Florida Housing Market

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 Don’t let this new credit guideline delay you from closing on your new home!

There is a new change to underwriting guidelines, which would fall into the category of credit tightening, that you may not be aware of. This change has to do with consumer disputes.

That’s right when there is a mistake on your credit and you have to dispute it to get it corrected, this can now cause a major delay in closing your loan and in some instances could even cause you to not qualify.

The fact that a consumer dispute has to be removed from your credit report was never a qualifying condition for underwriting before.

Here’s why, whenever you have a consumer dispute reporting on a particular trade line (like a collection from the cable company that is not yours), the computer algorithms that calculate your credit scores does not consider the negative trade line that is in a dispute status.

Thus your credit score is higher than it would be if it was not in dispute and this increase in score can be the difference of you getting a loan that you might other wise not qualify for or pay a lower interest rate than you should other wise.

So if you are planning to buy a home in the near future, be prepared by getting a copy of your credit report 3-6 months ahead of time and let me go over it with you.

 It’s also good to know your credit score. Scores that are less than 700 may cost you more money in terms of higher interest rates.

Having time to tweak your credit can really pay off.

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I think I’ll just keep my clocks on day light savings time. So far it’s working out pretty well, granted it’s only been two days.

1. Don’t have to change the time you get up.
2. Get an extra hour of work in before the phone starts ringing.
3. Don’t have to worry about being late to appointments.
4. Work to 6 or 7 o’clock, it’s really only 5 or 6 o’clock.
5. Won’t have to freak out about loosing an hour of sleep when it's time to go back to daylight savings time.

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The number of Fannie Mae owned foreclosures on the market in Palm Beach County are:

This is down from 498 one month ago.

I spoke with Myles Minns owner of Continental Properties and he said his office had been getting a 100 REO foreclosure listings a month and they are now down to getting less than 10.

While Myles did not know the reason for the big drop, another source told me it was due to legal issues here in the state of Florida that should be cleared up shortly.

When the court issues get cleared up we should see another big wave of homes hitting the market early next year.

Do you know what that means? It means you still have time to invest in a home or rental property at what should be perhaps the greatest times ever to buy real estate.

It means you have time to save for a down payment, get your credit tweaked, get double digit returns on your investment or get into a home payment that is less than you pay in rent.

So don't delay call me NOW and let's work on a game plan!

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Moustache + November = Movember

It’s November already and did you know that November is now officially called Movember for men’s health awareness.

The Idea is to grow a mustache starting November 1^st (that is if you don’t already have one) to help raise awareness for men’s health.     ~~~^~~~