Archive for January, 2010
New Listing in Forest Ridge, Low $300’s
January 21st, 2010 categories: Lake Park
8932 Lake Park Circle, Davie, Florida 33328
Newly listed in Forest Ridge. This 3 bedroom 2 bath home features an S tile roof, lovelylandscaping, a zero lot and an open floor plan. It has a total of 2,163 sq. ft. according to the MLS. It is located in the Lake Park subdivision of Forest Ridge. Forest Ridge is located in Davie, Florida just a few minutes south of I-595.
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RESPA REFORM = MORE INFORMED CUSTOMERS
January 21st, 2010 categories: Real Estate News
Beginning January 2010, HUD will require all lenders and mortgage brokers to provide borrowers with a new RESPA Reform Good Faith Estimate (GFE) on any application taken on or after January 1, 2010 wiht a property identified. Settlement agents and attorneys will be required to provide borrowers with a the new RESPA Reform HUD-1 settlement statement that closely aligns with the new GFE. RESPA Reform was enacted by the U.S. Department of Housing and Urban Development (HUD) with the intent to help protect borrowers applying for home financing by standardizing the industry and providing for a more thorough explanation and disclosure of key loan terms and settlement charges.
The new GFE will contain three pages. Page 1 will summarize key loan information, details escrow information and displays the total estimated settlement charges associated with obtaining the mortgage so the borrower can compare loan terms. Page 2 estimates total settlement charges associated with obtaining the mortgages, breaking them down into 11 blocks of charges. The GFE does not provide a figure that represents the downpayment or the cash the borrower will need to bring to the closing. Page 3 is an instructional page designed to help borrowers understand their loan and its associated fees. Borrowers can use the shopping guide to document and compare charges from other lenders.
The new HUD 1 (Settlement Statement) will also increase from two to three pages and will include a side by side comparison chart to help borrowers compare final loan terms disclosed on the lastest GFE with teh charges as shown on the HUD 1. Page 1 contains only minor formatting changes. Page 2 renumbers and consolidates many charges differently than in the past and displays all charges as dollar amounts, not percentages. Page 3 has been added to allow borrowers to compare charges disclosed on the latest GFE with actual costs charged on the HUD 1. This side by side comparison displays charges in categories.
In the event the HUD 1 shows an increase in a charge *( to a lender and/or third party fee) versus what was reflected on the latest GFE, the closing may be delayed. The lender will need time to work with the setlement agent or attorney to determine if the change requires a revision to the GFE. If a new GFE is required, it must be provided to the borrower within three business days AND at leas one day prior to closing. This gives the borrower time to review and understand the increased charges prior to closing. The closing may be extended up to seven business days if/when the increased charge(s) cause the APR to increase more than .125%.
A fee increase can only be charged if it occurred due to what HUD refers to as a “valid changed circumstance.” For example, if the borrower choose to make a significant change to his/her loan (such as a product change) or if a full review of the appraisal results in discovery that a survey is required, a “valid changed circumstance: has occurred, and the associated fee increases can be charged to the borrower (if a new GFE is properly issued that reflects the new fees). Another example is if a power of attorney is needed for a borrower who cannot attend a closing.
This RESPA Reform applies to all open-end and closed-end loans but not to home equity lines of credit. The applicant must receive his or her initial disclosures before upfront fees can be collected from the applicant. The only exception is the credit report fee which can be collected at application. A GFE is NOT A LOAN COMMITMENT. It is an estimate of the total charges associated wtih obtaining the loan, regardless of who is repsonsible for paying each of those charges, but neither the borrower nor the lender is obligated to enter into the loan. If a charge on teh HUD 1 is less than the charge on the GFE it will not cause a delay in the closing.
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FHA IMPOSES STRICTER REQUIREMENTS
January 20th, 2010 categories: Real Estate News
The Federal Government has imposed stricter guidelines for FHA loans. According to the latest news:
“The Federal Housing Administration on Wednesday announced stricter requirements for its loans, with buyers paying higher insurance premiums and having access to less cash from sellers for closing costs.
Also, borrowers who want to put the minimum 3.5 percent down for FHA loans must have credit scores of at least 580. Those with less than 580 will have to put down at least 10 percent. Previously, FHA did not require a minimum credit score.
FHA loans are popular with many first-time buyers because of the low down payment requirements.
Under the new rules, insurance premiums will be 2.25 percent of the value of the loans. That’s up from 1.75 percent.
