, gopher tortoises, American oystercatchers and bald eagles. Shelling enthusiasts will delight in the island’s bounty, as will fisher folk, who can reel in tarpon and snook.

Known for its plethora of fossilized shark’s teeth, Stump Pass Beach State Park also caters to environmentally minded beach-goers with its well-marked trail through five distinct habitats. Interpretive signs along the path define the pristine park’s native plants, such as indigo berry and bay cedar, and wildlife like snowy egret and gopher tortoise. During the summer, you can enjoy ranger-led turtle walks and beach nature hikes.

The dune wildflowers decorating Blind Pass Beach are just the beginning of its natural attractions. If you visit between May and October, you may see sea turtles nesting or their eggs hatching, releasing babies who waddle their way to the water to begin their lives. Throughout the year, you can meander the trails that weave through the beach’s acres.


Secluded Beaches
If a private island defines your dream beach experience, you can almost achieve it at Don Pedro Island State Park and Blind Pass Beach.

Don Pedro Island State Park, located on a barrier island, is accessible only by private boat or public ferry service provided by Placida’s Grande Tours. Fronting the Gulf of Mexico, its one-mile beach is perfect for sunbathing, fossil hunting, swimming and just getting away from civilization. You’ll find all the creature comforts, from restrooms and outdoor showers to a picnic pavilion and barbecue grills.

On Manasota Key, Blind Pass Beach covers 66 acres of sand dunes, nature trails and shorelines on the Gulf of Mexico and Lemon Bay. Beach Road offers a direct route to the strand, where wildflowers and sea turtles often outnumber people. Picnic shelters, restrooms and a playground make Blind Pass Beach an ideal retreat for families, couples or anyone looking for a stretch of sand all their own.

The beaches of Charlotte Harbor & the Gulf Islands invite you to seek solace, refreshment, action and recreation on and along their silky sands. Spend a day at your favorite or a week exploring every shore.

Tips for Avoiding Mortgage Foreclosures

How to Protect Yourself: Tips for Avoiding Mortgage Foreclosures
Source: The Florida Attorney General

Contact your lender or loan servicer as soon as you realize you may have a problem and may have missed a payment. Studies show that at least 50 percent of all consumers that have defaulted on a mortgage or missed payments never contact their lender. This is a mistake. Lenders can discuss options with you to help you work through payments during difficult financial times. Lenders prefer to have you keep your home and most will work with you. Be honest with your lender about your financial circumstances. For more information about contacting your lender, refer to www.hud.gov/foreclosure or use this link http://www.hud.gov/offices/hsg/sfh/econ/contactyourlender.cfm.
Gather information. Learn all that you can about your mortgage rights and foreclosure laws in Florida. Review your loan documents to determine what your lender may do if you can’t make your payments. Review Florida laws, particularly Chapter 702, Florida Statutes and Section 45.031, Florida statutes to learn about foreclosure proceedings. Attend a foreclosure prevention information session. Information on local sessions may be available on http://www.freddiemac.com/avoidforeclosure/workshops.html#FL.
Contact a nonprofit housing counselor. Help and information is available to you free of cost. The HOPE NOW alliance provides a 24-hour hotline to provide mortgage counseling assistance in multiple languages. 1-888-995-HOPE. You may also obtain a list of HUD-approved counseling services in Florida at http://www.hud.gov or at this webpage: http://www.hud.gov/offices/hsg/sfh/hcc/hcs.cfm?webListAction=search&searchstate=FL . Read more