http://www.trulia.com/profile/florida_loans/The latest answers submitted by David Chamberlain to questions asked on Trulia Voicesen-ushttp://www.trulia.com/voices/Financing/removed-162466Answer by David Chamberlain: Alexandra, You are not following the guidelines. Maybe you should take some time out and read them. Don't get mad about it, just follow the rules and get over yourself.Thu, 10 Sep 2009 11:05:17 PDThttp://www.trulia.com/voices/Home_Buying/Why_don_t_Real_Estate_Agents_charge_by_the_hour_-81295Answer by David Chamberlain: Good arguments but to many footnotes makes it hard to read. The conclusion seems to lean on the side of a retail sales approach but real estate isn't any where near a retail transaction, there are legal implications. The salesperson of an hd tv doesn't have any legal responsabilities to the buyer.Wed, 19 Aug 2009 10:46:14 PDThttp://www.trulia.com/voices/Financing/Loan_for_Foreign_National_in_Lake_Mary_FL_-155941Answer by David Chamberlain: Most lenders require a $50,000 dollar loan and up.Tue, 18 Aug 2009 09:30:12 PDThttp://www.trulia.com/voices/Financing/removed-155877Answer by David Chamberlain: Unless the home that is bought is the same price that a person was considering with a fixed rate, there will not be any savings realized. An ARM may change the qualifying ratios and someone would normally get more house for the money instead of any savings and then might not be able to qualify for the refinance at the higher rate. If you want to save money buy less house, yes different loan products can help but paying less for a house is a better option.Tue, 18 Aug 2009 09:25:46 PDThttp://www.trulia.com/voices/Financing/removed-155877Answer by David Chamberlain: I will answer this part of you question: If in a few years I decide I want to keep the home can I change the loan to conventional to get the locked rate? A lot of people today are finding out that they are stuck with their arm because property values have declined or credit has tightened. You might not be able to refinance due to a number of factors out of your control. You also might not be able to sell for more than the mortgage if property values keep declining, I am not trying to scare you but I do want to help you understand some pitfalls so you can make an informed decision. A home is not a short term investment, the first calculator I would use is a rent vs buy calculator and then do arm vs fixed, as a start. These are all important decisions, please consult some professionals for help.Mon, 17 Aug 2009 22:28:49 PDThttp://www.trulia.com/voices/Home_Selling/Can_low_commission_hurt_my_sale_-133015Answer by David Chamberlain: Angelia, you could have just copied and pasted your answer from NAR Q&A, that will save you some time. http://www.realtor.org/archives/feat2200702 4. “Someone else will do it for less.” You: Yes, you can probably always find someone who will take your listing for less money. However, the amount of money you pay is directly related to the marketing services provided to get your home sold quickly and for the highest value. Is that your goal? Seller: I guess so. It’s how much I net from the sale that matters most to me. You: Of course. Your net matters greatly to me too. I have a lot of experience selling homes in this neighborhood, and I believe that my marketing strategy and negotiation skills will lead to a selling price that will make you very happy. Seller: But if other companies are willing to do it for less, I would save money. You: I encourage you to take a close look at what the other companies are going to do for the fee. Usually a lower fee translates into less marketing dollars to promote your home, which isn’t a good plan in this market. In the end, you’re not saving money when you pay a lower commission. You’re actually missing out on market exposure. And that’s the one thing that is going to get your property sold right now. Seller: What will it take to get my property sold? You: It will take more than simply adding the home listing to the MLS. I am prepared to handle all the details, from suggesting simple home improvements that will impress potential buyers, to hosting open houses, and crafting an online marketing plan that is customized to this property. My goal is the same as yours: attract serious buyers and sell this home for the highest dollar value.Mon, 17 Aug 2009 11:29:28 PDThttp://www.trulia.com/voices/Home_Selling/Can_low_commission_hurt_my_sale_-133015Answer by David Chamberlain: Good Alan, now consumers know who not to do business with. If deceit is needed for a simple question imagine how she conducts business.Thu, 23 Jul 2009 12:25:36 PDThttp://www.trulia.com/voices/Home_Selling/Can_low_commission_hurt_my_sale_-133015Answer by David Chamberlain: We have some new agents on this