Lisa Barton

FHA insured mortgages are very attractive to buyers, especially first-time home buyers, because the down payment requirements (the cash you need to put down on the mortgage) are much lower than the down payment requirements for a conventional mortgage. For example, FHA requires a 3.5% down payment as opposed to the 20% down payment that’s usually required for a conventional mortgage. Many buyers who qualify for an FHA mortgage would like to buy a condominium, but not all condo communities are approved by the FHA--meaning that you can’t use FHA insured financing to purchase a home in that community. The FHA is stringent about its approval requirements. The condo community can’t be more than 50% rentals, the condo association must be solvent, and the buildings must meet FHA standards. Believe me, it can be very frustrating for buyers to fall in love with a condo and then find out that that community is not FHA approved. Your real estate agent should know which communities meet FHA approval in their local area, but you can always check out the FHA Approved Condo Link to verify the condo community you’re considering is eligible for FHA insured financing.

Continue Reading “Here’s How to Find a List of FHA Approved Condos”

I recently listed two ocean front condominiums and am astounded by how affordable beach front living has become in Ponte Vedra! The first condo is located in the Retreat of Ponte Vedra. This is a 2 bedroom 2 bath unit which was renovated 2 years ago. Conveniently situated on the first floor, the expansive views of the ocean are incredible and you can walk right out your back door and be on the sand dunes! Believe it or not, this unit sold for $725,000 in 2006...that was before the renovations were completed.

The second unit is in the Hallmark, which is an upscale condominium in Sawgrass Golf & Country Club. This completely renovated condo is quite large, with 4 bedrooms and 3.5 bathrooms (featuring almost 3000 square feet of living space). The views of the pool and beach are stunning, as is the preserve view off the west facing balcony. In 2004, this condo sold for $1,200,000. The current owner did extensive renovations including updating the kitchen and master bathroom as well as installing hardwood floors throughout the unit. It’s beautiful!

Continue Reading “Ocean Front Condos are SO Affordable in Ponte Vedra Beach”

Looking for something fun and FREE to do with the family?  Try one of these many movie nights around Jacksonville, Nocatee, or the Beaches.  Don’t forget your blanket or chairs!  Insect repellent is a good idea this time of year too.

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Flood Insurance covers a physical loss caused by “flood.” The National Flood Insurance Program says:

A flood is a general and temporary condition where two or more acres of normally dry land or two or more properties are inundated by water or mudflow. Many conditions can result in a flood: hurricanes, broken levees, outdated or clogged drainage systems and rapid accumulation of rainfall.

Just because you haven’t experienced a flood in the past, doesn’t mean you won’t in the future. Flood risk isn’t just based on history, it’s also based on a number of factors: rainfall, river-flow and tidal-surge data, topography, flood-control measures, and changes due to building and development.

Continue Reading “The Facts of Flood Insurance”

The Riverside Avondale Preservation (RAP) is hosting its 36th Annual Tour of Homes on April 24 & 25th, 2010. Eleven businesses and residences will be open for guests to tour. This event is a fundraiser for RAP which is a private, non-profit membership organization with the desire to enhance and preserve architecture, history, cultural heritage and economic viability of historic Riverside and Avondale areas.

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Thinking of buying a home that needs repairs?  Maybe you’ve spotted a “diamond in the rough” property that could be a dream home with the right repairs and remodeling. Wells Fargo Home Mortgage offers FHA 203k renovation loans that allow the borrower to finance the purchase price and the cost of improvements into the loan amount. As with all of these 203k products, they are only allowed in conjunction owner-occupied properties, either with a purchase or refinance transaction. We use the “after improved” value of the property, and it is a “single close” fully amortized loan. In my last entry, I spoke about the FHA Remodel Express program exclusive to Wells Fargo Home Mortgage-----that product is fantastic for cosmetic repairs and remodeling up to a cost of $35,000.  The work allowed includes repairs and replacements to roofs, existing HVAC systems, existing flooring, minor remodeling, new windows and appliances, etc… It has the normal 203k loan merits of one application, one approval process, one closing, and one payment, yet it is limited to “renovations” only that are non-structural in nature. It also restricts the borrower to using one national improvement company/contractor---The Home Depot, Lowe’s, or Sears. 

While the FHA Remodel Express product is amazing, some borrowers need improvements that are “structural” in nature, which is where our Standard 203k product shines. With this product, improvements can include foundation repairs, roof replacement, new plumbing and electrical systems, and full room additions, to name a few. Here multiple licensed contractors are allowed, and there is no limit on the cost of the repairs (bearing in the mind the maximum total FHA loan amount for your area, which is currently $387,500 in northeast Florida). Also, the borrower is actually allowed to do the contractor work upon approval. In addition, Wells Fargo offers a Streamline 203k version, which caps the repairs at $35,000 and only allows non-structural repairs, but offers the benefit of allowing multiple contractors.

The 203k products are great ways to purchase bargain priced homes and/or larger homes in need of repair. The borrower gets to renovate them to reflect their tastes and needs, all while having one payment amortized over the life of the loan. 

Donald Ster, MBA, is a senior-level mortgage consultant working for Wells Fargo Home Mortgage.  He has been in the industry for 7 years, and resides in Jacksonville, Florida with his wife and daughter.

Continue Reading “Great New Mortgage Program for Homes that Need Repair”

Recently I attended a very informative real estate class, Short Sales & Foreclosures: Protecting Your Clients’ Interests, which was sponsored by the Council of Residential Specialists. I found this class to be full of very helpful information for me as an agent, and also for my clients who are buying or selling distressed properties. Falling behind on your mortgage can be very anxiety producing, and potentially losing your home is devasting. There are some basic things homeowners can do to protect their home from foreclosure. 

Continue Reading “Avoiding Foreclosure Checklist - Homeowners’ Option”

The St. John County School District, which serves Ponte Vedra Beach and St. Augustine, was rated the #1 public school district in the state of Florida last year. One of the special features of our school district are the “academies” that are offered at each high school. Academies are considered smaller learning communities within a high school. They integrate academic and career related curriculum, team teaching and involvement from local businesses. Field trips, mentoring and real world activities are also important components of the learning envirnoment. 

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Tony Allegretti, Market Director for the Riverside Arts Market, gave a great presentation at the Jacksonville Chapter of the American Marketing Association last month. He explained that the Riverside Arts Market was not an overnight phenomenon as it may seem to some, but rather 16 long years in the making. Tony attributes a large portion of the success to the numerous volunteers and interested parties that have come together to support the effort. Economic “on site” impact of the market for 2009 was estimated at $1 million and more than $4 million when incorporating the surrounding businesses.

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In July of 2009 the Florida Legislature passed a landmark bill called the Florida-Friendly Landscaping bill. This act requires local governments and homeowners associations to participate in water conservation. The bill also encourages the use of indigineous plants, reducing the use of fertilizer and pesticides, and providing food and shelter for native animals.

The University of Florida has a wonderful website that offers suggests for Florida-Friendly Landscaping programs. Some of their suggestions include:

* RIght plant, right place
* Water efficiently
* Attract wildlife
* Stop the spread of invasive exotic plants
* Increase ground water recharge
* Minimize disturbance of existing native plants

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