Bobbie’s Notes

Homestead Reminder

This is just a friendly reminder to file for the homestead exemption with Brevard County on property you own and occupy as a primary residence. If you purchased a home in 2016 and it is your primary residence you can file for Florida’s homestead exemption. There are several exemptions you may be eligible for:

 

  • $50,000 exemption based on property’s assessed value (all homeowner’s)
  • Disabled Veterans
  • Homeowner’s 65 years or older
  • Widow/Widower
  • Deployed for military service
  • “Granny Flat” exemption (if living quarters are provided for parents or grandparents)
  • Disabled homeowners may qualify for additional exemptions

 

The deadline to qualify for any of these exemptions is March 1, 2017. In addition if you deeded your property into a trust, life estate or made any changes to how the property is titled the homestead exemption needs to be re-filed. For more information please contact the Brevard County Property Appraisers office at 321-264-6700; you can also visit  www.bcpao.us. If you live outside of Brevard County contact your local property appraiser’s office.

 

Finally if you sold a primary residence in Florida you may be able to transfer the homestead exemption on your prior residence to your new home. The “Save Our Homes Portability benefit” allows homeowner’s to transfer the dollar value difference between the assessed value and the market value of the home you sold to a new primary residence.  To receive this benefit you must apply for BOTH the homestead exemption and the portability transfer; for more information contact the County office prior to March 1, 2017. We recommend you do not wait until the deadline to file for these exemptions! Once the exemption is granted your property tax assessment will be reduced; this saves you money in property taxes.

 

As always if you have any questions about your home mortgage please contact my office. We value your business and will assist you any way we can. Your referrals are greatly appreciated and we will take care of them locally from start to finish! Thanks again for choosing the Dyer Mortgage Group and best wishes in 2017!

 

Sincerely yours,

Bobbie Dyer

Division President, Dyer Mortgage Group

Maxine Cannon Featured in Florida Today

 

MELBOURNE

Cannon helps with Jamaica effort

Maxine Cannon, a loan officer with Dyer Mortgage Group (a division of Primary Residential Mortgage) recently traveled to Montego Bay, Jamaica to help at SOS Children’s Village.

Cannon, a native Jamaican was with corporate executives and other team members from offices nationwide. The group brought Christmas gifts for all the children and their caretakers, planted fruit trees and shrubs, applied fertilizer, painted buildings and gave a fresh makeover of paint to the tennis court and surrounding area.

SOS Children’s Village is a private, non-profit, non political and non-denominational international organization. The goal of SOS Children’s Villages is to offer orphaned and abandoned children, regardless of race, nationality or creed, a permanent home and to prepare them for an independent life.

Cannon is a military spouse who has worked in the finance industry for over a decade. She can be reached at 321-215-4419, ext.4074100, or mcannon@dyermortgagegroup.com.

 

Article by Wayne Price, business writer for  Florida Today. (wprice@floridatoday.com)

Original article posted here.

Conventional and VA Loan Limits Have Increased!

Freddie Mae and Freddie Mac have increased the conforming maximum loan amount limits to $424,100. Dyer Mortgage Group offers conventional loans up to $424,100 with as little as 3% down. VA loans with $0 down also have increased the loan amount to $424,100. Jumbo VA loans up to $2,000,000 are also available with a down payment.

Please contact us with any questions at: 321-215-4419

What does “BREXIT” mean for “Brevard”?

Since Great Britain has voted to leave the EU (aka “Brexit”) there has been a major shakeup across the World financial markets. But what does that mean for Brevard County residents? How will it affect home lending across the State of Florida? Here are my thoughts and strategies on our local/regional mortgage and real estate markets.

First things first-we have some great news for interest rates! “Brexit” is driving a flight-to-quality that we have not seen for some time. Although rates have been low for the past 5 years the current mortgage rates have fallen drastically. In 2013 and 2014 many 30 year fixed rate loans were in the 4.75%-5.25% range. As of July 1, 2016 current mortgage rates are as low as 2.5% for a 15 year fixed and start at 3% for a 30 year fixed. The actual interest rate a consumer will receive is based on many factors; credit score, loan amount, loan to value, type of property, amount of discount points paid, and occupancy are considered. Current rates are very close to the all-time low (November 2012) and it was not that long ago rates were in the 6%-7% range (2008). If there was ever a sign to alert consumers to purchase a home now or refinance their existing home this is it!!!

Now Part 2-how long will the low rates last? That is the million dollar question. There is absolutely no way to predict what will happen with rates. They could go up just as fast as they went down. I doubt we will see the Federal Reserve raise short term interest rates anytime soon, but that is one part of the equation that drives home loan rates. Other factors such as the Presidential election, unemployment rate, fears about inflation, and other world events all influence rates that consumers pay when getting a home loan. My advice is if you want to buy a home do it within the next 3-6 months. Homeowner’s with a current home loan that is an adjustable rate mortgage are prime candidates for refinancing. If you have a first/second mortgage or other debts you’d like to consolidate, or if your rate starts with a “4” it is well worth your time to take a look at refinancing.