thread, that don't know the laws, there is no such thing as standard rate and full commision. I have a question for all agents that have a broker split of 50%, why would you discount your rate to your broker? The only agents that should have a 50% split are new ones and that should be because the company has a great training program.Tue, 14 Jul 2009 19:03:14 PDThttp://www.trulia.com/voices/Home_Selling/Can_low_commission_hurt_my_sale_-133015Answer by David Chamberlain: Sam, Lets see those studies. Who did them? Where can I access them?Sun, 12 Jul 2009 10:55:55 PDThttp://www.trulia.com/voices/Home_Buying/Ownder_financing_-150542Answer by David Chamberlain: Get an attorney you are not qualified to do this yourself. What is the interest rate? How much is going to the down payment? What is the price? Can you justify the price? Will you be able to get a loan when the option is up? What happens if you don't buy it? Who is responsable for repairs till you get a loan? How much is insurance? (not what you pay, the actual cost) How much are the taxes?(not what you pay, the actual cost) Have the disclosures been filled out? these are just some thoughts, if you don't know all the answers then get an attorney.Wed, 12 Aug 2009 00:29:16 PDThttp://www.trulia.com/voices/Tech_Tips/Use_of_twitter_-154117Answer by David Chamberlain: You are not going to get much traffic if you don't follow anybodyWed, 12 Aug 2009 00:16:55 PDThttp://www.trulia.com/voices/Home_Selling/does_the_seller_have_to_pay_the_closing_costs_if_t-110105Answer by David Chamberlain: Here are some highlights about the Va guaranteed loan and purchaseshould you choose to : accept a VA contract. Veterans' closing costs are limited by VA The contract must also allow the veteran to "escape" from the contract without penalty if he/she is unable to obtain a VA loan. The seller can pay for closing costs. There is a requirement that seller concessions do not exceed 4%, but only certain items are considered as part of the concession; i.e., payment of pre-paids, VA funding fee, payoff of credit balances or judgments on behalf of the veteran, funds for temporary buydowns (not discount points). The veteran is not allowed to pay for the wood destroying insect (termite) report; it is generally paid by the seller. An appraisal is required to help ensure that any property which will become the security for a VA-guaranteed loan • has a value of at least as much as the loan amount, and • is in a condition acceptable to VA. Property in a badly deteriorated condition is not eligible for appraisal unless VA agrees there is a reasonable likelihood that it can be repaired to meet VA Minimum Property Requirements (MPRs) prior to loan closing. The veteran can pay a maximum of: • reasonable and customary amounts for any or all of the “Itemized Fees and Charges” designated by VA, plus • a 1 percent flat charge by the lender, plus • reasonable discount points. • The veteran can pay the fee of a VA appraiser and VA compliance inspectors. • The veteran can also pay for a second appraisal if he or she is requesting reconsideration of value. • The veteran cannot pay for an appraisal requested by the lender or seller for reconsideration of value. • The veteran cannot pay for appraisals requested by parties other than the veteran or lender. Recording Fees The veteran can pay for recording fees and recording taxes or other charges incident to recordation. Credit Report The veteran can pay for the credit report obtained by the lender. For Automated Underwriting cases, the veteran may pay the evaluation fee of $50 in lieu of the charge for a credit report. For “Refer” cases, the veteran may also pay the charge for a merged credit report, if required. Prepaid Items The veteran can pay that portion of taxes, assessments, and similar items for the current year chargeable to the borrower and the initial deposit for the tax and insurance account. Hazard Insurance The veteran can pay the required hazard insurance premium. This includes flood insurance, if required. Flood Zone Determina-tion The veteran can pay the actual amount charged for a determination of whether a property is in a special flood hazard area, if made by a third party who guarantees the accuracy of the determination. The veteran can pay a charge for a life-of-the-loan flood determination service purchased at the time of loan origination. A fee may not be charged for a flood zone determination made by the lender or a VA appraiser. Survey The veteran can pay a charge for a survey, if required by the lender or veteran. Any charge for a survey in connection with a condominium loan must have the prior approval of VA. Continued on next page 2. Fees and Charges the Veteran-Borrower Can Pay, Continued c. Itemized Fees and Charges (continued) Title