Looking for a Fixer-Upper? FHA203K Loan

The Federal Housing Administration (FHA), which is part of the Department of Housing and Urban Development, is instrumental in providing single-family mortgage insurance programs for millions of people each year. Many people are taking advantage of the FHA203k loan that allows home-buyers to finance, not only their new mortgage, but also the money they'll use to improve it.

This program has many advantages. It's been instrumental in revitalizing communities with older homes, expanding the opportunities for homeownership, and giving people a chance to create the home of their dreams without having to pay for it up front.

Another big advantage of this loan program is the elimination of the catch-22 situation that buyers and sellers can sometimes face when a fixer-upper is on the market: the bank won't lend money until fixes have been made to the home, but fixes can't be made until the home sells.

Steps to obtaining an FHA203k:
1. A potential homebuyer locates a fixer-upper
and executes a sales contract after doing
a feasibility analysis of the property with their
real estate professional. The contract should
state that the buyer is seeking a 203(k) loan
and that the contract is contingent on loan
approval based on additional required repairs by the FHA or the lender.
The appraisal is performed to determine the value of the property after renovation.
2. If the borrower passes the lender's credit-worthiness test, the loan closes for an amount that will cover the purchase or refinance cost of the property, the remodeling costs and the allowable closing costs. The amount of the loan will also include a contingency reserve of 10% to 20% of the total remodeling costs and is used to cover any extra work not included in the original proposal.
3. At closing, the seller of the property is paid off and the remaining funds are put in an escrow account to pay for the repairs and improvements during the rehabilitation period.
4. The mortgage payments and remodeling begin after the loan closes. The borrower can decide to have up to six mortgage payments (PITI) put into the cost of rehabilitation if the property is not going to be occupied during construction, but it cannot exceed the length of time it is estimated to complete the rehab.
5. Escrowed funds are released to the homeowner during construction through a series of draw requests for work that is completed. To ensure completion of the job, 10% of each draw is held back; this money is paid after the homeowner informs the lender that the work has been completed and after the lender determines there are no additional liens on the property.


The down payment expected is usually around 3.5 %. If you are interested in finding out more information you should talk to a local lender. If you are specifically looking in the Niceville area try one of the highly recommended lenders below.

Steve Schutt, Prime Lending 850.678.5229
Mary Marcum, First Florida Bank 850.585.9080
Bart Swan, University Lending 850.678.4663

QR Codes on Listing Ads

REALTORS,
Ever thought of putting a QR Code on a listing? What is a QR Code you ask?
QR codes were originally designed to track auto parts during assembly back in the early ninties. They appear as small, black and white blocks that can upload information quickly after being scanned.
With so many of our buyers, sellers, and REALTORS, out there making excellent use of there smartphones, these codes could be used to enhance your listings, MLS, and marketing tools.

Why would you need one? Well here are a few ideas:
1. LAWN SIGNS: By placing the QR Code on your sign riders you will be providing potentially the hottest leads; those driving around looking for homes to buy, with all of the information needed about that property instantly. Price, interior photos and community info are typically things that a lawn sign does not provide and by making use of a QR Code, you are really giving the consumer what they want, when they want it.
2. WEBSITES: Draw potential buyers to a website, whether it's your personal website or the one for that awesome builder of a new subdivision.
3. BUSINESS CARDS: I can see a lot of realtors going about this one the wrong way. You won't want to redirect your potential client to another site from your business card that gives the exact information (like your personal website.) Instead, lead them to a YouTube video, perhaps, that starts off by saying, "Thank you for taking the time to scan that QR Code. Now check out a video of one of my latest listings."
4. DIRECT MAIL: Again, from here you can send them in several directions: videos of listed homes, websites, addresses, phone numbers, etc.

Are you starting to see the potential? QR Code generators are easy enough to find on the web if you do a simple Google search. So what are you waiting for? Try one out and see how quickly your information spreads!

Building with Huff Homes

We all know that now is the time to buy, with interest rates as low as 3.75 and only about 4.5 for investors. But we can sweeten the deal even more if you like.

How would you like to buy new and have your home started as early as next week? Not only is it possible, it's possible with one of the premiere builders of Northwest Florida.

Currently in Arrowhead, located off of Hwy 85 N, the Huffs have quite a few lots still available. So if you want to choose your plan and the details of your interior, they can have plans drawn up quickly and start on your home right away. Since Huff Homes, uses their own money to build, buyers can skip the hassle of construction loans and the time restraints these sometimes present.

Huff Homes was founded by brothers Chandler and Brandon Huff in 1993 and has an outstanding reputation among their peers and colleagues, real estate professionals, and most importantly, their residential customers and homebuyers. As a result, Huff Homes has maintained a loyal client base which continues to grow by leaps and bounds.

