There are a great number of posts on this network and others that provide insight into the First-Time Home Buyer Tax Credit offered as part of H.R. 3221. Well, when I went looking for answers of my own - I went the THE SOURCE! As such, I recently had the pleasure of speaking with Nationally-acclaimed Mortgage Guidelines Expert Leslie Petersen about this "interest free loan," and she provided a wealth of information about what this program means for those of us in real estate industry. Honestly, there is so much information in this call that you'll want to listen to it a few times in order to catch everything. Topics covered include: Everything about how the tax credit works Exactly who should and should NOT be encouraged to use this program Ideas on how buyers can access these funds bef... 09/10/2008

Chairman of the House Financial Services Committee, Barney Frank, has discussed publicly the fact that he has negotiated an agreement with HUD Secretary Steve Preston that will provide for the continuation of privately funded downpayment assistance. The agreement allows HUD to impose risk-based pricing on downpayment assistance transactions which provides Secretary Preston the fiscal protection he seeks for the FHA insurance fund. According to an Inman News article published today, Chairman Frank is quoted as saying "The FHA loved the ban on down-payment assistance (but) hated the ban on risk-based pricing," Frank said at Saturday's hearing. "That seemed to me to offer an opportunity. So (HR 6694) will replace both bans with middle ground -- and it will pass the House, I can guarantee ... 09/09/2008

  Just a quick post to let you know that I am very close to nailing down an opportunity to sponsor a One-day CE Short Sale course given by one of Florida's leading experts on the subject.  The course will take place on a Saturday morning (9 am to 1 pm) sometime in late October. Keep an eye out for specifics - to be posted here soon!  If you're a Central Florida Realtor and are interested in being among those who receive a special discounted rate for the course, please contact me here. Trust me - slots will go fast once the formal announcement is made! Photo Credit: Obie Fernandez 09/03/2008

With Downpayment Assistance Programs ending come October 1, 2008, many Realtors are counting on the $7,500 First Time Home Buyer Tax Credit to take their place.  But  this would be a mistake.  Though there are some great ways to use this tax credit, it's definitely not for every buyer. As a Trusted Real Estate Advisor, you must be sure you know all that you can before recommending the First Time Home Buyer Tax Credit program to buyers. Join me and Nationally-acclaimed Mortgage Guidelines Expert Leslie Petersen on Thursday September 4th for an exclusive look into what the First Time Home Buyer Tax Credit means for your business. Be On This Call or Miss Out on the Following Take Aways:     * Exactly who should and should NOT be encouraged to use this program     * Ideas on how buyers can... 08/31/2008

OK - so that's the headline.  However, this video is an eye opener.  Just don't think the public at large is getting all the facts on this issue.  Not nearly enough outrage out there.  Remember, HUD has still refused to release any of the records or information they say supports their stance against Downpayment Assistance Programs.  They have also repeatedly refused to respond to requests by both Ameridream and Nehemiah - the nation's two largest DPA organizations - to impose strict guidelines as to how they should monitor their operations.  Let me say this again:  Ameridream and Nehemiah asked HUD to impose strict guidelines on their operations and each time they asked - HUD failed to deliver.  Something is Rotten in Denmark, folks.  And it ain't the herring or the cheese.  HUD Publica... 08/29/2008

Support H.R. 6694 to Reform and Save DPA! Contact Your Elected Officials Today! President Bush signed H.R. 3221 Housing and Economic Recovery Act of 2008 into law on July 30, 2008. Included in this bill was the elimination of downpayment assistance (DPA) programs.  Borrowers who are credit approved prior to October 1, 2008 can receive downpayment assistance and have their loan FHA-insured. While H.R. 3221 was intended to “rescue” the housing industry, the elimination of the DPA program will have the exact opposite effect of its intended purpose.  Not only did it eliminate DPA programs, it also instituted a downpayment requirement increase from 3 percent to 3.5 percent.  This combination is a recipe for disaster and will further hurt the already crippled housing market. Preserve downpaym... 08/29/2008

With Labor Day around the corner, it's a great time to remember what being an American means. I love how our community celebrates our great country's holidays and I am looking forward to Labor Day. At Lake Ashton, our community really came together to celebrate Lake Ashton's Veterans' Memorial. Our community's celebration was complete. There was a presentation of the Honor Guard by a few of Lake Ashton's veterans.  The United States Flag was hoisted into the air by two USN Veterans.  At first, the flag went to full mast, and then, they lowered it to half staff in observance of Memorial Day.   A member of Lake Ashton Activities sang a beautiful rendition of The Star Spangled Banner and then the ceremony proceeded into Lake Ashton's Ballroom.  Terri Mattocks did a beautiful job presenting... 08/28/2008

