Down Arrow Icon
Boca Raton Branch

We have brought the nations best Preferred Community Based Lender to South Florida!  We hope you can find everything you need throughout our site. Richard and his team at Land Home Financial Services of Boca Raton are focused on providing high-quality mortgage lending services and customer satisfaction – we will do everything we can to meet your expectations.Boynton Beach land home financial

With a variety of offerings to choose from, we’re sure you’ll be happy working with us. Look around our website and if you have any comments or questions, please feel free to contact us. We recognize that there is no “one size fits all” home loan solution for customers. Our experienced mortgage loan officers constantly strive to match you and your family with the single, ideal product for your particular circumstances. Whether you’re in the market for a starter home or your long-term dream house, we have the products and services to make either a reality.

We are a direct mortgage lender with licensing in all 50 states.  What does that mean for you? Better rates and better closing costs.  We have removed the middle man making our access to funds, direct.  In addition, we have a full broker channel for those unique products that don’t fit our direct banking channel.  With that flexibility, we truly have the best of both worlds.  We stand by our commitment that if we cannot get you financed, you will be hard pressed finding better financing alternatives than us!

 


Builders Confidence Climbs to 70 in May

Builder Confidence in the Market

Builder confidence in the market for newly built single-family homes rose two points to 70 in May after a downwardly revised April reading on the NAHB/Wells Fargo Housing Market Index (HMI). This is the fourth time the HMI has reached 70 or higher this year.

“The solid May report shows that builders are buoyed by growing consumer demand for single-family homes,” said NAHB Chairman Randy Noel. “However, the record high cost of lumber is hurting builders’ bottom lines and making it more difficult to produce competitively priced houses for newcomers to the market.”

Builder Confidence in Land Home FinancialTight housing inventory, employment gains and demographic tailwinds should continue to boost demand for newly built single-family homes,” said NAHB Chief Economist Robert Dietz. “With these fundamentals in place, the housing market should improve at a steady, gradual pace in the months ahead.”

Derived from a monthly survey that NAHB has been conducting for 30 years, the HMI gauges builder perceptions of current single-family home sales and sales expectations for the next six months as “good,” “fair” or “poor.” The survey also asks builders to rate traffic of prospective buyers as “high to very high,” “average” or “low to very low.” Scores for each component are then used to calculate a seasonally adjusted index where any number over 50 indicates that more builders view conditions as good than poor.

The HMI chart gauging current sales conditions increased two points to 76 in May while the indexes measuring buyer traffic and expectations in the next six months remained unchanged at 51 and 77, respectively.

Looking at the three-month moving averages for regional HMI scores, the West and Northeast held steady at 76 and 55, respectively. Meanwhile, the South and Midwest each edged down one point to respective levels of 72 and 65.

See detailed tables at nahb.org/hmi. More information on housing statistics is also available at housingeconomics.com.

 


Some Good Market News

Housing Market is Healthy

If mortgage rates keep rising to break the 5% barrier, most homebuyers will go right ahead with their purchase anyway.

Just 6 in 100 prospective homebuyers surveyed by Redfin said they would halt their planned home purchase if rates were above 5%, although a further 27% would slow their search.

A quarter of respondents said that a 5% rate would make no difference to their plans, 1 in 5 would speed up their search and a similar share would look to cheaper neighborhoods or a smaller property.

Jupiter housingIf rates aren’t a problem, what is?

The survey was carried out in November / December 2017 when the tax reform debate was causing concern; 38% of respondents said it was their top worry.

This was an even higher concern among those in highly-taxed areas, especially California.

Those in Seattle and Portland were most concerned about affordable housing, which was also a big concern in Denver.

Three quarters of respondents nationwide thought home prices would continue rising in 2018, 25% said they thought the increases would be significant.

“Tight credit, lack of inventory and high demand are the major factors that tell us there’s no housing bubble, despite rapid price increases,” said Redfin chief economist Nela Richardson. “There are still many more buyers than the current housing supply can support, with no major relief in sight. Strict lending regulations make it much harder to buy a house you can’t afford than during the housing boom a decade ago. Finally, still-low interest rates somewhat offset high prices for some buyers.”


3 Most Common Real Estate Markets

1) A Balanced Florida Real Estate Market

A balanced real estate market is where both the supply and demand for homes and condos in a particular area is roughly equal. In a balanced real estate market there is about a six month supply of homes on the market.

A balanced real estate market is not something that usually happens for a long period of time in Florida. But that’s okay really, it’s usually just a threshold that is passed as Florida is transitioning from a buyer’s market to a seller’s market or vice-versa. The odds are that you will not likely move to Florida when it’s a balanced market.

