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Alberto Romero's Blog

Some lines to educate about Real Estate

By Alberto Romero | Broker in Miami, FL
  • Rent vs. buy: Top five cities where it's better to buy (or rent) a home

    Posted Under: Market Conditions in Miami, Home Buying in Miami, Rent vs Buy in Miami  |  June 8, 2013 9:31 AM  |  1,087 views  |  No comments
    With interest rates on 30-year mortgages hitting yet another record low this week -- 4.27%, according to Freddie Mac -- it makes sense to rush out and buy a home, right?

    Maybe not. New York-based real estate research firm Reis Inc. reported Thursday that a surge of renters in the third quarter pushed the national apartment vacancy rate down to 7.2%, from 7.8% the quarter before, one of the steepest drops ever. So more people are renting. And somewhat surprisingly, despite the strong rental demand, rent prices have remained relatively flat. So it's better to rent, right?



    If you're confused, keep this in mind: Whether it's more economical to buy or rent depends on where you live.

    Cities with high foreclosure rates and bottom-of-the-barrel home prices, such as Fresno, Calif.; Miami, Fla.; Mesa, Ariz.; and Detroit, Mich., are key areas where it doesn't make sense to rent, according to Trulia.com's Rent vs. Buy Index.

    Top Five Cities Where it's Better to Buy vs. Rent


    Rank City State Price: rent ratio

    1 Arlington TX 7

    2 Fresno CA 8

    3 Miami FL 9

    4 Mesa AZ 9

    5 Phoenix AZ 10

    Source: Trulia.com

    Conversely, in high-priced cities where home values are holding and jobs are more plentiful, such as New York City, Seattle, San Francisco, and Boston, renting is the most cost-effective option.

    Top Five Cities where it's better to Rent vs. Buy


    Rank City State Price: rent ratio
    1 New York NY 35
    2 Seattle WA 31
    3 Fort Worth TX 30
    4 Omaha NE 25
    5 Sacramento CA 23
    Source: Trulia.com

    "Choosing to buy a home or continue to rent is a highly personal financial and life decision that many people are grappling with right now," says Trulia CEO and co-founder Pete Flint. The Rent vs. Buy Index was created to "help prospective buyers make the right decisions for their own personal situations."

    The top city in which to rent, rather than buy is, of course, New York City, where the price-to-rent ratio is 35 (read below for the significance of that number). The median rent there is $3,000. The top city in which to buy compared to renting is Arlington, Texas, where the median price of a single-family home is $107,960, and the price-to-rent ratio is 7. What does that mean?

    Here's how the price-to-rent ratio breaks down:
    • A price-to-rent ratio of 1-15: It is much less expensive to own than to rent a home in that city.
    • A price-to-rent ratio of 16-20: It is more expensive to own a home. The total costs of ownership of a home in this city are greater than the costs of renting, but it might still make financial sense.
    • A price-to-rent ratio of 21+: The total costs of owning a home are much greater than the costs of renting.
    Now for the math: The ratio numbers are derived from using the average list price in a particular city compared with the average rent there of a two-bedroom apartment or condo, town home or co-op. The index includes the total cost of homeownership versus the total price of renting. So, for example, if the average list price in a city is $90,445 and the average rent is $936, the price-to-rent ratio ($90,445 divided by [$936 x 12] ) is about 8.05. Get your real estate agent there, quickly!

    Los Angeles is No. 37 on the 50-city rent-to-buy index, with a price-to-rent index of 19. Certainly not in the New York range, but still a place where it's cheaper to rent.

    Apartment seeker Molly Schmidt was hoping to find a Hollywood rental this week, complete with incentives -- one month's free rent and a free parking space. Common earlier this year, most landlords aren't offering such goodies today. She just landed a one-bedroom apartment in Hollywood for $1,250. The average rent in Los Angeles for a two-bedroom apartment with one bathroom in the second quarter was $1,893, according to RealFacts.com, which analyzes rental data. So she did pretty well.

    Still, "$1,250 is going to be tough," says Schmidt. "But it's a lot cheaper than buying."

