Monthly Archives: January 2014

Exciting News!

27 Monday Jan 2014

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It’s official and the numbers are in! The Hanley Home Team is THE NUMBER 1 TOP PRODUCER in 2013 in the #2 Top Producing Real Estate Office in ALL OF NORTHEAST FLORIDA! THANK YOU to all of our CLIENTS! We look forward to another successful year TOGETHER! How may we help you or your friends and family in 2014?

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Down Payment Advice

22 Wednesday Jan 2014

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We thought we’d share a little information you might find helpful with regards to down payments on home purchases. (It might save you a headache down the road!)

As you probably know, it’s crucial to come up with at least 3.5% of the purchase price for a down payment. What you might not realize is that if that down payment is in the form of a gift from someone, the sale of some personal asset, trust fund, or award, you’ll need to have documentation providing evidence of the source.

For example, a down payment from a parent (giftor) to you (giftee) will need not only a letter explaining the gift, but also a paper trail of bank statements showing where the funds originated and where they have been deposited.

Also, if you’re justifying your down payment from the sale of an asset (say a recreational vehicle, stock, or other valuables) you’ll need to have documentation which shows the bill of sale or source of the funds.

We know the last thing you may want to deal with is more paperwork, but it would be worse to have your loan delayed or even denied. Even if you’re able to provide the documentation, the time spent getting it together could endanger your rate lock or run afoul of other deadlines. Nobody wants that! Our goal, as always, is a smooth transaction for everyone involved. We hope this helps!  Of course, let us know if you have questions for us – Kevin and Jennifer Hanley, REALTORS http://www.HanleyHomeTeam.com 904-422-7626

Will Your Loan Be Harder in January 2014?

20 Monday Jan 2014

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In case you haven’t been following it, there are big changes on tap for the lending industry in 2014. The January 10th change may make it tougher for certain buyers to qualify for a loan, though the overall goal of the changes are aimed at long-term consumer protection and mortgage industry stability.

Below are highlights of the three rules most likely to impact buyers. A complete PDF guide explaining all of the changes may be downloaded at the Consumer Financial Protection Bureau (http://www.consumerfinance.gov/mortgage/).

1. The Ability-to-Repay Mandate sets a standard for “qualified mortgages.” Lenders will now be required to follow uniform guidelines to determine borrower eligibility. This looks at income, assets, and other debts / obligations. The mandate was designed by the Consumer Financial Protection Bureau to qualify each borrower.

2. FHA loan limits drop. The upper mortgage limit determined by the FHA (Federal Housing Administration) decreases from $729,750 to $625,000 in 2014. The rule means buyers in competitive urban and “hot” markets might need to secure a jumbo loan. Problematically, most jumbo loans will require a 20% down payment instead of the minimum 3.5% for non-jumbo loans.

3. Self-employed face additional scrutiny. Debt-to-income proof for those who work from home / are self-employed (Form 1099) will become more challenging, even with a great credit history and high net-worth. Typically, a borrower must have a debt-to-income ratio (including mortgage payment) of 43% or less.

The news isn’t all bad, though. New rules also cap points and fees at 3% of the loan’s amount (for loans above $100,000). They also generally prevent lenders from initiating a foreclosure until the borrower is 120 days delinquent. Additionally, foreclosure can’t begin if the lender is also working with a homeowner who has submitted an application for help. If you’re planning to apply for a mortgage, keep these rules in mind.

Are you ready to pre-qualify for a home loan? Let me connect you with a reputable mortgage professional today: Kevin and Jennifer Hanley, REALTORS http://www.HanleyHomeTeam.com 904-422-7626

Sleep and Your Dream House

15 Wednesday Jan 2014

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A good night’s sleep is more important than you might think. While rising early and burning the midnight oil are worn like badges of honor in this “always on” culture of ours, the truth is that sleep is crucial.

Did you know…

Sleep loss can mean the decline of mental skills, including attention span, memory, mood, logical reasoning, and math skills.

Sleep deprived people have trouble recalling pleasant experiences, but can easily recall negative experiences.

Sleep improves your mood and in a recent study of professional violinists showed that a good night’s rest was more important than nutrition!

Sleeping on a decision measurably improves our ability to make better choices.

Fortunately, there are things we can do to improve the quality of our sleep. While a drink or two might put you to sleep, it can actually disrupt sleep later in the night. Other methods are much more effective. Exercise during the day, a cool shower at night (to lower body temperature), and turning the lights lower about 30 minutes before bedtime can help you sleep better. So put those glowing iPads and laptop screens away!

Of course, your home can have a dramatic impact on your ability to catch those elusive Zs. Ambient light, highway noise, or even nearby neighbors can cut into your ability to turn off your mind and start that all-important dreaming.

While this tends to be more of a problem for renters in apartment buildings and those in urban environments, even single-family home owners can find themselves in sleep-negative situations.

Don’t settle for a sleep-deprived life! If your living situation makes a good night’s sleep difficult, consider looking for a new place. Sleep is too important to ignore.

Need a nice, quiet house? We know where to find them. Let’s have a chat today: Kevin and Jennifer Hanley, REATLORS 904-422-7626 http://www.TheHanleyHomeTeam.com