E Mortgage Blog

 What Can’t you do with an FHA203k mortgage loan?

• Put in a pool or an ice skating rink
• Add a Theater Room and all the equipment (you could get away with the room)
• Any other Luxury item, like gold plating the baseboards
• Putting in a yard

So what do I have to do to get one of these FHA 203k loans?

There are hoops to jump through to qualify .

• Owner/occupants only…no flipping or investors (and no you don’t have to be a 1st time homebuyer to qualify)
• The house must have been completed for at least 1 year , no new construction houses, sorry
• You will need to have 2 appraisals (one for the as-is value now and one for the projected value once the work is completed)
• You must identify the repairs and work to be done, and have a written estimate of materials and labor by a licensed contractor and an interior plan of the home.
• Repairs and addition must have the proper permits, inspections and be done to code
• And most of all…..you must be able to qualify for the finished product (cost of house + rehab money), so you can’t buy that million dollar fixer upper guys, sorry…..well unless you can afford that million dollar home.
• You must still have your 3.5% percent down payment for the entire purchase price (home + rehab money) .
   
  You will need to ensure you have reserves for the difference between appraisal and actual cost so 3.5% down may be more on the remodel side.
  
  

Do you have the vision to make the ugly duckling into a swan, then the FHA 203k loan is just what you are looking for. 


Please apply at www.premiermortgagestore.com FLORIDA 203K's Only!

As you know, E Mortgage Management has long been known for excellent service and attention to detail. Just like you we have built our business on relationships. To make sure that customer needs are being met, representatives like myself are continually updated and trained on new products that can help you. We are committed to giving you the kind of service that you need and expect.

 We have just added new credit products to assist Jumbo buyers qualify for our mortgage products that you’ve been asking for.

We encourage you agents to look at your new and past leads for consumers that did not or could not qualify for a Jumbo loan.

 •The Jumbo Fixed product is now available.

Highlights of this product are as follows:

􀂾 15 and 30 year fixed amortization

􀂾 Single Family Owner Occupied only

􀂾 Purchase and Rate/Term Refinance up to 80% LTV, max loan amount $2 million with 680 credit score, $1 million with 660 credit score , to 2- 100MM 720 and up, 720 & up 90% ltv to 2 MM Possible for certian terms and conditions (Bsed on each borrower qualifications).

􀂾 Cash Out Refinance up to 80% LTV, max loan amount $1.5 million with 720 score

􀂾 Market upgrade of 5% LTV/CLTV applies with specific criteria

􀂾 Max DTI 45%

􀂾 Liquid reserve requirements apply depending on DTI and loan amount

􀂾 Great for Our S & SW Florida Market

I look forward to assisting you to sell more homes.

As always you can contact me with questions or to prequalify a client

Call me at 239- 580-9977 or 561-210-3000 anytime 7 days a week.

Or apply now at www.premiermortgagestore.com

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By Jennifer Susanne Sommers Hi All, interesting article in Sun Sentintel Today 
www.AgentBoca.com
561.819/2958

By S. Mitra Kalita, Dow Jones News Service
Buyers in markets around the U.S. are snapping up homes in all-cash deals, betting that prices are at or near bottom and breathing life into some of the nation's most battered housing markets.

Cash buyers represented more than half of all transactions in the Miami-Fort Lauderdale area last year, according to an analysis from real-estate portal Zillow.com. In the fourth quarter of 2006, they represented just 13 percent of deals. Meanwhile, downtown Miami prices rose 15 percent in 2010 from a year earlier, according to the Miami Downtown Development Authority.

Nationally, 28 percent of sales were all-cash transactions last year, according to the National Association of Realtors. The rate was 14 percent in October 2008, when the trade group began tracking the measure.

Richard Stoker, a retired sales executive, recently plunked down cash for two condominiums in Miami Beach, and plans to close on one more in coming days. He loves the complex's ocean views, four swimming pools and activities such as yoga and Pilates.

But what also motivated the purchase, said the 73-year-old, was that "the prices were just irresistible. Florida's been hit pretty hard." To pay the $1.8 million, $1.2 million and $1 million prices on the condos, Stoker and his wife, Jane, cashed out of some financial investments and sold a Roy Lichtenstein painting and an Alexander Calder mobile.

Some of the cash purchases reflect a tight lending environment, where even people with good credit and ample down payments are sometimes turned away for conventional borrowing.

"The rates are great but the underwriting is brutal," said Henry Schlangen, an agent with real-estate firm Pacific Union International who buys and sells for clients, mainly in Napa Valley, Calif.

"They hang these people upside down and shake them till they see what falls out of their pockets. So people are buying with cash and maybe they'll 'refi' later."

Nationally, it isn't clear whether prices have bottomed. The Case-Shiller index of housing prices in 20 cities showed a steep decline in prices until 2009, when they appeared to bottom and began to trend upward. But in the second half of last year, prices began falling again. A Zillow index, meanwhile, never noted the uptick.

Since mid-October, Canyon Ranch in Miami Beach, the development Stoker bought into, has sold 35 units, with a third of the buyers from overseas and many others retiring from the Northeast.

The Stokers have a home in Potomac, Md., but spend most of the year in Florida. Richard Stoker doesn't plan to rent out any of his new properties, saying he and his wife will live in one with two dogs, his son might live in another and the third will house an older dog and guests


Dont Forget Homepath 3% down 3.5% Toward closing costs thru June 30th, market clearing and prices will rise!

www.premiermortgagestore.com

Carl Ashton Mortgage Loan Originator NMLS MLO ID # 247293 E Mortgage Management, LLC 7601 N Federal Highway Boca Raton FL 33487 Phone: Direct:561-210-3000 Mobile: 239-580-9977 Fax: 866-630-4085

Should you talk to a mortgage professional before house hunting?

Absolutely! Even if you haven't so much as picked out houses to visit yet, it's important to see your mortgage professional first. Why? What can we do for you if you haven't negotiated a price, and don't know how much you want to borrow?

When we pre-qualify you, we help you determine how much of a monthly mortgage payment you can afford, and how much we can loan you. We do this by considering your income and debts, your employment and residence situations, your available funds for down payment and required reserves, and some other things. It's short and to the point, and we keep the paperwork to a minimum!

Once you qualify, we give you what's called a Pre-Qualification Letter (your real estate agent might call it a "pre-qual"), which says that we are working with you to find the best loan to meet your needs and that we're confident you'll qualify for a loan for a certain amount.




When you find a house that catches your eye, and you decide to make an offer, being pre-qualified for a mortgage will do a couple of things. First, it lets you know how much you can offer. Your real estate agent will help you decide on an appropriate offer, but being pre-qualified gives you the confidence to know you can follow through.

More importantly, to a home seller, your being pre-qualified is like you walked into their house with a suitcase full of cash to make the deal! They won't have to wonder if they're wasting their time because you'll never qualify for a mortgage to finance the amount you're offering for the home. You have the clout of a buyer ready to make the deal right now!

You can always use the calculators available on our site to get an idea of how much mortgage you can afford -- but it's important to meet with us. For one thing, you'll need a Pre-Qualification Letter! For another thing, we may be able to find a different mortgage program that fits your needs better.

For calculators or more information visit www.premiermortgagestore.com

Carl Ashton Mortgage Loan Originator NMLS MLO ID # 247293 E Mortgage Management, LLC 7601 N Federal Highway Boca Raton FL 33487 Phone: 561-210-3000 Mobile: 239-580-9977 Fax: 866-630-4085