    What the study doesn't consider is that while rents may escalate, mortgages don't. So if you plan on staying put for awhile, it may make more sense to think long-term than short-term. Rental units also frequently dictate whether you can have a pet, paint the dining room red, and put in new carpeting.
  • 6 essential tips for first-time homebuyers

    Posted Under: Home Buying in Doral, Rent vs Buy in Doral  |  June 6, 2013 6:28 AM  |  547 views  |  1 comment

    The typical American spends more time thinking about buying a car than buying a house. Even though the house they buy might wind up costing several times as much as the car.

    Why is that? While buying a home has long been part of the American Dream, it’s a daunting task – especially for first-time homebuyers. Many would-be buyers, overwhelmed by the process and the current state of the market, give up and decide to rent.

    It doesn’t have to be that way. The fact is, today’s housing market is a once-in-a-lifetime opportunity for first-time buyers. Interest rates are at near-record lows, homes are more affordable than they have been in years and there are plenty of homes for sale (with more on the way, thanks to the foreclosure crisis). Buyers are more likely to truly find the home of their dreams than they were in years past.

    Based on the questions I’ve received over the years, I’ve compiled a list of 6 tips every first-time home buyer should take. Keep these tips in mind as you begin the search for your perfect home, and I’m sure your experience will be far easier.

    Tip #1: What’s the budget? This is the question my husband asked me when we were shopping for our first home. It seems like a no-brainer, but you’d be surprised how many buyers don’t start by figuring out how much money they have to spend on their house purchase. It’s easy to show up at open houses and fall in love, but why waste time looking at homes that are out of your price range? The last thing you want is to find your dream home and realize it’s way over your budget.

    Banks will tell you that you can spend up to 28 percent of your gross monthly income (GMI) on your mortgage, taxes and homeowners’ insurance premium, and up to 36 percent on your total debt. If you take out an FHA loan, you can go even higher – to 42 percent of your GMI.
    The problem is 42 percent of your GMI will feel like nearly 60 percent of your take home pay, or more if you are contributing to a 401(k) at work. Remember this: Just because someone will lend you more money doesn’t mean you should borrow it.

    To calculate a housing budget you can live with, start by figuring out how much you spend each month. Track your daily expenses in a notebook over the course of four weeks to get a real sense of how much is going out and where you’re spending most of your available cash. Watch your savings and calculate how long it will take you to come up with a down payment.

    Before you commit to a mortgage amount, be sure to take the true cost of making those monthly principal, interest, taxes and insurance payments each month and apply them to your take-home pay. Don’t worry about mortgage deductions or the after-tax consequences – just look at the numbers and think about what else you spend each month and try to understand if you’ll feel comfortable. Because if you can’t sleep at night worrying about paying the mortgage or fixing your broken water heater, you’re spending too much.

    Tip #2: Come up with a realistic wish-list. The key here is ‘realistic.’ Based on the housing budget you figured out, and where you want to live, compile a list of what you’d like to have in your first home.

    Research is helpful when putting together your list. Check out some homes in your price range online to get a feel for what your money will buy, and make your wish list based on the home you see. If you’d love a fully renovated kitchen but none of the listings in your price range have one, be prepared to compromise. You can always upgrade later, but you really shouldn’t spend more than you can afford just for nicer finishes.

    Tip #3: Get pre-approved for a mortgage. In this market, many deals contingent on financing fall apart because buyers can’t find a bank to give them a mortgage. Getting pre-approved for your mortgage will help you avoid this problem. Start by shopping around for a lender. You should speak to at least three or four different types of lenders including big national banks, mortgage brokers, regional banks, local lenders and possibly a credit union. Check out the Yahoo! Homes Mortgage page to see a list of lenders in your area, along with estimated rates and payments.

    Once you’ve compared a few loans from different types of lenders side-by-side and decided on the right one for you, it’s time to get pre-approved. Some lenders will charge for pre-approval, so be sure to ask about those costs up front. You’ll need to provide the lender with details of your credit, income and assets to start the process. The bank will verify everything and issue a letter that tells you, and sellers, how much the bank is willing to lend you.

