Would You Like $15,000 in Down Payment Assistance

Wells Fargo is collaborating with non-profit organizations throughout the United States to offer down payment assistance and financial education to aspiring home owners. The down payment assistance program is called the NeighborhoodLIFT, and the City of Tampa is among the cities participating in this program. Eligible individuals could receive $15,000 for down payment assistance. The funds can only be used to purchase a primary, owner-occupied residence in the City of Tampa.

Interested home buyers must meet the program requirements which include the following:

· Must be approved for home financing.
· Household income must be equal to or less than 120% of the area median income.
· Must attend homebuyer education sessions before your closing — the sessions are available through Tampa Bay Community Development Corporation or a HUD-approved counseling agency.
· Buyer does not have to be a first-time homebuyer. If buyer the currently owns a home, it must be sold before closing, and it cannot be rented/leased.

Here are some important links that offer additional information about the step by step process, the income limits, as well as the mortgage checklist to obtain home financing successfully through Wells Fargo. Please contact me for more information, as well as the mortgage contact who has been instrumental in assisting my eager buyers thus far. Looking forward to hearing from you.

Special Report: Real Estate Provisions in 'Fiscal Cliff' Bill

Published by:  Daily Briefing: Wednesday, January 2, 2013
A service for members of Florida Realtors

WASHINGTON - Jan. 2, 2013 – Tuesday, January 1, 2013, the House and Senate passed H.R. 8, legislation to avert the so-called "fiscal cliff." Following are real estate-related provisions of the bill, which President Obama plans to sign into law today:

• Mortgage Forgiveness Debt Relief Act extended to January 1, 2014. In place since 2007, the act provided a tax break for homeowners who struggled through financial hardship such as a foreclosure, and were granted mortgage debt forgiveness. In the past several months, National Association of Realtors (NAR) issued numerous calls to action urging its million-plus Realtor members to ask lawmakers to extend the tax break for another year. More than a quarter of all transactions involve distressed properties, the NAR said in its plea. "Homeowners shouldn't be forced to pay a tax on money they've already lost with cash they never received."

• Deduction for mortgage insurance premiums for filers making below $110,000 is extended through 2013 and made retroactive to cover 2012.

• The 15-year straight-line cost recovery for qualified leasehold improvements on commercial properties is extended through 2013 and made retroactive to cover 2012.

• The 10 percent tax credit (up to $500) for homeowners for energy efficiency improvements to existing homes is extended through 2013 and made retroactive to cover 2012.

• "Pease limitations" that reduce the value of itemized deductions are permanently repealed for most taxpayers but will be reinstituted for high-income filers. "Pease" limitations will only apply to individuals earning more than $250,000 and joint filers earning more than $300,000. The thresholds are indexed for inflation so will rise over time. Under the formula, filers gradually lose the value of their total itemized deductions up to a total of a 20% reduction.
First enacted in 1990 and named for Ohio Congressman Don Pease, who proposed the idea, the limitations continued throughout the Clinton years. The limitations were gradually phased out starting in 2003 and eliminated in 2010. Reinstitution of these limits has far less impact on the mortgage interest deduction than a hard dollar deduction cap, percentage deduction cap or reduction of the amount of mortgage interest deduction that can be claimed.

• The capital gains rate remains at 15 percent for individuals earning less than $400,000 per year and couples earning less than $450,000.  Any gains above these amounts will be taxed at 20 percent. The $250,000/$500,000 exclusion for the sale of principle residence remains.

FHA Extends Flipping Waiver Through 2014

Typically, purchasing a Federal Housing Authority (FHA) property involves  a clause that prohibits the buyer to resell the property within the first 90 days of purchase. This preventative measure common among FHA insured mortgaged properties, but is sometimes included on cash contracts as well.

The FHA has waived that rule on some contracts and allowed flipping since January 2010. They hope this allowance will encourage investors to purchase and renovate blighted homes and offer turn-key home options for first time home buyers and others. Ultimately, this strategy will boost sales . Apparently, this strategy seems to be working. Since the FHA first extended the rule, it has been extended three additional times.

Cheaper to Buy Than Rent

 

 

Zillow recently released an article stating that “the average national homebuyer will save money over renting if he or she stays in a home for only three years. And in at least four Florida cities, a homeowner only needs to stay two years to make ownership the preferred option.”

