SHOP UBB

Property Investment In Cyprus…The 10 Point Safe Purchase Guide

Although Cyprus is quite a small island you will be amazed at just how popular it just is and especially for property investment by English speakers. Cyprus has virtually become the number one choice for people wishing to invest in retirement homes and for buy to rent investment properties.

So you may be asking yourselves what is it then that makes Cyprus so appealing to investors. Well apart from the fact that is was a British colony for a number of years; meaning that the island’s basic infrastructure was set up and the English language was soon leaned by the islanders, it also offers a sense of mystery and beautiful that is unique and the all year round mild climate helps the sun to shine almost permanently.

Every country seems to have a different procedure when purchasing real estate and Cyprus in no different there either. You will learn about the exact steps that need to be taken in order to finalise a property purchase although this process only applies to properties that are purchased in Southern Cyprus.

1. Any Foreign resident will have to undergo the application for government approval for purchasing property in Cyprus and as this can take up to a year to get, you need to get this under way well before thinking about purchasing a property.

2. You need a solicitor and you should have no problems in finding one that speaks English. If you need any help just speak to some of the local ex pats that are always willing to give good advice based on their experiences.

3. As soon as you have got the necessary approval from the Council of Ministers and the property has been correctly identified, you may proceed to sign an initial contract and the holding deposit may be placed with a notary or your own solicitor. The amount placed as a deposit may be a little as just 1 percent of the total purchase price.

4. Once that has been executed you will have to pay a secondary reservation deposit on the agreed date and at this point the property will officially be taken off the market. As long as you don’t default on the drawn up contract the property will remain off the market. 5. You solicitor will carry out the necessary steps through the District and Registry Office that will conclude that the property can legally be sold.

6. The following period of time is really what the bank requires to finalise your mortgage contract which will also be signed before the notary on the day you sign up for your property. There are a number of options when it comes to financing a property deal but you should always compare any private finance deal with a bank before you make your final decision.

If you are one of those people who are considering selling up shop at home and starting a new life in Cyprus, then you should have plenty of change to start enjoying a new life of luxury. Your money will stretch a lot more on Cyprus so when I say luxury, I mean luxury.

7. The final contact is drawn up and signed before the notary once your lawyer has completed the investigation work into the property and that the finance for it’s purchase is in place. As soon as the signing is finalised the relative documentation is filed with the Land Registry Office.

8. Should one of the parties be a subject of Cyprus it will be necessary to get official approval from the Bank of Cyprus in order to conclude the transfer of funds and consequently the property purchase. This final step would not be necessary should both parties be foreign nationals.

9. Should the property be a second hand one then you will immediately become the title holder but should it be a new build property, then you would have to wait for 3 years for that process to conclude even though you are officially registered as the owner of the property with District Land Registry.

10. Now you can just get on with life as usually and start to get into the Mediterranean lifestyle as you will certainly want to start relaxing after a stressful time at the notary. As you know you can get by only speaking English but if you want to enrich your experience on the island then try and learn a bit of Greek.

Discover these Cyprus Villa Tips found at http://www.cyprusinformer.com and check out this Cyprus Travel Blog written by the illustrious Tim Martins

Property Investment In Cyprus…The 10 Point Safe Purchase Guide / Author: TimMartins

• Comments Off

Available Government Programs for First Time Buyers

Most of the bank owned properties are in need of various levels of repair or upgrades. These homes have been neglected by the previous owners and the current owner (banks) will not consider making any repairs. With the ability to visualize what the home could be with a little extra these programs may enable you to create the dream.

First time home buyers and other non investors purchasing or refinancing their primary residence can benefit from three FHA programs. These programs are great in our current residential housing market; where many bank owned properties dominate the market.

The first to be discussed is the FHA Energy Efficient Mortgage Program. This program allows the buyer to finance up to 5% of the purchase price (up to $8,000) with 100% financing for “Cost Effective’ eligible energy improvements. The total of the cost for the energy improvements is layered into the base loan amount. The cost of the energy improvements is can go above the loan limits in the base loan program. The cost of the energy improvements is added to the appraisal value on the home so a second appraisal is not required.

This program can be used in conjunction with the FHA Weatherization Program described below. Participation in this program requires a HERS (Home Energy Rating System) Energy Audit. The cost of the audit is about $300 (buyer expense) and can be paid at the time of the audit, through escrow as a closing cost of the buyer, or with the lenders approval can be made part of the mortgage. The following list is provided to give you an idea of what types of improvements could qualify for the program. Actual improvements cannot be identified until the HERS is completed on the home. One requirement for approval is the cost of the improvements must reduce the energy costs of the home in the current condition.

1. Central Heating/Cooling (addition or replacement)
2. Replace Wall Heating Unit(s)
3. Test and Seal Ductwork for Leaks
4. Whole House Fan
5. Water Heater Replacement
6. Dual Pane Low E Windows & Sliding Glass Door(s)
7. Exterior Doors & Sun Screens
8. Solar Domestic Hot Water (DHW)

FHA STREAMLINE (K) LIMITED REPAIR PROGRAM

This program is available to owner occupants for the purchase or refinance of 1-4 unit residential properties including Condos, Manufactured homes, and mixed use properties.