    Typically, pre-approvals are good for 60 to 90 days. If you don’t find a home within that period of time, you may need to re-qualify with your lender.

    Tip #4: Find a good home inspector. A knowledgeable home inspector is just as important as a great real estate agent. Getting a home inspection can save you thousands of dollars in the long run, but it has to be thorough. Ask friends and co-workers for referrals, or find out if your real estate agent has anyone they would recommend.

    Once you’ve gotten a few names, interview potential candidates. Don’t be afraid to ask questions: find out what their process is for inspecting a home, how long it usually takes, what their expertise is and what kind of information and paperwork you will receive after the inspection. If there’s anything special about the property you’re interested in – for example, a septic or propane tank – be sure the home inspector knows what to look for. Finally, be sure to follow up on any red flags in the home inspection report by hiring experts to come in and take a closer look at a possibly radon issue or evidence of a pest infestation.

    Tip #5: Understand the true costs of homeownership. This tip comes from one of my Twitter followers in Florida, @pstaines. Many first-time home buyers get so caught up in the idea of owning a home that they forget about life after closing. The real costs begin after you move into the house. In addition to mortgage payments, you’ll owe taxes, insurance and homeowner’s association (HOA) fees, and be responsible for any maintenance issues that come up while you own the home.

    These costs are all the more reason not to spend every last dime on your mortgage payment. If you have nothing left after paying your mortgage, you’ll be unable to pay all the other fees or save for unexpected expenses.
     
    Tip #6: You may love the home, but get to know the neighborhood before you make an offer. This is another good tip from one of my Twitter followers, @abirenews in Atlanta. He suggests talking to the neighbors to get the inside scoop on what it’s like to live there. Bad neighbors can affect your property’s value, but good neighbors can be an invaluable resource to first-time homebuyers.
     
    If you think you’ve found the neighborhood you want to buy in, take it a step further. Drive from your potential new home to your office during rush hour to see what the commute is like, and to places you’d go on a regular basis like the grocery store, gym and gas station.

    There’s a lot to think about when buying your first home, but remembering these tips should help you navigate the process and avoid potential minefields. Take your time, do your research and don’t let anyone pressure you into buying a home you’re not completely sure of. In this market you’ll be there a while, so make sure it’s somewhere you want to live for the long-term. 
  • Things To Consider Before Purchasing A Home

    Posted Under: Home Buying in Miami, Financing in Miami, Rent vs Buy in Miami  |  May 20, 2013 5:08 PM  |  593 views  |  No comments

    Buying a new home can definitely be exciting, especially if it is your first home. It can be a wonderful feeling to know that you actually own the home and can do whatever you want with it. You can paint the walls, install a pool or completely change the landscape. However, owning a home comes with some drawbacks as well. Before you purchase a home, there are several things that are worth taking into consideration.

                                          dream home ownership

    The Cost of Owning a Home Is More Than Just the Monthly Mortgage

    Owning a home is significantly more expensive than renting an apartment. In addition to the monthly mortgage, you have to pay for insurance, utilities, property taxes and maintenance. However, it is still possible to own a home without going bankrupt. Rather than buying the biggest and most extravagant home in the neighborhood, choose a home that is more affordable and does not require a lot of maintenance.

     

    Obtaining A Pre-approved Loan Gives You More Power

    Before you start looking for homes, you should obtain a pre-approved loan letter in your hand. It shows the sellers that you are serious about buying a home and lets you make an offer as soon as you find a house you like. Another benefit of getting a pre-approved loan is that it will prevent you from shopping for homes that are above your price range.

     

    There are Programs Out There for First Time Buyers

    If you do not have the money to put 20 percent down on a home, do not lose all hope. There are a lot of programs out there that assist first time buyers with down payments and loan terms. It definitely is worth it to look into federal, state and local programs before looking at houses.

    Beware of Foreclosures and Short Sales

    Foreclosure and short sales often carry great deals for home buyers, but that does not mean that they don’t come with drawbacks. For example, a house that is in foreclosure is normally sold the way it is, so the bank will not pay for any repairs. Most home owners who are in the middle of a foreclosure do not usually care about maintenance, so the home might need a lot of repairs. Foreclosure and short sales are also longer and more complicated than a regular home purchase.

