Get involved and help make owning real estate the American dream. There are Habitat for Humanity sites all over Lee and Charlotte County. It really is a fun thing to do while helping others earn their home. Visit www.Habitat.org for more information.
This week it is projected that mortgage rates will reach a 5 year record high. Thanks to declining markets, credit lending guidelines tightening down, banks going out of business or merging to avoid bankruptcy, and many other economic factors, potential homeowners will now be facing an even more difficult time in trying to qualify for a new home due to the sharp an sudden increase in mortgage loan interest rates.
Just last week, mortgage loan rates were in the 4-5% range. But by the end of this week, mortgage rates could be as high as 7-8%. Those people who were waiting for the right time to buy have missed that ship, as it set sail last week. The great deals of low priced houses and low rates, may never be seen again in our life time. Those who jumped on the golden opportunity have the potential of turning their gold into platinum, while those who procrastinated will struggle to even purchase cardboard box big enough to cover them from head to toe.
But in all this bad news, there is good new!!! What you have already read has not happened yet. Rates are still at all time lows. They are still in 4-5% range. There are still some 100% mortgage financing programs out there. Banks are still lending money. And homes are still being purchase at great prices. Don’t wait till the title becomes a reality.
Call your realtor today to find a deal, I mean home, that is right for you. And call us today, to get your financing in place and your rate locked in before they really do go back up. Time is not on your side…
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Jason Price
Owner/Principal Broker
(352) 308-7219 Phone
For some time now, Knightlines Mortgage Services has been offering the people of Florida a convenient way to finance and re-finance their residential property.
But that isn’t the entire story - we are also doing commercial lending in all 50 states. AND - now we can offer commercial financing OUTSIDE of the country as well. Caribbean, South America, etc - just call for the details.
Lately, when I show real estate there have been a lot of short sales and foreclosures. Sometimes homes are not in so great of condition.
When a home is for sale as a short sale it means that the owners owe more than they can sell the home for. They have to ask the bank for forgiveness of a portion of the dept that they owe for their mortgage.
Read also: Three Thousand Reasons Why Short Sales Fail
Some of the short sale homes are in not as good condition because they are tenant occupied and the tenants are tired of their home being shown. Other times the owners live in the homes and they, in my opinion, have become distressed and depressed. They quit caring about just about everything.
Sometimes when you walk into a home you can feel the sorrow.
Whether the home is foreclosed or for sale as a short sale the first thing to turn bad is the swimming pool. Since foreclosures often have their electric turned off the pools “turn”. Sometimes people in a short sale situation can’t afford to maintain the pool, including the larger electric bill that accompanies it. When they turn the pool equipment off the chemistry is upset and the environment begins to die. The pool goes black. Algae begins to grow and it’s all downhill from there.
As if losing your home, sometimes your job, your credit and self esteem wasn’t enough there’s more. Code enforcement is watching. I’m not sure how they find out, whether it’s by lis pendens filings (bank action toward foreclosure) or helicopter but I’m seeing more and more of “your pool is bad and you’re in trouble” notices on homes.
I don’t know what the fine is for having a bad pool. It can’t be much worse than the stigma of having lost the home and financial damage that results from it.
Rotary Club of Bonita Springs Noon and Bonita Lion’s Club Host Cinco de Mayo
The Rotary Club of Bonita Springs Noon and Bonita Springs Lions Club will host Cinco de Mayo Bonita Style sponsored in part by Hodges University on Tuesday, May 5th at the Promenade Shops in Bonita Springs from 4:00—9:00 p.m.
The event will feature tapas-style Mexican-themed food served outdoors and prepared by Promenade restaurants. Specialty Mexican-inspired drinks will also be featured. There will be live mariachi-style music and games and activities for the kids including piñatas, face painting and more.
A $5.00 donation will be accepted at the door.
Raffle tickets will be available for cash and prizes from participating Promenade merchants.
Net proceeds from this event will benefit The Bonita Springs Assistance Office.
For over 25 years the Bonita Springs Assistance Office has served as the area’s primary social service agency.
The objectives of the organization are to provide emergency relief for residents in order to lessen the impact of financial and personal crises, to help them recognize their own capacity to help themselves and to cooperate with all agencies interested in various phases of social work in the Bonita Springs area.
Email: Lillmarsters@yahoo.com
There are a few old building on Old 41 that have been restored. They’re in front of Riverside Park, just south of the Imperial River Bridge. The buildings are a trip back in history. They’re in great condition and now serve local businesses. Engel’s Bicycles repairs and adjusts bikes, plus they offer new bikes. If you’re looking for a shop with personal service, this is the place.
Engle’s Website: http://www.engelsbicycles.com/
27310 Old 41 Rd, Bonita Springs, FL 34135
(239) 498-9913
A map to Engel’s Bicycles:
You don’t have to plant an orange tree, any tree will do. It’s just that an orange tree might have a little bit more of a pay back down the road. This orange tree is located in Nuttinglikit Grove. Yes, it’s a real neighborhood.
If you’re feeling at one with the Earth and want to see some of the prettiest trees in Bonita Springs take the foot bridge from Riverside Park across the Imperial River to the Land Trust. It’s peppered with huge oak trees covered in swaying moss.