What makes Huff Homes different? Ask anyone who has seen or purchased a Huff Home and they'll tell you that you are getting unmatched luxury in a truly affordable price range.

Take some time to browse their website (http://www.huffhomes.net) and see for yourself what kind of gorgeous home you yourself could be living in.

Huff Homes is currently building in the Niceville area at two subdivisions, Arrowhead and The Preserve at Swift Creek. To schedule a showing call 850.428.4682 and don't wait. There are only three homes and two sites left unsold at the Preserve and homes are selling quickly at Arrowhead.

Choose to live elegantly with superior standards in building. Choose a Huff Home.

Thinking About Buying? How Much Do You Really Need To Put Down?

Follow @BSwainC21

Shared By Molly @ C21 Home Matters

Recently personal finance guru Suze Orman made some comments during an interview with CNN about the current housing marketing and her advice for homebuyers. In her remarks, Orman recommended that homebuyers wait to make a purchase until they can put 20% down and they have an emergency fund in place as well.

Several CENTURY 21 System members we spoke with felt that while Orman’s advice is good, it is not feasible for many homebuyers and more importantly, it is generalizing and broad. Every homebuyer’s situation is different and for qualified buyers there are still plenty of other valid financing options.

After hearing Orman’s commentary, Todd Hetherington, CEO of CENTURY 21 New Millennium which serves the Baltimore/Washington D.C. area, said, “As an avid real estate investor and a broker/owner of a real estate firm for the past 21 years, I have to chime in with some respectful differences of opinion than those offered by Suze Orman. Suze’s comments in my opinion, though well intentioned, are far too broad and not applicable to the scenarios that we are creating day in and day out in our marketplace. A well-qualified buyer with a stable job that is going to be in our area for at least the next five or so years should most definitely purchase a home as opposed to rent one.”

Hetherington went on to say, “Rents in our area (Washington D.C.) are going up every month. Interest rates are at unprecedented lows. Housing affordability is at pre-2005 levels. We should be (and are) screaming from the rooftops- NOW IS THE PERFECT TIME TO BUY A HOME!”

Ron Clarke, CEO of CENTURY 21 Alliance which serves the greater Philadelphia market, added his opinion, “For any person who has stable employment, buying continues to be the best option. Purchasing a home with an FHA mortgage with as little as 3.5% down, keeps the American dream of home ownership alive. Real estate is an installment purchase and in many markets a mortgage payment with 3.5% down is less than a rental payment. It is the cost of monthly housing that is the most significant in any family budget, buying not only seals in that cost, it allows consistency in family financial planning.”

Clarke went on to say that even though the housing market is still recovering, buying in 2011 makes a lot of sense for many individuals and families, “Even if real estate values stay stable, or decline in the near future, buying still works. Interest is the key factor. Historically low rates mean that monthly payments are affordable. Today’s purchaser will often experience a lower real mortgage payment than those who purchased in prior years. In the Delaware Valley and Philadelphia, PA area, for instance, a new purchaser experiences a monthly cost of home ownership nearly $ 700.00 less than 6 years ago. Salaries have increased over those 6 years, so the true cost of ownership has declined nearly 1/3. An increase in rates to the average of the last 10 years to 7% would mean values would need to decline 30%, before a mortgage payment would be less. Prices in many areas of America are stabilizing, and even if prices decline, buying still makes sense.”

Clarke ended his persuasive comments with one powerful statement, “Remember, everyone in America pays a mortgage. Pay yours rather than someone else’s.”

Real estate professionals – what do you think? Weigh in on the 20% debate in the comments section below.

Know Someone Ready to Move?

You may not be ready to list or sell, but chances are you know someone who is. And whether it's from Niceville to Fort Walton or a move to another state altogether, the great news is that I can match your friend with another exceptional realtor from Century 21 anywhere in the country... or world for that matter.

Century 21 is quite literally a global company. Our network extends across six continents and just recently opened its sixth branch in China.
So while I'm selling homes in Florida, I can hook your best friend in Texas up with a top listing agent at their local Century 21 branch in the time it takes to fix your morning coffee. Is your sister thinking of moving from Colorado to take that dream job in Georgia? Refer them to me and I'll make sure they're home buying needs are met by pairing them with a Century 21 Realtor where they're headed. Why not go with a realtor from the most recognized brand in real estate today?

Today's Featured Listing

416 Evans Rd. Niceville, FL 32578



Charming three bedroom, two bathroom home with a beautifully landscaped backyard.  The kitchen is every family's dream with lots of cabinet space. The split floorplan allows for maximum privacy if you are hosting guests. This home is situated in one of Niceville's great family neighborhoods and is only a fifteen minute drive to shopping in Destin. To schedule a showing call Brittany Swain today at 850.428.4682 or Roy Sutton 850.582.6210.

