The credit noose is tightening

New rules and restrictions are coming. Zero down-no more…..
Affected loans are:

Mortgages for certain second home purchases.
Short-term construction loans that convert to permanent mortgages.
Cash-out refinances.
Investment loan applications where the buyer already owns at least three other rental properties.
Loans with anything less than full documentation of borrower income, credit and assets.
Too new credit with thin files.

Freddie Mack [...]

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Credit Scoring

Credit Score- a mathematical model, can make you or brake you. It is a lenders table of measure and should be your main concern if you care about  your money. The score can determine the fees, interest rates and terms you will be offered, or not.
Remember the following:
35% The Way You Pay
Your credit history is [...]

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A Short on the Short

As you know, property tax, foreclosure and short sale are the dominant words for 2007/2008. I’ve covered these subjects in previous posts, however, short sales, now it seems, are running neck and neck with foreclosures these days.
Many people did very well buying and selling real estate while home values rose year after year  and home [...]

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Metal Roofs approved for 90 days only in S.Gables

Matal roofs in the city are approved only south of South Dixie Highway and only for 90 days, after which applications for such roofs would be suspended.  
The commission approved the compromise measure as a way to gage the impact of the new law without moving forward with a citywide law. The concerns are that approving for the [...]

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Property Tax Reform Is Here Or Is It?

Florida Legislature says it has reached agreement on property tax reform
TALLAHASSEE, Fla. – June 11, 2007 – We have a deal. Senate President Ken Pruitt (R-Port St. Lucie) and House Speaker Marco Rubio (R-Miami) announced that they’ve reached an agreement to cut property taxes in Florida.
It’s a complicated, two-step formula that would offer moderate relief [...]

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Know someone this stupid?

There is a market for everyone.
 
 

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Will Cuba be a boom or a bust for Miami?

  
Gotta luv Cuban engineering.
http://www.bbc.co.uk/spanish/meta/dps/2007/05/bb/070508_camion_16×9_bb.asx
If Miami is any indication of the will of the Cuban people and their resourcefullness, imagine what Cuba could become.  
 For one, investors will emerge out of the woodworks and flock Cuba like Piranas after it’s prey on an empty stomach. Real estate, entertainment and tourism will be in the money.
This poses the question. How will Florida and more [...]

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Zillow knows Zilch

For those who know the Coral Gables Market, see for yourself.
http://www.zillow.com/search/Comparables.htm?zpid=43910896
Zillow is not only off the mark but it’s zestimate is downright ridiculous. In this example, 1206 Madrid St, listed for $649,000, it uses compatibles outside Coral Gables and the ones in Coral Gables don’t come even close to the subject property. And as a result it gives this [...]

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The lending hand has tightened up.

In the great old days of real estate between 2001 and 2005 people in the know and with the means, would buy as much property as possible, finance with little or nothing down and then make the smallest allowable monthly payments. Well, that’s exactly what you are supposed to do when the going is good and prices [...]

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Exxon/Mobile Gas

  Do not buy!!!!!! 
I’ve never forwarded any of these sorts of emails but this one is an exception, for the good of the nation.
(My personal database is reaching 6,000 so just imagine. Keep reading…..)
I like to thank one of my best clients for forwarding this to me. Best Architect/Developer in the business. You know who you are! 
Do [...]

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