If you're a home owner fortunate enough to have a job and a home without a mortgage or a least reasonable payments on your home watch and learn what someone in dire straights has to go through to get a loan modification. It's an abomination that the banks are still doing nothing to help home owners or even help themselves. Some home owners just need an interest rate adjustment. Just a simple adjustment would make the difference but they're not being helped. Heck if you can't get Bank of America to take a call from Congresswoman Maxine Waters why would they help John Q. Public?
Is it any wonder why home owners turn to or fall for home modification scams? The environment is ripe for the picking and the banks are sitting back, eating popcorn and watching the whole thing happen.
If you’ve recently been shopping or working in the local, fun filled real estate market witnessed what’s going on out there with the bank involved properties. It’s hardly a secret that some home owners take their emotions out on the house as a parting gift to their lender. The mentality is, if the bank’s going to get it back, then they’re going to get it back stripped out.
It’s become so common with bank owned properties that it’s no longer a surprise to have a home need a great deal of work done to make it habitable. Black, funky pools are normal, no major appliances are expected and filth, ranging from mildly gross to a biological hazard is main stream.
Foreclosures and bank owned homes aside, there are now homes marketed as short sales that have both minor and major items disappear. Most commonly the refrigerator, the light fixtures and fans are absent. As a consumer maybe you can imagine leaving a home and taking a light fixture either because of the cost or because it has sentimental value. That’s not the issue; the issue at hand is selling off major items that for that customarily transfer with the sale of a home.
The reality of the situation is that many of these homes with vanishing items aren’t exactly paid for. Due to the market downturn, the homes are now mortgaged for more than they’re worth. The home owner will be asking the lender to forgive part of their debt to be able to sell. Before the bank is asked to forgive a portion of the debt some sellers hold a liquidation sale.
It begs the question: Where does line get drawn between removal of elective items and the theft of compulsory components that belong with the home? We all acknowledge that, technically, until the owner sells the home it’s his to use, abuse or enjoy. If a home owner prefers to not have ceiling fans that would be their choice. If a home owner decides to sell their fans on Craigslist that’s their business.
What about selling off major appliances? Hit up SW Florida area Craigslist and peruse the vast array of nearly new or gently used appliances available on the resale market. Are they fair game because they’re appliances and they weren’t glued down like the floor tile?
When you’re talking about a production build by a publicly traded developer more often than not you can assume those GE stainless steel appliances were part of the purchase and rolled into the mortgage. They’ve technically not been paid for by the home owner so is it fair that they’re sold off?
Is it fair or right that an indebted home owner sells their garage door opener, pool equipment, hot water tank or air conditioner? It’s happening in a neighborhood near you.
Right, wrong or indifferent, shortly after these items are sold off the homeowner asks the bank for debt forgiveness. The homes are sold, bargain basement, because they require thousands of dollars just to standardize them. That mortgage short fall is further exacerbated and becomes someone else’s problem, everyone else’s problem.
Now, is that simple liquidation of private property or larceny?
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Real Life in Bonita Springs is a project by Chris Griffith dedicated to writing useful blog posts for consumers about the Bonita Springs, Florida area. Find out what it is really like to live in Bonita Springs, Florida by reading about our fair city. You’ll get the latest in local real estate information, Bonita Springs real estate market reports and a little bit of humor. If you have topic ideas, feel free to request a story about the idea, after all, this site is just for you.
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If you do not see the first time home buyer tax credit video below,Click Here. Video Expired
Effective Monday, April 20, 2009, the income eligibility guidelines for USDA 100% guaranteed mortgage loan financing will be changed. The change, unlike most changes in our current mortgage industry, is for the better. So what is the change?… Higher income limits in bracketed tiers versus the original per family member sections.
Normally, I would compare the difference, but who really cares what once was if new is better. (If you really want to see the old values, click here.) So here is what the new tiers with higher limits looks like:
| Counties | 1-4 Persons | 5-8 Persons |
| All Counties Except Those Listed Below | 73,600 | 97150 |
| Clay, Duvall, Nassau, St. Johns Counties | 74,900 | 98,850 |
| Collier County | 81,450 | 107,500 |
| Palm Beach County | 86,700 | 114,450 |
| Okaloosa | 76,250 | 100,650 |
Not Eligible in Broward, Pinellas, Monroe
For each person over 8-persons, add 8% of the 4-person limit.
AND TOTAL INCOME CAN BE MUCH HIGHER THAN THE ADJUSTED INCOME LIMITS
If you total income exceeds the limits, certain adjustments can be made, such as childcare expenses for children age 12 or younger. You can deduct $480 for anyone under 18 or a student who is not one of the applicants. Other deductions may be available. No need to memorize deductions.
Example: Lee County 4-person family (2 adults, 2 children) has a gross income of $84,560. Child care for the two children age 12 or less is $10,000 annually. Is the threshold income at or below the limit? YES! $85,860 less
$10,000 child care less $480 for each child = $74,900. They are within the limit.
Want to see if you qualify or become pre-approved? Call us today to get the process started.
For some time now, Knightlines Mortgage Services has been offering the people of Florida a convenient way to finance and re-finance their residential property.
But that isn’t the entire story - we are also doing commercial lending in all 50 states. AND - now we can offer commercial financing OUTSIDE of the country as well. Caribbean, South America, etc - just call for the details.
Jason Price, Owner/Principal Broker
(352) 308-7219 Phone
(888) 807-4123 Fax
www.knightlinesmtg.com
18515 Demko Road
Altoona, FL 32702