Real Estate On Tap

Mortgage Mix

This section of Real Estate On Tap is dedicated to the education, knowledge and latest news events regarding all things real estate finance.  Mortgages, Federal programs, Tax incentives, credits and relief will all be discussed on a routine basis.  While I might chime in from time to time with an agent-in-the-trenches perspective, the majority of posts will be penned by experts with foremost authority.  That said, I invite those bankers, lenders, accountants and financial professionals to comment often as it will serve to explain the current state of affairs and offer much needed guidance going forward.

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Foreigners Can Finance Homes With Only 30% Down!

Great News For Foreigners!

Instead of tying up all your cash when investing in Real Estate, you now have the option of financing up to 70% of the property value. We can finance all type of residential properties including high rise condos, town homes, condo-hotels and single family. Also, we can finance up to 2 properties per investor and title of property can be under a corporation name.

Minimums and Maximums

Minimum loan amount is 100K and there is no maximum. We go up to $2Mill plus.

Qualifications

To qualify is easier than ever, all we need is an accountant letter from country of origin referencing income for the past 2 years and current, 1 banking credit reference with a 24 month history, current visa and passport and if all funds for the purchase are in a US bank account, no questions asked.

An award-winning mortgage banker, Andres has consistently proven to be one of the best in the industry. Contact Andres today at 786.556.1115 or via email to receive the personalized service you deserve and the home financing solutions you need!

Tags: Agents, First Time Homebuyers, For Sale, luxury real estate, real estate, south florida, Tax-Credit

Tax credit extension approved!!!!

90 Day Reprieve

We’ve passed the June 30 deadline for extending the tax credit deadline, but finally the U.S. Congress approved a bill extending the closing deadline for home buyers trying to take advantage of tax credits ($8k for first timers and $6,500 for primary residences).

Must Have Been Under Contract By April 30, 2010

Home buyers with contracts signed by April 30 who failed to go to closing by the June 30 deadline will now have until September 30 to complete their purchases, assuming that the President signs it.

Tags: Cash Buyers, First Time Homebuyers, Tax-Credit

Extension of Tax Credit

Updates and More Updates

Just wanted to clarify in regards to the extension of the tax credit. it is not officially approved yet but it looks promising. Yesterday the U.S. House of Representatives overwhelmingly approved an extension to 9/30. Of course, however, the Senate must still approve the measure before President Barack Obama can sign it into law. Of course thousands of settlements may not be completed by Wednesday because settlement offices are slammed with buyers trying to close on transactions by the end of this month in order to receive the funds.

Lets hope the Senate makes a wise decision. I will keep you all posted.

JUST IN – Of  DOW JONES NEWSWIRES

WASHINGTON (Dow Jones)–The Senate Wednesday approved more time for homebuyers seeking to claim a federal tax credit, but tabled a six-month extension of jobless benefits.

The homebuyer measure would help only those that entered into binding contracts before April 30. It would give such homebuyers until Sept. 30 to close the sale. Under current law, they would have had to close by today to be eligible for tax credits.

It passed the Senate by unanimous voice vote. President Barack Obama is expected to sign the homebuyer measure, which the House passed earlier this week.

An award-winning mortgage banker, Andres has consistently proven to be one of the best in the industry. Contact Andres today at 786.556.1115 or via email to receive the personalized service you deserve and the home financing solutions you need!

Tags: Agents, Cash Buyers, First Time Homebuyers, Tax-Credit

Even Monkey Man Is Feeling It!

A Successful Close…With a Mortgage

Retreating Back To Traditional Requirements

The majority of home purchases these days require a mortgage to consummate.  Obviously, there has been no shortage of news relating to the rigorous lending procedures being reinstated by lending institutions in the wake of the nightmarish debacle caused by an abundance of “toxic” loans.  As such, we have retreated back to the traditional standards of lending:   [1] Twenty percent (20%) down payment, [2] full document disclosure, [3] proof of income and [4] earning ability, just to name but a few requirements. Read the rest of this entry »