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Meet Debbie Irons, Keller Williams Advantage

By The Irons Team, Debbie Irons | Agent in Lake Nona, Orlando, FL
  • Do I qualify for the new HARP 2.0 Program?

    Posted Under: Financing in Orlando, Foreclosure in Orlando, Credit Score in Orlando  |  February 22, 2012 12:38 PM  |  1,819 views  |  No comments

    The HARP 2.0 REFI PROGRAM for Underwater Homeowner’s


    What is the new HARP 2.0 Refinance Program? 


    The new HARP 2.0 program is intended to help borrowers who owe significantly more on their home than what it's currently worth. It expands on the original Home Affordable Refinance Program, or HARP, which was created to help borrowers who owe up to 105% of their home's market value to refinance their mortgage, and was later expanded to those who owed up to 125%. This newest incarnation, dubbed HARP 2.0, removes the 125% cap, allowing borrowers who are deeply underwater to get a new mortgage at today’s lower interest rates and with more affordable monthly payments.  The program does NOT forgive or reduce principal on your existing mortgage loan.


    How do I know if my mortgage is eligible to be refinanced under this program?


    Only those home mortgages backed by Fannie Mae or Freddie Mac are eligible. Before you call a lender or broker to discuss the program, you should visit both websites below to confirm your mortgage is eligible.  If your existing mortgage is not owned by Fannie or Freddie or if you have already refinanced under a former HARP program, you are NOT eligible for the HARP 2.0.


    Fannie Mae eligibility check - http://www.fanniemae.com/loanlookup/


    Freddie Mac eligibility check - https://ww3.freddiemac.com/corporate/


    My loan is backed by Fannie or Freddie.  What is the next step? Does my credit and income qualify?


    HARP 2.00 guidelines state that prospective buyers are allowed to have had one mortgage late in past 12 months. That late cannot have occurred during the most recent six months.  The buyer cannot have refinanced under an existing HARP program previously. 


    In addition to HARP guidelines, each lender will have to determine their own level of risk.  Lenders are not required to offer this program and there are no government incentives.  The majority of lenders will rely on an automated underwriting system to approve loans.  A minimum credit score may be required and a debt to income ratio of 45% is not uncommon.  The HARP 2.0 will be available for principal residences, second homes and investment properties.  We assume lenders will also use an automated appraisal process to help determine estimated values, although full appraisals will not be required. This is yet to be determined.  The full program will launch in March 2012 and more details are expected over the next 30 days.  Have additional questions? Call us for a free consultation.  We will be accepting applications for the HARP 2.0 program beginning in March 2012.

  • Reserve your Lot NOW! Laureate at Lake Nona

    Posted Under: General Area in Orlando, Home Buying in Orlando, In My Neighborhood in Orlando  |  September 26, 2011 11:18 AM  |  2,580 views  |  No comments

    Custom Central Florida Homes for Sale in New Lake Nona Community

    Live in the heart of Medical City

    The new Laureate Park at Lake Nona is yet another Central Florida real estate project coming to southeast Orlando's Lake Nona, where the Sanford-Burnham Medical Research Institute and University of Central Florida's College of Medicine are already up and running.

    The traditional neighborhood design community showcases 503 new Orlando homes and is located near the 7,000-acre, master-planned community's emerging life science hub known as Lake Nona Medical City. Laureate Park amenities will include bike trails, community pool and a Village Center.

    K. Hovnanian will offer a variety of single-family and duplex designs on 40- and 50-ft.-wide home sites. All of the new Orlando homes will have a variation of the Neo-traditional elevation style with alley-entry garages.


