The concepts of real estate portability and homestead are key aspects of property tax laws in some jurisdictions, notably in states like Florida. Here's an overview of each:

Real Estate Portability
Real estate portability, particularly in the context of Florida, refers to the ability of homeowners to transfer some or all of their accrued property tax benefits from one home to another within the state. This concept is part of Florida's Save Our Homes (SOH) benefit.

Key Points:
Save Our Homes Cap: Limits the annual increase in the assessed value of homestead property to 3% or the rate of inflation, whichever is lower.
Portability: Allows homeowners to transfer the SOH benefit to a new homestead property, potentially reducing the new property's assessed value and, consequently, the property tax.
Eligibility: To be eligible, the homeowner must establish a new homestead within three years of abandoning the previous homestead.
Homestead Exemption
A homestead exemption is a legal provision that helps shield a portion of a home's value from property taxes. This can lead to significant property tax savings for homeowners.

Key Points:
Exemption Amount: In Florida, the standard homestead exemption allows homeowners to exempt up to $50,000 of their home's assessed value from property taxes. The first $25,000 applies to all property taxes, and the second $25,000 applies to non-school taxes.
Primary Residence: The property must be the primary residence of the homeowner to qualify.
Additional Benefits: Certain individuals, such as seniors, veterans, or individuals with disabilities, may be eligible for additional exemptions.
Interaction Between Portability and Homestead Exemption
When a homeowner sells their current homestead and purchases a new one, they can transfer their Save Our Homes benefit to the new property. This process involves calculating the differential between the market value and the assessed value of the old homestead and applying a similar benefit to the new homestead's assessed value.

Example Scenario
Current Home: A homeowner's current home has a market value of $300,000 and an assessed value of $200,000 due to the Save Our Homes cap.
New Home: The homeowner purchases a new home for $400,000.
Portability: The homeowner can transfer the $100,000 SOH benefit (the difference between market and assessed value) to the new home, reducing its assessed value to $300,000 ($400,000 - $100,000).
Application Process
To apply for portability and the homestead exemption:

File Homestead Exemption: File a homestead exemption application with the local property appraiser's office.
File Portability Application: File a separate portability application to transfer the SOH benefit.
Conclusion
Understanding the rules and benefits of real estate portability and the homestead exemption can lead to significant property tax savings. It's important to check with local property appraiser offices for specific requirements and deadlines.

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I like to see what is available for you by getting your age and the approximate value of your home. Once we have that and go over what you may have available, we encourage you to get take the Gov't class which costs about $190. You have a 3rd party that goes over all the details of a Reverse Mortgage making sure you understand everything and it makes sense.
When that is complete, I will meet with you at your home and go through all the documentation that is required to be signed I also ask that you have a family member there as well, and if no one is close by then a phone call to be with us during our time together. I find it best that your family is involved so that they know all about the Reverse Mortgage as well and also to take the class with you online that you are required to take. I gather all of your documents and scan them for the lender, it may require several visits on my part but I am here to help. We also have to get an FHA appraisal on the home which we have to order and you must pay for. While the loan is being processed the title work is ordered and insurance is being taken care of. Once we have our clear to close we schedule the closing which can be at the title or your home. Always like your family to be there or on the phone as well.
I look forward to helping you or just answering any questions you may have on the Reverse Mortgage.

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After closing on a mortgage, many new homeowners notice a significant increase in the amount of unsolicited mail, often referred to as "junk mail." Here's why this happens and what you can expect:

Why You Receive More Junk Mail
Public Records: When you close on a mortgage, the transaction becomes a matter of public record. Companies that sell products and services related to homeownership often purchase these public records to target new homeowners.

Credit Inquiries: Mortgage lenders typically make a hard inquiry on your credit report when you apply for a mortgage. Credit reporting agencies may sell information about these inquiries to marketers.

Service Providers: Various service providers (such as insurance companies, home security firms, and maintenance services) use information from public records and credit inquiries to market their products to new homeowners.

Types of Junk Mail You Might Receive
Mortgage Protection Insurance: Offers for insurance to cover your mortgage payments in case of death, disability, or job loss.
Homeowner's Insurance: Solicitations from insurance companies offering to insure your new home.
Home Improvement Services: Flyers and brochures from contractors, landscapers, and other home improvement service providers.
Security Systems: Offers for home security systems and monitoring services.
Financial Services: Credit card offers, refinancing options, and other financial products targeting new homeowners.
Address Change Services: Notifications and advertisements from companies offering services related to your change of address.
Managing Junk Mail
Opt-Out Services: You can use services like the Direct Marketing Association's Mail Preference Service (DMAchoice) to reduce unsolicited mail.

Credit Reporting Agencies: Opt out of pre-approved credit offers through the official website OptOutPrescreen.com or by calling 1-888-5-OPT-OUT.

