USDA Limits Jumped|100% Financing Available

On April 20, 2009 USDA Rural Development implemented consolidated income limit bands for the Single Family Housing Guaranteed Loan Program. The consolidated income limit band will assist Rural development to expand upon our mission to increase affordable home ownership opportunities within eligible rural communities.

The consolidated income limit bands will offer two adjusted income brackets:1-4 and 5-8. Households with more that eight members will have an additional added to the 5-8 bracket to determine eligibility. current eligible deductions for dependents, childcare cost, medical expenses, and disability expenses will remain in effect per RD Instruction 1980-D, section 1980.348.

When the revised RD Instruction 1980-D Exhibit C is published the income section of the nationwide eligibility website and the Guaranteed Underwriting system (GUS) will also be updated. Search to see if your home you want to purchase in the nationwide eligibility website

Great news for many in Ocala Florida. Many home here are eligible for USDA funds. Now a family of 1-4 can make $73,600 annually and families of 5-8 can make $97,150 annually…. so a single person with no children making $73,600 a year can qualify.

This is a huge opportunity since the majority of first time home buyers do not have a down payment and USDA is 100% financing. USDA also is low interest rates and credit scores need to be 620. Need to know if you qualify. Call Rhonda and I will hook you up with a great lender. Once your qualified I will search for that perfect home for you.
Call Rhonda 352-266-2637

Is the Ocala Real Estate Market Bottoming?

Many believe that the markets are showing signs of reaching bottom. Is the Ocala Real Estate Market Bottoming? In Ocala Florida the bank owned or foreclosed home prices have been stabilizing.  The asking price on them have not been declining as they did a year ago.

We have many foreclosures and short sales with super prices.  In Ocala, short sales and foreclosures could be new and never lived in.  Then there are the scary foreclosures that need a full remodeling.  Search for homes at Or call Rhona for a list of shortsales and foreclosures

Here is an article from The Washington Post:

Economy-watchers are searching for evidence that the housing market is starting to hit bottom. And in recent months, there has been some evidence that the end of the great housing bust may be near.

This week offers a reality check, with three key pieces of housing-related data coming out. But to interpret the data, it helps to realize that the end of the housing bust means different things, and could come at different times, depending on what data you consider.

Home sales will likely hit a bottom first — and may have already done so. Data on existing home sales in March is scheduled to come out Thursday and new home sales on Friday. Both measures of housing activity picked up in February, a sign that between cheap foreclosed-on houses and low mortgage rates, the volume of sales may finally have stopped falling. This week’s data will be a test of that thesis. Analysts are expecting a mixed bag, with new-home sales rising modestly but existing home sales falling a bit.

Whatever the March numbers say, there are good reasons to think that home sales will improve as the spring selling season gets underway. Anecdotal reports suggest that low mortgage rates and an $8,000 first-time home-buyer tax credit are coaxing buyers back into the market. And while foreclosures are set to rise as banks begin to move on delinquent homeowners, that actually could boost home sales as banks auction homes for whatever the market will bear.

The prospects are less promising for home prices, a report on which is set to come out Wednesday. Analysts expect the Federal Housing Finance Agency’s price index to have fallen 0.6 percent. The new wave of foreclosures may help home sales activity but is likely to keep driving home prices down.

Time lags are another issue. Even if low rates and tax credits bring buyers back into the market, it could take months for that increased demand to meaningfully affect prices, simply because of the time it takes a person to go from deciding it’s time to shop again to actually closing on a house.

Ocala home buying NOT a rat race.

Thanks to record low mortgage rates and declining home prices, 55 million families – half of all U.S. households – can afford today’s $200,000 median-priced new home, according to figures released by the National Association of Home Builders (NAHB).

Single-family permits rose 11 percent in February; new and existing home sales also posted gains; and the huge inventory backlog is being slowly whittled down. In a survey for Century 21 Real Estate last month, a majority of prospective first-time home buyers – 78 percent – said that now is a good time to buy a home. Of those responding to the online poll, 68 percent said that now is a better time to buy than six months ago.