2) A Florida Buyer’s Market

A buyers market in Florida happens when there are more people who what to sell (often to leave the state) than there are people who want to buy. During a buyer’s market in Florida there will be more than a six month supply of homes for sale. This means there will usually be a lot of homes to chose from in your price range.

florida buyer's market and seller's marketBecause the supply of homes exceeds the demand for them in a Florida buyer’s market, buyers can take their time when shopping for a home because homes will sit on the market for many months, possibly a year or longer without selling. Buyers may not want to be too eager to make an offer because sellers will often reduce their prices. Even if they don’t drop the price, more sellers are willing to entertain low offers because they have no idea how long it may be until the next offer comes along, if at all. And that offer may even be lower.

In a strong buyers market, you will notice more for sale signs appearing on more homes every week. Those new listings may also be priced lower than existing for-sale homes in the area thereby pressuring those older sellers to reduce their price in order to compete. Buyer’s markets can be lots of fun for buyers but not much for sellers and real estate brokers.

The best time to buy in Florida is during one of the many frequent buyer’s market’s, when homes and condos are selling at steep discounts of 30% or more and there’s more homes coming on the market every day.

3) A Florida Sellers Market

A seller’s market is when there are more buyers looking for homes and condos in an area than there are properties for sale. When this happens, sellers can expect to sell their home in less that six months. In a strong seller’s market a nice home may sell within weeks, days or even hours.

When there are more buyers than available homes, prices go up. In Florida, it’s not uncommon for demand to far outstrip the supply of homes for sale and push list prices skyward. During a strong seller’s market you may notice fewer for sale signs in the front yard of homes every week.

Seller’s markets are not fun for buyers. Prices are high. There is less inventory to chose from. Buyers may feel pressured to buy now because if they don’t prices may even be higher next month. During strong seller’s markets, many buyers may end up paying far more than they want for a home they really don’t like very much, simply because they believe it will be even worse if they don’t act now.

Strong Seller’s markets are fun for sellers, real estate agents that can still successfully compete for listings as inventory gets scarce, flippers (investors that buy homes, do no or minimal improvements, then jack up price and put it right back on the market) and new construction builders.

Regardless of “where” the market is, becoming a home can be the rewarding feeling knowing that you are stabilizing your family’s future and creating a legacy of building wealth and living the American Dream. We are standing by ready to help you achieve your home dreams!


Buying and Selling in Florida

If I was Going to Buy or Sell in Florida I Would…

If I was thinking of selling in Florida, I would sell now before this strong seller’s market comes to an end, which may happen much quicker than many realize.

If I living in Florida and was thinking of buying now, I would still move forward and consider buying. On the flip side, if I was thinking of moving to Florida but didn’t have to move right now, I might wait until after the current Florida real estate homes pricing settles just a little and lots of homes come on the market to choose from.land home financial buyer and sellers market

Caveats

    • The Fed has lowered interest rates to the lowest point ever and kept them there for longer than ever before. We are in uncharted territory as they raise rates.
    • The US has a downturn or recession every 7 years on average. It’s been longer that that since the last one. So the odds are, normally, …but he stock market hit a new high right after the 2016 presidential election. If a recession develops in 2018-2019, Florida real estate prices could drop substantially causing a fantastic buying opportunity of up to 50% or more off current home prices.
    • I’m hearing “you should buy now because if you don’t, prices will just be higher next week” and “It’s different this time because there’s a wave of babyboomers coming that will cause prices to just keep going up and Florida is the new California, etc.” This is exactly what they were saying right up to the last day before the Florida real estate bubble popped and home prices proceeded to drop 60% on average.
    • When this current bubble pops, prices will likely drop the most in neighborhoods where homes are occupied mainly by people who bought to live in Florida full-time.
    • Prices usually drop less in areas where homes and condos are mostly owned by wealthier folks who mainly only occupy them during the winter months such as in Palm Beach (Note: Not Palm Beach County in general, not West Palm Beach, etc., but the town of Palm Beach on the key) and Naples proper.

So Where Are Florida Home Prices Now?

  • People who moved to Florida during the 10 year “hurricane drought” only to be forced out of their homes for the first time in their lives during the “return to normal” 2017 hurricane season, will decide that where they moved from, wasn’t so bad after all and want to sell. This will increase supply and lead to lower prices.
  • People that were forced out of their homes and have not been able to return to them because hurricane damage, have already move and established life elsewhere. A high percentage of these homes will go up for sale, increasing supply and lowering prices.
  • The 2017 hurricane season which devastated parts of Texas, then Florida and finally Puerto Rico was heavily reported nationwide, slowing demand as people think twice about moving to Florida. This is reducing demand.
  • The “normal” 30,000 or so who move out of Florida for monthly now for reasons other than hurricanes, continues.
  • This has worsened throughout the year as the 2017 hurricane damage money is spent and all the those additional workers and jobs leave the state, reducing housing demand and leading to lower prices.

