Hobe Sound FL home loans, real estate loans, home finance information – First Liberty

My Mortgage Blog

100% Financing is still alive!

July 7th, 2009 11:47 PM

Did you know that we still have 100% financing. No it's not subprime, but we can do down into the low 600 credit scores. The only thing about it is that you are restricted by the area that the house is located in.

Great news for people searching in Martin County though...the entire county is approved. St. Lucie County definitely has limitations so check with us before you go house hunting.

Posted by Tom Davis on July 7th, 2009 11:47 PMPost a Comment (0)

Your property value and HVCC

July 22nd, 2009 3:43 PM

There is currently a new provision regarding appraisals in our industry. It is referred to as HVCC (Home Value Code of Conduct). This new law has taken the appraisal process out of the hands of local independent appraisers and put it into the hands of large AMC's(Appraisal Management Companies). It is hurting consumers as it takes the right of their mortgage broker to make sure the loan will be approved before spending money to pay for an appraisal. It also prevents the mortgage broker from communicating with an appraiser to resolve any problems that may be contained in the appraisal.

HVCC continues to devastate home values across the US. We fear that with higher Fannie and Freddie loan limits it will carry through to our former “jumbo” markets, leading the country even further into recession. As we’ve shared, Representatives Childers (D-MS) and Miller (R-CA) introduced legislation (H.R. 3044) requesting an 18 month moratorium on the Home Valuation Code of Conduct (HVCC). H.R. 3044 now has 22 co-sponsors and now is the time to forward our petition to every person you know and every representative in the country. Read some of the comments in the petition and you will soon understand the harmful nature of this horribly misguided code.

ThinkBigWorkSmall applauds the introduction of H.R. 3044 and would like to thank Representative Childers (D-MS) and Representative Miller (R-CA) for their continued efforts and leadership on this issue but it is not enough. Tens of thousands of consumers have already been robbed of their opportunity to enjoy historically low rates by Attorney General Andrew Cuomo’s rule. HVCC needs to be permanently reversed in order to restore lower costs to the consumer and to protect the thousands of real estate transactions stalled by this horribly misguided code.

Please sign and forward the following petition and forward to everyone you know and ask them to forward to their representatives: www.hvccpetition.com

Posted by Tom Davis on July 22nd, 2009 3:43 PMPost a Comment (0)

Rates went up!

July 15th, 2009 1:05 PM

Rates went up yesterday!! But guess what...they are still incredibly good rates when you look at history...rates ten years were in the 8's...twenty years ago they were in the 10's...thirty years ago rates were in the 12's. So finding rates in the 5's and 6's are GREAT!!

On top of the great rates we are finding unbelievable value in homes. You can get a three bedroom 2 bath home in St. Lucie county for $65,000. You'll pay a little more in Martin and Indian River, but still great deals out there!

What are you waiting for...get out there!!

Call us for more info and/or to get connected with a Realtor in your area.

Posted by Tom Davis on July 15th, 2009 1:05 PMPost a Comment (0)

$8,000 Tax Credit or Down Payment

July 9th, 2009 1:03 PM

This $8,000 for first-time homebuyers is great idea for stimulating the market, but there has to be a better way to implement it. They say you can use it as a down payment or take it as a credit on your taxes.

The problem is they don't have anything in place to make it work as a down payment...which is how most homebuyers need the money. Check out this article about what it will really do and when it will happen... http://tcpalm.com/news/2009/jul/01/state-program-offering-8000-home-buying-help/

But if you want a house the $8,000 is there for you to use and we can help!! Where there is a will there is a way!!

Posted by Tom Davis on July 9th, 2009 1:03 PMPost a Comment (0)