7 crucial facts about FHA loans Ft Lauderdale Fl Sunrise Fl Plantation Fl Davie FL

In the wake of the housing bubble's collapse, FHA loans have taken on renewed importance for today's mortgage borrowers.
Simply stated, an FHA loan is a mortgage insured by the Federal Housing Administration, a government agency within the U.S. Department of Housing and Urban Development. Borrowers with FHA loans pay for mortgage insurance, which protects the lender from a loss if the borrower defaults on the loan.
Because of that insurance, lenders can -- and do -- offer FHA loans at attractive interest rates and with less stringent and more flexible qualification requirements.
Following are seven facts all buyers should know about FHA loans


As of September 2010, minimum credit scores for FHA loans depend on the type of loan the borrower needs, according to the FHA, but scores should be 580 or better.
Those with credit scores between 500 and 579 are limited to borrowing 90 percent loan-to-value.
A credit score of 500 or less generally means you won't be eligible. The FHA will make allowances under certain circumstances for applicants who have what it calls "nontraditional credit history or insufficient credit" if they meet requirements. Ask your FHA lender or an FHA loan specialist if you qualify.

The FHA requires a down payment of just 3.5 percent of the purchase price of the home. That's a fraction of the percentage typically required on most other loans and a "huge attraction," says Dennis Geist, senior director, compliance and fair lending at Treliant Risk Advisors and formerly a vice president of government programs for another lender.
Borrowers can use their own savings to make the down payment. But other allowed sources of cash include a gift from a family member, or a grant from a state or local government down payment assistance program.

The FHA allows home sellers, builders and lenders to pay some of the borrower's closing costs, such as an appraisal, credit report or title expenses. For example, a builder might offer to pay closing costs as an inducement for the borrower to buy a new home.
Lenders typically charge a higher interest rate on the loan if they agree to pay closing costs. Borrowers can use the good faith estimate of closing costs -- commonly known as the GFE -- to compare interest rates and closing costs on different loans and figure out which option makes the most sense.

Because the FHA is not a lender, but rather an insurance fund, borrowers need to get their loan through an FHA-approved lender (as opposed to directly from the FHA). Not all FHA-approved lenders offer the same interest rate and costs -- even on the same FHA loan.
Costs, services and underwriting standards will vary among lenders or mortgage brokers, so it's important for borrowers to shop around.

Two mortgage insurance premiums are required on all FHA loans: The upfront premium is 1.75 percent of the loan amount and is paid when the borrower gets the loan but can be financed as part of the loan amount.
The second is the annual premium, which varies based on the length of the loan, the amount borrowed and the initial loan-to-value ratio (LTV). The current annual premiums for loans less than $625,500 are:

• 15-year loan, LTV more than 90 percent: 0.70 percent
• 15-year loan, LTV 90 percent or less: 0.45 percent
• 30-year loan, LTV more than 95 percent: 1.35 percent
• 30-year loan, LTV 95 percent or less: 1.3 percent

"The perception is that that sounds expensive," Geist says.
However, he adds, borrowers need to compare the FHA-insured loan to a loan that's not FHA-insured (and consequently requires a much larger down payment). In many cases, the FHA loan is still the best choice, he says.

The FHA has a special loan product for borrowers who need extra cash to make repairs to their homes. The chief advantage of this type of loan, called a 203(k), is that the loan amount is based not on the current appraised value of the home but on the projected value after the repairs are completed. A so-called "streamlined" 203(k) allows the borrower to finance up to $35,000 in nonstructural repairs, such as painting and replacing cabinets or fixtures, Geist says.

FHA insurance isn't intended to be an easy out for borrowers who feel unhappy about their mortgage payments. But loan servicers can offer some relief to borrowers who have an FHA-insured loan, have suffered a serious financial hardship and are struggling to make their payments. That relief might be a temporary period of forbearance, a loan modification that would lower the interest rate or extend the payback period, or a deferral of part of the loan balance at no interest. Written by Marcie Geffner.