    Not Every Real Estate Agent Represents Buyers

    It is important for you to know that not every real estate agent represents buyers. Some of them represent sellers and help them get the optimal price for their homes. If it is your first time buying a new home, you should consider working with a buyer’s agent because they will have your best interests in mind.

    As you can see, buying a home is not something that you should take lightly. It is important for you to take the time to consider the different factors involved before you buy one.

  • Relevance between Credit, Income and Risk when Originating a Mortgage (from a Bank Perspective)

    Posted Under: Home Buying in Miami-dade County, Financing in Miami-dade County, Rent vs Buy in Miami-dade County  |  April 8, 2013 9:50 AM  |  567 views  |  No comments

    Having a conversation with a client this past weekend, I realized how important is to understand the process of Buying a home when acquiring a mortgage, this particular individual was frustrated since the Bank is not giving him a mortgage even though his down payment is over 60% of the house value, and the problem is his income, Why if i am risking more on this transaction, i cannot get a mortgage?.

    On this article i will try to explain how the bank analyzes a Mortgage, why they choose carefully which loans are profitable and which ones are not (from the bank perspective) and make understandable the real business behind a loan:

    Depository institutions have traditionally originated residential mortgage loans to hold in their loan portfolios, and mortgage banking is a natural extension of this traditional origination process. Although it can include loan origination, mortgage banking goes beyond this basic activity.

    Mortgage banking generally involves loan originations, purchases, and sales through the secondary mortgage market.

    A mortgage bank can retain or sell loans it originates and retain or sell the servicing on those loans. Through mortgage banking, national banks can and do participate in any or a combination of these activities. Banks can also participate in mortgage banking activities by purchasing rather than originating loans.

    The mortgage banking industry is highly competitive and involves many firms and intense competition. Firms engaged in mortgage banking vary in size from very small, local firms to exceptionally large, nationwide operations. Commercial

    banks and their subsidiaries and affiliates make up a large and growing proportion of the mortgage banking industry.

    Mortgage banking activities generate fee income and provide cross-selling opportunities that enhance a bank’s retail banking franchise. The general shift from traditional lending to mortgage banking activities has taken place in the context of a more recent general shift by commercial banks from interest income activities to non-interest, fee generating activities.

    The key economic function of a mortgage lender is to provide funds for the purchase or refinancing of residential properties. This function takes place in the primary mortgage market where mortgage lenders originate mortgages by lending funds directly to homeowners. This market contrasts with the secondary mortgage market. In the secondary mortgage market, lenders and investors buy and sell loans that were originated directly by lenders in the primary mortgage market. Lenders and investors also sell and purchase securities in the secondary market that are collateralized by groups of pooled mortgage loans.

    Banks that use the secondary market to sell loans they originate do so to gain flexibility in managing their long-term interest rate exposures. They also use it to increase their liquidity and expand their opportunities to earn fee-generated income.

    The secondary mortgage market came about largely because of various public policy measures and programs aimed at promoting more widespread home ownership. Those efforts go as far back as the 1930s. Several government-run and government-sponsored programs have played an important part in fostering home ownership, and are still important in the market today. The Federal Housing Administration (FHA), for example, encourages private mortgage lending by providing insurance against default. The Federal National Mortgage Association (FNMA or Fannie Mae) supports conventional, FHA and Veteran’s Administration (VA) mortgages by operating programs to purchase loans and turn them into securities to sell to investors.

    When a bank originates a mortgage loan, it is creating two commodities, a loan and the right to service the loan. The secondary market values and trades each of these commodities daily. Mortgage bankers create economic value by producing these assets at a cost that is less than their market value.

