Home Financing Ninja

Myths About Credit Repair - Tampa, Florida

Today, as I am browsing thru articles and content, I cam across two posts about Credit Repair - Tampa Florida. Now while I am optimizing this for geographical keywords, the two posts that I saw today are from individuals that IMHO (in my humble opinion) should not be talking about credit repair tampa florida.

Biggest Myths about Credit Repair Tampa Florida: Credit score determines interest rate when buying Tampa Homes for Sale - Tampa, Florida: In the past it did, now it doesn't.  This is thanks to legislation that Tampa mortgage companies now have to abide bu that came effective on April 1, 2011.

Myths about Credit Repair Tampa Florida: It is difficult to raise your credit score - tampa florida:  Absolutely not.  Most companies will make a one time courtesy adjustment for late payments.  But a little know fact is a credit repair tampa florida option called "pay for deletion".  This is where you bring the account to current (or pay off a collection) in exchange for it being updated with no late payment history (for current and active trade lines or accounts) or being removed (for collection accounts)

The easiest and quickest way to do credit repair tampa florida is to monitor closely your debt utilization ratio.  This is the amount of your total revolving (credit card) account balance versus the total limits.  Take for instance the following chart

Collections are most likely going to have to be paid off when buying homes for sale tampa florida.  When doing your own credit repair tampa florida it is important to know that paying off collection accounts will actually cause your credit score to go DOWN (not up).  Simply contact the collection company, offer to pay the account if they agree to issue a letter on company letterhead authorizing removal of that account or tradeline.

Another credit repair tampa florida technique that is overlooked is the fact of NO revolving credit.  There are several places to get secured lines of credit (I am not referring to second chances credit cards where a client is charged an enormous interest rate.) Bank of America offers a $300 secured card (one must deposit an amount equal to the credit line into a savings account) at a very fair APR (last time I looked it was 16 - 17%)  Several tampa credit unions and smaller tampa banks will also offer lines of credit this same way.

More myths about credit repair Tampa, Florida are covered in my daily strategy meeting. Here we discuss the top 10 myths about credit repair tampa florida.  Strategy session is called 8 Insiders Tips to Build Your Credit Score that the Big 3 Hope you Never Learn

So, if you (or someone you know) is looking for credit repair tampa florida contact the ninja (me) - We gaurantee a credit score of 640 or it is free.  Of course, you can request the kit of letters to do it yourself (but would you really want, or even have time to perform your own credit repair tampa florida?

After you have gone thru our credit repair tampa florida program and you utilize me for financing, I will refund the entire cost to you (but not any deposits with other banks)

Realtors - in my followup part to this, I will show you how to get more referrals by using video and letting your clients know the truth about Myths About Credit Repair - Tampa, Florida

How to Finance Jumbo Mortgages and Luxury Homes For Sale in Tampa, Florida - Cory Lake Isles

In my previous part of this two part blog, I spoke about how to market luxury homes for sale in Tampa, Florida from a technology standpoint.

In this installment, I want to discuss a Solution Based Selling Strategy to help move more luxury homes for sale in Tampa, Florida - Cory Lakes Isles. My aim is to give education to those looking to buy luxury homes for sale in Tampa, Florida - Cory Lake Isles.  I also aim to help listing agents help convert more viewings into closed sales by offering the ability to have choices when it comes to financing jumbo mortgages and luxury homes for sale in Tampa, Florida - Cory lakes Isles as well as around the nation.

Jumbo Mortgages in Tampa, Florida are pretty hard to come by.  This is not only true of Florida, but everywhere in the nation.  When jumbo mortgage loans in Tampa, Florida - Cory Lake Isles were easy to come by, it was usually by a few national companies or local or "members only' lenders.  most local lenders would require that you be a bank customer already.  Or for "members only" you would be required to move your assets (stock, trades, mutual fund accounts) to the institution lending the money

Realtors and Potential Clients looking to buy and finance Luxury Homes For Sale in Tampa, Florida - Cory Lake Isles as well as in other parts of the nation.

If you (or someone you know) have been turned down for financing or feel that jumbo mortgages in Tampa Florida have too many restrictions, check out some of the pointers about jumbo & super jumbo mortgage loans.  If you are going to be looking in the future for jumbo & super jumbo mortgage financing, then below is food for thought.