No matter what your situation our local team of experts is here to help you! We offer free consultations and customized loan programs to meet your individual needs. For homebuyers we will work with you to go over your budget, see what you can get pre-approved for, and give you advice that will help you make an informed decision that is best for you. And it’s all FREE! If you are a homeowner interested in refinancing we also offer a FREE consultation with a detailed analysis of how refinancing can help you save money. Many of our refinance programs have little to no money out of pocket; some programs are available with minimal documentation, no appraisal, and can be closed in just a couple of weeks. We want what is best for you and if refinancing is not going to save you money and improve your financial situation we will honestly tell you to stay with the loan you have now.

Please contact anyone at the Dyer Mortgage Group team for additional information. We are here to help you every step of the way!

Bobbie Dyer
Division President
bdyer@dyermtg.com
321-215-4419

Condo Financing Now Available With 3% Down!

Did you know that condo financing is now readily available? The amount the buyer will be able to finance depends on several factors. The most important factor will be regarding the financial status of the Home Owner’s Association.

If the HOA is in good financial shape the buyer will probably be able to obtain financing with as little as 3% down (owner occupied) or 10% down (second home).
Most HOA’s are in much better shape than they were a few years ago; the couple of things that can prevent a buyer from getting a 95% loan include:
1) More than 15% of the units being delinquent by 60 days or more.
2) Pending litigation (such as major structural lawsuits).
3) Insufficient cash reserves or lack of fidelity bond insurance.

If the condo does not qualify (according to Fannie Mae’s guidelines) we also offer a “streamlined” condo approval. This allows a buyer to obtain condo financing even if the HOA does not meet Fannie Mae’s guidelines. The buyer can obtain 75% loan to value financing if it is owner occupied, or 70% loan to value if it is a 2nd home.

Most condos in Brevard County are not FHA/VA eligible as the Home Owner’s Associations have not obtained project approval. There are a few condos that FHA and VA will finance; you can check www.fha.gov or www.va.gov and look up approved Brevard County Condominiums.

Finally keep in mind that if the property is a townhome (does not state condominium anywhere in the legal description) we will finance that property as if it was a single family home; FHA, VA and Conventional financing is readily available for townhomes.

Please contact one of our loan officers for assistance with any condominium you are listing or selling; we will be happy to assist you!

Bobbie Dyer
Division President
Dyer Mortgage Group
321-215-4419
bdyer@dyermtg.com
www.dyermortgagegroup.com

Open Positions

We are excited to announce some big news!

We are expanding and have an opening for an experienced loan processor AND a loan closer. Both positions are full time, salary, bonus, and benefits and based out of our Melbourne, Florida office. We are also searching for a part time assistant or loan processor in our Tampa office (New Port Richey area). Please call us if you are interested. 321-215-4419

Thanks to our Realtors and clients for your referrals-because of you we can expand and add more jobs to our local community!

Change to Fannie Mae Rules for Financing After a Short Sale (8/16/14)

Effective with loan applications dated August 16, 2014 there is an important change to how Fannie Mae determines eligibility for home financing after the borrower has had a short sale.

Currently if the borrower had a short sale over 2 years ago AND has 20% down payment then the borrower is eligible for a new Conventional loan without having to document an extenuating circumstance. The new rule is more restrictive and no longer allows borrower’s to obtain financing after 2 years unless an extenuating circumstance can be completely documented (regardless of down payment). In an extenuating circumstance cannot be documented (as defined by Fannie Mae’s rules of what is “extenuating”) then the borrower must now wait 4 years to obtain financing.

In addition (effective with new loans as of 8/16/14) there is a change to qualifying for financing if the borrower has had a foreclosure. The new rule states that the borrower must wait 7 years after a foreclosure unless a documented extenuating circumstance can be documented. If the extenuating circumstance can be documented AND the borrower has at least 10% down, purchases a primary residence, and has re-established credit then the borrower will be eligible 3 years after the foreclosure. If the borrower has a foreclosure and the property they are buying will be a second home or investment property the waiting period is 7 years, regardless of the reason for the foreclosure.

Home buyers need to have a home under contract and loan application completed no later than August 15, 2014 in order to not be affected by these new Fannie Mae’s rules. Please contact Dyer Mortgage Group immediately if you have any buyers who could be affected by these new rules.

Thank you for choosing Dyer Mortgage Group-we are here to help you!

 

Bobbie Dyer

Division President

321-215-4419

bdyer@dyermtg.com

www.dyermortgagegroup.com

VA Loans with Minimal Down Payment and No Mortgage Insurance

Do you have a buyer who wants to buy a high-priced home and wants a minimal down payment? If so you should consider a VA Jumbo loan!

Dyer Mortgage Group offers VA jumbo loans up to $1,500,000. The down payment is much lower than a conventional loan, and the qualifying is easier too. Many buyers don’t consider using their VA entitlement because they think they are not eligible, or they believe that VA only lends up to the standard $417,000 loan limit. The buyer does not have to be currently in the military, and many Veterans served years ago and now work in the private sector. I recently did a VA loan for a buyer that served over 50 years ago, and they never even considered doing a VA loan. Even if the buyer has used their VA loan benefit before sometimes they don’t realize they can use it again.

