Buying a Home: Saving for a Down Payment

Buying a Home: Saving for a Down Payment

UPDATE TO HILLSBOROUGH County Down Payment Assistance

 

                                                  UPDATE TO HILLSBOROUGH County Down Payment

 

 

 Hillsborough County down payment assistance is now $15,000 AND will be fully forgiven after 5 years.

For information, please call
Ainsley Daux
Florida Realty
813-435-3013
813-546-1954
Dover, Florida Real Estate

New Rules and Regulations of the Consumer Financial Protection Bureau as of August 1, 2015

New Rules and Regulations of the Consumer Financial Protection Bureau as of August 1, 2015

By: Mercedes Hale and Cristen Messina ESQ.

 

 

A new mortgage disclosure rule will become effective on August 1, 2015. 

The new rule is believed to solely affect lenders and closing agents, but the agents do not realize how the changes will impact their practices starting August 1, 2015.

 

The following are some changes that will be in effect:

 

·       The Good Faith Estimate and Initial TILA disclosure will no longer be used.

·       A combined Loan Estimate Form will replace the above forms.

·       The HUD-1 Settlement Statement and the final TILA forms will be replaced by a single Closing Disclosure Form. (Must be given to borrower at least three days prior to the closing)

·       Closing timing will be impacted:  borrowers have 3 days after receiving the disclosure to review contents.

·       Disclosure of title fees will change.

·       New Closing Disclosure will not have line numbers and instead, will have the fees and charges included in seven areas.

·       The Real Estate Agent will be able to walk the buyers/sellers through the all the charges on the Closing Disclosure.

 

4 Ways for Realtors can prepare for changes

 

1.      Learn as much as possible about the CFPB rules and new forms.

2.      Meet with lenders and learn about the more stringent underwriting requirements.

3.      Meet with the closing agents now and find out how they are preparing for the new changes.

4.      Realtors must be proactive from the beginning of the transaction and prepare for the changes ahead of time.

Ainsley Daux
Florida Realty
813-546-1954
Dover Florida Real Estate 

New Rules and Regulations of the Consumer Financial Protection Bureau as of August 1, 2015

New Rules and Regulations of the Consumer Financial Protection Bureau as of August 1, 2015

By: Mercedes Hale and Cristen Messina ESQ.

 

 

A new mortgage disclosure rule will become effective on August 1, 2015. 

The new rule is believed to solely affect lenders and closing agents, but the agents do not realize how the changes will impact their practices starting August 1, 2015.

 

The following are some changes that will be in effect:

 

·       The Good Faith Estimate and Initial TILA disclosure will no longer be used.

·       A combined Loan Estimate Form will replace the above forms.

·       The HUD-1 Settlement Statement and the final TILA forms will be replaced by a single Closing Disclosure Form. (Must be given to borrower at least three days prior to the closing)

·       Closing timing will be impacted:  borrowers have 3 days after receiving the disclosure to review contents.

·       Disclosure of title fees will change.

·       New Closing Disclosure will not have line numbers and instead, will have the fees and charges included in seven areas.

·       The Real Estate Agent will be able to walk the buyers/sellers through the all the charges on the Closing Disclosure.

 

4 Ways for Realtors can prepare for changes

 

1.      Learn as much as possible about the CFPB rules and new forms.

2.      Meet with lenders and learn about the more stringent underwriting requirements.

3.      Meet with the closing agents now and find out how they are preparing for the new changes.

4.      Realtors must be proactive from the beginning of the transaction and prepare for the changes ahead of time.

Ainsley Daux
Florida Realy
(813)546-1954
Dover Florida Real Estate
Tampa Bay Florida Real Estate
Brandon Florida Real Estate

HOUSING EDUCATION ALLIANCE

HOUSING EDUCATION ALLIANCE

A HUD CERTIFIED HOUSING COUNSELING AGENCY

 

 

The agency was founded in 2002.  It provided culturally sensitive bilingual housing counseling services for our community.  The founder and executive director is Sylvia Alvarez. 

 

First Time Home Buyer Classes

 

HEA certifies First Time Home Buyers through attendance at a live, eight hour, instructor-led class.  The participants learn the fundamentals of the home buying process.  Some topics that are covered are:  understanding credit and reading a credit report, repairing credit, choosing and working with a lender and the mortgage process.  Also, understanding mortgage terms and conditions, choosing a realtor and selecting the right home for you, and the closing documents and what to expect at the closing.

 

Foreclosure Prevention

 

All foreclosure prevention services are free of charge no matter the length of time required to reach a final conclusion.

 

 

Housing Counseling

 

The goal is to provide participants with the tools for household financial management and budget enabling them to make informed decisions in the home purchasing process.

 

Financial Literacy

 

The class educates young adults and adults on financial matters, banking, goal setting, budgeting, and understanding credit.  The project will engage the participants with fun and age appropriate classroom exercises as well as online financial games that will help them develop good behaviors and life skills.