    ·   40 foot home sites will have plans ranging 1,873 – 2,277 sq. ft. (Five plans)

    ·   50 foot home sites will have plans ranging at 2,659 – 2,853 sq. ft. (Three plans)

    ·   Duplex home sites will have two plans ranging 1,849 – 1,854 sq. ft. (Two plans)


    ·   40 foot home sites: 31-33, 57-59, 60-63 and 144

    ·   50 foot home sites: 105, 106, 133 and 134

    ·   Duplex home sites: 173 and 174

    For information on reserving your home site, call Debbie Irons, Keller Williams Advantage III Realty at 407-908-2890. Make sure YOU are being represented in a new home purchase.  IT IS FREE TO YOU!
  • Reduced FHA loan limits start October 1st

    Posted Under: Home Buying in Orlando, Financing in Orlando  |  September 14, 2011 11:15 AM  |  2,212 views  |  No comments

    Beginning Oct. 1, 2011 FHA loan limits for most Central Florida counties will be reduced from $353,750 to $274,850 for Seminole, Orange, Lake, & Osceola.  Volusia & Brevard are going to $271,050.

  • New Appraisal Standards Effective Sept 1st!!

    Posted Under: Home Buying in Orlando, Home Selling in Orlando, Financing in Orlando  |  September 12, 2011 6:05 AM  |  2,410 views  |  No comments

    New Appraisal Standards Effective September 1 for Fannie Mae and Freddie Mac




    It's finally happened: You've found the perfect home for your clients. Their financing is in place. But then...despite the


    comparables....the appraisal comes back low, threatening to ruin the whole deal.




    To help make appraisals more consistent and accurate, and prevent situations like this in the future, the Federal


    Housing Finance Agency has directed Fannie Mae and Freddie Mac to develop the Uniform Appraisal Dataset (UAD).


    The UAD will (1) define what fields are required for an appraisal submission and (2) standardize both responses and


    definitions for certain fields.




    Here are just a few of the items impacted by the new appraisal standards:


    * Days on the Market: Days on market is now defined as the total

    number of continuous days. If a property is


    taken off the market and then relisted, the appraiser will have to count all of the days it has been listed.


    * Offering Price: The original offering price and history of all

    price changes must be reported.


    * Property Style: Appraisers must use appropriate architectural

    design indicators such as "Colonial,"


    "Farmhouse," etc. Descriptions such as 1 story, 2 stories, etc are no longer acceptable.


    * Condition of the Subject Property: An overall condition rating

    must be assigned from the predefined


    condition categories provided.


    * Quality of Construction: The appraiser must rate the quality of

    construction of the subject property and all


    comps using a list of 6 predefined quality levels.




    The UAD appraisal standards are required for all appraisals conducted on or after September 1, 2011 for


    conventional loans sold to Fannie Mae and Freddie Mac.




    To read FAQs about the UAD appraisal standards, visit https://www.efanniemae.com/sf/lqi/umdp/pdf/uadfaqs.pdf. You


    can also call or email me any time if you have any questions. I'm always happy to help in any way I can. 407-908-2890

  • What will Interest Rates do now with US Debt Downgrade?

    Posted Under: Home Buying in Orlando, Financing in Orlando  |  August 7, 2011 5:38 PM  |  1,240 views  |  1 comment

    What will interest rates do this week?  A downgrade of US debt is new for financial markets.    

    We will be watching rates closely this week as markets and the federal government respond to the downgrade of US credit over the weekend. This is a first and economic experts are at odds over what to expect.  Buyers should be prepared for swings in interest rates and the turmoil this can cause for buyer’s purchasing at the top of their pre-approved price ranges.  Hopefully the already volatile market adjusted in advance and any negative reaction will be brief.  

    Find out more information on today's mortgage rates:

  • Keller Williams 2nd largest Real Estate Company

    Posted Under: Home Buying in Orlando, Agent2Agent in Orlando  |  March 14, 2011 2:46 PM  |  1,137 views  |  No comments

    Keller Williams Realty Climbs to Second-Largest

    Real Estate Franchise in United States

    Goals Set for Worldwide Expansion

    To Add 75,000 International Associates


       AUSTIN, TEXAS (March 8, 2011)—Keller Williams® Realty Inc., announced today that it is now the second-largest real estate franchise in the United States based on the total number of sales professionals, surpassing Century 21, according to research conducted by REAL Trends, a leading source of analysis and information in the residential real estate industry. The company claimed the number two spot with 77,672 U.S.-based associates at the end of 2010, just two years after claiming the number three spot from RE/MAX® International.

