Wednesday, January 2, 2013
Tuesday, November 13, 2012
When an investor seeking FHA financing last August tried to buy a condominium unit in Telluride, Colo., the picturesque ski town nestled in the Rockies, the transaction fell through. Too much space in the project was devoted to non-residential commercial use.
“The project didn’t meet the condo-to-commercial ratio, so I lost the deal,” says George Harvey Jr., broker-owner of the Harvey Team in Telluride and vice chair of NAR’s Resort Committee. “The FHA has all these check boxes—you can’t do this, you can’t do that—and even for loans that aren’t FHA-insured, a lot of banks won’t make a loan on the idea that, if the FHA isn’t going to make it, they’re not going to either. So, anything the FHA can do to make condo financing a little easier would be really important.” Read More...
Monday, November 12, 2012
I cannot tell you how many times I have walked into a home and encountered one of the items on this list. Perhaps the most frustrating is the stalker seller. If you are thinking about selling you need to read this article. It can only help. Happy Selling!
Thursday, January 5, 2012
Most of us have dreamt of having a vacation home. It could be on the beach
in New England, somewhere tropical, or even somewhere foreign. Many
consumers don't realize that with the proper research, their dream vacation
home might actually be in reach. Instead of visualizing how relaxing
vacations and weekend getaways could be, why not try to make your second
home a reality?
The first step to purchasing a second home is organizing your finances to
make sure you can afford it without compromising the security of your other
These tips can help you assess whether or not you are ready to invest in a
1. Figure out what you can reasonably afford by looking closely at your
income, savings, and spending habits. Future expenses need to be factored
into your budget, such as the likelihood of replacing a car or adding to
2. Check each of your three credit reports well before you start looking at
houses or shopping for lenders. If your credit score needs improvement
contact a credit counseling agency or ask your mortgage company for advice.
3. Create a budget. A budget not only clarifies your current financial
situation, but it also helps you identify places where you might cut back to
save for a down payment.
4. Consider tax implications. Purchasing a second home has its benefits, but
you should make sure you consider funds for property taxes on the second
home as well as additional income tax if your home will be rented out. You
should research the area's property taxes because some locations have
significantly higher or lower property taxes.
If your research proves you are not quite ready to start looking for your
vacation home, try not to get discouraged. It's better to wait than to put
your financial security at risk. If you feel that you are financially stable
enough to take on a second mortgage, now is a better time than ever because
interest rates are extremely low. Good luck!
For more information, visit www.PoliMortgage.com.