    Risks Associated with Mortgage Banking For purposes of the OCC’s discussion of risk, examiners assess banking risk relative to its impact on capital and earnings. From a supervisory perspective, risk is the potential that events, expected or unanticipated, may have an adverse impact on the bank’s capital or earnings. The OCC has defined nine categories of risk for bank supervision purposes. These risks are: Credit, Interest Rate, Liquidity, Price, Foreign Exchange, Transaction, Compliance, Strategic, and Reputation. These categories are not mutually exclusive; any product or service may expose the bank to multiple risks. For analysis and discussion purposes, however, the OCC identifies and assesses the risks separately.

    The applicable risks associated with mortgage banking are: credit risk, interest rate risk, price risk, transaction risk, liquidity risk, compliance risk, strategic risk, and reputation risk. These are discussed more fully in the following paragraphs.

    Credit Risk

    Credit risk is the risk to earnings or capital arising from an obligor’s failure to meet the terms of any contract with the bank or to otherwise fail to perform as agreed. Credit risk is found in all activities where success depends on counterparty, issuers, or borrower performance. It arises any time bank funds are extended, committed, invested, or otherwise exposed through actual or implied contractual agreements, whether reflected on or off the balance sheet.

    In mortgage banking, credit risk arises in a number of ways. For example, if the quality of loans produced or serviced deteriorates, the bank will not be able to sell the loans at prevailing market prices. Purchasers of these assets will discount their bid prices or avoid acquisition if credit problems exist. Poor credit quality can also result in the loss of favorable terms or the possible cancellation of contracts with secondary market agencies.

     Interest Rate Risk

    Interest rate risk is the risk to earnings or capital arising from movements in interest rates. The economic perspective focuses on the value of the bank in today’s interest rate environment and the sensitivity of that value to changes in interest rates. Interest rate risk arises from differences between the timing of rate changes and the timing of cash flows (repricing risk); from changing rate relationships among different yield curves affecting bank activities (basis risk); from changing rate relationships across the spectrum of maturities (yield curve risk); and from interest-related options embedded in bank products (options risk). The evaluation of interest rate risk must consider the impact of complex, illiquid hedging strategies or products, and also the potential impact on fee income which is sensitive to changes in interest rates. In those situations where trading is separately managed this refers to structural positions and not trading positions.

    Higher interest rates can reduce homebuyers’ willingness or ability to finance a real estate loan and, thereby, can adversely affect a bank that needs a minimum level of loan originations to remain profitable. Rising interest rates, however, can increase the cash flows expected from the servicing rights portfolio and, thus, increase both projected income and the value of the servicing rights. Falling interest rates normally result in faster loan prepayments, which can reduce cash flows expected from the rights and the value of the bank's servicing portfolio.

    Price Risk

    Price risk is the risk to earnings or capital arising from changes in the value of portfolios of financial instruments. This risk arises from market-making, dealing, and position-taking activities in interest rate, foreign exchange, equity, and commodities markets.

    Falling interest rates may cause borrowers to seek more favorable terms and withdraw loan applications before the loans close. If customers withdraw their applications, a bank may be unable to originate enough loans to meet its forward sales commitments. Because of this kind of “fallout,” a bank may have to purchase additional loans in the secondary market at prices higher than anticipated. Alternatively, a bank may choose to liquidate its commitment to sell and deliver mortgages by paying a fee to the counterparty, commonly called a pair-off arrangement. 

    Transaction Risk

    Transaction risk is the risk to earnings or capital arising from problems with service or product delivery. This risk is a function of internal controls, information systems, employee integrity, and operating processes. Transaction risk exists in all products and services.

    To be successful, a mortgage banking operation must be able to originate, sell, and service large volumes of loans efficiently. Transaction risks that are not controlled can cause the company substantial losses.

    To manage transaction risk, a mortgage banking operation should employ competent management and staff, maintain effective internal controls, and use comprehensive management information systems. To limit transaction risk, a bank’s information and recordkeeping systems must be able to accurately and efficiently process large volumes of data.

    Because of the large number of documents involved and the high volume of transactions, detailed subsidiary ledgers must support all general ledger accounts. Similarly, accounts should be reconciled at least monthly and be supported by effective supervisory controls.

