UPDATED - November 7th, 2009 **It is LAW - signed by Obama on Friday**!

The Florida First-Time Home buyer Tax Credit may soon be known as the Home Buyer Tax Credit… being opened to non-first time buyers for the first time.

As you have likely already read on My FHA Mortgage Blog - the Florida First-Time Home Buyer tax credit is on the verge of extension.   I noted there that there are a few exciting changes that benefit you - the home buyer!  Here is an explanation as to their significance.  Those noteworthy changes between the current tax credit and the proposed tax credit are:

• Change in the deadline. From November 30, 2009 to April 30, 2010.  MORE IMPORTANTLY, however is what has to “happen” by the deadline date.  As it is now, you ahve to close by Nov. 30th.  The extension has wording that states you need to be under contract by April 30th.  HUGE difference - especially if you are looking at an Orlando Short Sale, Orlando Foreclosure, or Orlando Bank owned property.  The difference can not be overstated! It does not remain open-ended however… you have 60 days from 4-30-10 to close on that property.
• There is also a possibility that the tax credit would be opened up to non-first-time buyers. It looks like non-first time home buyers could be eligible to receive a $6500 credit for homeowners that have lived in their home for 5 years or more.  This is big since many of the Orlando homes for sale are not suited for the first time home buyer market.  This allows those that own to sell and move up - furthering the impact the housing market can have on the sputtering economy.
• Income limits are also possibly effected. Right now to receive the full benefit, the income limits are $75,000 and $150,000 for single/married income earners [respectively]. That may jump to $125,000/ $225,000. This furthers the number of folks that fit the parameters and can be the key to making this effort work!

Understand that as this gets enacted, it will get crazy busy for folks in the industry, so it is of vital importance to let those you care about know about this blog post so that they can get the groundwork done before it gets nuts!

It is important to note that - while it is not yet through he entire process, the momentum seems to be behind the extension of the Florida First-Time Home Buyer Tax Credit until April 30, 2010 if it makes it to the President and is signed.  Here is what needs to happen. [In case you missed it from my syndicated blog post on MyFHABlog.com.]

Contact me ASAP to review the best scenario for you and the people you care about.

Chris Brown
Orlando Mortgage Pro
Direct: 407 - 377 - 0500 x 210
Chris@OrlandoMortgagePro.com

_____________________________________________________

Chris is Florida’s #1 FHA Mortgage Broker and a syndicated mortgage blogger. He is regular contributor to the many leading industry blog-fronts including The Mortgage Chili Blog, My FHA Mortgage Blog, Top of Mind Networks, the newest contributor to Lenderama and has been recently featured on Fox35 News.

Chris can be found at
Orlando FHA Loans,
Chris[at]OrlandoMortgagePro[dot]com,
or by calling 407.377.0500 x 210

Click Here to Apply Online

Not sure how to connect? Find out at FindChrisBrown.com

As an Orlando Mortgage Broker in Seminole County, I have had the experience of working with many insurance carriers -some good - some bad. As the largest private property insurer makes the move to pull out of Florida, home owners are wondering - what do we do now? I personally have been using State Farm since day one… so you and me, yeah… same boat here!

The most pivotal, yet most overlooked thing, is likely the urgency to move QUICKLY!

“But Chris, this is supposed to happen over a period of a few years… what’s the rush?”

Glad you asked!

The Answer - Capacity.

Effectively, when State Farm pulls out, the other carriers are going to be inundated with folks that need their homes insured. While this is a welcome event for those carriers, it is not all roses for them. Imagine these carriers are like a sponge. As they soak up these other policies abandoned by State Farm, they will begin to saturate. Once they max out, home owners without insurance will be left with less options.

It is safe to assume that the best, most competitive companies will fill up first, is it not?

At the end of the day, those that do not hesitate will end up with the most options and therefore the best options. Meaning, those policy holders that act the fastest will have the best and broadest options available to them - those that wait and hold on to the Farm the longest will be left with the lessor of the options and likely pay more for their home owner’s insurance for years to come.

Here are 3 EASY STEPS to take to make sure that you get the very best that is out there.

