Screen Shot 2016-02-26 at 10.36.48 AM

Just this past week, Mario Quintero and STC Loans helped a Senior couple from the Carolinas use the equity in their home to purchase a second property in Miami via a Home Equity Converson Mortgage (HECM).

 A Home Equity Conversion Mortgage for purchase (HECM), allows seniors to buy a new primary residence and obtain a Reverse Mortgage in one transaction. All HECM borrowers must be placed on the sales contract and each of these persons must also be an eligible HECM borrower (age 62 or older).

It is important to note some of the guidelines that may affect the process of acquiring a Reverse Mortgage HECM for purchase. Reverse Mortgage HECM purchase transactions are not accepted for 2-4 unit properties and a HECM purchase transaction may not occur within 12 months of a short sale or Deed in Lieu of Foreclosure. In a HECM for purchase transaction, the seller is responsible for all repair costs (property condition must meet the FHA’s minimum health and safety requirements). In order to close the HECM for purchase, the borrower must provide proof of funds required for the transaction to occur. A list of the documentation required to obtain this proof may be provided upon request. The buyer, or borrower, is expected to move into the property with 60 days of closing. The buyer is also expected, according to FHA guidelines, to retain the property (not resell) for at least 90 days.

I’m Mario Quintero, your mortgage & realtor for life. Let me be your Miami, Florida home consultant. Our office specializes in both residential and commercial real estate and financing programs. We help you secure conventional, jumbo, FHA and foreign national mortgage loans. We can also help your elderly parents secure a comfortable retirement with a reverse mortgage. Call me today at 305-598-1600.

Screen Shot 2016-06-17 at 8.41.21 AM

 

It’s been a month since the Brexit vote and, as we reported initially, Miami home loan interest rates have continued to decline.

Just this week we reported how we now have a new conventional home loan interest product with 1% down payment, up to $417,000 loan as long as your total debt service ratio is no more than 46% and your FICO credit score is over 700.

These numbers are unheard of post the Great Financial Recession of 2009. If you have not yet acted, NOW is the time to purchase or refinance your home in order to lock-in these low rates before they increase.

As you very well, the Fed’s actions are unpredictable from meeting to meeting, so home interest rates could very well rise at any time without prior notice.

The Miami housing market continues to sizzle despite other major metropolitan home areas nationwide showing signs of slowing. We are not only fueled by locals interested in buying, selling and refinancing, but we have a large tourist population making Miami a second home. Our international foreign buyer base is also strong seeking a secure harbor to park their capital given uncertainty in other global markets.

I’m Mario Quintero, your mortgage & realtor for life. Let me be your Miami, Florida home consultant. Our office specializes in both residential and commercial real estate and financing programs. We help you secure conventional, jumbo, FHA and foreign national mortgage loans. We can also help your elderly parents secure a comfortable retirement with a reverse mortgage.  Call me today at 305-598-1600.

 

 

 

Screen Shot 2016-07-20 at 9.29.26 PM

We now have a new conventional loan program up to $417,000 featuring a 1 % down payment! To qualify you need a 700+ FICO credit score, Maximum debt to income ratio of 43%.
Great low rates, and is available with no monthly Mortgage Insurance. Call me for details.

I’m Mario Quintero, your mortgage & realtor for life. Let me be your Miami, Florida home consultant. Our office specializes in both residential and commercial real estate and financing programs. We help you secure conventional, jumbo, FHA and foreign national mortgage loans. We can also help your elderly parents secure a comfortable retirement with a reverse mortgage. Call me today at 305-598-1600.

Screen Shot 2016-04-11 at 9.56.10 PM

The Miami realtor plays a critical role in the real estate transaction.

Many home buyers and sellers are not aware of the true value that the realtor provides during the course of a real estate transaction.  Many people, in fact, are not cognizant of the expertise, professional knowledge, and just plain hard work that go into bringing about a successful real estate transaction.

A multitude of important services and steps required in a real estate transaction are carried out by the realtor of the brokerage staff.  Most of these step have traditionally been viewed simply as part of a realtor’s professional responsibilities to the client.  But, without them, the transaction could be placed in jeopardy.

Depending on the transaction, some of these services and steps may take minutes, hours or even days to complete, while some may not be needed.

I’m Mario Quintero, your mortgage & realtor for life. Let me be your Miami, Florida home consultant. Our office specializes in both residential and commercial real estate and financing programs. We help you secure conventional, jumbo, FHA and foreign national mortgage loans. We can also help your elderly parents secure a comfortable retirement with a reverse mortgage. Call me today at 305-598-1600.

Reprinted with permission, with thanks, from the Orlando Regional Realtor Association.

Screen Shot 2016-06-17 at 8.41.21 AM

Foreign Buyers Continue to Flock to South Florida…

According to a recent article by Diana Olick of CNBC news, “As for U.S. destinations, five states accounted for half of foreign buyer purchases: Florida, (22 percent), California (15 percent), Texas (10 percent), Arizona and New York (each at 4 percent).”

Though real estate seems to have slowed in some markets, Florida continues to be a very popular market for both domestic and foreign buyers willing to park their money in “safer” investments. The fact remains, Florida is a “paradise” of sorts. Thousands flock here from throughout the world due to our warmer climates, proximity to amazing world-class beaches, a no-tax state, along with Miami being the long-time gateway to Latin America, soon becoming the same for Western Europe.

Florida is the place to be.

Are you a foreign buyer thinking of purchasing real estate in Florida?

I’m Mario Quintero, your mortgage & realtor for life. Let me be your Miami, Florida home consultant. Our office specializes in both residential and commercial real estate and financing programs. We help you secure conventional, jumbo, FHA and foreign national mortgage loans. We can also help your elderly parents secure a comfortable retirement with a reverse mortgage. Call me today at 305-598-1600.