    Excessive levels of missing collateral documents are another source of transaction risk. If the bank has a large number of undocumented loans in its servicing portfolio, purchasers will not be willing to pay as high a price for the portfolio. To limit this risk, management should establish and maintain control systems that properly identify and manage this exposure.

     Liquidity Risk

     Liquidity risk is the risk to earnings or capital arising from a bank’s inability to meet its obligations when they come due, without incurring unacceptable losses. Liquidity risk includes the inability to manage unplanned decreases or changes in funding sources. Liquidity risk also arises from the bank’s failure to recognize or address changes in market conditions that affect the ability to liquidate assets quickly and with minimal loss in value.

    In mortgage banking, credit and transaction risk weaknesses can cause liquidity problems if the bank fails to underwrite or service loans in a manner that meets investors’ requirements. As a result, the bank may not be able to sell mortgage inventory or servicing rights to generate funds. Additionally, investors may require the bank to repurchase loans sold to the investor which the bank inappropriately underwrote or serviced.

    Compliance Risk

     Compliance risk is the risk to earnings or capital arising from violations of, or non-conformance with, laws, rules, regulations, prescribed practices, or ethical standards. Compliance risk also arises in situations where the laws or rules governing certain bank products or activities of the bank’s clients may be ambiguous or untested. Compliance risk exposes the institution to fines, civil money penalties, payment of damages, and the voiding of contracts. Compliance risk can lead to a diminished reputation, reduced franchise value, limited business opportunities, lessened expansion potential, and lack of contract enforceability.

    Strategic Risk

    Strategic risk is the risk to earnings or capital arising from adverse business decisions or improper implementation of those decisions. This risk is a function of the compatibility of an organization’s strategic goals, the business strategies developed to achieve those goals, the resources deployed against those goals, and the quality of implementation. The resources needed to carry out business strategies are both tangible and intangible. They include communication channels, operating systems, delivery networks, and managerial capacities and capabilities.

    Reputation Risk

    Reputation risk is the risk to earnings or capital arising from negative public opinion. This affects the institution’s ability to establish new relationships or services, or continue servicing existing relationships. This risk can expose the institution to litigation, financial loss, or damage to its reputation. Reputation risk exposure is present throughout the organization and is why banks have the responsibility to exercise an abundance of caution in dealing with its customers and community. This risk is present in activities such as asset management and agency transactions.

  • Excelente ayuda para nuevos compradores, $30,000 de asistencia de pago inicial por Wells Fargo

    Posted Under: Home Buying in Miami, Financing in Miami, Rent vs Buy in Miami  |  April 6, 2013 10:06 AM  |  555 views  |  No comments
    El programa NeighborhoodLIFTSM fue creado para ayudar a las comunidades a superar el doble desafío de inventarios de casas sin vender, a travez de asistencia de prestamos para los posibles compradores. Wells Fargo está comprometiendo US$ 15 millones en el estado de  Florida para financiar el programa que ayudará a cientos de residentes de cuatro ciudades, entre ellas Miami,  a ser propietarios de viviendas.

    En Miami, el programa incluye una meta de cinco años de $ 300 millones en préstamos para compra de hipotecas de Wells Fargo, y una inversión de $ 9 millones en subvenciones abajo de pago y programas de asistencia para compradores de viviendas que ayudan a los consumidores a alcanzar el éxito en la compra de un hogar sostenible. Wells Fargo colaborará con la Ciudad de Miami y las organizaciones sin fines de lucro, NeighborWorks America y sus afiliados locales de Miami Neighborhood Housing Services del sur de Florida para ejecutar el programa.
    "La desaceleración de la economía ha creado desafíos para muchos de nuestros ciudadanos de Miami para convertirse en propietarios de vivienda", dijo el Alcalde de Miami Tomás Regalado. "Estamos deseando colaborar con Wells Fargo, NeighborWorks America, y Neighborhood Housing Services del sur de Florida en este esfuerzo importante de viviendas sostenibles. Es hora de que nuestro mercado de la vivienda empieze moverse de nuevo. "
    La Iniviativa de Florida NeighborhoodLIFTSM también incluye el compromiso de:

        
    $ 7 millones en Tampa con un evento para compradores de vivienda el 22 de junio - 23,
        
    $ 7 millones en Orlando con un evento para compradores de vivienda el 13 de julio - 14, y
        
    $ 7 millones en Jacksonville con un evento para compradores de vivienda el 27 de julio - 28.

