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How Long Do I Have To Wait?

Monday, August 20, 2012
by The Mike Parker Team

The question concerning people who’ve had a foreclosure, short sale or bankruptcy is when they will be able to qualify for a mortgage loan.  It takes different amounts of time to heal credit scores based on the event.

The following chart is meant to be a general guide for how long a person might have to wait.  During this waiting period, it’s important that the person be current on all payments and maintains a history of good credit.

 

FHA

VA

USDA

FNMA/Freddie Mac

Jumbo

Foreclosure

3 years

2 years

3 years

7 years

7 years

Deed-in-Lieu of Foreclosure

3 years

2 years

3 years

2 years
<80%

4 years
81-90%

7 years
> 90%

7 years

Short Sale

3 years

2 years

3 years

2 years
<80%

7 years
81-90%

7 years
> 90%

7 years

Chapter 7 Bankruptcy

2 years

2 years

3 years

4 years

7 years

Chapter 13 Bankruptcy

1 year

1 year

1 year

2 years

7 years

A recommended lender can give you specific information regarding your individual situation and can make suggestions that will improve your ability to qualify for a mortgage.  We want to be your personal source of real estate information and we're committed to helping from purchase to sale and all the years in between.

How Long Do I Have To Wait?

Monday, August 20, 2012
by The Mike Parker Team

The question concerning people who’ve had a foreclosure, short sale or bankruptcy is when they will be able to qualify for a mortgage loan.  It takes different amounts of time to heal credit scores based on the event.

The following chart is meant to be a general guide for how long a person might have to wait.  During this waiting period, it’s important that the person be current on all payments and maintains a history of good credit.

 

FHA

VA

USDA

FNMA/Freddie Mac

Jumbo

Foreclosure

3 years

2 years

3 years

7 years

7 years

Deed-in-Lieu of Foreclosure

3 years

2 years

3 years

2 years
<80%

4 years
81-90%

7 years
> 90%

7 years

Short Sale

3 years

2 years

3 years

2 years
<80%

7 years
81-90%

7 years
> 90%

7 years

Chapter 7 Bankruptcy

2 years

2 years

3 years

4 years

7 years

Chapter 13 Bankruptcy

1 year

1 year

1 year

2 years

7 years

A recommended lender can give you specific information regarding your individual situation and can make suggestions that will improve your ability to qualify for a mortgage.  We want to be your personal source of real estate information and we're committed to helping from purchase to sale and all the years in between.

Homeownership Rules...

Monday, August 6, 2012
by The Mike Parker Team

Most people agree that homeownership rules! When asked, people say they want a home they can call their own, to raise their family, share with their friends and to feel safe and secure. It also accounts for the majority of most people's net worth.

 

These rules can help protect your investment and make homeownership more enjoyable.

  1. Don't overpay for your home
  2. Maintain your home's condition
  3. Minimize your assessed value to lower property taxes
  4. Make extra principal contributions to save interest and build equity
  5. Validate the insured value of improvements and contents
  6. Stay current on surrounding property values
  7. Make mortgage interest payments deductible
  8. Invest in capital improvements that increase market value
  9. Don't over-improve the neighborhood
  10. Keep records of capital improvements and other maintenance

We want to be your personal source of real estate information and we're committed to helping from purchase to sale and all the years in between.

Single Family Homes for Rentals

Tuesday, July 17, 2012
by The Mike Parker Team

Single-family homes used for rental property have distinct advantages over other types of investments.

 

An investor can borrow 75-80% at fixed interest rates on appreciating assets with definite tax advantages and reasonable control. The financing alone is attractive compared to some investments that require 50% cash and have floating rates at prime plus for one or two years.

Home prices have adjusted 30-40% around the country, mortgage rates are incredibly low and rents have risen in the past two years due to more demand and shorter supply. Indicators like these point to a strong and sustained rental market.

Consider you bought a $125,000 home for cash that would rent for $1,250 per month. With $15,000 income and allowing for property taxes, insurance and maintenance, it is still reasonable to expect $10,000 net income. You'd have an 8% return on investment without considering tax savings or future appreciation compared with 5-year CDs paying less than 1.5% and a 10-year Treasury yield at 1.65%.

The reasonable control has a lot of appeal to many investors who find the volatility of the stock market unacceptable and don't want the risk associated with some of the alternative investments. Please contact me if you'd like to know more about available opportunities.

Star Spangled Banner

Monday, July 2, 2012
by The Mike Parker Team

Our American flag is obviously the symbol of our country but it has come to remind us of every man and woman who has fought for the freedom that we enjoy. The emotions that are stirred by images of our flag can run from happiness to sadness to even anger and everything in between.

 

Most of us learned basic flag etiquette when we were young but occasionally, it is a good idea to review the procedures so that we treat the flag with the respect that it deserves.

  • The U.S. flag should not be flown at night unless a light is shown on it.
  • The flag should never touch the ground.
  • The U.S. flag should not be flown upside down except as a distress signal.
  • A U.S. flag should be displayed at the peak of the staff unless the flag is at half-staff.
  • When displaying multiple flags of a state, community or society on the same flagpole, the U.S. flag must always be on top.
  • When flown with flags of states, communities or societies on separate flag poles which are of the same height and in a straight line, the flag of the United States is always placed in the position of honor - to its own right. No flag should be higher or larger that the U.S. flag. The U.S. flag is always the first flag raised and the last to be lowered.
  • When the U.S. flag is flown with those of other countries, each flag should be the same size and must be on separate poles of the same height. Ideally, the flags should be raised and lowered simultaneously.