1. Employment: Less than 2 years of self employed
2. Debt to Income Ratio: Is your client's debt to income ratio tight, but the client has assets (business and/or personal), those assets can be amortized into monthly income, (while still keeping it in whatever asset account it is in currently)
3. LTV or DownPayment Challenges: Up to 90% Financing is available (85% when buying a luxury homes for sale in Tampa, Florida - Cory Lake Isles)
4. Property Type: Mixed Use Properties, Co-Ops, CondoTels, Condos, Farms (AG Zoned)
5. Citizenship: Foreign Nationals accepted
6. Vesting: Can be titled into Trusts, S Corps, Partnerships

For more information, check out my eight (8) minute workshop at 10 AM (EDT).  This will provide great and valuable information for both realtors and home buyers/seller alike needing jumbo and super jumbo mortgage loans.

Tax Deductions for New Homeowners in Florida

This morning I saw a post from a fellow real estate professional in Maryland discussing whether origination points were legitimate income tax deductions for new homeowners in the United States

So it got me thinking, how many of us know what real estate related costs are tax deductible.  I know that when I bought my first home almost three years ago (in four days), I had to learn a lot really quick, especially when it came time for taxes to be paid.

So here is a list that is not by any means complete, but should get one's thinking juices flowing

Origination Points:  These are common source of tax deductions for new homeowners in Florida.  To qualify, the point must be expressed (shown) as a percentage, not flat fee.  They are put on Schedule A if the buyer is not renting the home.  If so, then put it on Schedule E.  However, typical for refinances, origination points can be deducted if you take the cost of the point and amortize it over the life of the loan (ie - more trouble then it is worth)

Discount Points: Second most common source of tax deductions for new homeowners in Florida along with refinance transactions.  The cost again, must be "expressed as percentage" and not as a flat fee and must significantly give you a lower interest rate

Mortgage Insurance Premiums: Any qualified mortgage insurance premiums (including the financed portion for FHA loans, known as the UP Front MIP), any amount set up in an escrow account (deposited with lender).  But don't forget the amount that you pay monthly with your mortgage payment also.  IRS Rules for Tax Deductible Mortgage Insurance Premiums is a good place to go.

HomeOwners Association Fees (HOA Fees): Prorated from the settlement statement, these are not tax deductions for new homeowners in Florida.  However, what you pay during the year (after purchase) is deductible.  Put it on Schedule A.

Prorated Assessments (Taxes, HOA Fees):  These are not legitimate tax deductions for new homeowners in Florida as they only decrease the amount of money you are bringing to the table to close the loan and get your keys.

Mortgage Interest: Now most of us know that the interest portion of a mortgage payment is the BIGGEST tax deductions for new homeowners in Florida.  Now remember, this homeowners tax deduction is true even if you have seller financing, that is to say, you pay the payment to the person who sold you the house.

However, the IRS gave me some new and interesting facts that an hour ago, I did not know.  Included under the mortgage interest deduction are such items as:

• Prepayment Penalties
• Home Improvements for Health Reasons (if you have to bring money to the table)
• Prepaid Interest
• Ground Rents (aka lot rents)
• Late Payment charges as long as "it is not for a specific service in connection with your mortgage loan" (Source: IRS.GOV website)
  

Sales Taxes:  I would think sales taxes refer to doc stamps, intangible taxes, and deed stamps.  At least, that's what I did three years ago.  I even got audited last year and the IRS said nothing. So again, this might be an overlooked tax deductions for new homeowners in Florida but check with a tax professional in Florida to make sure that you get the most homeowners tax deductions.

I get a lot of questions from people who are looking to buy a home but are down payment challenged.  There are three great programs out there for zero down payment home loans in Florida.

However, if you have money in a deferred retirement account (401k, 403b, etc) you can take out up to $10,000 per person (so 20,000 if a couple from a joint account or two separate accounts).  Now, here is the mistake commonly made.  That 10k is counted as income, and you do have to pay taxes on it - But you don't have to pay the penalty tax if you are buying a primary residence

If I can help, please let me know!