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October 19th, 2011 12:48 PM
Recently we had a young couple come into our office and apply for a mortgage for their first home. Excellent scenario, great income, credit, etc. well qualified.  This is where the proverbial other shoe drops... We received the completed condo questionnaire to learn that of the 150 units in the complex 30 of them were owned by one investor. This concentration is an issue with many banks. The borrowers just couldn't understand how this made such a difference. Each time we have a situation such as this it is always difficult for the borrower/buyer to grasp how this is such a "big deal" . Think of it this way. This represents 20% of the units in the complex. If that one owner all of the sudden can not pay his HOA dues and also allows his units to fall into disrepair imagine the impact that would have on all of the other units. Not only the potential for increase in monthly dues to compensate for the loss but also the effect this could have on the overall marketability of the other units in the complex. With one person/entity owning so many of the units and the potential risk that goes along with that, many lenders will find that unacceptable. If you are considering a purchase in a condo complex please do your homework. Ask about investor concentration and get a copy of the current budget.

Posted by Michele Fiore on October 19th, 2011 12:48 PMPost a Comment (0)

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June 20th, 2011 10:06 AM
I am not the most informed on technology and usually when I tell my peers that I have discovered something new I get the " oh yeah, you just discovered that?" kind of comment. But this time I discovered something that I felt was worthy of passing along to those who are still in the dark, like me, as well as reminding those who "already knew" about it. Everyone suffers from SPAM mail. You want to purchase something online or retrieve an interesting article or countless other "anonymous" internet activities, BUT they require an email address. The next thing you know you are getting bombarded with SPAM mail! UGHHH. Well here's a website (FREE) that can help alleviate the SPAM mail issue... mailexpire.com. Here you can create a temporary email address that will forward to your real address for a specific time. Then when it is no longer useful ... POOF that address is gone! SPAM can not get to you! it great .. try it!

Posted by Michele Fiore on June 20th, 2011 10:06 AMPost a Comment (0)

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August 23rd, 2010 5:51 AM

According to the latest forecast by Doug Duncan, the chief economist from Fannie Mae.... "Consumers are lowering their leverage" he says-cutting their debt burdens - and "positioning themselves to resume consumption" - including home purchases.

Additionally the chief economist for the National Association of Home Builders, David Crowe, seems to share that position...Crowe believes that favorable home buying conditions "are taking shape for consumers, led by "historically low mortgage rates and low (home) prices."

Corelogic is a real estate data collecting company. The latest survey by Corelogic indicates that in most areas prices have stabilized or have modest growth in home values.

While we are not exactly singing..  "Happy Days Are Here Again" ... the signs all seem to be pointing in the right direction!


Posted by Michele Fiore on August 23rd, 2010 5:51 AMPost a Comment (0)

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Good news from the Monmouth/Ocean County Realtors - When June 2010 is compared to June 2009 a bright trend appears! The monthly sales are UP over 45% for single family homes! Even sales of condominiums, which are usually the last to improve, are up over 18%. In addition it appears that the inventory is finally be absorbed by the market. The active listing inventory, according to the MOMLS is down from June 2009 by over 10%. Those who know me will tell you that I tend not to become prematurely optimistic over market trends, but I must admit it does seem that the worst is behind us and (finally) we can see some light! BUT before we start doing cartwheels on the front lawn, one additional statistic to keep in mind is the months of inventory. There has been improvement here as well, down over 11%, but the estimated absorbtion time is still more than 8 months.

With rates holding at such lows and prices stabilized, considering the improving real estate market trending, NOW is a great time to buy.. this is an historically great time for first-time buyers... DON'T MISS THE BOAT!


Posted by Michele Fiore on July 21st, 2010 6:26 AMPost a Comment (0)

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Although the $8000 First Time Homebuyer Tax Credit expired on May 1, Veterans still have a chance to take part in the savings. Certain military personnel and Foreign Service employees have an extra year to purchase a home and qualify for the credit.

Obama’s Worker, Home Ownership, and Business Assistance Act extends until April 30, 2011 for military families and active-duty service members living overseas. In addition to extending the credit, this legislation also helps military personnel by making mortgage payments tax deductable.