VA jumbo loans offer a low down payment (the amount they can borrow is calculated using a sliding scale for determining the amount they need to put towards the property). Another benefit is the VA loan rates are usually cheaper than a Conventional loan, and there are NO monthly mortgage insurance payments! Here are some examples:

$600,000 sales price

$554,250 loan

$45,750 down payment (7.6% down payment)

30 year fixed rate at 4.125% = $2,676.97/month

 

$900,000 sales price

$779,250 loan

$120,750 down payment (13.4% down payment)

30 year fixed rate at 4.125% = $3,763.70/month

 

Next time you have a buyer ask them “have you ever served in the Military”? If so you may be able to help them get the home of their dreams for a minimal down payment and a great rate! There is virtually no difference in the appraisal requirements, and the cost to the seller is minimal (please call us if you are writing a contract and we will assist you with the VA addendum to the contract). Dyer Mortgage Group specializes in VA loans, in fact several of our team members are in military families; also we have a VA underwriter located right in our Melbourne office. Our local office handles everything from application to closing so you know you will have a smooth closing. In most cases we can close in 3-4 weeks; recently we did a VA loan in 17 calendar days (application to closing)! We will also assist the buyer with obtaining their Certificate of Eligibility, along with any other VA documents they will need.

 

Please call Dyer Mortgage Group (321-215-4419) with any questions you may have and let us help you and make your clients homeowners with a great loan!

 

Bobbie Dyer

Division President

321-215-4419

bdyer@dyermtg.com

www.dyermortgagegroup.com

 

 

 

How much can the seller pay towards buyer’s closing costs?

If you are negotiating a contract and the buyer wants to ask the seller to pay part of their closing costs it is very important to contact us prior to writing the contract. The amount that the seller is allowed to pay when a buyer is getting financing will vary depending on the type of loan, the loan to value, down payment, and the occupancy (owner occupied or investor).

Here is an overview of what the seller is allowed to pay for the buyer’s closing costs and prepaids/escrows:
FHA loans-up to 6% of the sales price (owner occupied only)
VA loans-up to 4% of the sales price (owner occupied only)
Conventional loans-depends on the down payment and occupancy:
Owner occupied with 5%-9.99% down payment = 3% of the sales price
Owner occupied with 10% or more down payment = 6% of the sales price
Investor loans-2% of the sales price regardless of down payment
Keep in mind that the Owner’s Title Insurance Policy and the Florida Document Stamps on the Deed are NOT considered buyer’s closing costs because the FAR/BAR contract already assumes the seller is paying those costs. The additional seller contribution that can be written into the contract can go towards buyer’s costs such as survey, appraisal, homeowner’s insurance, loan fees, etc. The seller contribution can never be used for the buyer’s down payment.

NOTE: It is very important you word this correctly in the contract to avoid misunderstandings at closing between buyers and sellers. We recommend you state that the seller is paying buyer’s “closing costs and prepaids/escrows” in addition to the standard costs of Owner’s Title Insurance and Stamps on the Deed. The closing cost credit can be listed as either a set dollar amount or a percentage of the sales price.

Finally be sure you are not asking for too high of a credit from the seller; for example if you state the seller is to pay 6% of the sales price towards buyer’s closing costs you may find that the buyer does not get the full benefit of the 6% because the closing costs/prepaids are not normally that high. We will be happy to calculate the dollar amount of closing costs/prepaids when you are submitting a contract so you know that the credit is not too high or too low.
Please call us if you need assistance when asking for seller contributions for your buyer. We would be glad to assist you! Thank you for choosing the Dyer Mortgage Group.

Bobbie Dyer
Division President
321.215.4419
bdyer@dyermtg.com

Condo Financing Now Available with 5% Down!

Did you know that condo financing is now readily available? The amount the buyer will be able to finance depends on several factors. The most important factor will be regarding the financial status of the Home Owner’s Association.
If the HOA is in good financial shape the buyer will probably be able to obtain financing with 5% down (owner occupied) or 10% down (second home).
Most HOA’s are in much better shape than they were a few years ago; the couple of things that can prevent a buyer from getting a 95% loan include:

  1. More than 15% of the units being delinquent by 30 days or more.
  2. Pending litigation.
  3. Insufficient cash reserves maintained by the HOA.

If the condo does not qualify (according to Fannie Mae’s guidelines) we also offer a “streamlined” condo approval. This allows a buyer to obtain condo financing even if the HOA does not meet Fannie Mae’s guidelines. The buyer can obtain 75% loan to value financing if it is owner occupied, or 70% loan to value if it is a 2nd home.
Please contact one of our loan officers for assistance with any condominium that you are considering. We will be happy to assist you!

Bobbie Dyer
Division President
Dyer Mortgage Group
321-215-4419
bdyer@dyermtg.com
www.dyermortgagegroup.com