Program limit is up to $35,000 with Contractor Firm & Fixed Bid Proposals

Down payment and income qualifying is required and may not exceed loan limits. This program can be used in conjunction with the FHA ENERGY EFFICIENT MORTGAGE PROGRAM discussed above.

All work performed under any of the programs mentioned is initiated and completed after the close of escrow. All money is distributed through escrow.

The borrower selects the contractors. Contractors must be licensed and bonded and insured. The lender may review the contractor’s credentials. Written bid proposals are required and must include labor, materials and/or services and required permits. “Cost plus” or “time and materials” contracts are prohibited. Proposals must agree to complete the work for the amount of the cost estimate within the allowed time. “Self Help” arrangements are “strongly discouraged” unless the borrower’s have the expertise and ability to competently perform the work in a timely and workmanlike manner is self-evident and easily documented. If the borrower is performing the work under a self-help arrangement, the borrower may be reimbursed for materials purchased in accordance with the previously obtained estimates.

Typically eligible repairs:
1. Almost any discretionary-non-structural repairs, renovations and weatherization
2. Repair Pest/Dry Rot
3. Replace Floor Coverings
4. Repair Decks & Patios
5. Minor Remodeling, such as kitchens
6. Dual Pane Windows
7. Replace or Repair Roof, Gutters & Downspouts
8. Septic/Well Repair or Replacement
9. Improvements for persons with Disabilities
10. Heat & Air
11. Appliances: Washer/Dryer, Refrigerator, Stove, Microwave

FHA Weatherization Program

The objective of this program is to assist the homeowner in reducing the heating and cooling expense of maintaining a home. Participation in this program does not require an energy audit (HERS mentioned above).

Down payment and income qualification is required.

The “Weatherization Program may not exceed loan limits. The amount of increase the Weatherization Program brings to the home is calculated and added to the base loan.

Eligible Repairs:
1. Attic/Wall Insulation
2. Thermostats
3. Weather Stripping/Caulking
4. Storm Windows/Doors (Dual Pane Windows)
5. Insulation of Ducts & Pipes
6. Insulation Wrap for Water Heaters

To learn more, go to www.first-time-home-buyers-tips.com.

Available Government Programs for First Time Buyers / Author: Michael Mizuno

• Comments Off

Stopping Creditor Calls

Federal and state laws are on the side of those who are in the process of stopping creditor calls, progressing beyond the normal range of decency and respectability–as long as a collection agency is the one at hand, not the original creditor. And stopping creditor calls can actually be prevented best by the consumer themselves, through direct communication with the original creditor. So why is it that so many consumers refuse to do anything about this form of creditor harassment?

The truth is, most people are totally ignorant on how credit and the creditors work, which supports the theory that not enough knowledge can do great harm. Stopping creditor calls can be easy or hard, depending on how armed the consumer is with knowledge regarding that they do have rights, and the creditor has a purpose other than to get the payment from them and take a cut.

Rights to protect debt consumers are taken from the Fair Debt Collection Practices Act (FDCPA), a governmental company which has laws regarding certain types of practices allowed and not allowed, by bill collectors and credit agencies. Stopping creditor calls should begin with the FDCPA in order to process the act of stopping creditor calls legally, if not contacting them to handle a case, but by at least reading it and recognizing what the consumer’s rights consist of. And the law specifically says that no calls can be made to a place of employment without permission of the consumer, and no contact can be made before 8 a.m. or after 9 p.m. by the credit agency.

Debt collectors, creditors, or credit agencies are allowed to contact the consumer, friend, family or employers. They have this right to attempt to obtain an unpaid debt, but stopping creditor calls can prevent a lot of stress if the creditor has been doing it in a harassing manner over time. Of course, remember and document any contact that is made, illegal or illegally, focusing on the fact that any contact needs to involve the debt in question by the consumer, but cannot be referred to or that the creditor implies they are contacting for an unpaid debt. Debts that have accumulated over time cause stress on a person, on marriages, and in a relationship—and can occur for many reasons, such as illness, job loss, reduction in the overall mental issues, or even death.

Most creditors threaten court action or seizing property, through phone calls, home visits, and bill collection letters—which would require going to court first in an attempt to obtain the full amount. And most courts will attempt to work out a payment plan. And once a person files bankruptcy because there is no money for any sort of payment plan through a federal restraining order called an “automatic stay,” the debt collector legally can no longer contact the consumer. The only exception to this rule is if the debt involved has missed or been overlooked, not listed in the bankruptcy debt list. Stopping creditor calls is easy, with many routes available—it just involves a little research and some phone calls.

Sammy Sweet is the founder of All Mortgage explained (arizona mortgage broker). She can be
reached for more information at her website here:http://allmortgageexplained.com

Stopping Creditor Calls / Author: Sammy Sweet

• Comments Off

Exactly What Are Reverse Annuity Mortgages?