Zillow examined the “breakeven horizon” for over 200 cities throughout the United States. Typical costs associated with buying or renting were considered in this analysis. These factors included down mortgage and monthly rental, closing costs, property taxes, utilities, maintenance, tax deductions, as annual inflation and changes in home values and rental prices.

I meet many renters that are on the fence, thinking of hanging up the renting towel or trading it in for home ownership. Home ownership is the largest purchase you may make in your life and it’s also the most rewarding one. I hope this bit of information will help you off the fence and into the field of home ownership.

Top 10 Reasons to Own Rather than Rent

I read this article by FloridaRealtors that emphasized the top 10 reasons why it’s better to own rather than rent. With home prices really low and interest rates even lower, the market is perfect for those who have considering owning. Still on the fence? Review the list below. Hopefully it will tip you over into the field of home buyers.

 

Top 10 Reasons to Own Rather than Rent
1. You own it: With no landlord, you make the decisions.
2. You deduct it: Mortgage interest, property taxes and some costs involved with buying a home can be deducted from federal income taxes.
3. Interest rates: The cost to borrow mortgage money is at an all-time low. If you’re going to buy, this is the time to jump into the market.
4. You invest in it: Rent money is gone forever. Mortgage payments build home equity ownership interests.
5. You save for the future: Home equity is a ready-made savings plan. Sell it and you can make up to $250,000 cash without owing any federal income tax on the profit.
6. You can predict expenses: Unlike rent, a fixed-mortgage payment doesn’t get more expensive over time.
7. You pick it: Choose from different neighborhoods, styles and price ranges.
8. You create it: Decorate, renovate, get a pet or paint the walls whatever color you want – it belongs to you.
9. You live in a neighborhood: You and your neighbors take pride in the local schools, roads and more – and you work together to build a friendly community.
10. You spend money on yourself: When you buy a chandelier or hardwood floor or kitchen cabinet, you’re spending hard-earned money on yourself and building your equity at the same time.

 

Call me if you are ready to buy a home in Tampa… I look forward to working with you.

Short sales lose appeal among first-time buyers

A short sale occurs when a seller, sells his/her home for less than the amount owed. For example, seller A owes $100,000 for their single family home, but sells to buyer A for $50,000.  Since the home is sold for less than what the seller owed, this transaction is called a “Short Sale”. Short sale homes relieve the seller of a mortgage they could no longer afford and allow a buyer to purchase the home at a great price point. The short sale process could be cumbersome and takes a lot longer than traditional sales. The turnaround times can be anywhere from 90 days to nine months, sometimes even longer. According to the latest Campbell/Inside Mortgage Finance HousingPulse Tracking Survey, short sale purchases for first time buyers have dropped to 39.7% of total transactions for the month of August. The survey further explains that buyers are frustrated with the approval response times, the extended time to close and the unexpected delays. Some buyers consider placing multiple offers on different homes and choses the home that wins the race to the closing table. When looking to purchase a short sale, hire a Realtor who can help you uncover all that you can about the home. 

ForSalebyOwner.com Founder Uses Agent to Sell Home

How ironic. The founder and former chief operating officer of ForSalebyOwner.com, Colby Sambrotto, recently needed the help of a Realtor to assist him in selling his home. Mr. Sambrotto founded the popular for-sale by owner (FSBO) website, to help homeowners sell their home without the help of a Real Estate Agent.
Mr. Sambrotto had troubles finding the right buyer for his 2,000-square-foot, two-bedroom New York condo after it lingered on the market for over six months.He tried to sell the property FSBO by listing it online and through classified ads – but after six months of sitting on the market, he sought the help of a real estate broker.
The agent told Mr. Sambrotto that his  condo was priced too low and wasn’t attracting the right buyers. Mr. Sambrotto was hesitant of the price increase but after some consideration agreed to the listing price. The condo soon attracted multiple offers and ended up closing for $150,000 more than the original asking price.

This a true testament to our services as Realtors. We are equipped with the knowledge, resources and skills to make your real estate goals attainable.

