The New Housing Bill. . Do You Qualify?

Fernando, what about the new Housing Bill signed recently by the President. .Do I qualify?

Please understand the Housing Bill that recently passed to help current homeowners in refinancing their home to save them from foreclosure.. . Has many flaws but it will be some help for a few homeowners that may qualify.
In a nutshell it means that you could qualify for an FHA refi for 90% of the CURRENT value of your home. The caveat here is that your bank has to agree to do the refinancing. The bank will weight the consequences in accepting such a major default from your original loan.
Take the following test if you qualify. . .

TEST #1 the bank will ask themselves. .Could we get more money if we just foreclosed?
Remember that NO BANK has agreed to participate in this program. . This is on a case by case basis.
TEST #2 Your loan must have originated between the daters of January 2005 and June 2007
TEST #3 You should be spending more than 31% of your gross monthly income on mortgage debt to be eligible
Test #4 You can be up to date on your existing mortgage or in default, but either way you must prove that you can’t keep paying your existing mortgage
Test #5 You can’t have any other debt in your home. .like a Home Equity Loan, and in addition you will be NOT BE ABLE to take an equity loan for at least 5 years. There are certain exemptions like you may be allowed to borrow money to repair your house.
Test #6 This program will begin on October 1, 2008 and sunset on September 30, 2011.

If you pass this test then. . .

You will need to apply with any FHA-approved lender to start the process.
Please remember that this is a voluntary program and no lender is obligated to give you this break. The key thing here is that “The bank has to be convinced that they could LOSE more money if a foreclosure is eminent.
Each loan will have to pass underwriting from an FHA lender and you will still have to qualify based on your income and maximum FHA loan limits. (This changes depending where your home is located in) Check with your lender if you have a high end home.

Costs Associated with these loans.
Loan origination fees will vary which lender you use. They’re should be little up-front charges here but. .

Two major things to take in consideration

#1 you will be paying insurance premium guaranteeing the loan.
#2 you will be sharing the profits from the sale of your home if you decide to sell. .
Before one year: You will have to give them 100% of the profit
After year one, you will pay 90% of the profits
After year two, you will pay 80% of the profits
After year three, you will pay 70% of the profits
After year four, you will pay 60% of the profits
After year five, you will pay 50% of the profits. . And it will stay there until you sell it.

These are the major points about this housing bill.
The required Disclaimer is warranted to end this article. . So here it is.

Disclaimer: Best efforts have been used to prepare the material presented. The author Fernando Herboso , Herboso & Associates and Choice Real Estate do not warrant that this information is 100% accurate. Information presented in this article was taken from various websites including HUD.GOV. Please consult with a FHA approved lender and a certified accountant to learn of the full ramifications of this program to your finances. The author and Choice Real Estate may not be held liable, in any circumstance, for damages or loss, including but not limited to this article and its contents.

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Selling your home in 22 days?

Need to sell your home fast?
These are the first steps. .

Selling home fast can be done with the help of a professional since you may not have expertise in selling houses. Be aware that the competency of a Realtor lies in his/her experience. How many home have they SOLD in the last 12 months? A good Realtor will point out the very best part of your home to the future buyer. Making your home look great and attractive. If you aren't ready to trust your Realtor's opinion as to what to do to prepare your home to sell. . then you should look for someone else.

In this market, preparation is the key. We are still selling homes and beating foreclosures, short sales and fixer uppers to the punch. .the key is presentation.

We recently concluded a sale for a townhouse in Gaithersburg,Maryland. We sold it in 22 DAYS . .we had a short sale and a foreclosure competing with us in the same street priced thousands of dollars less !

Yesterday we concluded the closing. . in my way back to pick up my Lock-Box, I noticed them . . . .they they were . . still for sale.

WE BEAT THEM TO THE PUNCH!

For a free consultation as to HOW TO SELL YOUR MARYLAND HOME FAST!

Please contact me at the number below

Need immediate help? Call 240.426.5754 right now!

Fernando@ReallyNiceHomes.com

Buy It NOW!!!!

Is This The Time For Your Dream Home?
Are you considering buying a bigger home in this market?
It's like going from a Honda to a Mercedes, you have a “few miles” in your present home and you know that you will always need a HOME to stay.
You ask yourself, Should I trade or should I go?
It's a lifestyle choice. As long as it doesn't cut into your ability to make the monthly payments, this is probably a pretty good time to upgrade and drop the Honda or your present pad and get a shinny new Mercedes/ 5000 square ft colonial in the neighborhood you always dreamed of.. .
You can pick a luxury home right now saving SEVERAL THOUSANDS of Dollars compared to home values two or three years ago.
The problem lies. . what do you do with your present home?
Two Options:
1. Sell it and offset the loss of selling it when you buy a bigger home.
2. Rent it, become a landlord and wait for the prices going up in the next few years
I will not make predictions here, but. . . the reason most people are hunkering down at this time and staying put is because, they know that prices will eventually go up again.
If you decided to take this step, I would sincerely appreciate the opportunity to be your trusted real estate investment advisor and resource. Please feel free to contact me for all real estate and mortgage needs.Also If you know of anyone else who could benefit from the services I provide, I would sincerely appreciate the opportunity to be of assistance to them as well.

