Palm Beach Real Estate and Loans

I was contacted after last week's Update by someone who had questions about FHA Loans-

Specifically, what is an FHA Loan?

In a nutshell, an FHA Loan is is a type of mortgage that is insured by the Federal Housing Association.  This loan was desigined by our Government to make home ownership easier for low and moderate-income buyers.  It does this by allowing for extermely low down payments.  In turn it's rates are typically a bit higher than conventional loans, but the plus is that people have to bring much less cash up front.

You didn't hear about this type of loan for a few years because the the sub-prime (or garbage) loans looked like a much better choice.

Well, you see how that worked out.

I would always try to get someone in a conventional situation if possible because it would be cheaper, but if that doesn't work.....

Now, the other question was about the maximum loan amounts.

This does vary from county to county and here is a mouthful of an explanation of the limits from the US Department of Housing and Urban Development:

"The Economic Stimulus Act of 2008 permits FHA to insure loans on amounts up to 125 percent of the area median house price, when that amount is between the national minimum ($271,050) and maximum ($729,750). The new minimum and maximum loan limits are based on 65 percent and 175 percent of the conforming loan limits for Government-Sponsored Enterprises in 2008, which is $417,000."

Easy, hunh?

To find out what the maximum is in your county just go over to the HUD site.

I was asked specifically about Collier and Lee in Florida - the limit in Lee is $356,250 and in Collier $531,250.

For any other mortgage info, just give me a call-

Well, I've had it with the post-election crap that I've been running into.

Anyone else feel that way?

The presidential election is over.

It doesnt matter if you voted for the winner or not its over.

I dont care if youre happy or not, its time to put a bandaid on your boo-boo and cope. (That's the polite version of STFU).

One of my favorite sayings is: "There are no RED states, there are no BLUE states, there is only the United States". Its been said in one version or another by many people from all over the political spectrum.

Except, of course, by the extremists. Those are the folks who are (in their own closed minds) right about everything - even when they are wrong.

The United States faces a ton of challenges right now and instead of fighting amongst ourselves because some people think the wrong person, party, ideology, etc. won, its time for everyone to shut up and work to fix the country.

All the arguing isnt going to fix a damn thing.

Starting this week, Knightlines Mortgage Services will be publishing "Mortgage Information for REAL People".

We're going to focus on two main things:

-We will discuss what is going on in the world of home financing, but unlike most other mortgage reports you will not need an advanced degree in Finance to understand what we mean!  Hey, if you prefer it that way that's fine - but the average person needs to know what's going on, in plain English, and how home financing will be affected.  

-What TYPES of financing are currently available and what you need to do to qualify.  Rate quotes are tossed around in such a crazy way that few if any people have a realistic picture of what they can actually get.  It's sad, people still get lured in with unrealistic #'s, so the old 'bait and switch' is still around. We hope to cut through that.

If you are looking for a loan to purchase - or refinance - real estate in Palm Beach Gardens, the good news is that money

IS

available.

Potential Clients that have good credit, income and adequate assets should not be worried that they can't get a mortgage - although that is what the media is so fond of pushing!

What IS gone (and hopefully won't be back anytime soon) is all of the sub-prime garbage.   To sum up the whole 'sub-prime' thing, money was lent to people that were very large risks -  the banks were basically hoping for better results.

That probably sounds rough - but all you have to do is look at the mess caused by these extreme financing situations and you'll see what I mean.

The ridiculous stuff is gone and never should have been offered in the first place.

It's no secret that we have a great Buyer's market right now - don't lose out due to misinformation!

Call me----

Next Wednesday, November 12th, PGA Commons will be holding the Fifth Annual Taste of the Palm Beaches on PGA Boulevard from 5:30 to 9:00.

More than 50 local businesses will be having food and drink tastings and there will also be live music.

All proceeds from the event will be donated to the Big Heart Brigade:

"The Big Heart Brigade in a not for profit, 100% volunteer, 501 (C) 3 organization. In 1992 a few local businessmen and residents who wanted to make a difference in the community they lived, came together and founded this very diverse and unusual group. Over the years, civil servants, community leaders and other citizens who are dedicated to a "hands on" service approach, have joined them. Their motto is "Coming to the Rescue". The Big Heart Brigade is 100% volunteer organization and has no paid administrators or board members. Every dollar that is raised goes directly back into the community thereby maximizing the impact of every dollar."

So not only will you be able to have a fantastic evening out on the town, you'll also be helping to make a positive impact on the community.

You can purchase your tickets online, or you can call the Maltz Theater box office at 561-575-2223.