     “Once again, this milestone achievement is a direct result of the dedication of our associates and the stability and profitability of the Keller Williams business models,” said Mark Willis, CEO of Keller Williams Realty. “It’s incredible to see the momentum that our associates and our offices have right now.”

     This news comes one week after the announcement of positive growth by the company at their annual convention in Anaheim. Including its presence in Canada, Keller Williams closed the year with 79,315 associates and 701 market centers (offices). At the convention, Willis also shared that Keller Williams associate profit share was up 7.2 percent, with its agents receiving $34.6 million dollars back in 2010. Despite industry contraction, Keller Williams associates across North America also showed significant percentage gains in listings taken (+13%), contracts closed volume (+9%) and contracts closed units (+6%).

     The company also formed Keller Williams Worldwide with Chris Heller as president, citing plans for global expansion, with plans to grow the division by an additional 75,000 associates in 10 years.

     “Our goals are to expand the Keller Williams Realty model – with the focus on training and our sound business models,” said Chris Heller, president of KW Worldwide. “And, when looking for the right country and business partners in planning for expansion, we will not sacrifice the perfect fit with our mission, vision and the KW culture, those are absolutely necessary.”

     Despite the sharp downturn in the real estate market, since 2005 Keller Williams Realty has grown 30 percent in agents, 40 percent in market centers, 21 percent in closed units and 11 percent in closed GCI.

    Keller Williams Realty received many accolades in 2010 including:

    •  Entrepreneur magazine, No. 1 ranked real estate franchise on the 31st Annual Franchise 500 list

    •  J.D. Power and Associates, highest in overall satisfaction ratings from home buyers among the largest full-service real estate firms for the third year in a row

    •  Inman News, Co-Founder and Chairman of the Board Gary Keller named one of the 100 Most Influential Leaders in Real Estate

    •  Training Magazine, highest ranking real estate franchise on the annual Training Top 125, #47 Overall

     “It is such an honor to be a part of a company with such dedicated and driven people,” said Mary Tennant, president and COO of Keller Williams Realty. “Our associates are setting the pace in the industry. It is truly an exciting time to be in real estate and to be a part of the Keller Williams family.”

  • Loan Fees Set to Rise For Conforming Loan Applicants

    Posted Under: Home Buying in Orlando, Financing in Orlando, Credit Score in Orlando  |  March 11, 2011 4:31 AM  |  972 views  |  No comments

    Loan Fees Set To Rise For Conforming Mortgage Applicants

    Leave a Comment Written by Mike Smalley

    LLPA rising April 1 2011Beginning April 1, 2011, Fannie Mae is increasing its loan-level pricing adjustments. Conforming mortgage applicants should plan for higher loan costs in the months ahead.

    If you’ve never heard of loan-level pricing adjustments, you’re not alone; they’re an obscure mortgage pricing metric and, thus, are rarely covered by the media. That doesn’t make them any less relevant, however.

    LLPAs are mandatory closing costs assessed by Fannie Mae and Freddie Mac, designed to offset a given loan’s risk of default. LLPAs were first introduced in April 2009.

    This April’s amendment is the 6th increase in 2 years. LLPAs can be costly.

    In addition to an up-front, quarter-percent fee applied to all loans, there are 5 additional “risk categories” in the LLPA equation:

    1. Credit Score : Lower FICO scores trigger additional costs
    2. Property Type : Multi-unit homes trigger additional costs
    3. Occupancy : Investment properties trigger additional costs
    4. Structure : Loans with subordinate financing may trigger additional costs
    5. Equity : Loans with less than 25% equity trigger additional costs

    Adjustments range from 0.25 points (for having a 735 FICO score) to 3.000 points (for buying an investment property with just 20% downpayment). And they’re cumulative. This means that a borrower that triggers 3 categories of risk must pay the costs associated with all 3 traits.

    Loan-level pricing adjustments can be expensive — up to 5 percent or more of your loan size in closing costs. The fees can be paid a one-time cash payment at closing, or they can be paid in the form of a higher mortgage rate.

    The loan-level pricing adjustment schedule is public. You can research your own loan scenario at the Fannie Mae website, but you may find the charts confusing.

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