STEP 1: LINE UP THE DUCKS - Pull out your current policy and have it handy when you contact possible insurance companies. DON’T HAVE THEM? Call your current carrier and ask for copies of your “Declaration Pages”. Commonly referred to as “Dec Pages” show the coverage that you have and will assist your hunt for a new provider. [Sample of what you should get from State Farm.]

STEP 2: PICK UP THE PHONE - With the Dec pages in hand - ACT NOW. It is likely best to find an independent insurance company that can write insurance with MANY carriers. Why? Because an insurance company that can write for many [rather than just one] can do the shopping for you and find the very best coverage for the cost. Since the best companies for the money are likely to fill quickly, time is of the essence. Here is the company I chose, personally. The gal I connected with was Sarah - email Sarah here: scornwell@iscf.biz.

STEP 3: COMPARE - When you find the best independent carrier, have them provide 2-3 quotes from different companies they represent. Have them walk through the coverages with you and offer their opinions on which is the best value. Cheapest isn’t always best. You want to gain confidence that they company you are with doesn’t follow State Farm’s lead

The folks at ISCF have put together an informative White Paper about the State Farm pull out. I consider it required reading for any current State Farm policy holder.

Related Articles:

State Farm Announces its Intent to Stop Writing Property Insurance in Florida.

State Farm to Florida Homeowner: No Thanks.

State Farm to exit Florida Property Insurance.

The Super Bowl Weekend [wow, what a game - huh?] traditionally marks the start of the Lake Mary real estate Spring Buying Season. Anecdotally, Lake Mary real estate agents will tell you that buyer activity tends to tick higher at this time of the year… and I tend to agree. I have seen a definite up-tick in activity within the past week.

Meanwhile, with mortgage rates still trolling near all-time lows and Congress debating a first-time homebuyer tax credit, 2009 may bring out even more buyers than we’ve seen in the past. There are some proposed changes that make the First Time Home Buyer Tax Credit even better. Les Christie, a CNNMoney, Staff Writer states in his article Homebuyers get a Bonus in the Stimulus Bill,

“Technically, the stimulus bill is actually changing the terms of the $7,500 tax credit that was issued as a part of the Housing Recovery Act, which Congress passed last summer. That legislation required that the tax credit be repaid over 15 years, making it more of a no-interest loan. Not surprisingly, the measure had little impact on the market. The stimulus bill now under consideration would make that tax credit a true credit that doesn’t need to be repaid.”

Just having your home on the market may not be enough to attract an offer, though — the home has to have appeal. Consider that reason #233 to have a top notch Realtor in this market. That brings us to home staging — the process by which a homeowner re-organizes and re-presents the home to appeal to as many potential buyers as possible.

Home staging is part-science, part-art, and part-psychology. Homebuyers tend to judge homes within the first 8 seconds of seeing them so making a quality first impression can mean the difference between getting multiple bids, and just getting a lot of foot traffic.

The 4-minute video gives some quick-and-easy tips, including:

• Create more light in the home
• Clean up the closets and thin them out
• Remove the clutter from every room in the house

Even though home inventories are falling, supplies are still higher than in previous years. Home sellers wanting to stand out in a crowd may want to consider staging their homes to help them sell more quickly.

Staged homes sell for as much as 17% more money and as much as 40% faster than non-staged ones.

If you are looking at buying - your timing couldn’t be better. By the time you hear in the news that, “It is time to buy - uhhhh - you missed it by about 6 months.” the smart money is on buying now while all the ingredients are perfect and before the news catches on. The first Step in the process is to get Pre-Approved by a Lake Mary Mortgage Broker and asked them to introduce you to a tried-n-true Realtor that knows the area like the back of their hand.

If you are looking to sell - it is likely because you have a pressing need, otherwise I would recommend waiting. When you have a pressing need and time is important - play it smart. Before you list that house, contact me about options to selling like a

• Refinance,
• Short Refinance,
• or Loan Modification.

If we are able to determine that none of those is the best option, let me introduce you to a veteran Realtor that is the top in their market. Now is not the time to use Aunt Betty’s neighbor’s friend’s cousin that got their license in 1977.

Find out your options here and now. Send me an email and let me know your concern.

Not to be an alarmist, but with the new requirements… it may just be impossible for some to get conventional financing…

In an effort to limit risky borrower behavior, however, Fannie Mae announced a new round of mortgage guideline alterations last week.