Second Homes Treated Differently

Monday, June 25, 2012
by The Mike Parker Team

Second Homes Treated Differently

While a principal residence and a second home have some similar benefits, they have some major differences. A principal residence is the primary home where you live and a second home is used for personal enjoyment while limiting possible rental activity to a maximum of 14 days per year.

 

The Mortgage Interest Deduction allows a taxpayer to deduct the qualified interest and property taxes on a principal residence and a second home. The interest is limited to a maximum of $1,000,000 combined acquisition debt and a combined $100,000 home equity debt for both the first and second homes.

The gain on a principal residence has a significant exclusion for taxpayers meeting the requirements. The gains on second homes must be recognized when sold. Even if you sell a smaller second home and invest all of the proceeds into a larger second home, you'll need to pay tax on the gain.

Tax-deferred exchanges are not allowed for properties having personal use including second homes.

If the home is owned for more than 12 months, the gain is taxed at the long-term capital gains rate. If the home is owned for less than 12 months, the gain is taxed as ordinary income which would be a considerably higher rate.

The article is intended for informational purposes. Advice from a tax professional for your specific situation should be obtained prior to making a decision that can have tax implications.

Riverfront Summer Concert Series - Gallatin County, Kentucky

Friday, May 25, 2012
by The Mike Parker Team

What a great way to spend the summer than listening to some excellent music with the ambiance of the Ohio River in the background.  Here is the Gallatin County, Kentucky Summer Concert Schedule.....

Figuring Out What Type of Home You Want

Monday, April 30, 2012
by Ray Straub of The Mike Parker Team

 

Now that you've selected a Realtor, and you've been pre-qualified, it’s time to figure out what you’re looking for in a home.  There are so many decisions to be made.  The best way to figure out what it is that you need in a home is to make two lists.  The NEED List and the WANT list.  Your need list should contain things that you absolutely must have in your home. 

Example:

NEEDS                                                                         WANTS

  • 3 beds/ 2 baths                                              Updated kitchen
  • Finished basement                                        Mature trees in yard                               
  • Lots of closet space                                       Ceramic tile in bathrooms
  • Open floor plan                                               Additional parking
  • Flat back yard                                                 Close to shopping
  • Fenced back yard                                           Front porch

In today’s market there are a number of different purchase options for buyers aside from a traditional sale.  It’s important to consider the benefits of each option.  There are plenty of foreclosures, short sales (pre foreclosure), and other types of lender owned homes on the market.  These are homes that you could get a good deal on.  With a little hard work, they can sometimes be a great way to build equity quickly.   Maybe a fixer upper is not what you have in mind which is fine.  Just know that they are out there.

Written by: Ray Straub, Team Agent, The Mike Parker Team

Have You Backed Up Your Home?

Monday, April 16, 2012
by The Mike Parker Team

Personal computers have been around long enough that everyone has experienced or knows someone who has lost their data due to a hard drive crash, accident or burglary. If they had a backup, the loss was inconvenient but not critical.

Do you have a backup for your personal belongings? Not that you need duplicates of all the items but do you have a journal listing of all the items with a description and their approximate values? That record becomes the backup that supports the claim for your insurance.

If a building sustains a total loss, the insurance company will usually pay the face amount of the policy. When it comes to personal property which might be 40% to 50% of the insured value of the dwelling, the insurance company is going to expect an accounting with receipts or at least, a relatively recent inventory.

The better your inventory, the less likely you'll have difficulty with the claim. Almost everyone has a digital camera that can take stills and probably even videos. The combination of the images as well as a written description will help you replace the belongings and serve as proof to the insurance company.

Once you've made the inventory, store it off site for safe keeping. Online storage in the "cloud" might be the best place to insure you'll always know where it is. Contact me for a free Home Inventory form; it's my way of helping you be a better homeowner

The Home Buying Process - Part 1

Monday, April 9, 2012
by The Mike Parker Team

By Ray Straub : The Mike Parker Team

Selecting a Real Estate Professional:

Purchasing a home is one of the largest investments that most people will ever make.  With a financial investment of this magnitude, it is important to obtain as much information as possible so the buyer can make educated decisions.  With all of the information available to buyers today, it can sometimes be difficult to determine which information is accurate.  Selecting the right real estate professional to guide you through the process can be a great help.  A good Realtor can provide useful information and insight into local market trends and data.

Getting Pre-Qualified:

After you have selected a Realtor you are comfortable working with, the next step is getting pre-qualified for a loan.  Your Realtor will be able to refer you to a loan officer who can go over all of the different loan options with you.  Each buyer is different and there are a number of different loan programs to fit the needs of each individual buyer.  When getting pre-qualified for a loan there are things that need to be taken into consideration.  Your credit score plays a big role in getting qualified.  If you have issues with your credit score, they need to be cleared up as soon as possible.  Your loan officer will examine your credit report and direct you as to what issues need to be addressed.  Your debt to income ratio is also analyzed in the pre-qualification process.  Once this is done, you will need to determine your maximum loan amount.  It is important to keep your monthly payments at a number you feel comfortable with.  Just because you qualify for a certain amount does not mean that you have to purchase a property at the top end.  Make sure that you understand the details of the loan you will be utilizing.  Don’t be scared to ask questions.  Your Realtor and your loan officer work for you, and should be looking out for your best interests.  Together you should be able to figure out what loan program works best for your situation.

Displaying blog entries 241-250 of 400

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Photo of Mike Parker - CRS Real Estate
Mike Parker - CRS
HUFF Realty
60 Cavalier Blvd.
Florence KY 41042
859-647-0700
859-486-3300
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