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Florida Republican Representative Kelli Stargel (Lakeland) was one of the strongest voices among Republicans on a recent House panel pushing to rush a version of the Senate’s Amendment 6 through to the house – resulting in its new existence as HB 7189.

On Monday March 29th, Representative Stargel will play host to a mass of Polk County Teachers and education supporters prepared to tell her just what they think about this most recent attack on Florida’s teachers.

March 29, 2010 Tired of Tally Rally Details

The event, planned by the Polk Education Association (PEA) and titled the “Tired of Tally Rally,” will be held on Monday March 29th, 2010 from 11:30 AM to 1:30 PM at Representative Kelli Stargel’s office located at 2000 East Edgewood Drive, Lakeland 33803-3639.

PEA organizers encourage local public school teachers, their friends and supporters to show up for this rally wearing red shirts and holding home-made signs.  For more information, contact the PEA Office at 863-533-0908.

Technorati Tags: HB 7189, Kelli Stargel, Polk County Teachers, Polk Education Association, Senate Bill 6

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Boone Middle School TSA Needs Your Help

Despite what hardships or cutbacks we might be having to make right now as Internet marketers (yes – real estate industry bloggers really do qualify as such), we are truly fortunate to work in an industry that we love and supports ourselves and families.

I am a firm believer of passing on some of that fortune, that’s why I want to tell you about the Boone Middle School Technology Student Association – a co-curricular technology club of which I am the Chapter Advisor.

Boone Middle School is in Haines City, Fl. It is a Title 1 school, which means that the vast majority of their students come from low income or at risk homes.

The Technology Student Association is a great program, and it has a history of taking kids that have little or no direction and giving them something to be passionate about, something to enjoy.

Fact: Many of our best academic competitors were once troubled or at-risk kids.

I’m involved with the organization as an educator because it reminds me of myself at that age – all geeked out and constantly interested in technology. Unfortunately, we didn’t this awesome program at my school!

Boone TSA is raising funds to cover costs associated with getting to State competition. Six of our kids have already qualified, but as most come from lower economic backgrounds – their parents can’t swing sending them to the 3-night overnight conference – to be held in Orlando.

Should you wish to donate – please click the “Donate” button in the Sprout Widget above.  Oh – and be sure to watch the video to get a real sense of what these kiddos are up to! It will definitely boost your morale re: the future of our Great Nation!

Please use any, and or, all your power as Internet marketers to spread the word about this very very deserving cause!
Sincerely,

Kevin Sandridge
Florida Mortgage Blogger

Apply for a Florida  Mortgage Today

Kevin Sandridge The Florida Mortgage Pro Signature Home Funding 410 Laurel Cove Way Winter Haven, FL 33884	Mobile: 863-604-3019 Fax: 888-496-0265 Email: kevin.s@sigfunding.com http://www.floridahomeloanspecialist.com
Building effective relationships one step at a time…

Technorati Tags: boone, boone middle school, charity, donate, fund raising, middle, school, technology student association, tsa

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Word on the street is that 100 percent financing is a thing of the past. NOT TRUE!!!

There remains here in Polk County, Florida and in other parts of the nation a true 100 percent financed home loan purchasing program surprisingly few folks are talking about.

What’s the program? Hey… glad you asked.   Why, it’s the USDA Rural Development Loan program!

But wait, isn’t there a USDA sticker on the pot roast I just picked up from Publix?   Yes, yes there is.   But the US Department of Agriculture (USDA) does much more than inspect the beef we eat. A quick surf over to Wikipedia tells us that:

On October 13, 1994 The Department of Agriculture was reorganized under the Federal Crop Insurance Reform and Department of Agriculture Reorganization Act. Under that Act, USDA Rural Development was created to administer the former Farmers Home Administration’s (FmHA) non-farm financial programs for rural housing, community facilities, water and waste disposal, and rural businesses. The former Rural Electrification Administration‘s (REA) utility programs were also consolidated within Rural Development.

Rural Development’s mission statement is “To increase economic opportunity and improve the quality of life for all rural Americans.” Rural Development has an $86 billion dollar loan portfolio, and administers nearly $16 billion in program loans, loan guarantees, and grants through their programs. For various reasons, much of this funding currently goes to urban areas to help develop and redevelop suburbs and resort cities.

As a mortgage broker, it’s my job to make sure that my clients are aware of any program that my be of real benefit to them.   As such, I wanted to provide some detailed information on the UDSA Rural Development Home Loan Program.

As you read through the following information, think about whether this program is right for you.   If so, give me a call at 863-604-3019, and we’ll talk a bit about how we might set you and your family up with 100 percent financing today!