The most sellers can contribute to buyers’ closing costs will drop to 3 percent of the value of the home. The percentage now is 6 percent.
FHA Commissioner David Stevens said in a statement that the changes will strengthen the agency’s capital reserves and allow it to continue to provide homeownership for many Americans.”
“Striking the right balance between managing the FHA’s risk, continuing to provide access to underserved communities, and supporting the nation’s economic recovery is critically important,” Stevens said. “When combined with the risk management measures announced in September of last year, these changes are among the most significant steps to address risk in the agency’s history.”
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Forest Ridge Business 2 Business Network
January 20th, 2010 categories: Forest Ridge Business 2 Business Network
FastWebSolutions and Patti Reid, P.A. Realtor announce the formation of the Forest Ridge Business 2 Business Network organization. The organization is designed to “bring together Forest Ridge Homeowners for the purpose of referring one another for potential business.”
A website has been created for Forest Ridge Homeowners to register their businesses in a directory to be used by Forest Ridge residents and others, www.frb2bnetwork.com .
The first meeting will be held on February 15, 2010 at 6:30 p.m. at the Azteca Restaurant located in the Pine Island Shopping Center in Davie, at the SW corner of Pine Island Road and I-595.
If you are a Forest Ridge Homeowner please contact Diana Paul at (305)206-6153 or Patti Reid (954) 854-6310 for more information. RSVP for the February 15 event at www.frb2bnetwork.com.
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3091 Perriwinkle Circle, Davie, FL 33328
January 19th, 2010 categories: FOR SALE
There’s a new listing in Old Orchard and it is the lowest priced listing I’ve seen there in a long time,offered at $275,000.00. It is NOT a short sale or REO.
The house is located at 3091 Perriwinkle Circle, which is on the east side of Forest Ridge Circle. The home has a total of 2379 sq. ft. with 3 bedrooms/2 baths and a dry lot. It was built in 1991. The neighborhood offers a community pool and a tennis court, as well as walking trails with access to Tree Tops Park. Silver Ridge Elementary school is just a hop, skip and a jump away and NovaSoutheastern University, the fastest growing private university in the country can be reached by bike.
Forest Ridge is a unique community; it resembles an old fashioned neighborhood with sidewalks, street lights, open space for a game of touch football and fish stocked lakes.
The original list price of this home has been greatly reduced and it appears to be a one of the best deals around. the MLS states that the house needs TLC.
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Be Cooperative But Cautious
January 14th, 2010 categories: Forest Ridge Neighborhood News
NEWS RELEASE
With the U.S. Census process beginning, the Better Business Bureau (BBB) advises people to be cooperative, but cautious, so as not to become a victim of fraud or identity theft.
The first phase of the 2010 U.S. Census is under way as workers have begun verifying the addresses of households across the country. Eventually, more than 140,000 U.S. Census workers will count every person in the United States and will gather information about every person living at each address including name, age, gender, race, and other relevant data.
The big question is – how do you tell the difference between a U.S. Census worker and a con artist? BBB offers the following advice:
• If a U.S. Census worker knocks on your door, they will have a badge, a hand held device, a Census Bureau canvas bag, and a confidentiality notice. Ask to see their identification and their badge before answering their questions. However, you should never invite anyone you don’t know into your home.
• Census workers are currently only knocking on doors to verify address information. Do not give your Social Security number, credit card or banking information to anyone, even if they claim they need it for the U.S. Census.
The Better Buysiness Bureau cautions: REMEMBER, NO MATTER WHAT THEY ASK, YOU REALLY ONLY NEED TO TELL THEM HOW MANY PEOPLE LIVE AT YOUR ADDRESS.
While the Census Bureau might ask for basic financial information, such as a salary range, YOU DON’T HAVE TO ANSWER ANYTHING AT ALL ABOUT YOUR FINANCIAL SITUATION. The Census Bureau will not ask for Social Security, bank account, or credit card numbers, nor will employees solicit donations. Anyone asking for that information is NOT with the Census Bureau.
AND REMEMBER, THE CENSUS BUREAU HAS DECIDED NOT TO WORK WITH ACORN ON GATHERING THIS INFORMATION. No Acorn worker should approach you saying he/she is with the Census Bureau.
Eventually, Census workers may contact you by telephone, mail, or in person at home. However, the Census Bureau will not contact you by e- mail, so be on the lookout for e-mail scams impersonating the Census.
Never click on a link or open any attachments in an e-mail that are supposedly from the U.S. Census Bureau
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