Mortgages come in many varieties and can be quite confusing. Reverse annuity mortgages have a confusing name but can be very helpful for seniors. A reverse annuity mortgage is one form of reverse mortgages in general. Reverse mortgages were created for seniors and you must be at least 62 years of age at time of application.

A reverse mortgage is a variation of a home equity loan. Normal home equity loans require payments made monthly towards the balance of the loan taken out. If the payments are not made, then the home is subject to foreclosure. For this reason, it can be very dangerous for seniors to take out normal home equity loans. Fixed incomes might not keep up with increasing home equity interest rates.

With a reverse mortgage there are no payments due on the loan balance until one of three things happen. The first is if the house is sold. If sold, the reverse mortgage balance must be paid off first with the home sale proceeds. The second event would be if the borrower no longer occupied the home. An example would be going into a retirement home. The final instance is the death of the borrower.

There are two different ways that money can be received from a reverse mortgage. The first is a lump sum. This means the entire amount of the loan is given to the borrower at closing. The other type is a reverse mortgage with an annuity. This means that instead of a lump sum the borrower receives a stream of payments every month until one of the above 3 events happen.

The amount that can be borrowed is related to various criteria. More money can be taken out the older the borrower is. Also, the more the appraisal is for the property translates to more able to be borrowed using a reverse mortgage. There are other variables that relate to the locality in which you live. Resources are available which can help you figure out the amount you can secure with a reverse mortgage.

One excellent source of information is actually mandatory. It is required that all borrowers with reverse mortgages attend a free education class approved by HUD. This is ensure seniors to not get taken advantage of by bad lenders. These classes are an excellent source of information and are a good benefit to seniors. An educated borrower can often save money.

The decision on whether to take a lump sum or an annuity relates to several factors. Your age and your income needs are primary criteria. Oftentimes, the advice of a certified financial professional becomes very useful when making this decision. Each person’s situation is unique and there is no one size fits all answer. Your situation must be analyzed individually.

Reverse annuity mortgages can provide seniors with a monthly check without fear of losing their home. They often are a better choice than a typical home equity loan. As with any major financial endeavor, information is essential. Make sure you understand all the terms before signing on the bottom line.

If you would like more on reverse annuity mortgages, check out http://www.MortgageLoans-101.com where you’ll find this and much more, from FHA mortgage loans to interest only home loans.

Exactly What Are Reverse Annuity Mortgages? / Author: ahefner33

• Comments Off

How Does a Reverse Mortgage Work For Seniors?

Many seniors wonder how does a reverse mortgage work. As its name implies, a reverse mortgage is opposite of a typical one. In a regular mortgage, the borrower secures a loan and makes monthly payments toward it. In a reverse mortgage the lender gives either a lump sum or a stream of monthly payments to someone who already owns a home.

Reverse mortgages have several requirements and stipulations. The first and most important being that one must be at least 62 years of age to qualify. These loans are specifically meant for seniors. The goal of a reverse mortgage is to allow a senior to cash out equity in their home without subjecting them to a risk of future foreclosure or having a loan payment to make.

Most home equity loans require monthly payments. When you take out a second mortgage, that loan requires payment. However, a reverse mortgage requires no payment so long as the borrower continues to occupy the home. Payment of the reverse mortgage is only triggered by one of three occurrences. This first of these is if the borrower dies.

The second is if the home sells. The third trigger for repayment is if the borrower no longer occupies the home for other reasons. One common reason is transition to long term care. Other than these reasons there is no payment required towards the balance of the reverse mortgage. This means that there is no possibility of default hence foreclosure.

Reverse mortgages require that any existing first or second mortgages against the property be repaid. This often occurs at closing with the first portion of the reverse mortgage being used for this purpose. The remaining amount available is then disbursed to the borrower. This can be done in one of two ways. The borrower on a reverse mortgage can elect to take this amount in a lump sum.

Alternatively, the borrower can elect to take the proceeds in monthly payments. These payments arrive every month and are very much like an annuity. The amount available with a reverse mortgage is driven by several factors. The first factor is the age of the borrower. The older the borrower means the more that can be accessed via a reverse mortgage.

Another important factor in determining the amount available is the appraised value of the home. The higher the value then obviously the more that can be borrowed against it. If you elect monthly payments, then the total amount received is higher than that in a lump sum payment. Other local factors influence the amount which can be borrowed and vary by county.

There are many good free resources online to explain how does a reverse mortgage work. These loans can be excellent for seniors. However, it is important they avoid unscrupulous lenders. HUD requires a free educational session for seniors prior to signing for one of these loans. This education is important and should be heeded.

Most haven’t even heard of them and often lead to thinking “how does a reverse mortgage work“? To find out more, check out http://www.MortgageLoans-101.com where you’ll find this and other mortgage loan information you might never heard of.

How Does a Reverse Mortgage Work For Seniors? / Author: ahefner33

• Comments Off