Examination and Title Insurance The veteran may pay a fee for title examination and title insurance, if any. If the lender decides that an environmental protection lien endorsement to a title policy is needed, the cost of the endorsement may be charged to the veteran. Special Mailing Fees for Refinancing Loans For refinancing loans only, the veteran can pay charges for Federal Express, Express Mail, or a similar service when the saved per diem interest cost to the veteran willexceed the cost of the special handling. VA Funding Fee Unless exempt from the fee, each veteran must pay a funding fee to VA. Mortgage Electronic Registration System (MERS) Fee The veteran may pay a fee for MERS. MERS is a one-time fee for the purpose of electronically tracking the ownership of the beneficial interest in a loan and its servicing rights. Other Fees Authorized by VA Additional fees attributable to local variances may be charged to the veteran only if specifically authorized by VA. The lender may submit a written request to the RLC for approval if the fee is normally paid by the borrower in a particular jurisdiction and considered reasonable and customary in the jurisdiction. Whenever the charge relates to services performed by a third party, the amount paid by the borrower must be limited to the actual charge of that third party. That is all it would let me put in here you can get more information here :http://www.homeloans.va.gov/ and on my blog: http://www.trulia.com/blog/david_chamberlain/2009/08/what_financing_options_aTue, 11 Aug 2009 22:03:19 PDThttp://www.trulia.com/voices/Financing/Upfront_Mortgage_Broker-153503Answer by David Chamberlain: The term "Upfront Mortgage Broker" is used for an assn and this is part of their commitment:The broker will establish a price for services upfront, in writing, based on information provided by the customer. The price may be a fixed dollar amount, a percent of the loan, an hourly charge for the broker's time, or a combination of these.The price or prices will cover all the services provided by the broker. If the broker charges a loan processing fee, the amount will be disclosed to the customer, regardless of whether it is paid directly to the broker or to a third party. On third party services, such as an appraisal, ordered by the broker but paid for by the customer, the broker will provide the invoice from the third party service provider at the customer’s request. Alternatively, the broker may have the payment made directly by the customer to the third party service provider. which all of this is required to be disclosed on the GFE anyways, so I see no need for it.Tue, 11 Aug 2009 21:18:50 PDThttp://www.trulia.com/voices/Home_Buying/Is_it_worth_it_to_Rent_with_an_option_to_buy_-153862Answer by David Chamberlain: Most likely the mortgage broker said you won't qualify because the bank needs a verification letter from your employer that asks about you job stability and a lot of employers won't say whether or not your job will continue until your probation period is up.Tue, 11 Aug 2009 13:29:35 PDThttp://www.trulia.com/voices/Home_Selling/Can_I_get_out_of_my_contract_-153730Answer by David Chamberlain: hold your agent accountable, don't ask for permission, there are two sides to the contract if they are not holding up to their end talk to their broker. If that doesn't work then file a complaint with the local board of realtors. They need to provide a service and not just put the info in the mls, it is your house you take control. Yes realtor.com is slow, a week? yes,yes, realtor.com is not a good site and I would not worry about that to much anyway.Mon, 10 Aug 2009 19:57:13 PDThttp://www.trulia.com/voices/Home_Buying/short_sale_closing_Wants_more_money_than_listing_p-153424Answer by David Chamberlain: If it is a short sale the bank(s) is not looking for a buyer the seller is, the bank(s) does not have to take less than the mortgage, it doesn't matter what the seller listed it at. what matters is what the bank will take.Sun, 9 Aug 2009 21:35:35 PDThttp://www.trulia.com/voices/Home_Buying/Why_does_the_same_exact_listing_show_up_on_two_dif-151442Answer by David Chamberlain: Listings are sydicated so they could pop up on many different sites, the price difference could be due to a lag time from an edit to when it gets posted.Sun, 9 Aug 2009 21:07:57 PDThttp://www.trulia.com/voices/Home_Buying/Help_TBW_has_ruined_our_home_purchase_We_were_ab-152913Answer by David Chamberlain: Adriane, you might want to check out this blog: http://www.trulia.com/blog/quint_robinson/2009/08/closing_1st_nsp_deal_onwSun, 9 Aug 2009 12:05:48 PDThttp://www.trulia.com/voices/Home_Buying/Help_TBW_has_ruined_our_home_purchase_We_were_ab-152913Answer by David Chamberlain: Your welcome, anytime you have a