Members of the “Uniformed” Services, Foreign Services, Intelligence Community, and their spouses qualify for the credit. In addition, persons who sold a residence between Jan 1, 2009 & April 30, 2010 because they had to relocate at least 50 miles due to "orders" qualify for a tax credit, even if they owned a home between the above time periods. Income, age and sales price limitations still apply.

Eligible persons must have had extended duty outside the U.S. for 91 days or extended duty within the U.S. for 91 days that forced them to relocate at least 50 miles from their principal residence.

For more information, see the following article: http://www.military.com/money/content/pcs-dity-move/home-buyers-tax-credit.html


Posted by Michele Fiore on May 4th, 2010 2:39 PMPost a Comment (0)

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September 15th, 2009 9:57 AM

THE FOLLOWING IS AN ACTUAL LETTER RECEIVED 9/14/2009 - GREAT JOB LAMBROS!!!!!

RHF,  my name is Steve XXXXX(removed for privacy) I was able to purchase 2 funeral homes in New York due to the efforts of one of your employees, Lambros Orfanitopoulos. This deal started about 2 years ago and it was a real rocky deal.Through the whole ordeal Lambros was right by my side. He never gave up even when things got rough. He was always available even on his days off. He kept me up to date even if the news wasn't good. He is a true professional and he really looks out for his client. He started with me and was even present at the closing. I just wanted to let you know what type of employee you have. Iwant to thank him and your company.


Posted by Michele Fiore on September 15th, 2009 9:57 AMPost a Comment (0)

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July 22nd, 2009 5:15 PM

Here is an article from Rismedia that supports the anticipation that mortgage rates should remain stable... for now.. RISMedia » Federal Reserve article 7-22-09.pdf

 


Posted by Michele Fiore on July 22nd, 2009 5:15 PMPost a Comment (0)

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May 14th, 2009 12:45 PM

Many first time buyers or Realtors working with first time buyers are unaware of the State, County, and even Municipal programs that are available. There are many different programs or grants that can be applied to things like closing costs, home improvements, and even in some cases down payment assistance. In addition in many instances an individual who has previously owned a home but has not owned a home in the three (3) years prior to receiving assistance would be considered a first time buyer.

Programs vary from County to County and Municipality to Municipality. Please consult a mortgage professional that is familiar to working with these programs. At Residential Home Funding we have regular training for our Loan Specialists on the latest programs for home buyers. We consider it our civic duty, and our personal pleasure, to help our hard working clients become home owners and enjoy the "American Dream" !


Posted by Michele Fiore on May 14th, 2009 12:45 PMPost a Comment (0)

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The Federal Reserve has pledged to cut its key interest rate. The federal funds rate, the interest that banks charge each other, to a range of zero to 0.25 percent. The central bank says it plans to use a variety of unconventional methods to flood the banking system with credit and drive interest rates lower.

According to the Associate Press.. "the Fed last month said it planned to purchase up to $600 billion in direct debt and mortgage-backed securities issued by big financial players including Fannie Mae and Freddie Mac in an effort to boost the availability of mortgage loans".

"The Federal Reserve will employ all available tools to promote the resumption of sustainable economic growth and to preserve price stability," the Fed said.

 


Posted by Michele Fiore on December 16th, 2008 3:55 PMPost a Comment (0)

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October 6th, 2008 5:48 PM
There has been a lot of concern lately regarding loan programs available. I would like to reassure our clients and business partners that we still have many options for mortgage financing. Although we lost buyer down-payment assistance programs as of October 1st, 100% financing is still available for most first time buyers and Veterans, even those borrowers with less than perfect credit. FHA programs exist for buyers with as little as 3% down-payment, also not necessary to have perfect credit to qualify for an FHA loan. These programs do however, require full income documentation. There are other programs available for buyers that are unable to document their income but have assets that they can document. Mortgage rates continue to be at unbelievable lows! If you have any doubt that there may not be a loan available to you please call or send an email to info@rhfundingus.com with a brief explanation of your scenario. We welcome your challenges!!!!

Posted by Michele Fiore on October 6th, 2008 5:48 PMPost a Comment (0)

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