    El 1 a 2 jun NeighborhoodLIFTSM hara un evento en Miami para cualquier persona interesada en comprar y vivir en una casa en la ciudad de Miami. La ayuda para el pago de hasta 30.000 dólares está disponible para aquellos que califiquen, comprar y residir en una casa en Miami. Para calificar para la ayuda, tiene que poder aplicar a los préstamos hipotecarios de compra con cualquier prestamista, los solicitantes deben cumplir con ciertos criterios, incluyendo el ingreso anual que no exceda de 120 por ciento del ingreso medio del área, la finalización de una sesión de educación para compradores de vivienda de ocho horas con la aprobación de America NeighborWorks afiliado, un compromiso de permanecer en la casa durante cinco años, y la clasificación para una primera hipoteca sobre la propiedad.

    El programa NeighborhoodLIFT SM es una colaboración entre Wells Fargo Bank, NA, Wells Fargo Foundation, NeighborWorks America,  una organización independiente sin fines de lucro, y organizaciones locales sin fines de lucro. El programa NeighborhoodLIFT SM está diseñado para proporcionar iniciativas sostenibles de propiedad de vivienda en ciudades muy afectadas por la crisis inmobiliaria.



  • A great Assistance by Wells Fargo to new buyers, $30,000 Towards Down payment

    Posted Under: Home Buying in Miami, Financing in Miami, Rent vs Buy in Miami  |  April 6, 2013 9:47 AM  |  683 views  |  No comments
    The NeighborhoodLIFTSM program was created to help communities overcome the dual challenge of high inventories of unsold homes while providing assistance for prospective buyers. Wells Fargo is committing $30 million in the state of Florida to fund the program that will help hundreds of residents of four cities, including Miami, become homeowners.
    In Miami, the program includes a five-year goal of $300 million in mortgage purchase loans by Wells Fargo, and a $9 million investment in down payment assistance grants and homebuyer support programs that help consumers achieve successful, sustainable home ownership. Wells Fargo will collaborate with the City of Miami and the non-profit organization NeighborWorks America and its local Miami affiliate Neighborhood Housing Services of South Florida to execute the program.
    “The downturn in the economy has created challenges for many of our Miami citizens to become homeowners,” said City of Miami Mayor Tomás Regalado. “We are looking forward to collaborating with Wells Fargo, NeighborWorks America, and Neighborhood Housing Services of South Florida on this important sustainable housing effort. It’s time to get our housing market moving again.”
    The Florida NeighborhoodLIFTSM initiative also includes commitments of:
    • $7 million in Tampa with a homebuyer event on June 22 – 23,
    • $7 million in Orlando with a homebuyer event on July 13 – 14, and
    • $7 million in Jacksonville with a homebuyer event on July 27 – 28.

    The June 1 – 2 NeighborhoodLIFTSM event in Miami is for anyone interested in buying and living in a home in the City of Miami. Down payment assistance of up to $30,000 is available to those who qualify, buy and reside in a home in Miami. To qualify for down payment assistance that may be applied to mortgage purchase loans with any lender, applicants must meet certain criteria including annual income not exceeding 120 percent of the area median income; completion of an eight-hour homebuyer education session with the approved NeighborWorks America affiliate; a commitment to stay in the home for five years; and qualification for a first mortgage on the property.

    The NeighborhoodLIFT SM program is a collaboration between Wells Fargo Bank, N.A., Wells Fargo Foundation, NeighborWorks America, an independent non-profit organization, and local non-profit organizations. The NeighborhoodLIFT SM program is designed to provide sustainable homeownership initiatives in cities deeply affected by the housing crisis.


  • Buying vs. Renting Your Home

    Posted Under: Home Buying in Miami, Rent vs Buy in Miami, Rentals in Miami  |  March 19, 2013 7:54 PM  |  450 views  |  No comments
 
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