Juan A. Oliva

Janice,

FHA loans are great programs for first time home buyers since you can borrow up to 97% of the Purchase Price, the Maximum Loan amount was just recently increased as well to $437,000.00 in our area for a single family home.

Banks that do FHA loans have qualifing standards of their own in addition to the FHA program guidelines, they vary from 560-580 Beacon Score, you cannot have defaulted Federal Student Loan Programs or other former Federal Collection or defaulted Federal Loans for example but bankruptcy more than 2 years are okay.

Although FHA wants you to come up with at least 3% percent of the purchase price for downpayment out of your own funds their is a way around this, additionally there are no reserves required with FHA loans which means you dont have to have additional funds in bank after closing cost to for two months worth of mortgage payments, The FHA Loans are fixed and "Assumable" with no prepayment penalties.

I would recomend you prequalify yourself with a Mortgage Lender prior to seeking the assistance of a Realtor to find out how much home you can afford.

If I can be of further assistance please do not hesitate to contact me,

Sincerely,

Juan Oliva
Mortgage Consultant
Asap Mortgage & Investments Inc.
Mortgage Banker/Correspondent Lender
561-719-3094
Fax 561-969-9087
Approved FHA Lender
jolivamortgage@aol.com
Apply on Line @ http://www.asapmortgage.org - Thu Jun 12 2008, 05:41

Margaret,

Is called Seller Equity, Some people in trouble do to loss of job, or divorce are forced to sell and cannot make payments on their own, They would rather be aggressive in selling their home and salvage their credit worthiness.

In addition, Bank on REO or short sales will not only sell their inventory at attractive rates but will negotiate on seller consesions as long as the buyer is reasonable. It is done all day long.

Regards,

Juan - Sun Jun 8 2008, 12:29

Curtis,

Although your Realtor gives you his professional advice on how to sucessfully present your offer the final decision is yours, it is after all your money.

Banks are not in the Real Estate Business and want to generally unload bad paper Inventory as soon as possible, however some properties have Mortgage Insurance and lenders collect on those loans that had gone bad that were insured.

The are also some large banks that in either the process of folding or being taken or bought over by larger banks so the decision making is up in the air as to how much they loose and who takes the blame everyone wants to have a job when the smoke clears.

There are buyer controlled properties that are willing to be aggresive when selling their homes, If I were you I would rather deal with a seller that is motivated pre-foreclosure before the bank get's their hands on it.

I hope this helps you.

Juan - Sat Jun 7 2008, 11:44

Shane,

Roger is right on the money, There is talk that the Tax Assesor's Office is increasing mill rate next year to compensate for tax cuts and Save our Homes Amendment to lessen the burden to the county on lost tax revenues. I found this article that helps you understand how the process works.

I hope this helps you.

Juan Oliva
Mortgage Consultant
Asap Mortgage & Investments Inc.
Mortgage Banker/Correspondent Lender
561-719-3094
Fax 561-969-9087
Approved FHA Lender
jolivamortgage@aol.com
Apply on Line @ http://www.asapmortgage.org

When you buy a house, you pay based on the taxes the person has been paying before you.. so hopefully you buy from someone who has been there for a while*¹*. Since homes' new assessed values are released around November, thats when your taxes make that 'jump' based on a new assessed value on a recent purchase.. so it depends when you buy. Best time to buy (for tax purposes and keeping your 1st year of payments down) is November, since you will pay based on the older/prior tax amount until next November.. ;) goood tip! After that you pay on the new assessed value, so get ready for a jump in your tax payment (or monthly payment if you escrow your taxes - Sun Jun 8 2008, 11:15

Nikki,

Florida Landlord Tennant Laws are covered under Florida State Statues 83. I have attached a link here with some information on regulation if you do not find the answer your looking for call the 800 number on the link which is the consumer section of the Florida Dept of Agriculture and ask for help.

If you stil dont get an answer contact Legal Aid in your area

http://www.800helpfla.com/landlord_text.html

Sincerely,

Juan Oliva
Mortgage Consultant
Asap Mortgage & Investments Inc.
Mortgage Banker/Correspondent Lender
561-719-3094
Fax 561-969-9087
Approved FHA Lender
jolivamortgage@aol.com
Apply on Line @ http://www.asapmortgage.org - Sun Jun 8 2008, 10:49

Teneisha it depends on your State Laws,

In Florida once a tennant has establish residency and refuses to go when their is a disagreement you must file a writ of ejection (essentially an evicition notice), It is an affidavit filed with the court, however he has the right to attend it and contest it the judge would note if he contributes towards the rent monetarily , how long hes resided there, is his name on a lease or mortgage e.t.

Check with a your local chapter of Legal Aid, or contact a Real Estate Lawyer in your area for more information.

Regards,

Juan Oliva

Mortgage Consultant
Asap Mortgage & Investments Inc.
Mortgage Banker/Correspondent Lender
561-719-3094
Fax 561-969-9087
Approved FHA Lender
jolivamortgage@aol.com
Apply on Line @ http://www.asapmortgage.org or http://www. asapmortgage.com.web-loans.com/


- Sun Jun 8 2008, 10:35