 

The HEA has delivered more than 400,000 hours of education and one-on-one counseling to over 29,000 families and/or individuals on the subject of financial literacy and the home buying process.

 

Ainsley Daux

Florida Realty

813-546-1954

Dover Real Estate

Tampa Bay Real Estate

City of Tampa Home Buyer Education and Down Payment Assistance

City of Tampa Home Buyer Education and Down Payment Assistance

 

The City of Tampa’s Housing and Community Development Division (HCD), through its Housing Counseling Agency partners, will be providing Home Buyer Education classes (English and Spanish), Home Buyer Counseling Services and Down Payment Assistance for qualified home buyers.  To participate, contact any of the following housing counseling agencies to begin the process:

 

Participating Housing Counseling Agencies

 

CDC of Tampa, Inc.

1907 E. Hillsborough Avenue

Tampa, Florida 33610

(813) 231-4362

 

Center for Affordable Homeownership

5301 W. Cypress St.

Tampa, FL.  33607

(813) 341-9101

 

Solita’s House

3101 E. 7^th Ave.

Tampa, FL.  33605

(813) 425-4847

 

 

 

Tampa Bay CDC

2139 NE Coachman Rd.

Clearwater, FL.  33765

(727) 446-6222

 

 

 

Ainsley Daux
Florida Realty
(813) 546-1954
Dover Florida Real Estate
Tampa Bay Real Estate
Tampa Bay Short Sale
Brandon, Florida Real Estate

Timeline to Reestablish your credit after a Foreclosure

                      Timeline to Reestablish your credit after a Foreclosure

Due to the economic and financial hardships that many people faced in 2009, they were forced to file bankruptcy, short sell their homes, and many just gave up and were foreclosed on.
 
Considering all of these situations, people were put in difficult positions when it came to their credit.  Their credit ratings took a negative turn that affected their future home buying possibilities or anything involving credit scoring.  The following information offers help for those who may have been in one of these situations:
 
Bankruptcy Chapter 7
The following loans can be obtained in certain amounts of time.
FHA Loan:  24 months
USDA Loan: 36 months
VA Loan: 24 months
Conventional Loan: 48 months
 
Bankruptcy Chapter 13
 
FHA Loan:  12 months has elapsed since BK.  On time payments made while in Chapter 13, and written permission from the court to enter into a new mortgage.
USDA Loan:  36 months from discharge or dismissal
VA Loan: 12 months has elapsed since the BK.  On time payments made while in Chapter 13, and written permission from the court to enter into a new mortgage.
Conventional Loan:  Extenuating circumstances 24 months from dismissal or discharge date.
 
 
 
Foreclosure
 
FHA Loan:  36 months
USDA Loan:  36 months
VA Loan:  2 years, while exceptions on extenuating circumstances-can be less
Conventional Loan:  7 years
 
Short Sale
 
FHA Loan:  36 months
USDA Loan:  36 months
VA Loan:  2 years, with exceptions on extenuating circumstances-can be less
Conventional Loan:  *2 years- 80% LTV, * 4 years- 90% LTV, *7 years-can follow standard guides
 
Re-Established Credit
 
FHA Loan:  3 trade lines open active for 24 months paid as agreed.  No derogatory accounts since the event.  12 month verified residential NO late payments.
USDA Loan:  3 trade lines open active for 24 months paid as agreed.  No derogatory accounts since the event.  Must have a 24 months verifiable residential history NO late payments.
VA Loan: 3 trade lines open active for 24 months paid as agreed.  No derogatory accounts since the event, 12 month verifiable residential NO late payments.
Conventional Loan: 3 trade lines open and active for 24 months paid as agreed.  No derogatory accounts since the event.  12 month verifiable residential history NO late payments.
 
 
 Ainsley Daux
Florida Realty
(813)546-1954
Serving the Tampa Bay Area
Dover Real Estate
Brandon Real Estate

NACA (Home Ownership Program)

NACA OVERVIEW
 
NACA is the Largest Non-Profit HUD Certified Home Ownership Organization in the Country Providing the Best Home Ownership Programs in America.
 
PURCHASE PROGRAM
 
NACA provides the best home purchase program in America with free personalized and comprehensive counseling focusing on the homebuyer’s credit and financial issues to determine an affordable mortgage payment that is not based upon credit scores.  The majority of NACA homebuyers are low to moderate income, many with neither perfect credit nor substantial savings.
The NACA mortgage is unique in that everyone receives the same incredible terms that make home ownership affordable without the need for perfect credit, large savings or high income with the following terms:

• No down payment

• No closing costs

• No fees

• Fixed 30 year below market rate at 4.0% (as of 1/24/2014)

• Buy-down: one percent of the mortgage permanently reduces the interest rate by 25%.  

• NACA has been and continues to be in the forefront in advocating against lenders, mortgage companies, government entities, and others to combat discriminatory and predatory lending practices.
• For information go to www.NACA.com

Ainsley Daux
Florida Realty
813-546-1954
Tampa Bay Real Estate