Conventional Loan Limits have Increased!

The surge in home prices during the pandemic has fueled the biggest dollar increase in the conforming loan limit for Fannie Mae and Freddie Mac, making it the highest increase since 1970!

Conventional loan limits have increased from $548,250 to $625,000! What does this mean for homebuyers?

As a buyer, this gives you more buying power! First-time homebuyers can buy a home with a little as 3% down on a $645,000 home!

Only certain lenders are currently accepting these loan limit changes effective immediately. If you or someone you know who is looking to purchase a home has questions regarding the home buying process, please contact me asap to see how much you can qualify for towards the purchase of your new home!



Florida Realtors Magazine!

Creating Customers for Life

I had the pleasure of being interviewed for a featured in award-winning Florida Realtors Magazine! The article is called "Creating Customers for Life" where myself and other amazing real estate professionals share tactics within our business, which has helped us create life-long customers.

The article is also published online on the Florida Realtor website, and I encourage you to read it and share it on your social media channels!

 


Corsica - New Construction Community in Miami

Located in the bustling city of Miami, FL, Corsica is a masterplan community that offers family-friendly amenities and outdoor living. Just four miles from the Black Point Marina and the lush mangrove preserves along Biscayne Bay, the community's location offers plenty of opportunity for boating and water sports. Plus, the nearby FL Turnpike and US-1 provide for easy access to Miami and other popular destinations.

Prices and features may vary and are subject to change.

THE BRION COLLECTION

3 Bedrooms | $304,990 - $323,990 | 1,334-1,668 sq. ft.

PROVINCE COLLECTION

3-4 Bedrooms | $323,990 - $355,990 | 1,334-1,828 sq. ft.

 

SANTORINI COLLECTION

3-5 Bedrooms | $415,990 - $495,990 | 1,732-2,987 sq. ft.

Whether it is your first home or your tenth home, a retirement home, or an investment property, we will work hard to make your home buying experience a positive one. We can help you find the ideal home with the least amount of hassle; and I am devoted to using my expertise and the full resources of my team and office to achieve these results!​ Are you in the market to purchase a new home or sell your existing home? Want to discuss your real estate needs? Click here to schedule your FREE consultation to get started on the process!


FHA Updates to Student Loan Debt Calculations

Did you know that homeownership was lower for black college graduates than for white high school dropouts? 👈🏾 This little, yet disturbing fact is extremely relevant. “As our country comes together to remember Juneteenth and acknowledge National Homeownership Month, we are reminded of a basic truth: that, too often in our history, the march toward freedom has been a long, halting, and uneven journey,” said Housing and Urban Development Secretary Marcia L. Fudge.I cannot begin to explain just how pivotal this change is. So many have been denied the opportunity of homeownership due to student loan debt. Black college graduates have 46% more student loan debt on average, compared to white college graduates.

 

Lenders may implement the changes immediately but must implement the changes for FHA Case Numbers assigned on or after August 16, 2021.

So what are the changes? The policy change centers on the removal of the current requirement that FHA mortgage lenders calculate a borrower’s monthly student loan payment as 1% of their outstanding student loan balance for loans that are not fully amortizing or are not in repayment.

Prior to this change, FHA borrowers would have 1% of their student loan debt calculated against them. This meant that if someone had $50,000 in student loan debt, $500 would automatically be added as a monthly debt, severely affecting the borrower's debt-to-income (DTI) ratio. May times, it would not allow the potential buyer to qualify for enough to purchase, or the DTI would be too high and the option to purchase is removed altogether due to not qualifying. With the new changes, FHA will calculate student loans very similarly to the way conventional loans do. If the borrower is on an income-based repayment (IBR) or income-driven repayment (IDR) plan of $1/month or more, then FHA will calculate that amount. If the borrower is not on an IBR or IDR, then 0.5% of the student loan balance will be calculated towards the monthly DTI.

 

Click here to read the press release by the U.S. Department of Housing and Urban Development.

For the full mortgagee letter regarding the changes, click here.