USDA Still Offers No-Down Payment Mortgages

 

Thanks to funding from federal programs to boost the housing market, the U.S. Department of Agriculture (USDA) still has $11.2 billion in its coffers earmarked for mortgage loans. The USDA’s Rural Development Service’s Section 502 loan is one of the few mortgage programs that requires no down payment.

In earlier years, the program ran out of money by late summer, leaving homebuyers in limbo as they waited for the new budget year to begin. In Florida, most low-income and middle-income buyers qualify if they live in rural areas, smaller towns or some outlying suburbs to larger cities.

The program will change slightly after Oct. 1, when buyers will be required to pay a 0.3 percent premium for mortgage insurance monthly; however, the cost of upfront mortgage insurance will be reduced to 2 percent from its current 3.5 percent.

 

Click here to see which areas of town are USDA eligible.

 

Gloria Walters | REALTOR
Bridging the Gap Between Buyers and Sellers

772-359-7543 (direct)
813-200-8708 (fax)
gwalters83@gmail.com

The Hacienda Restaurant, Bartow, Florida

I recently made a business trip to Bartow. When lunch time came around, I wanted to dine at a new place. I was uninterested in the fast food chains along Broadway Avenue and I have been to Curly Tails to many times before. So I took a short drive down Main Street. I had a coupon for Main Street Wraps, but learned they had gone out of business. Already convinced that I wanted a wrap for lunch, I had to make the disappointing shift to something else. I stumbled upon the Hacienda Restaurant, a quaint Mexican restaurant with a lot of charm. The hostess was very welcoming and answered all of my questions. I ordered the Chicken Quesadilla Ansada, served with rice and black beans. I was surprised the quesadilla was covered in a creamy white sauce. I thought this was truly a different experience. I expected the traditional dry quesadilla pressed to perfection. As different as it was, it tasted even better. I enjoyed my time dining at the Hacienda Restaurant, I look forward to my next trip to try another of their great meals.

I truly love experiencing new places, food and people.

Gloria Walters | REALTOR
Bridging the Gap Between Buyers and Sellers

772-359-7543 (direct)
813-200-8708 (fax)
gwalters83@gmail.com

Saffron Indian Cuisine, New Tampa Restaurant

Every Friday night, I like to have dinner and a movie with my friends. One night we decided to try a new restaurant, Saffron Indian Cuisine. Little did I know that this place would be one of my favorite eating spots in New Tampa.

Saffron is located off Cross Creek, in New Tampa, nestled in a small plaza with a gas station and few other restaurants. The staff was quite pleasant. The décor offered a modest ambience of the Indian culture. Indian music videos played on the overhead television in the background. It wasn’t before long that I felt like singing along. 

For an appetizer, I had the Garlic Naan (bread). There is a wide variety of Naan, including Cheese, Chicken Tika and Pershawari which includes raisin, nuts and herbs. There were soo many choices, many of which I was not familiar with, but the meal compositions were pretty inviting. As an entrée, I tried the Chicken Saagwala, which is boneless pieces of chicken lightly spiced and cooked in spinach (puree spinach). The flavors were bold, not too spicy and most importantly delicious. The Basmati Rice was just as yummy and complimented my meal very well. I really couldn’t get over how incredibly delicious my meal was. My leftovers tasted even better the next day. Needless to say, I’ve been back to Saffron Indian Cuisine several times, and tried a few other dishes. My top two favorite would have to be the Chicken Saagwala (the dish that got me hooked) AND the Chicken Madras which is made with boneless chicken cooked with spices & coconut.

So if you are looking for a place with Great Tasting Food that will make your taste buds dance, this is the restaurant. I love it here, I would recommend it to anyone. If you decide to go, please feel free to leave a post or two.

Gloria Walters | REALTOR

Bridging the Gap between Buyers and Sellers
772-359-7543 (direct)
813-200-8708 (fax)

The contents of this posting are the property of Gloria Walters. Gloria Walters is a REALTOR working in Hillsborough County helping buyers and sellers buy and sell homes. Contact Gloria to list your property for sale or to purchase a property in Hillsborough County. Information is provided in this blog with the intent to educate homeowners and buyers about Tampa, Brandon, Wesley Chapel, New Tampa, Temple Terrace, and other communities in the Tampa area. For more information on different communities and subdivisions please feel free to contact me.