question, you know where to find us.Sun, 9 Aug 2009 00:17:20 PDThttp://www.trulia.com/voices/Home_Buying/Help_TBW_has_ruined_our_home_purchase_We_were_ab-152913Answer by David Chamberlain: What does your Realtor say? You can call me if you are still up, 727-239-2188, I cant do your loan but I am knowledgable about the process and might have some tips.Fri, 7 Aug 2009 20:46:59 PDThttp://www.trulia.com/voices/Home_Buying/Help_TBW_has_ruined_our_home_purchase_We_were_ab-152913Answer by David Chamberlain: Who is selling the home? A homeowner? A bank? How much are the repairs? would they be able to take care of the repairs? you never know till you ask. If the home has been on the market for a while you might be able to come to terms with the seller.Fri, 7 Aug 2009 20:44:35 PDThttp://www.trulia.com/voices/Home_Buying/Help_TBW_has_ruined_our_home_purchase_We_were_ab-152913Answer by David Chamberlain: So, have you contacted all of the lenders on this sheet: http://www.dca.ga.gov/housing/Homeownership/programs/downloads/gadream/Region03.pdfFri, 7 Aug 2009 20:39:22 PDThttp://www.trulia.com/voices/Home_Buying/Help_TBW_has_ruined_our_home_purchase_We_were_ab-152913Answer by David Chamberlain: You need to contact a local mortgage broker, we know the turn times at the banks, your FHA# needs to be transfered and your contract will most likely need to be extended. Turn times are the key, if your broker doesn't know them the their processor will. GET MOVING, get an application in in the AM.Fri, 7 Aug 2009 20:12:08 PDThttp://www.trulia.com/voices/Home_Buying/if_you_have_no_income_but_have_liquid_assets_Wh-153168Answer by David Chamberlain: Do you get income from those assets? Dividends, rent, annuity etc... You have to show you have money coming in somehow for almost all loan programs.Sun, 9 Aug 2009 01:07:21 PDThttp://www.trulia.com/voices/Financing/can_I_buy_a_house_with_no_down_payment_-152838Answer by David Chamberlain: Va loans also, you can look at my blog. It describes some of the financing options: http://www.trulia.com/blog/david_chamberlain/2009/08/what_financing_options_aSun, 9 Aug 2009 01:02:23 PDThttp://www.trulia.com/voices/Financing/I_am_trying_to_buy_a_home_but_my_credit_score_is_-151100Answer by David Chamberlain: Do you qualify for VA? Have you checked out USDA? You can veiew some info about both on my blog: http://www.trulia.com/blog/david_chamberlain/2009/08/what_financing_options_a If not then you might need to work on your credit, mortgage brokers can help, we know what the banks are looking for.Fri, 7 Aug 2009 21:10:19 PDThttp://www.trulia.com/voices/Financing/want_to_refinance_home_but_are_self_employed_Pr-152568Answer by David Chamberlain: What is the prublem? You need to show you made the money .Fri, 7 Aug 2009 17:16:07 PDThttp://www.trulia.com/voices/Home_Buying/Is_there_a_legal_way_of_buying_a_short_sale_proper-152576Answer by David Chamberlain: I found a good blog about this on activerain http://activerain.com/blogsview/958500/beware-of-the-arms-length-transaction-affidavitFri, 7 Aug 2009 09:11:02 PDThttp://www.trulia.com/voices/Home_Buying/Is_there_a_legal_way_of_buying_a_short_sale_proper-152576Answer by David Chamberlain: NO...............................................................................still to few characters to answer so no...................Thu, 6 Aug 2009 20:18:47 PDThttp://www.trulia.com/voices/Home_Buying/I_made_an_offer_on_a_short_sale_for_k_the_apprais-152715Answer by David Chamberlain: They can't get more than the home is worth, so I would say that they should take it.Fri, 7 Aug 2009 08:41:34 PDThttp://www.trulia.com/voices/Home_Buying/I_would_like_to_purchase_a_condo_in_the_Sunny_Is-152676Answer by David Chamberlain: For the regular FHA loan as long as the work is cosmetic you will be fine but if it is much more than that it will need to be repaired. You will get an appraisal by an FHA appraiser that will detail if everything is up to their standard. If not then there are still option, sellers can repair items and you could re-appraise but it would be better if you had an agent that knew about the process so you wouldn't have to pay for the appraiser to come back. If there you need to finance the work the there is a rehad loan through fha.Fri, 7 Aug 2009 08:39:27 PDThttp://www.trulia.com/voices/Home_Buying/I_would_like_to_purchase_a_condo_in_the_Sunny_Is-152676Answer by David Chamberlain: You can view my blog for some financing options: http://www.trulia.com/blog/david_chamberlain/2009/08/what_financing_options_a If you go FHA the condo will need to be approved by them, check their status here: https://entp.hud.gov/idapp/html/condlook.cfm This might not be updated fast enough so double check with your mortgage broker if not fha then you might need 20% down for a condo.Thu, 6 Aug 2009 23:08:07 PDThttp://www.trulia.com/voices/Home_Buying/Couple_relocating_to_the_area_with_a_few_s_This-152675Answer by David Chamberlain: The main reason for the it depends answer on the debt is because it needs to be discussed with a mortgage broker. credit cards can effect the debt to income ratio, but if it can be paid off in 10 months then it wont. It also changes the credit score monthly, if the average balance is less than 33% it will improve your credit score, if it is maxed out every month and paid off every month it does not help your credit score. 