 

 


New Home Mortgage Applications Increased 31% in U.S.

By David Barley, World Property Journal on May 20, 2021 at 8:15 AM

The latest Mortgage Bankers Association Builder Application Survey for April 2021 shows U.S. mortgage applications for new home purchases increased 30.8 percent compared from a year ago. Compared to March 2021, applications decreased by 9 percent. This change does not include any adjustment for typical seasonal patterns.

"Purchase applications for new homes, unadjusted for typical seasonal patterns, declined in April, but the average loan size increased to its highest level in MBA's survey," said Joel Kan, MBA's Associate Vice President of Economic and Industry Forecasting. "The purchase market remains strong overall, but low housing inventory and accelerating home prices have started to adversely impact purchase activity. Additionally, homebuilders have reported significantly higher input prices, which is contributing to the ongoing rise in sales prices and average loan sizes."

Added Kan, "Adjusting for these seasonal effects, MBA estimates that new home sales in April rebounded from a two-month slump, increasing 8 percent to an annualized pace of 770,000 units. While still strong, this sales pace remains below the 877,000-sales pace seen in the second half of 2020."

MBA estimates new single-family home sales were running at a seasonally adjusted annual rate of 770,000 units in April 2021, based on data from the BAS. The new home sales estimate is derived using mortgage application information from the BAS, as well as assumptions regarding market coverage and other factors.

The seasonally adjusted estimate for April is an increase of 7.8 percent from the March pace of 714,000 units. On an unadjusted basis, MBA estimates that there were 72,000 new home sales in April 2021, unchanged from March.

By product type, conventional loans composed 72.9 percent of loan applications, FHA loans composed 15.8 percent, RHS/USDA loans composed 1.0 percent and VA loans composed 10.3 percent. The average loan size of new homes increased from $374,353 in March to $377,434 in April.

 


Fair Housing Month YPN Mastermind | Natiivo Development

April is National Fair Housing Month! Fair housing is more than a list of dos and don’ts, rights and penalties, and mandatory continuing education. As stewards of the right to own, use and transfer private property, fair housing protects our livelihood and business as REALTORS® and depends on a free, open market that embraces equal opportunity. REALTORS® recognize the significance of the Fair Housing Act and reconfirm their commitment to upholding fair housing law as well as their commitment to offering equal professional service to all in their search for real property.

I thought it was very important to discuss fair housing with some leaders in the real estate industry representing various organizations:

To hear a little about the history of each organization, why their existence is still necessary today, and how these agents are crushing it in today's market, make sure to watch the video below!

This panel discussion was held at the Natiivo Sales Center: an amazing luxury building that is perfect who anyone who wants to live close to the Miami scene, investors, those who live in Miami for a couple of months during the year, anyone! There is literally something for everyone in this building! It is currently 70% sold out and the building will be completed in 2022. To learn more about Natiivo, reach out to us today!


New Development Class - Miami YPN

As a Miami Realtors Leader, I have the pleasure of teaching various topics to other agents in the marketplace on behalf of Miami Realtors and Miami YPN. The most recent class that I taught was about New Constructions and New Developments. I went over very specific things that all agents should know when representing a buyer who is purchasing a home or condo from a new home builder or condo developer.

Although the class is intended for real estate agents, I believe that many buyers in the marketplace will find it extremely valuable. You will be able to learn how purchasing new construction is much different than purchasing resale, and why it is PERTINENT to always have a real estate agent represent you.

Here are a few reasons why buyers should ALWAYS hire an agent to represent them:

  • The on-site agent and sales team represents the builder, not the buyer
  • It is usually free for you to have us represent you! Our commission is paid by the builder
  • Buying new construction is VERY different from buying a resale
  • An experienced agent will know what to negotiate (certain things are non-negotiable with builders)
  • Resale value — we know what upgrades to invest in

I was joined by Marcelo Steinmander, a fellow Miami YPN Leader, in teaching this class.

Are you in the market to purchase new construction? Are you considering selling your existing home? Want to discuss your real estate needs? My team and are always accepting new clients. 👉🏾 Click here to schedule time with me and talk about your real estate needs.