Unlike the previous 20+ updates that:

• raised income requirements and
• raised minimum credit scores

Fannie’s latest guideline modifications focus on the value of the collateral itself… equity the homeowner would have in the prospective property — simply put; home equity.

Effective December 13, 2008, Fannie Mae will require larger equity positions on some of its insured Orlando purchases and Orlando refinances.

A few of the updates include:

• Limiting primary residence, cash out refinances to 85% loan-to-value
• Requiring 10% down payments on second/vacation homes
• Requiring a 25% equity to remain on all investment property refinances

These changes represent 5% equity increases over the existing mortgage guidelines. Other updates are calling for 20%!

As we head into the election [...thank God... sometimes it feels like it is never going to come] and Congress mulls over another economic stimulus package [Woo hoo...got a problem? Throw money! Because, you know, that has worked in the past!] , it’s unclear if mortgage rates will move higher or lower as we close out the year. We do know, however, that getting approved for an Orlando conforming mortgage will, in general, be harder come December 13, 2008.

If you’re finding yourself on the fence about your next move — whether it’s to buy or to refinance — consider taking the necessary steps before the guidelines change.

Killer mortgage rates don’t mean much if you don’t have enough down payment or equity to refinance to get loan approval.

(Image courtesy: The New York Times)

Sooooo, [I thought i would start with something other than 'okay...' LOL] The FED made an “emergency rate cut” yesterday, dropping the Fed Funds Rate by one half-percent to 1.500%. What you care about, is the PRIME rate dropped to 4.500%… this is what HELOCs and credit card rates are based on… yeah I know… good news, right? I mean, the move is meant to stimulate the U.S. economy… isn’t it?

When the Federal Reserve changes the Fed Funds Rate, it often takes 9 months for the changes to work their way through the economy so this is not an immediate realization of change, but apparently the FED felt it had to do it and do it quick. Emergency meetings are relatively rare.

On a broad scale, therefore, we won’t know if the cut truly “worked” until thew summer of next year.

But, as it relates to ‘we the people’ in general, the rate cut spurred two instantaneous changes.

1. Credit cards and HELOCs will be more affordable as I stated before,
2. but the second change is that mortgage rates are rising.

The Fed’s moves have sparked optimism in some corners of Wall St. and money is now flowing into the stock market at the expense of bonds… or is it the other way around. My gosh, my head is spinning… and I watch this intently every day. You better sit down.

As always, mortgage markets and mortgage rates remain in turmoil. Therefore, rates are subject to change… uh… a lot… anddddd frequently. Did I mention frequently? If you see a rate and payment you like, be ready to commit to it because it likely won’t last long. Have the nerve to PULL THE TRIGGER!

(Image courtesy: USA Today)

That is the title of an amazing article that my friend Tim Davis of Titan Home Loans wrote.¬† It was a great article that really goes past the surface ‘lip-service’ of what needs to be done and analyzes the actual results if those things were to come to pass…

Here are the poitns that Tim made:

“I think there should be tighter guidelines when getting a mortgage”

 

“I think you should have to put money down to buy a house”

 

“I think the appraisers are to blame. The appraisal should be completely unbiased”

These are just some random thoughts that go through my head these days. A lot of people have opinions until they are the ones in the situation. We all like to say we have faith, but faith is not truly tested until we are deep in up to our eyeballs.

I guess the conclusion is we all make the argument depending on which side of the fence we are on at a particular time. That tends to be our human nature. That is why I like he following statement…

Sure the grass is greener on the other side, but don’t forget it still has to get mowed.

Keep your head moving forward and remember, this too shall pass…

 

There are even more I am sure… maybe we can get Coach Tim Davis to come and post what some others might be…

 

Chris

 

 

Lawyers being what they are, it was just a matter of time before something like this grew legs somewhere. [Not that lawyers have legs...]

The problem is that it simply becomes a freedom of speech issue.

Finally, this seems to be getting a groundswell of support. High profile places like Bloodhound and Wanna Network’s real estate networking site have even picked it up. Bloodhoundblog has even set up a legal defense fund for Vlad Zablotskyy.

If you are unfamiliar witht he case finding a lot of the ’smoking gun’ material will be tough as much of it has been censored and removed by legal bullying.

