Ballast Point (Tampa, FL)
By Jim Poole, Zero Down, USDA Purchase Loans, FHA 203(K) Rehab & VA Streamline Loans
Are Lower Interest Rates Just Around The Corner? There is a lot of chatter in my circles that suggest we may be entering a period where mortgage rates fall enough again to spur another run on refinances. The trend has been something taking shape over the last 6 weeks but the excitement came among a couple of pricing improvement's made by lenders yesterday. The last time we were able to offer rates as low as 3.25% for a fixed Rate Loan (05/27/2011) was back in the summer of 2009 when a surge of refinance applications over whelmed the industry due to employee shortages. This time people in the know are noticing a behind the scenes hiring drive by many of the big Banks and Lenders. This suggest they might be ready to lax rates enough to make affordability even more attractive to home owner...
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By Jim Poole, Zero Down, USDA Purchase Loans, FHA 203(K) Rehab & VA Streamline Loans
No Money Down Rural Housing USDA Loans in Ballast Point Florida are back and fully funded. The new sub-prime loans of today are the government backed or sponsored loans. The FHA Loan is one we are all familiar with but how many of you know about the USDA Rural Housing Loan.  Here's how it works 100% financing on homes located in certain geographical area's with borrower's who are in certain income ranges. That's it! Use this link to see if the property qualifies by falling into one of the designated geographical area's http://eligibility.sc.egov.usda.gov/eligibility/welcomeAction.do Remember when income qualifying to use the income of the ENTIRE family. Seller can pay up to 6% of buyers closing cost The 3.5% Guarantee Fee is included (Financed) in with the loan amount 100% of borrowers...
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By Jim Poole, Zero Down, USDA Purchase Loans, FHA 203(K) Rehab & VA Streamline Loans
Hi I'm a Realtor and I've never written an offer using the FHA 203(K) Loan Once you receive the written Pre-Approval from the lender and your buyer has located a property make the offer with a provision in the sales contract that "The buyer has applied for Section 203(K) Financing and "The contract is contingent upon loan approval and the buyers acceptance of the additional required improvements as determined by HUD or the lender. The expense of the Preliminary Feasibility Analysis is charged to the buyers of the property in advance of the loan closing but is refunded back to them at the time of the loan closing. Should the buyer back out upon the results of the Feasibility Analysis; the fee is NOT refundable. Search here for a local Certified 203(K) Contractor to do your Preliminary Fe...
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By Jim Poole, Zero Down, USDA Purchase Loans, FHA 203(K) Rehab & VA Streamline Loans
No Money Down Rural Housing USDA Loans in Hillsborough County Florida are back and fully funded. The new sub-prime loans of today are the government backed or sponsored loans. The FHA Loan is one we are all familiar with but how many of you know about the USDA Rural Housing Loan.  Here's how it works 100% financing on homes located in certain geographical area's with borrower's who are in certain income ranges. That's it! Use this link to see if the property qualifies by falling into one of the designated geographical area's http://eligibility.sc.egov.usda.gov/eligibility/welcomeAction.do Remember when income qualifying to use the income of the ENTIRE family. Seller can pay up to 6% of buyers closing cost The 3.5% Guarantee Fee is included (Financed) in with the loan amount 100% of bor...
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By Jim Poole, Zero Down, USDA Purchase Loans, FHA 203(K) Rehab & VA Streamline Loans
Preliminary Feasibility Analysis for an FHA 203k Loan   First of all the Buyer decides to have a Consultant prepare a Work Order. After of which an FHA Plan Reviewer can review the proposal to ensure it is properly prepared. or  The buyer has a Certified 203(K) Consultant prepare the work order proposal and then the buyer selects a contractor to do the renovations under the terms and conditions outlined by the Consultant. I recommend you hire a Certified 203(K) Consultant.   The purpose of the Preliminary Feasibility Analysis is: 1. To determine the extent of the rehabilitation work required; 2. Get a rough cost estimate of the work; and 3. Determine the market value of the property after completion.     The buyer does not want to spend money on plans and repair specifications only to f...
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By Jim Poole, Zero Down, USDA Purchase Loans, FHA 203(K) Rehab & VA Streamline Loans
100% Financing through USDA/Rural Housing Development Loans  640+ Credit Scores No Monthly Mortgage Insurance Required 100% Financing + 3.5% Guarantee Fee can be Financed In 6% Seller Contributions Allowed GUS (Guaranteed Underwriting System) Approval Required Guaranteed Rural Housing Loan Program The Rural Housing Service (RHS) Program provides very low and low to moderate income rural residents with better access to affordable home financing with little or NO DOWN PAYMENT or OUT-OF-POCKET cost. Borrowers may obtain a loan to purchase a new or existing home that is located in a designated rural area. A rural community generally has a population of 10,000 or less; however some larger communities out side a Metropolitan Statistical Area can be considered RURAL. To be eligible for RHS ass...
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By Jim Poole, Zero Down, USDA Purchase Loans, FHA 203(K) Rehab & VA Streamline Loans
I have sat down and pounded out 19 Blog Post since joining Active Rain in October of 2010 and have yet to get a featured post. I have taking the classes Steven Graham gives and followed his instructions to a tee. I have sat up at night and pondered what I should write about and then spent hours putting all my energy into writing it. I have woke up at night and jotted down idea's that pop into my head and researched material that relates to my profession and posted about that. I have written about things that pertain to my experiences during my daily grind at the office and have passionately described the way I feel on certain subjects; i.e. the economy, the lending industry, the old; the new; etc...etc...I have posted and re-posted material that I deem relevant to being an expert in my ...
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