Arrowhead Open Houses

Arrowhead

Open House

Tuesdays, Thursdays-Saturdays 1 -4 pm

Starting January 17th, 2012

 Elegant Living in the Heart of Niceville.

Contact Brittany Swain 850.428.4682

REALTOR Century 21 Wilson Minger Agency, Inc.

Photos of Model Home:



Thinking of Selling? Use a Realtor

To say that it's been a "tough" real estate market might be the understatement of, well, the last five years for some. But let's not let the immediate past cloud our judgement when it comes to the largest source of equity for most families.

Selling your home alone is not as simple as putting a "FSBO" sign in the yard and sitting back waiting to hear your phone ring. Why not intrust your biggest investment to a professional who knows your local market and can help you price your home right and sell it fast?

Advantages of using an Agent

"Realtors® can ensure the proper filing of all required paperwork, the scheduling of assessments and inspections, and the proper listing and marketing of the property with a Multi Listing Service. Agents can also help in negotiating the closing costs with the buyer's Realtor®. "

--Guide to Realty.com

 Doing any one of the above items inefficiently can cost a home owner big bucks, especially if they're working with an experienced buyer's agent. A good agent can speed up your home-selling process by easily navigating through all of the loan and governmental procedures, assessments, disclosure requirements, and tax laws, as well as using their professional sphere to get your home in front of many prospective buyers.

You might think you're doing yourself a favor by saving on the cost of a commission, but is it really worth the headache or the risk of not selling at all? 

New to the area?

Are you new to Okaloosa and not quite sure where you want to settle down? Let's find the right place that suits all of the needs on your checklist.

Niceville: Along the shores of Choctawhatchee Bay, and home of the ever-popular Mullet Festival, Niceville was voted the "Best Place to Raise a Family" in 2011 by Bloomberg Businessweek. You're close to the beaches and shopping of Destin, but without all the summertime traffic. Also close? Eglin Air Force Base and Hurlburt Field.

Communities: Swift Creek, The Preserve at Swift Creek, Bluewater Bay
Schools: Bluewater Elementary, Edge Elementary, Plew Elementary, Ruckel Middle School, Valparaiso, Niceville High School
What to do? : Golf Courses in Niceville, Mattie Kelly Fine Arts Center, Turkey Creek,Children's Park, Fred Gannon Rocky Bayou State Park


Destin:  For living right on the Gulf, Destin is the right combination of classy and casual. Perfect for growing families, busy professionals, and retirees alike, Destin's natural beauty makes it a popular place to live.

Communities: Kelly Plantation
Schools: Destin Elementary, Destin Middle School, Fort Walton Beach High School
What to do? : The Village at Baytowne, Destin Commons, Harborwalk Village, Big Kahuna's Water Park

Fort Walton Beach: Once a Civil War era encampment, Fort Walton Beach is the largest area of Okaloosa. Okaloosa Island is perfect for launching boats, and you can usually see all types of watersports being enjoyed.

Communities:
Schools: Edwins Elementary School, Wright Elementary School, Bruner Middle School, Meigs Middle School, Choctawhatchee High School, Fort Walton Beach High School
What to do?:

Crestview: Looking to get more house for your money? Settle in the north part of the county in one of the beautiful communities of Crestview. Close to I-10, but still a short distance away from Destin shopping or the beaches of Fort Walton, you can experience the best of both worlds.

Communities:
Schools: Antioch Elementary, Bob Sikes Elementary, Northwood Elementary, Davidson Middle School, Crestview High School
What to do? :

The Preserve at Swift Creek

This new community, started in the summer of 2010, has only three homes and two lots left.

Built by Huff Homes, one of the premier builders of Niceville, don't miss this opportunity to live in luxury in the heart of Niceville. Call 850.428.4682 for more information or to schedule a showing.

Niceville's Newest Subdivision

 Are you ready to stop renting? Finally ready to shed your current home for updated, elegant living? Then don't miss out on Niceville's newest subdivision, Arrowhead, located on highway 85, just past Edge Elementary on the left before you reach the hospital.  Come out to one of our open houses and fall in love with these beautifully built homes.
 These three and four bedroom homes are listed from $234,000 to $280,000 and feature open floorplans with the family in mind. And with so many lots still available, for the time being at least, you have the ability to create your own dream home by picking and choosing the features you love from the surrounding homes already built. 

Some of the standard features include:

• 1 year builder warranty
• Brick exterior with Hardieboard Siding accents
• Asphalt Deminsional Roof
• Recessed lighting throughout
• 9' Ceilings
• Crown Molding in main areas
• Granite countertops with undermount sink
• All GE Appliances
• Hardwood and Tile flooring
• Cultured Marble Shower Enclosures
• Pull-down stairs in garage
• Full landscaping with irrigation system

To find out more information contact me at 850.428.4682 or come by at any of our open houses: Tuesdays-Saturdays 1pm to 4pm.