Here are a few ways to get a drift of what is going on:

• Chilling Effect: How A Behemoth Company Can Silence A Blogger - Vlad’s own posting on the topic

• ePerks Pulls The Trigger: I am being Sued. - No longer a threat, Summons copy in this blog

• You CAN get sued for blogging - Wanna Networks input

• Don’t Hang Vlad out to dry - Bloohoundblog’s steppin up - If you scroll to the bottom of the Bloodhound page, you will see even more links for the back story.

If you value your ability to blog without having to look over your shoulder, contribute! Just $1 [more if you can.] But a buck… if it just gets you to do SOMETHING!

Rick Grant, a Member on Wanna Network, had this to say, “if you want to protect yourself you’ll go buy a copy of The Associated Press Stylebook and Libel Manual.”

If you want a direct link to donate, here it is, but I would recommend reading some of the content here first.

Chris the Implementer

Orlando Mortgages | Orlando Credit Repair | Orlando FHA Loans

Orlando Real Estate | Florida Reverse Mortgages

Mortgage Chili Blog

Here is a priceless blog through a new friend in the area, Mary McKnight - at real estate seo.

Alright, it’s the weekend and I totally don’t feel like talking geek, SEO,
blogging or real estate.  So, here are some of the things I have found on the
web that I couldn’t imagine living without.¬† These things either greatly
entertain me or make my life/job easier and I think you should know about them
too.¬† Oh yeah, these tools are also totally free, which rocks, ’cause I’m
cheap.

1.      Hulu.com - watch streaming TV
shows and movies for free

Hulu is
just cool.  Watch your favorite TV shows and movies online for free.  Totally
legal (because none of us would ever violate a copyright by using the torrents.)
because they sponsor to usage of the copyright with ads!  I use this all the
time to entertain my son.

Prefer to Download Movies?

Speaking of the torrents, thePirateBay.org is my favorite, closely
followed by seedpeer.com.  For the uninitiated -
Torrents are peer to peer networks (meaning my machine and your machine can
search each other) where you can download movies, images, software, music etc. 

Because I go old school from time to time, I also like eMule (although it freaks me out it
is written in Visual C++ which basically means that it s held together with
rocket science theory, Miracle Whip and scotch tape.)

2.      Actionext.com - create and listen to free music play lists

Actionext.com Killer site that allows
you to search for songs, listen to them and create playlists.  It also has an
open wiki-like tool where you can get lyrics to the songs you are listening to. 
I love being able to find the songs, build the playlist, share the lists (see
the embedded widget on the left of my blog - totally annoying, right?  Another
reason you should NEVER have music playing when a visitor lands on your site!!!)
and even read the lyrics in one place.

Want to share music socially and see other’s playlists?

Other music search and playlist sites you might like: 8tracks (another
playlist site), Tagoo.ru (terrific site for finding hard to find
songs online - lets you search and download from other people’s machine’s).

Try Blip.fm if you want to share
music and fid other people that like the same kind music you like.¬† It’s life
streaming for music - you can even connect it to your twitter account so you can
share your music with all your followers.

 

3.      Jing - record screencasts with voice overs and capture images from your desktop and share online

LOVE THIS.  I can record screen casts with audio and publish them to the
web.  Very easy to use and high quality!  Think of Jing as a supplement to all
your chat discussions, email threads, forum posts and blog entries. It sits
nicely on your desktop, ready to capture and share your stuff at a moment’s
notice. Simply select an area of your screen, capture it as an image or record
it as a video, and then click Share. Jing conveniently places a URL to your
content which you can paste into any of your conversations.

Download Jing now!

4.      Skype - make free phone calls, conference calls and even video calls

We all love something for nothing. With Skype’s free
software - by the way, it works seamlessly with your internet connection - you
can chat away with free Skype-to-Skype
calls and never worry about cost, time or distance. Share the
love and get your friends to download Skype so you can talk, chat
or make video calls for nothing. You can also make local, long distance and
international calls to phones and cell
phones at great rates too. Additional
features include instant
messaging, file
transfer and video
conferencing.

Check it out and SKYPE me at REBlogGirl or simply search for Mary McKnight on Skype!  Click te logo below to download Skype.

5.      Audacity

Do you want to import, export, edit, mix, record, add sound effects or
analyze voice, music, sounds, etc?  Then Audacity is the program you need. 