Need immediate help? Call 240.426.5754 right now!

Fernando@ReallyNiceHomes.com

The New Wave In Real Estate

The New Wave Of Real Estate

Traditionally when you are selling a home. You will need to sign a 6 to 8 month listing agreement with a friend of a friend’s Realtor with 20 years of experience. You are counting in this experience to show. . and after 4 months have passed and an incessantly pressure to drop your price so the “Experience Realtor” can get his/ her commission before the listing expires, you realize that you’ve made a mistake.

Face it, you have had your home on the market for 4 months and your real estate agent with 20 years experience has done nothing but use your home as a way to find new buyers to represent, and whines incessantly about how expensive the ads in the newspaper are.

You ask yourself. .why, why, why?

It is amazing to me that the same person that hires a Realtor just because of his “experience” will not think twice and start looking for new home in the Internet in case their house sells.

Hello?. .

Internet!

Have you considered maybe that the same person that will be buying your home will do exactly the same?

Start in the internet to search for a new home.

I’m sorry but you and your “experienced” Real Estate Agent are so mired in the toxic phrase “We have always done it this way” and really believe that marketing to sell a home comes in 4 steps

Step #1 Sign the listing

Step #2 Put it in the MLS

Step #3 Put an ad in the local newspaper

Step #4 Do an Open House

And it’s SOLD!!

Yet, you know that when you were looking for your next home, that you never once looked in a newspaper, you looked at the web. You never thought about an open house . . you simply found the home that you were looking for online.

Ask your “Experience Realtor” about his internet marketing. Chances are that he may not even have an email address!

Or. .

Their definition of web presence is to have a template by their broker that gets updated “magically” when they have a new listing.

If you are working with an ol’timer with 20 years of experience and he has never used Postlets.com or did a simple HTML for an ad.. . run and stay away from them.

The new wave of Real Estate is here.

GPS, GoogleMaps, Email Blast, Instant Communication and Response, Videos, personalized websites, PPC ads, CSS Feedback, Tablet Presentations.

This is just the tip of the iceberg.

To sell a home these days, you have to think like a buyer and hire a Realtor that has the tools in place. Nowadays, there is a surge in online companies that are developing the services and tools you will need to help you sell your home the FASTEST AND FOR THE MOST MONEY.

BEWARE of Realtors that want to LIST your house not SELL IT. . There is a difference after all.

A Realtor that wants to list your house will use it to get buyers

A Realtor that wants to sell your home, will market it until it sells.

The first Realtor maybe cheaper. . . . But even if he only charges you ONE DOLLAR

That’s ONE DOLLAR TOO MUCH!

Our website www.ReallyNiceHomes.com is designed completely from scratch and some months has welcomed up to 5000 new visitors.

We don’t just LIST our homes. .

WE SELL THEM!

And. .We are readily available by calling 240-426-5754

The Perfect Storm

The PERFECT STORM
Converting your home to investment Property
What a concept!
What a great opportunity to do just that in these market conditions.
If you are ready for a larger property and would like to take advantage of the low interest rates but HATE selling your home at its current value
The perfect storm has finally arrived. .
Purchase a new home as a Primary residence therefore qualifying you as owner-occupied housing. This will immediately reduce your acquiring expenses requiring for you to come up with LESS down payment and qualifying for Lower Interest rates
Keep your current home and converted into an investment property
If you have lived in a property for two years for the last five years. .you can escape Federal Taxes on up to $500,000 in profit. (Caveat: You are still being taxed on depreciation for the actual rental years. . check with your accountant)
Another HUGE BENEFIT, You can feel more at ease. You know the property very well; you have an idea of its future expenses. It's the easiest way to transition in becoming a Real Estate Investor
OPM.
How many times have you heard this term?
Other
People's
Money
THIS IS EXACTLY THAT
You are using your Bank's money to Make Money!
If you live in a $300,000 home and rent it
Then Buy
A $700,000 home
You have ONE MILLON DOLLARS OF Real Estate!!
And now for the last piece. .
If your favorite candidate becomes president next year and the CHANGE they are talking about actually works. .
You could have a 10% increase in real estate value from our current bottom market prices. . .
With a cool one million dollars holding in real estate. . you just made
$100,000!
Using other peoples money
VIVA LA DEMOCRACIA !!
Isn't that amazing?
We are one step ahead of the competition
At Herboso & Associates, we look out for your best interest. .
We open the possibilities and we fully keep you connected with real estate. .because we breathe it 24- 7 in my office.
A Brand new service that http://www.reallynicehomes.com/ will be utilizing in the new future.
Get informed instantly for a FREE LIST of
EXECUTIVE HOMES in Foreclosure or Pre-Foreclosure.
We can find you these distressed homes directly from the bank. Please email me if you would like a free subscription n to this service
At: Fernando@ReallyNiceHomes.com