1. Why choose a Rural Development Guarantee loan?

Simple!   USDA Rural Development Guarantee (RDG) loans are the only true 100 percent financing loan you will find. Period. They require zero downpayment and no private mortgage insurance (PMI) – two costs associated even with FHA loans.

No smoke and mirror here, folks.   The USDA RDG loans are set for 30 years at a fixed rate, and there is no limit on the price you pay for the home.   The only qualifying factor for the home itself is that it be situated within an approved USDA eligible area. Florida has very few areas that qualify for this program.   However, if you live in Polk County – then you’re are in luck, as nearly 80 percent of of Polk County qualifies for the USDA RDG loan program!

2. Can I Save Money by Using the USDA Rural Development Grant Program?

Yes.   Take, for example, a loan for $100,000.00.     By taking out a USDA Rural Development loan, the borrower saves $4,290.00 in the first 10 years over what they’d pay out on an FHA loan. Why?   For one reason – USDA RD loans don’t have any monthly Mortgage Insurance requirement!

Sure, you pay a USDA Guarantee fee of 2 percent up front when you take out the loan, but that sure beats paying MI each month until you get your Loan to Value ratio down to 80 percent!

Remember, it is difficult to drop MI insurance, and lenders will not drop it from your monthly payment unless you ask them to.   (I know, big shock.)   Plus, the MI premium has to be calculated into the ratios. This is NOT an issue with the RD loan since MI is not required.

3. Is the USDA Providing the Funds for These Loans?

No. Much like the FHA, the USDA Rural Development Single Family Housing Program functions as a backstop or safety net for mortgage lenders – in effect guaranteeing that they are protected in the event you default on your loan – up to 90 percent of the original loan amount.

For the finance geeks out there – things break out as follows:

• Losses up to but not exceeding 35 percent of the original loan amount are fully reimbursed.
• Any losses exceeding the 35 percent total are reimbursed at 85% of their total.

So, in effect – lenders are only left with the remaining 15 percent of “true exposure” on these loans, which is why you are able to benefit from such a great program!

This guarantee grants lenders a great protection against losses. The quality of this USDA guarantee is what allows lenders to easily sell the loans on the secondary market. As a result, they feel free to lend funds in cases where other non-participating lenders may not.

4. What Type of Credit Do I Need in Order to Qualify?

Typically, the good folks over at the USDA financing office like to see minimum credit scores at or very close to 620.   Borrowers with credit scores as low as 580 may be approved; however, they may not have any of the following:

• Foreclosure in past 36 months.
• Bankruptcy discharged within 36 months.
• More than one 30 day late on consumer debts in past 12 months.
• Accounts converted to collections within past 12 months.
• Tax liens or delinquent government debts (including student loans).
• Judgments outstanding in past 12 months.
• Outstanding collection accounts.
• Two or more late rent payments in past 12 months.

Note: Lenders are permitted to use a non-traditional credit report or verify your creditworthiness with other sources, such as: utility payment records; rental payments; insurance payments; child care payments; payments to local stores, payments on medical bills, etc.

5. Are there Minimum and Maximum Loan Amounts Associated with USDA Rural Development Loans?

There is NO minimum loan amount for the USDA Rural Development loan program.   However, maximums do apply.   Typically, borrowers are limited to the appraised value of the home plus the 2 percent   Guarantee Fee.   The great news here is that you may finance 100 percent of the purchase price of your home (102 percent if you are financing in the 2 percent Guarantee Fee).

Note: The Guarantee Fee is a fee charged by Rural Development.   This fee is equal to 2 percent of the final loan amount and may be financed into the loan itself.   Whoo Hoo!   Not a necessary out of pocket expense!

6. What Will Be Included in My Monthly Payment?

The monthly payment will include principal, interest and the monthly cost of real estate taxes and insurance. Your lender will provide an estimated payment for you.

7. How Are Closing Costs, Fees, etc. paid on the USDA Rural Development Loan?

These fees and other eligible costs – including some repair/rehab costs -   may be rolled into the loan.   Again, 100 percent means NO out of pocket expenses at closing!

8. What areas are considered eligible for the USDA Rural Development Loan Program?

Most Florida counties are either totally eligible or mostly eligible. If the property is in one of the following counties, you can check an address or see a map at: http://eligibility.sc.egov.usda.gov/ The site will give a “yes” or “no” upon entering an address.

Counties with some Non-eligible areas are:

Alachua; Bay; Brevard; Charlotte; Clay; Dade; Duval; Escambia; Hillsborough; Indian River; Lee; Leon; Manatee; Marion; Orange; Palm Beach; Pasco; Polk; Santa Rosa; Sarasota, St. Johns; St. Lucie; Seminole; and Volusia.