10 points ends up being a big deal a lot of times with mortgages when looking at rates. You say you can pay it off but are you taking that out of funds that will be needed to close? Downpayment? once you buy a primary home you can claim the credit, for the first year it will depend on whether or not the current owners put in for it, when searching for a home your agent can help you pick a home that is has been homesteaded, no guarantees on that though. When the home is sold, the taxes will be adjusted. in a declining market it usually isn't so much of a hit but if someone has lived in the home for thirty years it will jump up, so to be prepared for this do not weigh heavily on the current taxes being paid, figure out what the millage is and how much you will have to pay when it adjusts. Your mortgage broker in the early stages acts like a financial advisor, pay attention, we know the banks criteria and what scenerios will benefit you. David Chamberlain Umax Mortgage 727-239-2188Fri, 7 Aug 2009 08:21:26 PDThttp://www.trulia.com/voices/Home_Buying/Couple_relocating_to_the_area_with_a_few_s_This-152675Answer by David Chamberlain: Also is the credit looked at combined or they will consider my credit first? Qualification? primary borrower Rate is based on lower borrower 2nd? for the loan process I have the option of paying off all of my debt before the relocation. Would it be better to eliminate all debt or will this reflect negatively on the credit report? Depends on the debt 3rd ? I read something about FL offering a downpayment assistance program for buyers who have not owned a house within the past 3 years. Any Idea where I can get info on this? We have a couple of programs but it depends on the area 4th ? Are most homes up to code with hurricane standards or do these codes depend on they year the house was built? If so what years encompass the best standards? Built before 1959 and after 1994 is better, but codes change so the might not be up to todays standards, make sure you get what we call a deal killer inspector, I have one if you need him.He takes about a half a day to inspect the home.Thu, 6 Aug 2009 22:59:23 PDThttp://www.trulia.com/voices/Home_Buying/Relocating_from_VA_and_would_like_to_know_what_is_-152649Answer by David Chamberlain: Thank you Pamela and Julia, I always send people to trulia to pick an agent, and before I recommend someone I look over their answers to see if they fit with the buyer. I like a lot of the active people on Trulia.Thu, 6 Aug 2009 20:56:11 PDThttp://www.trulia.com/voices/Home_Buying/Relocating_from_VA_and_would_like_to_know_what_is_-152649Answer by David Chamberlain: For Va loans you do not need a down payment. For USDA loans you do not need a down payment but you would have to pick a rural are in florida, pinellas is not rural. For FHA you need 3.5% down payment. More info on my blog: http://www.trulia.com/blog/david_chamberlain/2009/08/what_financing_options_aThu, 6 Aug 2009 20:14:12 PDThttp://www.trulia.com/voices/Financing/securing_mortgage_loan-152276Answer by David Chamberlain: Rates are one thing to look at, terms are another. Find a mortgage broker in florida that will look at the toatal package. Don't choose the broker based solely on the rates because if I quote you a rate right now and Josh quotes you one at noon tomorrow, then they could be invalid because rates could have gone up or down since then. You won't be able to lock in the rate right away so just pick a mortgage broker that you feel comfortable with and figure out what they are trying to make on the transaction, an honest broker is worth his weight in rates. You can get an idea of some loan programs from my blog: http://www.trulia.com/blog/david_chamberlain/2009/08/what_financing_options_aThu, 6 Aug 2009 20:50:20 PDThttp://www.trulia.com/voices/Home_Buying/My_mid_FICO_is_and_husband_s_would_we_qualify_-152328Answer by David Chamberlain: You are close to FHA based on the limited info. VA has 100% options, were you in the military, your spouse? Usda has 100% financing, Is it in a rural area? Check out my blog for info on these issues: http://www.trulia.com/blog/david_chamberlain/2009/08/what_financing_options_aThu, 6 Aug 2009 20:40:51 PDT