Another sign that consumers are considering jumping back into the housing market is the growing interest in the $8,000 first-time home buyer tax credit included in the recently enacted economic stimulus package. During February and March, 1.5 million visitors logged on to NAHB’s consumer Web site,, to learn more about the tax credit. Further, a new survey commissioned by Move Inc. found that nearly 20 percent of those who plan to purchase a home this year are doing so to take advantage of the tax credit, which expires at the end of November.

Info from Nation Association of Realtor

Ocala/Marion County’s average sales price is $118,000, well below the national average. We have Great financing programs, like USDA, which is 100% financing. You still would qualify for $8,000 tax credit if you are a first time home buyer, someone who has not owned a home in the last 3 years.

I would love to help you find that perfect home. You can search for properties on my web site. If you would like a list of Ocala foreclosures or Ocala short sales give Rhonda a call 352-266-2637.

Tips for a Successful Ocala Short Sale

The elements of a successful short sale are generally these:

The property is worth less than is owed.

The seller has some hardship that makes it impossible or extremely impractical for the seller to keep the property.

The seller is cooperative and willing to work with a real estate broker to package the short sale.

The lender is contacted and expresses willingness to entertain a short sale.

The property is listed, with appropriate Realtor for the protection of the seller, properly priced, and effectively marketed.

The lender is presented with an offer, accepted by the seller, along with a completed short sale package and narrative explaining why the short sale is necessary and desirable.

The lender approves the offer and escrow closes as usual. No proceeds go to the seller.

These are the basic rules for a short sale.  You will need a persistent Realtor to market and communicate with the bank.  If the Realtor does not know how to work the process it could be a nightmare.

I am a certified short sale specialist.  I have taken many classes to understand the process and have closed many short sales in Ocala, Florida.  I am always looking to help more home owners.  For free information on if you short short sale your home call Rhonda 352-266-2637 or get my free Book.


If the Multiple Listing Service listing sheet says “bank addendums and pre-approval letter required to be submitted with
Offer”. Believe it! The offer won’t be going anywhere until the package is complete. #1 Be sure you have that Pre-approval letter with you when you go looking for home.

Deposits! I always make deposits conditional upon acceptance. That way if an agreement cannot be reached,
the buyer has not tied up funds. Some banks refuse to sign a release and cancellation where there was no fully
Executed contract. This could be problematic for your buyer because the title companies require seller and buyer to sign the cancellation of contract in order to give escrow money back to either buyer or seller.

Closings! Most banks use a particular closing office. They could be local or maybe even in Miami.
Once the contract is accepted then the closing office wants your deposit wired to them. Also many bank do not pay the normal customary sellers closing cost. Make sure your Realtor has asked because you are responsible for that closing cost.

Deadlines! Please be understanding about banks taking their time to respond to offers. Some banks respond in a
couple of days, while others may take a month. Time for acceptance means nothing to them.

Mediation & arbitration! Please delete these provisions from your offer forms as banks will not mediate or arbitrate.

As-is! This means exactly what it says. All properties are sold as-is with right to inspect. The banks will not pay for
repairs of any kind and what you see in the house is yours. Even the trash.

Follow ups! Most agents call the banks weekly to inquire on the status. Please know the banks take their time. As soon as I have something to tell you, I’ll call right away.

Banks reserve the right to refuse or accept any offer at any time, even if an offer form has been signed by an
Employee or management company asset manager. Please keep these things in mind when submitting offers for bank owned properties.

Everyday I hear changes and each bank is different. In this market the buyer need to be patient and the Realtors need to be pushy with the banks. As always good communication with your Realtor is important. I am always striving to help get that great deal for you.

In Ocala last month 31% of the closings were bank owned homes. If you are interested in getting a list call Rhonda 352-266-2637. I am here to help you. Click to  search all Florida properties