Elysee Miami - Modern Luxury Condominums

True waterfront is more than just a view.

Located in East Edgewater, on the shores of Biscayne Bay, the first and only boutique luxury rises. With only 100 residences and sophisticated amenities in this 57-story tower, Elysee’s serene elegance is East Edgewater’s new French-inspired modern luxury.

Prices starting from: $1,500,000

Property Type
  • Condominium
  • Residential High-rise
  • Waterfront Properties
THE FIRST AND ONLY LUXURY BOUTIQUE TOWER IN EAST EDGEWATER

Rising directly from the shores of Biscayne Bay in the wonderful emerging neighborhood of East Edgewater, Elysee Miami sets a new standard for refined luxury with its masterful confluence of design, luxury and waterfront location. At 57 stories, Elysee is tall and impressive, but with only 100 residences -- no more than two per floor – Elysee maintains the intimacy and sophistication of living in a boutique-style building. Each residence has the unique distinction of having an unobstructed, breathtaking view of Biscayne Bay.World-renowned architect Bernardo Fort-Brescia, of Arquitectonica, has designed Elysee to be instantly recognizable yet discreet. This is not an ordinary residential tower. From its three-tiered telescoping shape and alluringly light tones to the fine materials used to construct it, Elysee is an exquisite tribute to the power of design to lift the soul.  Inside, France’s top interior designer, Jean-Louis Deniot, introduces his rich signature style. At once timeless, elegant and entirely fresh, Deniot’s vision brings a new level of fine living to Miami.

NEIGHBORHOOD

Elysee Miami is located in the fast-growing neighborhood of East Edgewater. East of Biscayne Boulevard and between the Venetian and Julia Tuttle Causeways, East Edgewater is at the “center of it all”. No other neighborhood can claim adjacency to more of Miami’s best districts. Miami Design District, Wynwood Arts District, Miami Beach, Midtown and Downtown Miami neighborhoods are all within easy reach providing the top destinations for luxury shopping, high-end dining, sports activities and world-class arts, culture and entertainment.

BUILDING SPECS

Elysee Miami, located at 788 NE 23rd St. on the shores of Biscayne Bay in East Edgewater will have 100 residences on 57 floors, ranging from 3 to 5 bedrooms from 2,209 to 3,891 square feet (205 to 361 square meters), 2 floors of amenities and abundant on-site parking and storage.

Amenities
  • Party room
  • Library
  • Commercial kitchen
  • Network installation
  • Swimming pool
  • Clubhouse
  • Valet
  • Covered parking
  • Garden
  • Television room
  • Business center
  • 24 hours security
  • Garage
  • Laundry room
  • Jacuzzi
  • Concierge
  • Game room
  • Spa
  • Cabana
  • Aerobic studio
  • Fitness center
  • Central heating
  • Security system
  • Terrace
  • Parking
  • Air conditioning
  • Handicapped accessible
  • Sauna
  • Security guard(s)
  • Common areas
  • Penthouse
  • Elevator
  • Gym
  • 24 hours receptionist
  • Wine cellar
  • Study room
  • Wireless internet
  • Waterfront
  • Playroom

Yahoo!Finance Feature

I have been investing a lot of time, effort and resources towards my team and the rebrand. I was petrified, but that's how I knew it needed to be done. If your goals are not scaring you, are they even big enough?

Thank you, Yahoo!Finance for the feature as one of the 12 Women to Know in Real Estate in 2021!

The Core's mission is to redefine the real estate experience by cultivating the spirit of partnerships and collaboration, adapting to technology and innovation, and operating with integrity to ensure that clients and customers have the best experience when buying, selling or investing in real estate. We are passionate about fair and equal housing, providing value to our Realtor partners, and giving back to our communities in the form of education or charitable work and donations.

To read the feature and to check out the other amazing women in real estate who were also featured, click here: https://finance.yahoo.com/news/12-women-know-real-estate-110000232.html