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How to choose and hang shutters Ft Lauderdale Fl Plantation FL Sunrise FL Davie FL

By MELISSA KOSSLER DUTTON

Associated Press

Although glass and screens have eliminated the practical need for shutters, they’re still popular for decoration. “They add another layer of thoughtful detailing to a house,” says Ted Cleary, a landscape architect in Charlotte, North Carolina.
But to get the right look, you still have to consider function when choosing and hanging shutters, experts say.
“Beauty in architecture, as with many objects, often stems from seeing a detail that illustrates its purpose,” Cleary says.
A pair of shutters can cost anywhere from $100 to more than $1,000. Some tips on choosing the right ones for your home:
SIZE
Originally, shutters were used to keep out weather, noise and animals; when closed, they had to cover the whole window.
So shutter size is the most important thing to consider, says Lindsay Daniel, a Charlotte architect, who agrees with Cleary that homeowners must “think function first, not decoration.”
Make sure the shutters meet and completely cover the window opening. Otherwise, she says, the shutter “looks like a stupid afterthought.”
This means that shutters don’t work on double-width or picture windows, says Richard Taylor, an architect and president of RTA Studio in Dublin, Ohio. “To my eye anyway, it looks ridiculous,” he says.
And take care about their shape when hanging shutters on arched windows, Cleary adds. “Shutters are perfectly legitimate on arched windows as long as the (closed) shutter covers it,” he says.
MATERIAL
Shutters are primarily made of wood, composite material or vinyl.
Vinyl shutters are typically mounted directly onto the side of the house, which means they break the rule about looking functional, Taylor says.
He prefers wood, which looks the most authentic but does require regular maintenance, or composite products, a low-maintenance alternative.
STYLES
Louvered shutters, made with horizontally slated boards, are probably the most common style in America, Cleary says. When shutters served as the primary window covering, people in hotter climates used louvered ones to allow fresh air into the house.
Panel shutters have a traditional look. They are solid pieces that resemble small doors, and are often inset with square or rectangle patterns. They were regularly used on Colonial-era homes in New England and were a good defense against snow and rain.
Board and batten shutters are made with three or four vertical boards of the same size connected with narrow horizontal boards. They have a rustic appearance and were often used on country houses or barns. They are the easiest style for do-it-yourselfers to make at home, Cleary says.
BE CONSISTENT
Don’t feel you have to put shutters on every window. It’s better to have some windows without shutters than to put them on windows that are too wide for them.
Don’t use a shutter on one side of a window where a door or the corner of the house prevents you from adding its mate.
Do consider painting shutters the same color as your front door.

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More South Florida Home Buyers Making Cash Purchases. We Buy Houses. Sunrise Fl Ft Lauderdale Fl Hollywood FL

Never mind the rising price of homes. Buyers are coming with fistfuls of cash.

In fact, homebuyers in South Florida now pay cash more often than they get a mortgage.

During the first quarter, 68 percent of Broward County homebuyers paid cash, up from 47 percent in the first quarter of 2013, according to a report Thursday from RealtyTrac Inc. And that number was higher than the year before, when cash accounted for 42 percent of sales in Broward.

No one expected this. Analysts predicted that cash deals would fall as prices rose. So what happened?

RealtyTrac says a dearth of properties for sale, tighter lending standards and an uptick in interest rates still favor cash buyers.

The influx of cash also makes it difficult for first-time and “move up” buyers to compete for homes, said Daren Blomquist, a vice president for RealtyTrac, a foreclosure listing firm in Irvine, Calif.

“It's not a sustainable recovery to have such a heavy reliance on cash purchases,” he said. “I don't think it's healthy over the long term.”

Investors started buying foreclosed homes on the cheap after South Florida prices hit bottom in early 2012. That fueled a strong bounce-back, with monthly median prices shooting up by more than 20 percent year to year. Homes typically appreciate at about 4 percent annually.