Which sounds better to you? Option A: "Congratulations!  You Qualify for a $7,500 First-time Homebuyer Tax Credit!" Option B: "Congratulations!  You Qualify for $7,500 Interest-free First-time Homebuyer Loan, payable in 15 years! Not sure about you, but I'll take option A, Bob.  Only, I'd still be on the hook for the $7,500 if I do!  Look, I'm not trying to bag the whole idea of the $7,500 tax credit.  The program was brought about as part of the Housing and Economic Recovery Act of 2008 - authorizing a credit of up to $7,500 for qualified first-time buyers purchasing homes on or after April 9, 2008, and before July 1, 2009.  It's just the portion of this deal that gets me.  If I owe you money, I will pay you back.  No problem.  But if you give me a credit, and ask me to pay you back...... 08/28/2008

  Options Disable Get Free Shots      Caught this in an email I received from The Apple, and I thought I would share it with you.  The History degrees paid off, as I rated an "Expert" on the topics at hand. There are 14 questions among 100 used in current US citizenship tests. You must answer 7 or 8 of them correctly in order to pass.  See how much you know about YOUR country!  Sourced from Boston.com, Courtesy of YellowBrix. All Rights Reserved >> Are you willing to put your knowledge to the test? >> Are you brave enough to share your scores with us here?   08/26/2008

I have been hearing a decent amount of criticism from folks inside and outside of the real estate industry re: Downpayment Assistance Programs.  The sentiment seems to be that if folks can't cough up the FHA 3 percent (now 3.5 percent) downpayment for their home purchase - well, then thy don't deserve to have a home! What's more - HUD's consistent practice of casting a dark spector over DPA program participants comprising a significant portion of recent foreclosures is itself cast in a poor and sceptical light as HUD continues to REFUSE requests by Congress to release their actual data on foreclosures related to DPAs.  All information gathered on this data points to it being severely outdated and thus, quesiontable in its own right.  (I'm by no means a screaming liberal - but our Govern... 08/26/2008

  Join Scott Syphax, President and CEO of Nehemiah Corporation of America, for a 30-minute virtual town hall meeting on Tuesday, August 26, at 10:00 AM PST / 1:00 PM EST. There is no obligation for you to join this town hall, but I do feel this is a very important time in the housing industry, and your participation would be greatly appreciated. There is no charge to you for this event, and your questions and feedback will be welcomed. The dial-in number is 1-877-269-7289 and pin is 13908. Please dial-in 5 minutes prior to the actual start of the event. Space is limited; if you receive a busy signal the meeting has reached capacity. In addition to answering your questions, topics will include: The Status of H.R. 6694 (Bill to Save Downpayment Assistance Programs) An update on Groundswe... 08/25/2008

We see them every day... in fact it's almost as if a new Web 2.0 gadget or software tool gets pushed in front of us faster than we're able to take in and fully utilize the last one.  In this post, I've selected five (5) tools I think will remain useful for a while, even if new and improved also-rans show up.  As Mortgage and Real Estate Professionals, we're concerned with two main concepts: Networking and Marketing - mostly as they go hand in hand.  We count on these areas of our business for our survival! So, it’s easy to see how we can be lured by new technologies that promise to spread our good news, stuffed in warm and fuzzy envelopes, to the masses with ease.  In the end, what we realize is that it's not the tool, it's the professional that matters. Tiger could whip any one of us u... 08/24/2008

I bought my Winter Haven lakefront condo back in 2004 for under $90,000. Since then, it's market value has gone up as high as $150,000 and has fallen to as low as $109,000 since then. Thanks to the fact that my upper floor balcony looks over one of the biggest lakes in our chain of lakes system and will maintain its unobstructed view indefinitely (no more building allowed behind us), it's hovering in a moderately stable range of $129,000 to $139,000 at the moment. I count myself as being very fortunate. When I bought the place, I had absolutely no idea what I was doing. Luckily, I was coached and mentored about the purchase by Linda Dees, of Mary Myers Realty - who I really need to thank more often for helping me find that place! Contact her via email, or by phone at (863) 206-3993. She... 08/23/2008

