Friday, August 30, 2013

Homestead Exemption Deadline September 18th for Broward County Owner Occupied Residential Property
BCPA Special Saturday Working Hours
Our office will be open from 8:30 am to 5:00 pm this summer on two Saturdays -- September 7 and September 14 -- to better serve working families.
You can file today for 2013 exemptions. This includes homestead, disability, widow/widower, granny flat, portability, deployed military and non-profit exemptions. If you miss the March 1, 2013, deadline to timely file to any exemptions, Florida law allows you to "late file" for 2013 exemptions until September 18, 2013. Note: Per Section 196.011(8), Florida Statutes, we cannot accept any exemption late applications once "late filing" deadline closes. To apply for a 2013 homestead, simply click here to use our online Homestead Application system. To apply for other exemptions, visit our Download Forms page to find the appropriate application. Questions? Please contact our Customer Service & Exemptions Division at 954.357.6830. Note: Due to a quirk in state law, pre-filing before January 1, 2013, is not permitted for the low-income senior exemption.
Key Contact Info: Email Us, Call Us, Visit Us.
Location: Our MAIN OFFICE is located the Broward Governmental Center at 115 South Andrews Avenue, Room 111, in downtown Fort Lauderdale (just south of Broward Boulevard). Note: Please also see our Outreach Calendar for events held monthly throughout Broward County.
Hours: We are open weekdays from 7 am until 6 pm.
Important Phone Numbers: Here is a quick phone list to guide you in the right direction...
Customer Service, Exemptions & General Info - 954.357.6830
You are entitled to a Homestead Exemption if, as of January 1st, you have made the property your permanent home or the permanent home of a person who is legally or naturally dependent on you. By law, January 1 of each year is the date on which permanent residence is determined.


Monday, August 26, 2013

The FHA "Back To Work" Program Is Official
Effective August 15th 2013

Loans failing to meet FHA mortgage guidelines do not get insured, and the Federal Housing Administration has been steadily tightening its requirements since last decade's housing downturn.

On August 15, 2013, the Federal Housing Administration moved to relax its guidelines for borrowers who "experienced periods of financial difficulty due to extenuating circumstances".

AKA the "Back To Work - Extenuating Circumstances Program", the FHA removed the standard waiting periods that typically followed a derogatory credit event.*

If you've experienced any of the following financial difficulties, you may be program-eligible :

  • Short sales
  • Deed-in-lieu
  • Foreclosure
  • Chapter 7 bankruptcy
  • Chapter 13 bankruptcy
  • Loan modification
  • Forbearance agreements

FHA understands that, sometimes, credit issues may be beyond your control, and that credit histories don't always reflect a person's true ability or willingness to pay on a mortgage.

Find out if the FHA's Back to Work - Extenuating Circumstances program applies to you.

What are the minimum eligibility requirements of the FHA Back To Work program?

In order to qualify, you must meet several minimum eligibility standards. The first is that you must have experienced an "economic event" (e.g.; pre-foreclosure sale, short sale, deed-in-lieu, foreclosure, Chapter 7 bankruptcy, Chapter 13 bankruptcy, loan modification, forbearance agreement). The second is that you must demonstrate a full recovery from the event. And, third, you must agree to complete housing counseling prior to closing. You must also show that your household income declined by 20% or more for a period of at least 6 months, which coincided with the above "economic event".

How do I document a 20% loss of household income for the FHA?

In order to document a 20% loss of household income, you must present federal tax returns or W-2s, or a written Verification of Employment evidencing prior income. For loss of income based on seasonal or part-time employment, two years of seasonal or part-time employment in the same field must be verified and documented as well. Income after the onset of the economic event, which should represent a loss of at least 20% for at least six months, should be verified according to standard FHA guidelines. This may include W-2s, pay stubs, unemployment income receipts, or other. Your lender will help you determine the best method of verification.

*Standard Wait Periods without the “Back To Work” Exception are:
Chapter 7
  •  FHA- 2 Years 
  •  VA- 2 Years  
  •  Conventional- FNMA and FHLMC 4 years
Foreclosure – Check Date of the Certificate of Transfer

·     FHA- 3 Years
·     VA- 2 Years
·     Conventional- FNMA and FHLMC 7 years
For more information email

Friday, August 23, 2013

1031 Exchange

A 1031 Exchange—Tax Deferred or Like Property Exchange—is an exchange of real property in which no taxable gain or loss is recognized at the time of sale. Section 1031 of the Internal Revenue Code allows investors to defer the payment of state and federal capital gains taxes by exchanging one investment property with another, rather than selling it. Ask me about our 1031 exchange mortgage program up to 85% Loan to Value.

Always verify your exchange deadlines with your tax advisor.
Notice: The actual deadline for completing an exchange is the earlier of either 180 days from the date on which the Exchanger transfers the relinquished property, or the due date, including extensions filed by the Exchanger, for the Exchanger's tax return for the year of the transfer of the relinquished property. Consult your tax advisor regarding your tax filing requirement dates.