May 12th, 2026 1:15 PM by Linda Holley
William Raveis insurance and mortgage affiliates provided agent training today for the Certified Homeownership Professional (CHP).
FL Homeowners Insurance: The life expectancy for a roof is important for insurance coverage.....less than five years is a problem. Homeowners may be able to get up to 90 days after closing for roof repairs. Get an insurance quote when home is first under contract to avoid surprises.
The cost of insurance has gone up 46% across the US. Pedro DelGadillo shops insurance for his clients each year when it's time for renewal.
Homes within 1 mile of the water - some companies will not insure but there are many who will.
Private flood insurance is available which is great if there is a government shutdown.
Dog breeds: Some carriers have restrictions for aggressive breeds. If you have a pit bull, ASK.
Clive Report: Pulls insurance claim history for last 5 years for the property and the person.
Mortgages: Warrantable condos are eligible for conventional financing as long as there are no ongoing assessments and there is no deferred maintenance. Ask Linda Holley for a list of condos that are on the "Do Not Finance" list. Beginning Jan 2027, required contributions to reserves is being increased to 15%.
Non-Warrantable Condos - not eligible for conventional (Fanny Mae) financing if there is a membership required or if the reserve funds are inadequate.
Rental income is used for mortgage qualification. Lenders look at seasonal income vs. long term. Which is more beneficial for income?
Assets: Crypto must be cashed in to be considered.
Gifts - from family or familial friend. Friends can get a Home Line of Equity (HELOC) on their own home for cash to buyer friend(s).
Traditional Bridge Loans can be used if buyer has an existing home to sell. Can defer payments on the old home up to 12 months.
Doctors and medical professionals can get 100% financing and student loans can be excluded from qualification.
VA, FHA, State Ramp, and interest-only loans are also available. Be sure to ask Melissa Cohn about all mortgage programs.
Today's rates: Because of the Iran war, we are at 6-3/8%; with a 2 point rate buydown, can be 4-3/8%. Before the war, we were at 5-3/8%. This is when temporary buydowns come into play.
Fix and Flip loans - 85-90% financing of purchase price plus 100% of renovations.
CPI - rate of inflation today is 3.8%, the highest in 3 years, which is not good for mortgage rates or bond yield. This will improve once we have a ceasefire and the Strait of Hormuz is reopened.
Linda Holley, Sales Agent, 941-914-4914, William Raveis Real Estate
Pedro DelGadillo 305-922-5393 (Cell) William Raveis Insurance
Melissa Cohn, 917-838-7300 William Raveis Mortgage
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