Real estate updates for Naples, Bonita Springs and Estero are beneficial for both existing home owners and potential buyers of homes in the southwest Florida – to keep them abreast of what is happening both nationally and locally.
MORTGAGES – Letters are being sent by interested parties to the federal regulators urging them to make the change quickly to the higher loan limits. While approved, the higher loan limits are not yet available and it will take some time to make the needed procedural changes.
DOWNPAYMENTS – Rising claims on policies that mortgage insurers sold during the housing market boom are forcing them to adopt stricter underwriting standards. For example, at least one company – Mortgage Guarantee Insurance Corporation – won’t insure borrowers who don’t put down at least 5 percent in Florida. The result: It’s harder for many people to buy a home.
FLOOD INSURANCE – As federal officials rework flood maps in Florida, thousands of people who thought they were high and dry are finding out they aren’t, according to Federal Emergency Management Administration – and many of their mortgage lenders now require a flood insurance policy. In Central Florida, Seminole County homeowners are among the first to get hit by the map revisions, which some residents say don’t make sense. A couple of years ago the flood maps for Naples were changed and homes previously in a type flood zone were reclassified into less risky flood zones, while the reverse was also true.
HOMEOWNERS INSURANCE – When it comes to trampolines, most insurance companies see liability where kids and parents see fun. Insurers cite risk of injuries to trampoline users and many won’t cover the devices.
FORECLOSURES – Foreclosures climbed again last month for Countrywide. As a percentage of unpaid principal balance, it increased to 7.47 percent last month from 7.2 percent in December. Still, the lender’s average daily mortgage applications rose in January to $2.6 billion from December’s $1.5 billion.