Lenders don’t love us no’ mo’. Want a vacation crib in Miami? How about an investment property in Orlando? Show up with 40%, no seller carry-backs allowed, thankyouverymuch.<\/p>\n
This e-mail came in this morning from IndyMac Bank<\/a> :<\/p>\n Florida Guideline Restrictions<\/u><\/strong><\/em><\/p>\n Transactions securing properties located in the state of Florida are subject to the following restrictions\/limitations:<\/em><\/p>\n Remember I said, back on April 1, 2007 that IndyMac was conservative<\/a>? Every other lender followed suit. Today it’s Florida; the other three states will be next. This is why my outlook for housing in 2008 is bleak<\/a>.<\/p>\n Do not despair, though.<\/strong> While this will virtually halt activity it will “right-price” (that’s my new phrase) the market…QUICKLY. Expect Florida prices to drop like a ball off a table, in February, when the rest of the lenders pucker.<\/p>\n …and then there will be buyers. Oh, there will be buyers. <\/strong><\/p>\n PS: If I sound giddy it’s because the “muddy waters keep getting clearer” and I can see the bottom.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":" Lenders don’t love us no’ mo’. Want a vacation crib in Miami? How about an investment property in Orlando? Show up with 40%, no seller carry-backs allowed, thankyouverymuch. This e-mail came in this morning from IndyMac Bank : Florida Guideline Restrictions Transactions securing properties located in the state of Florida are subject to the following […]<\/p>\n","protected":false},"author":15,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_crdt_document":"","jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[8,26,5],"tags":[],"class_list":{"0":"post-2418","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"hentry","6":"category-investment","7":"category-lending","8":"category-real-estate","10":"no-featured-image"},"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"jetpack-related-posts":[{"id":18079,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/18079\/how-to-fix-florida-homeowners-insurance-costs\/","url_meta":{"origin":2418,"position":0},"title":"How To Fix Florida Homeowner’s Insurance Costs","author":"Brian Brady","date":"April 25, 2021","format":false,"excerpt":"This morning, The Wall Street Journal sounded the alarm about the ticking time bomb in Florida real estate.\u00a0 It's behind a paywall but I will try to highlight some key points for you: 1- Florida homeowner insurance premiums are increasing by a double-digit percentage 2- Insurance companies are withdrawing from\u2026","rel":"","context":"In "Investment"","block_context":{"text":"Investment","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/investment\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":16146,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/16146\/primary-home-investment-or-liability\/","url_meta":{"origin":2418,"position":1},"title":"Primary Home – Investment or Liability","author":"Cooksquared","date":"August 3, 2012","format":false,"excerpt":"Pre-2007, I am not sure this topic would have even been controversial; people not only regularly utilized their home as their \"primary investment\", but often, treated it as their personal piggy bank.\u00a0 In hindsight we can all judge others as we secretly lick our own wounds from a vicious downturn\u2026","rel":"","context":"In "Innovation"","block_context":{"text":"Innovation","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/innovation\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":12805,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/12805\/an-apology-to-redfin-com-ceo-glenn-kelman-i-bought-my-house-on-freephoenixmlssearch-com\/","url_meta":{"origin":2418,"position":2},"title":"An apology to Redfin.com CEO Glenn Kelman: “I bought my house on FreePhoenixMLSSearch.com!”","author":"Greg Swann","date":"July 26, 2010","format":false,"excerpt":"I owe Glenn Kelman an apology. When Redfin.com was young -- which is to say four long years ago -- I swore that Glenn's assertion that people would buy homes like books on Amazon.com was simply absurd. I have moved people into rental properties sight unseen, and quite a few\u2026","rel":"","context":"In "Flourishing"","block_context":{"text":"Flourishing","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/flourishing\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":2512,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/2512\/tuition-is-expensive-at-the-school-of-hard-knocks\/","url_meta":{"origin":2418,"position":3},"title":"Tuition Is Expensive At The School Of Hard Knocks","author":"Doug Quance","date":"January 18, 2008","format":false,"excerpt":"Another Episode Of \"It Doesn't Pay To Be A Cheap Bastard\" In times like these, real estate investors often search for the corners to be cut. While many of the corners should be cut - others should not. Such is the case of adequate insurance. Many sellers are having to\u2026","rel":"","context":"In "General"","block_context":{"text":"General","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/general\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":17650,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/17650\/overnight-news-whats-hypothecation-its-how-you-turn-a-detached-apartment-in-a-single-family-residence\/","url_meta":{"origin":2418,"position":4},"title":"Overnight News: What\u2019s hypothecation? It\u2019s how you turn a detached apartment into a single-family residence.","author":"Greg Swann","date":"December 28, 2020","format":false,"excerpt":"Brian Brady fingered the link on brand new rental communities pitching detached apartments as SFRs for lease. We have these in Phoenix, too, though I have never toured them. They look to be 1,200sf homes on 1,400sf parcels \u2013 except of course they aren't parcels \u2013 yet. When the market\u2026","rel":"","context":"In "Group Therapy"","block_context":{"text":"Group Therapy","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/group-therapy\/"},"img":{"alt_text":"Ya think it's easy?","src":"https:\/\/i0.wp.com\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-content\/uploads\/2020\/08\/BHBNewTopImage-300x225.jpg?resize=350%2C200","width":350,"height":200},"classes":[]},{"id":18850,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/18850\/get-up-get-out-get-contacts-get-paid\/","url_meta":{"origin":2418,"position":5},"title":"Get up. Get Out. Get Contacts. Get Paid.","author":"Brian Brady","date":"November 22, 2022","format":false,"excerpt":"If you are following my journey, we moved to Tampa\/St Pete FL last year.\u00a0 We still have a home in San Diego but spend most of the year in Florida. The reasons are plentiful but, when COVID lockdowns hit, it gave me a chance to start a new \"product line\"\u2026","rel":"","context":"In "Investment"","block_context":{"text":"Investment","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/investment\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"_links":{"self":[{"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/posts\/2418","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/users\/15"}],"replies":[{"embeddable":true,"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/comments?post=2418"}],"version-history":[{"count":0,"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/posts\/2418\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/media?parent=2418"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/categories?post=2418"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/tags?post=2418"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
\nFor all Loan Programs:<\/strong><\/em><\/p>\n\n
\n<\/em><\/p>\n
\n– The maximum LTV and CLTV otherwise available for the transaction type must be reduced by 5%.
\n– The Borrower’s current primary residence must be sold and closed prior to,
\nor concurrently with Indymac’s funding.
\n– If the to-be-secured property is a single family residence, condominium or planned unit development, it must be located within an established project. An established project is one in which 90% of the total project units have been sold, and the subject property has been previously occupied \/ owned by someone other than the developer.<\/em><\/p>\n