Note: Broward, Monroe and Pinellas Counties are NOT eligible.

9. What are Rural Development’s income limits?

Borrowers must have adjusted gross income (AGI) that sits under thresholds set by Rural Development.   Limits for Florida Counties are provided as follows:

Click for Larger Image

For homes purchased here in Polk County, Florida, borrowers must have an AGI at or below $49,550.   If the projected dependable income exceeds the limits, certain adjustments can be made, such as childcare expenses for children age 12 or younger and paid to someone outside the family. You may also deduct one $480 annual deduction for anyone under 18 who is not one of the applicants. Other deductions may be applicable such as the deduction for an elderly household and full time student over age 18.

Example: Polk County 4-person family (2 adults, 2 children) has a gross income of $81,710. Child care for the 2 children age 12 or less is $10,000 annually. Is the threshold income at or below the limit?

YES! $81,710 less $10,000 child care less $480 for each child = $70,750.

10. Can I get cash back from closing to pay off other loans or refinance my credit cards?

No, the goal here with the USDA Rural Development land is strictly to cover 100 percent of your home purchase expenses, not to provide a means of reducing your other debts.

Oh, and just because the house you are looking at over in Davenport, Florida doesn’t sit on a cow pasture – don’t count it out!   I just qualified a home for the USDA program over in Davenport two days ago!   And here’s a little secret for you: Roughly 80 percent of Polk County, Florida qualifies for USDA Rural Development Loan Program Financing!

PR: wait… I: 208 L: wait… LD: 6,372 I: 177 wait… Rank: wait… Traffic: wait… Price: wait… C: wait…

Technorati Tags: Credit score, Federal Housing Administration, FHA loan, Financial Services, Florida, loan, Mortgage, Mortgage insurance, Mortgage News, Polk County FL, polk county florida, Real Estate, Rural Development

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Those following local and national existing homes sales reports should be thankful home sales are up in Polk County, Florida.   As a whole, Polk County home sales for January 2009 show an increase of 18.6 percent over last year’s January total.

The national picture – coming in at home sales lower by 8.6 percent over last year – looks far less promising.   Thankfully, if we peer a bit deeper into the data, we can find a silver lining – on both fronts.

For Polk County, rising sales – at the cost of lower sales prices – are starting to put a dent in our existing home inventory.

In a sense, the boomerang is coming back around, and the glut of homes on the market in areas outside of Winter Haven, South Lakeland, and along the Highway 27 corridor left behind after the market tanked means that sellers are having to “play ball” with buyers – letting homes go for nearly $0.70 on the dollar.

Sure, more than half of the Polk County, Florida homes sold in January were distressed or bank-owned homes, but sold is sold.

Home Sales Numbers Contain Promising News as Well

Looking beyond attention-grabbing headlines like “Existing Home Sales Lowest Since ’97,”   we see the real story;   the one that shows — once again — that housing market fundamentals are coming back into balance.

Home values are still dropping, and Polk County home buyers and investors have the real estate sales around here really popping.

The Ledger reports that January’s 230 home sales compared to 272 in December. On an annual basis, Lakeland’s sales increased to 126 from 114, while East Polk’s rose to 104 from 79. Bartow – our County Seat –   had no sales, compared to 1 sale last year.

According to the Florida Association of Realtors (FAR), sales of existing single-family homes state-wide were up 24 percent on the year as the median price sank 33 percent to $139,500. It was the fifth consecutive month of year-to-year sales increases.

Home sales totals moving into the summer months should continue to edge upward, as well:

• The Federal Reserve is trying to hold mortgage rates low
• Fannie Mae is opening its checkbook to real estate investors
• The stimulus package is granting tax credits to first-timers

So, it’s not that the headlines are wrong; it’s just that  they’re incomplete.

In looking at all of the data and not just one sliver of it, we can find hope. Falling supply plus rising demand leads home values higher and that’s the basis for a recovery.

(Image courtesy: The Ledger)

Technorati Tags: Florida Real Estate Market, Home Sales, Lakeland Real Estate, Polk County FL, polk county florida, Winter Haven

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The Polk County, Florida home loans and real estate landscape is changing in a new and interesting way.   Today, the Lakeland Ledger reported that a long-time Polk County, Florida real estate company – A.H. Realty – has been purchased by MidFlorida Federal Credit Union.

Technorati Tags: Lakeland, Lakeland Real Estate, Polk County FL, Winter Haven, Winter Haven Real Estate

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