Here is an update from the Florida Realtors Association regarding the BP Oil Spill Fund and the $16 Million for Florida Real Estate Professionals that was previously announced.

Last August, Kenneth Feinberg took over the oil spill compensation process from BP. He decided early on that the Gulf Coast Claims Facility (GCCF) would only cover losses for lost rental income, not for losses incurred because buyers didn’t go to contract on a home or cancelled a sales contract. For these individuals, Florida Realtors and other gulf coast state Realtor associations convinced Feinberg to set up a special fund for real estate industry claims. But the deadline for filing claims against the real estate industry fund was Nov. 23, 2010.

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You had to know this was coming after Fannie and Freddie announced their home loan fee increases.

Beginning April 18th, 2011 FHA will raise its Monthly Mortgage Insurance Premium (MMIP) by 25 basis points. For the average FHA borrower, the increase will equate to about an additional $30 per month.

According to HUD’s spokesman, the increase was necessary for the following two reasons. First, FHA’s capital reserves are currently below a mandated minimum set by the legislature, and the fee increase will help the agency comply with the law. Second, HUD hopes to steer more buyers away from FHA loans and into the private sector by making an FHA loan less desirable.

How commendable on their part.

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Tags: buyers, FHA, Florida, mortgages, real estate

The end of year 2010 Pelican Landing real estate market statistics for both home and condominium sales are listed below. Located in Bonita Springs, it is widely recognized as one of the most premier golf club communities in the area.

Pelican Landing distinguishes itself by being the only community in the area to own a private barrier island on the Gulf of Mexico. The island includes a 32 acre beach park that residents have daily access to via a community run boat shuttle service. Residents can also opt for membership in the Pelican’s Nest Golf Club. Its two 18 hole Tom Fazio designed golf courses are considered by many as some of the best available golf courses in all of Southwest Florida.

Continue Reading Pelican Landing in Bonita Springs, Florida: 2010 Real Estate Sales Review

Tags: markets, real estate, sales, SW Florida

The cost of getting a home mortgage (loan fees) from Fannie Mae or Freddie Mac are set to increase and will affect more borrowers, including those with stellar FICO credit scores. The fee changes actually were announced last year and they are now scheduled to go into effect on March 1 for Freddie Mac and April 1 for Fannie Mae.

According to the two mortgage giants, it is the first time since 2009 that they are raising risk fees and broadening the scope of borrower that will be affected. To avoid the new fees or to get a discount, most borrowers will need FICO scores of 740 or better and down payments of 25% or more. Lenders could absorb the cost, but most are expected to add it to their consumer loan costs immediately upon enactment.

Continue Reading Fannie and Freddie Home Loan Fees to Increase

Tags: buyers, credit reports, Florida, mortgages, real estate

The end of year 2010 Mediterra real estate market statistics for both home and condominium sales are listed below. Located in North Naples, it is widely recognized as one of the most premier golf club communities in the area.

Mediterra is reminiscent of the authenticity of the Tuscan countryside and is an exquisite upscale gated community that still is offering new construction possibilities. Centered around two Tom Fazio designed championship golf courses and the 25,000 square foot Country Club at the Piazza, residents at Mediterra will enjoy one of the most exclusive lifestyles available on the Southwest Florida Gulf Coast. Residents also enjoy 200 feet of beach shoreline on the famous white sands of Bonita Beach at the community’s private Beach Club which includes an elevated swimming pool, full service dining, and changing facilities.

Continue Reading Mediterra in Naples, Florida: 2010 Real Estate Sales Review

Tags: buyers, markets, real estate, sales, sellers, SW Florida