When the going gets tough, the tough do in fact get going.  An article posted today on RIS Media entitled "Florida Real Estate, the Entire Story for Owners, Buyers, and Sellers" relays some poignant stories of families getting out of homes they overstretched to get into and others who are able to purchase them through short sales at savings of up to 40%.  As a mortgage broker, I was happy to read that more Lenders are increasing their speed to action when it comes to renegotiating mortgages for folks in trouble or working hard to facilitate short sales (Realtors, you know how painful a process these can be).  It's not something you'd beg to have listed on your credit report by any means, but an effectively executed short sale looks much better to creditors than an all out foreclosure do... 08/22/2008

  OK folks, we're in for a fight on this one... and WE NEED YOUR HELP!  Heck - YOU NEED YOUR HELP!    If you believe in DPAs and the good they do for American families - not to mention American Realtors and Mortgage Brokers - Then you must act on this now.  The following excerpt comes straight from the www.dpaGroundSwell.org website - sponsored by the Nehemiah Corporation.  Please read it and take action by contacting your respective congressional representatives.  I'll be heading up a planning session this Saturday in Clearwater, Florida along with John Lamberg, of the Nehemiah Corp.  We're gameplanning a live action demonstration in front of our Florida Congressional Reps.  Please contact me if you're in the area and have an interest in participating!    RELATED POST:  August 14, 2008... 08/21/2008

Buying a new home?  Don't rely on the previous owner's tax bills to estimate what you'll be paying!  According to Florida Statute 689.261, titled "Sale of property; disclosure of ad valorem taxes to prospective purchaser,"A prospective purchaser of residential property must be presented a disclosure summary at or before execution of the contract for sale. Unless a substantially similar disclosure summary is included in the contract for sale, a separate disclosure summary must be attached to the contract for sale."Specifically, prospective home buyers must be furnished with a disclosure that states that they should not rely on a seller's current property tax statement to gauge the amount they themselves will have to pay the following year.  This change in ownership triggers a reassessmen... 08/20/2008

Well, we've reached it... September is nearly here, and we find ourselves finally drenched with the rain we have been begging to receive for more than a year now. Of course - now that the Chain of Lakes canals are back to a near navigable state - the rain-rain-go-away singers are warming up their pipes. Guess there's really not pleasing some folks. From a just-past-midyear standpoint, there are some interesting tidbits to look at as one peruses through the University of Central Florida's latest Florida & Metro Forecast 2008-2038. The study represents a comprehensive, quarterly forecast of the Florida economy and 12 metropolitan areas, including: Pensacola, Tallahassee, Jacksonville, Gainesville, Ocala, Deltona-Daytona Beach, Tampa-St. Petersburg, Lakeland, Orlando-Kissimmee, Palm Bay-Me... 08/20/2008

Ok folks, here it is... the inaugural podcast for the Florida Mortgage Blogger website. I had the pleasure of speaking with Mr. John Lamberg, Florida Area Manager for the Nehemiah Corporation. John provided a wealth of information on how DPAs work, how Realtors and Loan Originators can use them to increase profits now, and added in some thoughts about how we can all make sure these programs stick around for the long haul! If you're at all interested in Downpayment Assistance Programs and their proven ability to positively impact your bottom line, you MUST listen to the SplashCast show provided below. Be sure to stay with the recording through the very end to find out exactly how YOU can post your own suggestions as to what you'd like to hear on future podcasts! Remember, I'm here to ser... 08/19/2008

I love the movie Caddyshack. It's timeless... and ubiquitous. I sincerely feel that if you are in your 30s to 40s and you cannot rattle off a minimum of three (3) key quotes from this movie - then you need make it a point to put it at the top of your Netflix queue ASAP! One of the most Zen-like one liners from the film comes from Ty Webb - golf pro, Chevy Chase's character as he relays the following wisdom to young golf hopeful Danny Noonan: Ty Webb: Just be the ball, be the ball, be the ball. You're not being the ball Danny. Danny Noonan: It's hard when you're talking like that. It's sort of like "Use the Force," only I just like the golf reference better. The question it makes me think of though, is this: It's great to have a blog up and running, but isn't so great if it's out there ... 08/17/2008

I recently hosted a Realtor-focused conference call on Downpayment Assistance Programs - co hosted by John Lamberg, Florida Area Manager for the Nehemiah Corporation.  One week prior, I participated in this conference call with Dan Martin and Brian Kludt from Mad Mortgage World and Rhonda Porter from The Mortgage Porter Blog to talk about my conference call setup strategy as well as some of the marketing strategies Rhonda and Brian are using to drive business in our direction now.  You'll notice a common thread in each of our solutions or concpets in that we all talk about providing our clients with measurable service.  And this is the key point to keep in mind for anyone who is in the planning stages of a marketing campaign - specifically one for Realtors.  Telling a Realtor you will p... 08/15/2008