Entries for December, 2010

What is The Freddie Mac First Look Initiative?

Beginning Sept 17, 2010, Freddie Mac offers homebuyers and select non-profits an exclusive opportunity to purchase HomeSteps homes prior to competition from investors.  This initiative offers owner occupant homebuyers, Neighborhood Stabilization Program (NSP) grantees and non-profits engaged in community stabilization efforts the ability to purchase HomeSteps homes during their initial 15 days of listings without [...]

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What is Conventional Financing?

A conventional loan is any mortgage which is not guaranteed or insured by the federal government.   Conventional loans were the first traditional loans made by local lenders.

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What is an Estoppel Letter from a Homeowners Association?

An Estoppel letter from an HOA (Homeowners Association) is an official certification of a condominium or homeowner’s financial obligation to the association such as monthly maintenance fees and special assessments   An HOA Estoppel letter is a document that requests the fees due from the Seller.  This amount due is incorporated into the amounts due at closing.

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What is the Condominium Governance Form?

Effective January 1, 2009, a prospective purchaser is entitled to receive a Condominium Governance Form.   This form was published by the Division according to FS 718.503(2).   It summarizes the governance of condominiums in order to help buyers understand how a condominium association should be governed.

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What is “Seasoning”?

“Seasoning” refers to the length of time that the Seller has owned the property.   If you are obtaining certain type of loans (ie: FHA), they may have specific requirements as to how long  the Seller has to own the property. For example, as it currently stands (Dec 2010): For FHA financing, there is a 90 [...]

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