Download it for free from Source Forge at:

Audacity
at Source Forge

Audacity is a free, easy-to-use audio editor and recorder for Windows, Mac OS
X, GNU/Linux and other operating systems. You can use Audacity to:

• Record live audio.
• Convert tapes and records into digital recordings or CDs.
• Edit Ogg Vorbis, MP3, WAV or AIFF sound files.
• Cut, copy, splice or mix sounds together.
• Change the speed or pitch of a recording.
• And more! See the complete list of
  features.

Other Stuff I Just Love!

6.   Txt2day.com - free text messaging

Txt2day.com is the premier free manual messaging website.  Send Free
Text Messages. Add text messages to your MySpace. Works with most cell phone
providers. Stop Paying For Texting!  I use this all the time because when I text from my phone I make too many typos and I am usually sitting at the computer anyway.

 

7.   Eyejot.com - record and send video to friends and family via email

Eyejot is a video messaging platform in which there is
NO software to download.  You record the message and the
receipient of the message is notified via email that they have
a new video message.   It offers everyone the ability to create and receive
video messages in a self-contained, spam-free environment. With no client to
install, you can start using Eyejot immediately with any browser, on any
platform. It even features built-in support for iTunes^TM (and
iPods^TM), mobile devices and social networks like
MySpace^TM. Watch Eyejot video
examples.

8.      Twirl - Funky desktop Twitter ap you can use to

Couldn’t keep my Twitter conversations updated without this nifty little
desktop widget! twhirl is a desktop client for
the Twitter
microblogging service. Most of the features available on the Twitter website are
accessible through twhirl, too. Plus, a lot of usability enhancements have been
added.

If you have an iphone- Twinkle is the way to go!

9.¬†¬†¬†¬†¬† Spamyourenemies.com - I can’t help myself - this is just fun to do when somone pisses you off

Spamyourenemies.com - If you are not that technical or not really that pissed off, this a great solution to a little immediate revenge.¬† Doesn’t really hurt anything, just fills their inbox with a whole bunch of weird spam.¬† Of course, if the person you are spammng is more technical than your average lab rat, their spam filters will catch this before it annoys them, but it still gives you that sense of justice and self satisfaction you need in those moments of ire.¬†

NOTE TO ALL - If you have ever been spammed, it wasn’t me.¬† This is just where I direct people that come to me and ask me to do something evil to their main competition’s website.¬† I’m a sociologist- I understand that if I don’t give a suitable answer and they can’t get immediate satisfaction, they may go to somone who would link bomb another site.¬† I find this to be a reasonable compromise for all parties when therapy is not an option.

10.  Rememebr the milk - Online to do lists!

The old-fashioned to-do list, which lets the brain concentrate on the
task at hand rather than on others in the future, remains one of the
world’s best productivity tools. These fresh new sites let you keep
track of your obligations and prompt you to keep up the pace.

RememberTheMilk
reinvents the to-do list in a snazzy interface that lets you make lists
in configurable categories, all laid out on the front page as tabs.
Adding to-dos is easy, though adding deadlines, notes, and time
estimates is unintuitive.

You can add to-dos using natural
language such as “Call Ted next Thursday,” sync with your calendar via
the widely supported iCalendar format, and set tasks such as “Pay
credit card bill” to recur. RememberTheMilk sends reminders through
instant message, e-mail, text message, or a combination of these. You
can also upload tasks via a special e-mail address that the site gives
you.

It’s a tremendously well-rounded free product, with neither more nor less than you need to get and stay organized.

Wow

Is there a fear that action doesn’t cure?¬† I was afraid of being ‘one of the masses’ on Active Rain… I mean, they tout having 100,000 members.¬† Impressive.

Well, like many things, those that take action are few and far between.  In 3 days of posting blogs [I am new at that too] I am now a Featured Member and the #1 Lender in Seminole County, FL on Active Rain.

And not barely.  I have double the points as the #2.

When will I FULLY EMBRACE that all most things need is a little action!?  Will you?

Chris the Implementer

Orlando Mortgages | Orlando Credit Repair | Orlando FHA Loans

Orlando Real Estate | Florida Reverse Mortgages

Mortgage Chili Blog