Where Are They Heading?

Bottom Line: What will Happen to Florida Real Estate Prices in 2018 and 2019

  • Look for growing inventory, homes sitting on the market longer and price reductions this year in 2018. This will gain steam as the year progresses and interest rates increase.
  • If the annual 6 month hurricane season in Florida in 2018 is another “normal” one like 2017 with evacuations and damage, look for Florida real estate prices to tank in 2019, fingers crossed that won’t be the case.
  • If the country experiences a downturn or recession (historically we are overdue for one) look for Florida real estate prices to drop like a rock in 2019.
  • If both of those things happen, look for Florida real estate prices to collapse and rapidly drop up to 50% or more in 2019 as the floodgates of sellers opens up and the pipeline of buyers slows to a trickle.

Some Good Market News

How are Consumers Really Feeling

If mortgage rates keep rising to break the 5% barrier, most homebuyers will go right ahead with their purchase anyway.

Just 6 in 100 prospective homebuyers surveyed by Redfin said they would halt their planned home purchase if rates were above 5%, although a further 27% would slow their search.

A quarter of respondents said that a 5% rate would make no difference to their plans, 1 in 5 would speed up their search and a similar share would look to cheaper neighborhoods or a smaller property.

If rates aren’t a problem, what is?

The survey was carried out in November / December 2017 when the tax reform debate was causing concern; 38% of respondents said it was their top worry. This was an even higher concern among those in highly-taxed areas: others were most concerned about affordable housing, which was also a big concern in Denver.

Three quarters of respondents nationwide thought home prices would continue rising in 2018, 25% said they thought the increases would be significant.

Tight credit, lack of inventory and high demand are the major factors that tell us there’s no housing bubble, despite rapid price increases,” said Redfin chief economist Nela Richardson. “There are still many more buyers than the current housing supply can support, with no major relief in sight. Strict lending regulations make it much harder to buy a house you can’t afford than during the housing boom a decade ago. Finally, still-low interest rates somewhat offset high prices for some buyers.

Additional market update reveal that Proposed HUD budget to boost homeownership – healthy homes; also brokers are confident as long as they can attract agents.


Stay Within Your Budget When Buying a House

5 Budgeting Tips

A house is likely to be the most expensive purchase you’ll ever make. And if you’ve waited a long time for this day to come, you’ve undoubtedly thought about the features you desire – maybe you’re craving a huge master bedroom with walk-in closets, or perhaps a gourmet kitchen. We’ve listed five budgeting tips for you to follow that will help you out.

While you don’t want to skimp on the amenities you love, adding too many can drive up the cost and destroy your budget. By thinking about your long-term financial goals and assessing your budget before you buy, you can score the home you want without experiencing buyer’s remorse.

1. Establish a Firm Price Limit and a List of “Must Haves”

When you’re pre-approved for a mortgage, your bank determines how much they think you can afford to spend on a house. But don’t assume the number they provide is the amount you should spend.

Go online and use a mortgage calculator – after you enter a sale price, a loan term, and interest rate, the calculator estimates your monthly payment, including home-owners insurance, property taxes, and private mortgage insurance. Also, research whether there are other expenses you’ll need to work into your budget after buying a home.

5 Home Buying Budgeting Tips with Land Home FinancialFor instance, association dues, a lawn or pest service or possible higher utilities; these costs can really add up and eat into your monthly budget. If you decide in advance which amenities are “must-haves” and which would simply be nice to have, you’ll be in a better position to stay within budget when you start looking at homes.

 2. Keep Tabs on Your Real Estate Agent

Land Home Financial Realtor PartnersI’ve had only positive experiences with my real estate agents, but not everyone is as lucky. Good agents respect your finances and only show you homes you can afford.

That being said, some agents may try to push the envelope and recommend properties outside your price point. Be firm and stick to your guns.

3. Don’t Compare Yourself to Others

It’s very easy to fall into the cycle of “compare and despair.” This is a nasty cycle to fall into, especially when it comes to buying a home. A house isn’t a pair of shoes or an expensive handbag – if you overspend when buying a house, it isn’t easy to recover from the mistake.

Rather than obsessing over the fact that your friend bought a house with an outdoor kitchen, offer your congratulations, and then get excited about what your budget can do for you. Maybe you’ll have four bedrooms instead of two, or you’ll have a gas oven instead of an electric one. Then, think about the ways you’ll benefit from staying within your budget, such as maintaining a healthy vacation or a retirement fund or starting a college fund for your kids.

