E Mortgage Blog

HomeStyle Renovation

HomeStyle Renovation combines home purchase or refinance with home improvement financing in one loan with one closing.

Consumer Benefits

• Finance improvements of up to 50% of the as-completed value of the renovations with a low first mortgage interest rate
• Save money by paying only one set of closing costs
• Eligible borrowers can finance soft costs and payment reserves

For more about a HomeStyle® Renovation Mortgage
thru Fannie Mae.

Lehigh Acres Summary

We work with First Time Home buyers and current homeowners to purchase a home with NO MONEY DOWN using the programs USDA Rural Development has to offer. All programs are on a 30 year low fixed rate term.

We will guide you through the process of obtaining a USDA Rural Housing mortgage. We assist people from all backgrounds, income brackets and credit levels. We will give you all the information you need to get No Money Down mortgage at a Very Low Interest Rate.

We also have a program to fix up a home that needs work.

This is one of the only No Money Down mortgage options left. Top that off with a low interest rate and no monthly mortgage insurance it is the best option out there.

We are the direct lender for USDA and can close in the matter of 5 business days.

All that is required for pre qualification is a 620 Beacon/FICO Score and Two years in the same profession.

Don’t have a 620 Beacon? That is ok click the “ apply now” button on our website and email us and we will call you right away 7 days a week and explain what you need to do to achieve a 620 score and buy that new home, don’t wait the market inventory is down 50% houses are going fast.

Please visit our website www.americahomekeyfl.com

Lehigh Acres Summary

Average price per square foot for Lehigh Acres FL was $38, a decrease of 67% compared to the same period last year. The median sales price for homes in Lehigh Acres FL for Sep 09 to Nov 09 was $59,500 based on 1,243 home sales or 13.81 homes sold per day. Compared to the same period one year ago, the median home sales price decreased 36.6%, or $34,400, and the number of home sales increased 45%. With the sheer number of homes being sold the prices will rise and soon. THIS IS A STRONG BUY SIGNAL AND IT WILL NOT LAST LONG AT THESE PRICES . The inventory will not last as long as we think it may.  

There are currently 2,954 resale and new homes in Lehigh Acres on Trulia, Retail homes for sale 573, 2,381 homes in the pre-foreclosure, auction, or bank-owned stages of the foreclosure process. The average listing price for homes for sale in Lehigh Acres FL was $81,293 for the week ending Jan 13, which represents a decrease of 0.5%, or $419, compared to the prior week.
 
In some research I did from www.leepa.org taking 250 homes each in 2002 and  2003 I came up with the average selling price if $ 83425 so we are getting very close on average to 2002 and 2003 values.

I see two more releases of homes (speculating) in Mar to May and June to Oct then after or maybe EVEN A SURGE after the May releases, the market will mostly be above $ 90K on average for homes over 1200 sq ft. and average somewhere arround $ 73-75 sq or $ 90000.00 by the average home of 1200sqft . By 2011 we should be at 100+ psft, very close to a rate at which builders selectively may start building again. With this market rise lasting longer and building slower than norm 6-8.5 yrs.

Lehigh Acres Summary

When I first heard of the USDA Guaranteed Rural Housing Program back in 1999, I disregarded  it.   I did not take the time to understand what areas qualified for Rural Housing and there were plenty of 100% financing programs available at the time.  Now with the declining markets issues, new PMI changes and Fannie/Freddie issues, FHA and VA are the 2 main go to high LTV programs.  With the exception of the Guaranteed Rural Housing loan programs, which offer 100% financing with no monthly PMI to borrowers who fall within the USDA's moderate income requirement Check Moderate Income Limits as well as with their Rural Development Eligibility area Check area

Highlights of the program:

    -All closing costs may be paid by seller concessions

    -Primary Single Family Residence only

    -No minimum credit scores, although 12 month credit is closely scrutinized (similar to FHA)

    -Ch. 7, Ch. 13 and foreclosures must be completed/discharged at least 3 years.

    -No monthly MI, although a 1 time guarantee fee of 2% is financed.

    -No first-time buyer requirement and no down payment requirement.

When I first looked at the program, I was surprised at some of the areas in my SW Florida qualified for the Rural Housing program.  I strongly encourage you to become familiar with the areas in your neck of the woods that qualify for this 100% financing program.  Check area

 America Home Key Inc

Carl M Ashton CMA MBA

Mortgage Banker

2059 Trade Center Way

Naples, Fl 34109

Main Phone (239) 580-9977

Office/Processing (239) 596-0500 Ext 264

Office/Processing Fax (239)596-0507

www.americahomekeyfl.com