Home Loans are Getting Easier to Obtain

The easy credit that crashed our market in 2006 led to new industry lending standards and regulations that just about put a choke hold on home mortgages. The new guidelines for lending actually hurt the economy and stalled its recovery. It got to one point that you needed to prove you did not need the loan to get the money to buy a home!

Some of that has changed. There is a lot more flexibility in the mortgage market than there was just 2 short years ago. In fact, if you were denied a year ago, it might just be a good time to see if you qualify now. The pendulum has swung back to a more normal position with “prudent” lending and “cautious” steps forward.

Here a few ways the mortgage experts see the new market: …continue

Your Credit Score——Bet You Don’t know This!

Most of us on the planet understand the importance of  knowing your credit score and the improtance of keeping it high. But there are some interseting facts about how your score is computed…….none of the big 3 companies like Experian, Equifax, and Transunion calculate it quite the same way.

Most of us know that credit scores range from 300 – 850. The score can quantify an individual’s ability to repay a loan. Mortgage lenders, credit card and insurance companies, even your potential employer can use your credit score in their hiring decisions.

Some things to remember:…………….. …continue

CAUTION: Home Buyer must collect a 10% tax from a Foreign Seller???

Empty Pockets

 

Here is a 30 year old law that most people in the U.S. have never heard about in a real estate transactions!

If your buying a home here in the U.S.  from a foreign owned seller, you will need to submit a tax return and 10% of the sales price to the Internal Revenue Service at the closing! 

 Is this is for real…….?Foreigner

Yes & here is the reason why………..!

The Foreign Investment in Real Property Act [FIRPTA] was created more than 30 years ago to ensure that foreigners who own property here in the United States, pay the taxes due upon a sale. The law places the burdon of collecting those tax amounts on the buyer, requiring them to collect and submit 10% of that sales price to the Internal Revenue Service, at closing. Does that seem quite fair?Federal Building

Hold on a minute yet………before you get angry. …continue

Fun Boating Destinations………..Fort Myers Downtown River District!!

The River District in downtown Fort Myers has  something for both the boater as well as your passengers. The River District has come a long way since the first time I placed eyes on it in the late 1990’s. The location for the River district is situated traditionally between the Edison bridge [Old Highway 41]  and the Cleveland Avenue bridge [Highway 41]. In recent years its boundarys have exteneded westward to include the waterfront Centennial park and the free public docks.

The first renovations took place to the old “Lofton Island” that can be seen in the first photo. Its situated just between the twin bridges. Although the small island is not inhabited, it does offer some wooden docks and a place for a picnic lunch. Its other attraction has been a wind shelter island for those boaters coming from the east coast to west. Overnighting in the winter can be cold on the water, and the wind break the island affords is welcome during those months.

But lets talk about just taking a day trip over for fun and excitement. …continue

Boomerang Home Buyers………..What & Who are they?

Get ready……there is a new group of home buyers about to hit real estate markets all across the nation……they are called the “Boomerang Buyers.” According to the “Florida Realtor” publication, nearly 1 in every 5 homes purchased  in some markets later this year, and next year will be from this group. Some within the group are already making purchases. Many have been saving for several years for the down payment,  and are about to burst into the market.

Just what is a Boomerang Buyers, and just who are they? Read more to find out………. …continue