4. Avoid Bidding Wars

Competing with other buyers is no picnic, and to win a bidding war, you often have to increase your offer. This isn’t necessarily bad, as long as you’re able to stay within budget – however, bidding wars can get out of hand quickly.

If you get caught in a bidding frenzy, you could end up spending more than you want. Decide how much you’re willing to pay for a particular house in advance, and resist the urge to exceed that limit. In other words, be willing to walk away.

5. Bid on Houses That Aren’t Selling

Some buyers shy away from homes that have been on the market for a long time, assuming that there must be some hidden defect. But sometimes, a home’s inability to sell is much more simple. For instance, maybe it just has bad curb appeal, or there’s too much inventory in a particular market.

Therefore, it is important that you do not automatically rule out a house just because it has been sitting for a long time. If anything, seek out these houses. The seller is probably motivated and willing to drop the asking price to move the property.

Even if the seller isn’t willing to drop the price, there are still more opportunities for negotiation when a home has been on the market for months. If you can identify the reason the property hasn’t sold, then you can ask the seller to reduce the home’s asking price or provide a cash allowance for the fix.

If you’re still concerned about possible hidden defects, state in your bid that the offer is subject to a satisfactory home inspection – which is a good idea no matter what.

Final Word

Staying within budget when buying a house takes discipline, so you must approach the buying process with care. Know what you’re willing to spend, and refuse to look at homes listed above your budget. If you’re unable to find a suitable property after a few weeks or months, revisit your budget to see if you have any wiggle room. If not, hold out – it’s only a matter of time before the right house comes along.

 


2018 Conforming Loan Limits Rise

Mortgage Rates RiseThe FHFA Raises Conforming Loan Limits from $424,100 to $453,100

U.S. home values expand and contract. Every year around the Thanksgiving holiday, the Federal Housing Finance Authority (FHFA) publishes their third quarter House Price Index (HPI) reportThis report includes estimates for the increase to the U.S. median home value over the last four quarters (usually Q3 to Q3). Essentially, the FHFA measures the amount U.S. homes have appreciated over the past 12-month period.

Based on the HPI report, the FHFA will use the results, whether up, down or no change, to recommend an adjustment to the conforming loan limits. This is a corrective measure to ensure conforming loan amounts keep pace with home appreciation.

According to the FHFA’s 2018 seasonally adjusted expanded-data HPI report, home prices in the U.S. increased on average by 6.8% from the third quarter of 2016 to the third quarter of 2017. As a result, the baseline maximum conforming loan limit in 2018 will increase 6.8% from $424,100 to $453,100.

Why This Matters to Potential Home Buyers…

The 2018 loan limit increase provides an expansion to your conforming loan amount potential. In other words, the 2018 loan limit increase allows Lenders to lend more money to qualified buyers within the conforming classification.

So…

If you were home shopping this past summer and everything was too expensive for you to qualify for using a conforming loan – contact your local Land Home Mortgage Representative and ask them to take a second look at your loan application. The loan limit change may potentially increase the amount you can borrow and turn that “No” into “Yes-Approved!”.

And for folks still trying to decide if homeownership is the right move; now is a great time to schedule a no-cost, hassle-free homeownership check-in with a local Land Home Mortgage Representative.

Say “Yes!” to homeownership!


5 Tips to Home Buying in 2018

Buying a home is like competing in a mud run, naked while planning a wedding at the same time. It’s taxing, it will make you feel vulnerable, it has its ups-and-downs, and it isn’t always fair. But – for those willing to take the plunge, bare their financial assets, and compete for their own backyard – home ownership is one of the most rewarding financial achievements of a lifetime.

When buying a home: Tip 1  – Select a qualified, knowledgeable loan officer and develop a down payment savings plan.

*Myth 1 – Only low-income individuals can qualify for down payment assistance programs. Down payment assistance programs are for a variety of individuals who meet various qualifying standards. These programs are designed to make homeownership possible for all who meet the qualifications and are able and willing to try. 

Credit Scores – What should my credit score be to buy a home?

When applying for a home loan, your credit score has a direct effect on the interest rate of your loan. Generally, the lower your credit score the higher your interest rate; the higher your credit score the lower your interest rate.

While you don’t need a high credit score to purchase a home, generally a higher score will help keeps your mortgage costs lower than if you were to have a lower score.

Buying a Home: Tip 2 – Check your credit report monthly and look for any errors or possible enhancement opportunities.

Pre-Qualified vs. Pre-Approved – What’s the difference and which is better?