Public Records: Some counties and states offer ways to opt-out or restrict the sharing of your public records for marketing purposes. Check with your local county clerk's office for options.

Return to Sender: Mark unwanted mail "Return to Sender" and send it back. This might not always be effective, but it can sometimes help reduce future mail from the same sender.

Shredding: Be sure to shred any junk mail that contains personal information to protect yourself from identity theft.

While it can be frustrating to receive a lot of junk mail after closing on a mortgage, taking these steps can help reduce the volume and manage the influx of unsolicited offers.

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How long has it been since you have lived in your home? what did you pay for it back then and what is the value today after all of the home appreciation?
Maybe it is time to call your insurance agent and ensure you have replacement coverage.
Our home has been our wealth over the years and I think it is important to make sure you are well covered.

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VA Mortgages have no monthly PMI, they have a funding fee that goes on top of the loan and it varies from a first-time VA buyer to a second-time user if there is a certain percentage of disability then no funding fee.
With an FHA Mortgage, there is an upfront funding fee of 1.75% and a .55 factor for monthly PMI.
Now for Conventional Mortgages, there is no upfront funding fee only a monthly PMI and that depends on your credit scores and down payment on your home.
With an excellent credit score, the monthly PMI factor can be at .1 and up

It is good to know because your interest rate is predicated on your credit score and also the PMI can be a factor as well on Conventional loans.


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For Conventional loans, limits are now at $766,550 before entering Jumbo territory. You can buy a home for $806,842 putting 5% down and still be Conventional.
Now for FHA the loan limit is $498,257. you can buy a home for $516,328 putting 3.5% down now
A VA mortgage can go up to $2,000,000 with no money down.
100% financing up to $2,000,000
With the cost of everything going up, it is nice to see the Government increasing the loan limits to accommodate the higher prices

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A residential DSCR (Debt Service Coverage Ratio) loan is a type of mortgage typically used for investment properties, where the approval and terms of the loan are based on the property’s income rather than the borrower’s personal income. The DSCR is a measure of a property's ability to generate enough income to cover its debt obligations. Here's a more detailed explanation:

Key Points of a Residential DSCR Loan:
Debt Service Coverage Ratio (DSCR):

The DSCR is calculated by dividing the property's net operating income (NOI) by its total debt service (e.g., mortgage payments, property taxes, insurance).
A DSCR of 1 means the property generates just enough income to cover its debt payments. A DSCR greater than 1 means the property generates more income than needed for debt payments, indicating a safer investment for lenders. A DSCR below 1 suggests the property does not generate enough income to cover its debt, posing a higher risk to lenders.
Property Income-Based Qualification:

Unlike traditional mortgages that rely heavily on the borrower's personal income, credit score, and employment history, DSCR loans focus on the income produced by the investment property itself.
Lenders assess the property's ability to generate rental income that can cover the mortgage payments and other associated costs.
Suitable for Investors:

These loans are particularly attractive to real estate investors who might own multiple properties and have complex personal financial situations.
They enable investors to expand their portfolios by leveraging the income generated from existing properties to secure additional financing.
Loan Terms and Conditions:

Interest rates and terms can vary depending on the lender, the property's DSCR, and the overall risk assessment.
Typically, properties with higher DSCRs might qualify for better loan terms and lower interest rates, reflecting the lower risk.
Documentation:

Lenders usually require detailed financial statements of the property, including rental income, operating expenses, and maintenance costs.
They may also require appraisals and market rent analysis to validate the property's income potential.
Benefits of a DSCR Loan:
Flexibility: Investors can secure financing based on the property’s performance rather than personal financial strength.
Scalability: Easier for investors to expand their real estate portfolios.
Streamlined Process: Potentially less cumbersome in terms of personal financial documentation required.
Potential Drawbacks:
Higher Interest Rates: Since the focus is on the property’s income, the perceived risk might lead to slightly higher interest rates compared to conventional loans.
Property Dependency: The viability of the loan is heavily dependent on the property's income performance, making thorough due diligence crucial.
In summary, residential DSCR loans are a specialized financing option designed for real estate investors, allowing them to leverage the income generated by their investment properties to obtain new loans. This type of loan can be particularly beneficial for expanding a real estate portfolio without being constrained by personal income limitations.

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I learned a hard lesson on a loan last year, I had a borrower who was self-employed for the last 2 years but another company was self-employed for 3 years. I took that loan as a non-QM with a higher rate. The borrower had another broker run it and required only 1 year's return and he qualified which lost me the deal. He would not have qualified for the 2 year's returns. A hard lesson learned and always to have the loan run to see if you get just one year's return.
Having one Year's return makes it less complicated less documentation and fewer questions
Simplification is the best route to take and exploring all options

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