The market was so overheated in 2013 that some real estate agents and analysts worried about another housing bubble. The increases have since leveled off, and industry followers expect more modest price growth for the rest of 2014.

Cash buyers are coming from Europe, Brazil and Russia, he said. A hedge fund contacted him recently about buying 350 houses in Palm Beach and Broward counties over the next 18 months.

“If they have cash to invest, people feel like they will miss the boat if they don't buy now,” Levinrad said.

In Palm Beach County, cash sales accounted for 69 percent of sales in the first quarter, up from 42 percent a year earlier, RealtyTrac said. Statewide, 64 percent of sales were all cash, compared with 35 percent last year.

Nationally, 43 percent of sales in the first quarter came from cash buyers, the highest level since RealtyTrac started following the trend in the first quarter of 2011.

The RealtyTrac figures include sales at foreclosure auctions as well as transactions that were not advertised on multiple listing services.

South Florida real estate agent Amanda Wilson said mortgage underwriting has become so stringent and unpredictable that some buyers don't know until closing day whether the deal will happen. Sellers prefer cash because it provides more certainty, she said.

“When we get a cash offer, it's like ‘Hooray!'” Wilson said. “I would like to see more first-time homebuyers because I think that's what the market is missing, but it's very difficult.”

Suzanne Smith and her husband, Paul, recently paid $91,500 cash for a two-bedroom condominium in Boca Raton. She said the seller knocked nearly $10,000 off the price because no financing was needed.

When they started looking at places, Smith said she had no idea of the power in paying cash.

“I wish we would have gotten into the market sooner,” she said. Written by Paul Owers.

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Florida Real Estate awesome investment! Ft Lauderdale, Miami, West Palm Beach, Hollywood, Sunrise

From apartments to rental homes and beach homes, Florida real estate properties give something you should have had a long time ago. That feeling of satisfaction and justified is just at your doorstep. All of Florida’s real estate is inspired by nature. So imagine living in a relaxing environment with unspoiled nature, the beauty is just a reach of the hand.

 Outdoor Life In Florida everything is extremely outdoors. To fishing and just plainly going to the beach, the options for your enjoyment are very vast. Investing a home or merely just visiting, the state of Florida assures your enjoyment upon staying. From hotels and beach resorts, Florida would make you choose otherwise if you want to stay or stay only for vacation

. A Very Warm Community 
The state offers great getaways and warm community. Investing here would mean only one thing, seeing your business grow. Everybody wants to see their life grow in a way that it could bring joy in the people surrounding you. Because people in Florida State are so full spirited and very warm, expect that your business will gain much attention. The community is essential in the growth of your business, and at Florida they play a big role because of their characters.

 The Florida Real Estate 
The Florida real estate is basically for the living. Events and activities present in the state are just for the people who want to live life to the fullest. That’s why the benefits of investing here would be greatly rewarded. The business would also grow to the fullest.

 It’s a Good Weather 
The weather in Florida has average rainfalls and temperature which has a great impact in their growth as a state is very well taken care of by the government. Knowing the significance of this, they set up many different weather stations. Also knowing the importance of nature like the beaches, river, and the woodland forest the government and the community takes care of this for this is where they get their much deserve popularity. Water is one of the major reasons why Florida is boosting with recognition. Every water sport is present and if you want to enjoy it, they’ll arrange it for you. The growth of every water sport finds an investor the interest to devote himself in the state. 

What You Get in Investing
 Investing in a business or merely planning to buy a Florida real estate will make your living more consequential. Energetic neighborhood creates a very warm community. So building your future here means a better life for you and your family. With some of their contemporary style of living, it’s perfect for that lively atmosphere you’ve always wanted in your home or in your business. Florida’s real estate also offers that wonderful benefit of enjoying some of their nature life and those astonishing events. 

As the sunshine state and much renowned for its attractions, Florida is leaving out everything to your pleasure. The Florida real estate properties, hotels, beaches and camping, the cruises, golf parks and water sports are at your doorstep. Investing in Florida real estate means gaining something of more than you could have expected.

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