Relevant Real Estate Issues

 

Physician Mortgage Loans are a great option for Doctors! No money down. No jumbo limits. No private mortgage insurance (PMI). Finally, it seems like a product exists to reward physicians for their time training to be a physician.

At this point in the home buying process, they’ve already made a solid decision about how much to spend on their home and will have their finances in place.   So, the next step is to decide how to finance the home and whether a physician mortgage loan is the best option.

What’s So Special?

So how is the physician mortgage loan different than a typical mortgage? Here are some of its common features:

  • Zero (or very low) down payment required

  • No private mortgage insurance “PMI”

  • No rate

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With the number of homes that are being flipped; it is important to know and understand the types of loans that will allow for a home to close.  This is important for investors and for those who wish to buy a home that will be flipped.  Conventional loans are not a problem, but FHA can be.

Conventional Loan

When it comes to flipping homes the conventional loan does not have criteria that would be associated with title seasoning.  Although one of the things I do is supply the appraiser with a list of all of the expenses so that they can see what type of improvements have been made to the property.  This is very important.  That way they can look at the improvements and cost and realize that the house should have gone up in value.

FHA Loan

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Many people incorrectly assume that real estate agents are all basically alike and that having a real estate license is the sole qualification necessary to represent the interests of a buyer or seller. This misunderstanding has resulted in incorrect advice, unmet expectations, financial misfortunes, and broken friendships. There is a better way

In Georgia, anyone who successfully attends an approved 75-hour real estate course and makes a minimum grade of 75 on the state exam may secure a real estate salesperson license. If they remain in the business for three years, take another 75-hour course, and complete additional continuing education, they may take the brokers exam. This results in a total of 175 to 200 hours of classroom training for

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Over the last 20 years the legal relationship that a real estate professional has with a buyer or seller has seen significant changes.  Most all of us are familiar with the relationship that exists between the listing broker/agent and the seller; they sign a listing agreement and that broker/agent represents them in a way that is supposed to reflect their best interest.  In years past all other brokers/agents that showed properties listed by other brokers to their customers were in fact legally representing the sellers as sub-agents of the listing broker.  Needless to say this caused a lot of confusion.  Buyers thought that they were represented by the broker/agent showing them homes, when in fact that agent represented the seller.  Imagine that, sharing

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The idea of a Seller’s market that we are currently in can be very frustrating for Buyers.  But there are strategies that can very effective to separate your offer from others.  Incorporating these suggestions into each of your offers will enhance your offers.

Make Sure You See the Home

This is the first step.  In many cases, Buyers submit offers without seeing the home.  This strategy is very ineffective in a Seller’s market.  In most cases, the outcome is very negative, because the Seller’s will generally not consider an offer where the agent is not notified that the Buyer’s agent has shown the home.

Make Sure Your Offer Is Complete

There are several components to an offer.  The total number of pages will generally be around 22  

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What Are Non-QM Loans?

Non Qualified Mortgages are a great way for borrowers with credit glitches to take advantage of the robust real estate market.  These mortgages are originated without the guidelines associated with Fannie Mae or Freddie Mac; which means they do not have to meet their guidelines.  This is a very popular option for homeowners and investors.  These mortgages are sold to individual investment companies.

  • What Are Non-QM Loans:

    • Non Qualified Mortgages are mortgage loans that do not fall into the Qualified Mortgage Category

  • Non Qualified Mortgages are not riskier loans

  • But these loans are often called “outside of the box” loans

  • Non-QM Loans do not fit the Qualified Mortgage lending

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On a Friday in February of 2016 my brother Roger, realizing that his declining health prevented him from continuing to care for his dog Polly, he entrusted her to me for her care.  The bestowing of his most loved and cherished possession in this world was not easy for him, nor was it easy for me. For it reflected the release of that which was his greatest treasure, which reflected his acceptance that he was no longer able to be her master, providing the love, care, and affection that she was accustomed to.  Likewise accepting the new role of master for Polly brought me face to face with the imminent loss of my brother and the significance of that which he had entrusted to me.                                                                             

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FHA Mortgages: 

FHA is a government insured mortgage program. This program has more relaxed guidelines than a conventional loan.  When using FHA, expect to put at a minimum of 3.5% of the purchase price in as a down payment.  This can come from either your own funds or those from a close relative in the form of a “gift”.  FHA sets a minimum credit score of 580, at which you can qualify.  

Average FHA loan limit is $275,665, depending on the County you purchase it.  Can be higher in Metro-Atlanta or Greens County Georgia.

FHA Mortgage Insurance:

FHA requires two different types of mortgage insurance.  The first is called the upfront mortgage insurance premium (UFMIP) and is 1.75% of the total loan amount that you are borrowing.  It can be

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Each month you will be able to check how the market is doing in your county.   The interactive statistics will provide insight into Average Sales prices, Number of Closed Sales year over year, the percentage of Sales Price to List Prices, Average Days on Market, as well as the year over year numbers for distressed properties in your area.

Average Sales Price
This statistic will provide insight into year over year changes in Sales Prices..  This valuable information will provide insight into whether home prices are increasing or decreasing in your area as well as the percentage of change for each month and year over year.

Number of Closed Sales
This statistic will provide insight into the number of homes sold in your county, and the changes that

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Another change that occurred with the 2018 Tax Law has to do with Home Equity Loans.  Previously the interest on (HELOC) or Second Mortgage could be deducted from your taxes regardless of the reason you used the loan for. The Tax Bill enacted on December 22, 2017, suspended the deduction of Home Equity Loans or Second Mortgage between 2018-2026. 

In order to use the interest deduction on your taxes; the money must be used on your own personal residence or a second home (aka) know as a qualified residence; to buy, improve, or make additions to your personal residence.  Replacing roof, decks, windows, or kitchen and bath renovations qualify for the interest deduction. No longer can you write the interest off if the funds are used for college tuition,

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