Most mortgage lenders offer prospective homebuyers two different options when it comes to their commitment to lend – a Pre-Qualification letter and a Pre-Approval letter.

A Pre-Qualification letter is simply a document stating you have submitted the necessary financial documentation (usually the last two years of W2s/Tax Returns, recent Bank Statements, and your Driver’s License) for review and you “qualify” for the requested loan amount.

The pre-qualified amount is based on the customer’s perceived debt-to-income ratio (DTI), their financial assets, and credit score.

In a competitive home buying market, as we are in today, home sellers want to see a Pre-Approval letter before accepting an offer on their home. The reason is that a lender’s Pre-Approval letter is basically one step away from a full fledge loan commitment and usually translates into a quick and straightforward closing process.

Buying a Home: Tip 3 – Get Pre-Approved!

 A qualified, knowledgeable Loan Officer assisting you to select the best loan package for your situation. Many factors go into the cost of your loan and poor choices up front can cost you a lot in the long run.

Real Estate Agents – Do I really need one to buy a home?

A qualified, experienced and reliable Real Estate Agent can often be the difference between getting your dream home or not. However, we will be the first to tell you – not all Real Estate Agents are created equal. Do your homework, and interview at least three different Real Estate Agents before selecting one.

Often, Loan Officers will have plenty of Real Estate Agent references they can share with you.

 Buying a Home: Tip 4 – Select your desired neighborhood and hire a qualified Realtor/Real Estate Agent.  

A Realtor has the full backing of the National Association of Realtors. and working with a Realtor provides the customer the security of knowing the agent they have chosen, answers to a National Association in terms of ethics, educational standards, and legal backing.

Mortgage Interest Rates – Will rates go up in 2018?

“What’s the rate today?” is every lender’s favorite question – NOT! Why? Well… there’s no simple, straight-forward answer to the question. As mentioned before, many different factors affect mortgage interest rates.

For informational purposes, most experts are predicting an increase in the base rate for a conventional 30-year fixed mortgage. This isn’t surprising given the historic lows mortgage rates experienced in 2015 and 2016. Again, while many factors affect mortgage interest rates, according to the Mortgage Bankers Association (MBA), the baseline rate for a 30-year fixed conventional mortgage is expected to increase to 4.6 percent in 2018, 5.0 percent in 2019 and 5.3 percent in 2020.

Buying a House: Tip 5 – Develop a sense of urgency to achieve your home ownership goals. 

2018 is a Fantastic Year for the First-Time Home Buyer to Purchase a Home

It is getting easier than ever to qualify for a mortgage which is due to several factors: Mortgage Lenders have begun accepting lower down payments, the debt-to-income ratios (also known as DTI) used to qualify for most mortgages became more forgiving last year and future home prices are expected to level off.

first time home buying, mortgages

Best of luck and happy house hunting!

*Please note all pricing, percentages, and fees are subject to change and are based on personal circumstances. The use of hypothetical, predictive, and forecast statements, by Land Home Financial Services and noted third parties, is meant to illustrate possible outcomes and is not intended to be a statement of facts nor an endorsement of validity. 


We Give and Support Our Partners

Actively Involved in Improving Communities

Our staff gets hands-on with charities, non-profits and organizations to enact positive change and create strong, vibrant communities.

land home financial charity partners Take Care of Our Heroes

Specializing in VA Loans for more than 30 years and a VA Automatic Lender.

We Believe in Maintaining Long-Term Relationships

We retain close to 90% of the loans we originate, currently serving over $5 billion in residential loans so you don’t have to deal with a third-party.

 

Meet with a Real Person When You Need Help or Have Questions

Our Florida loan officers are currently operating within 10 branches located in Orlando, Kissimmee, Tampa, Sarasota, Spring Hill, Cape Coral, Punta Gorda, Boca Raton, Jupiter and Boynton Beach. We are licensed in 50 states, including the District of Columbia.

 


Realtor Partner Benefits

realtor partners land homeLand Home Orlando understands that marketing is essential ingredient, so we’ve designed a package of Realtor Partner Benefits created to assist our Realtor’s success. We know the real estate industry and the challenges you face and how to help overcome these obstacles. Land Home has developed a wide variety of co-marketing materials to sell listings while generating new ones. We provide our Realtor Partners a comprehensive list of materials and marketing services. From Start to finish we are able to support the needs of our realtors with our Realtor Toolbox including: Open House Flyers, Call Center Campaigns, Loan Programs Flyers, Email Marketing, Door Hangers, Lead Generation Postcards, Postcard Mailings (listings & sold homes), Homebuyer Seminar Presentations & Home Buying Tips.