Lehman “has to fill the void and the way to do that is establish what their options are”, says a senior executive at one private equity firm who has been approached and has received documents with information about the business.

The business, which Lehman bought in 2003 for $2.6bn, is today worth as much as $10bn, analysts say.

A spokeswoman for Lehman declined to comment.

Lehman is trying to find the least painful way to fill the hole on its balance sheet at a time when it is hard to raise equity capital – a problem similar to that faced by Merrill Lynch before it sold off its stake in Bloomberg.

Lehman is trying to choose between selling troubled portfolios, such as its commercial real estate assets, or selling crown jewels such as the asset management business. Lehman lacks non-core assets that are easy to hive off, such as Merrill’s stake in Bloomberg.

One challenge in any Neuberger sale would be to keep its portfolio managers from rebelling. At the time of Lehman’s original purchase, 30 top fund managers at Neuberger received share packages with long holding periods. Since that time, Lehman’s share price has collapsed. To keep critical staff from leaving, any buyer would be likely to have to offer generous packages.

“Can you come up with enough economics for employees and still offer Lehman enough to convince them to sell?” asks the private equity executive who has received documents with information about Neuberger.

Private equity firms are keen to expand their assets under management at a time when many are determined to follow Blackstone into the public market.

Similarly, there are money management firms who are not strong in the so-called long-only equity management business, which is considered Neuberger’s core strength.

Dick Fuld, Lehman’s chief executive, is understood to have explored several options. Talks with strategic investors in Asia regarding a stake in the firm itself went nowhere – at least up to now, according to people familiar with the matter.

Some hedge funds (which Lehman spent heavily on to acquire minority stakes in) loyally came forward when Lehman raised capital this spring and were rewarded with heavy losses. Now they are considering buying back those stakes – at a deep discount. Meanwhile, their own poor performance is a further drag on Lehman.

Value of Lehman ex-Neuberger Berman may be negative (Naked Capitalism)

Now look at the valuation of the asset management business versus Lehman as a whole. From the New York Times:
There has been widespread speculation that Lehman was contemplating a sale of Neuberger Berman, whose value is estimated by analysts to vary from less than $7 billion to as high as $13 billion (Lehman’s entire market capitalization is about $10.5 billion).
Connect the dots. The stock market is saying that the value of current Lehman operations ex the asset management business is close to zero, or maybe even negative (which would hold if liabilities exceed the value of the remaining assets). Note that the Journal story puts a narrower value on the asset management operations, $8 to $10 billion.

Of course, the deal-minded would contend otherwise, that Lehman is in effect suffering from a conglomerate discount, and as can happen with public companies, the breakup value is higher than the public market price. If that were true, Lehman should sell its asset management business in toto and use the proceeds to take the rest of the firm private.

A more curious disparity between the two pieces is the spin they put on Lehman’s sales activities. Both articles say the firm has sent letters to possible buyers last week. But there was a marked difference in how each paper characterized the move. First, from the Journal:
As it tries to overcome mounting losses on soured mortgage-related assets, Lehman has begun circulating a detailed book of financial information about the investment-management unit to a group that includes private-equity firms Carlyle Group, Hellman & Friedman LLC and General Atlantic LLC, people familiar with the situation said. Blackstone Group LP also has expressed interest in the business in recent weeks, other people familiar with the process said.
Sending out an offering memo means the business is for sale, period. That does not mean a deal will go through; the offers may be deemed to be inadequate. However, oddly, the New York Times article gives an entirely different report on the state of play:
Lehman Brothers, the troubled investment bank, is considering the sale of all or part of its prized money management division to private equity firms…

Lehman sent letters last week to a number of financial companies, including private equity firms like Kohlberg, Kravis & Roberts, J. C. Flowers, the Blackstone Group, the Carlyle Group and Apollo Management, to test interest in its money management division, according to several people briefed on its contents.

The letter, a so-called memorandum of understanding, did not put a value on the division. It said that interested parties could bid for all or some of the pieces but encouraged bidders to make an offer for the whole business…. Lehman’s current talks with private equity are an attempt to put price tags on Neuberger and other pieces of its asset management unit, which should provide flexibility for Lehman executives when they sit down to review third-quarter earnings and calculate if they need to raise capital.
This gives the impression that Lehman is price-shopping to get inputs as to whether it should sell all or part of the operations or not. The reason I doubt this interpretation is you don’t circulate “detailed” information to buyers casually. First, the process of shopping a company is time consuming and rattles employees and often leads to defections (although in this case, with Lehman’s stock at such lousy levels, the Neuberger principals are believed to be on board with this move). Second, the prospective buyers are all major clients. It would be ill advised to jerk them around.

However, another oddity is the buyer list. Why, for instance, are no Japanese banks included? They are cash-rich, keenly aware of the advantage that confers to them now, (I was at a closing party of sorts for a large loan that one Japanese bank that the borrower, a big financial firm I guarantee you heard of, said European and US banks simply were not doing) and looking for equity investments.

A crude rule of thumb in M&A is that having another bidder in the mix will add 10% to the sales price. That’s why, unless there is a need for secrecy or speed, businesses for sale are shopped widely. So the fact that the buyer list includes only private equity firms seems unduly narrow. The Times does offer a possible explanation: “At the same time, many bidders are not interested in buying the whole business because it does not fit with their own model.” Many, if not all of the firms already being solicited apparently see this as a strategic purchase, not a portfolio investment. But again, that fact would seem to favor possible buyers with fewer conflicts in terms of existing operations, like the Japanese.

Of course, the assumption may be that now that the sale has been de facto announced in the Times and Journal that other interested parties will contact Lehman.

The Times also indicates that a sale of the entire business may not be viable:
….one of the complications to any potential sale of Lehman’s investment management business is that ratings agencies could determine that the division or its parts are too important to Lehman’s business to sell.
and quotes analysts like Richard Bove of Ladenberg Thalmann that would prefer that 20% of the fund management operations be sold in a public offering

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Who coined the phrase “home staging?”
I invented the industry 36 years ago. I had an interior design business and then went into real estate in the early ‘70s and was shocked at the way the houses looked. I started thinking about decorating houses to sell them. I used my theatre experience to set the scene. Staging is preparing your home so that the buyers can imagine living there with their own things. But most people have too much stuff and they don’t think to put it away. I’ve taught more than one million realtors and decorators about staging via my seminars.

But don’t potential buyers like a house that’s neat but lived in?
Just because you lived in a home one way isn’t the way you sell it. A home becomes a house, then a product to get top dollar. That’s why you do the staging—so the buyer doesn’t look at the stuff, but looks at the space.

What does a stager actually do?
First, I chat on phone with the potential client and then visit the home. I bring my credentials and pictures of my work. I take notes and photos and then I’ll write a proposal. I work on full homes, vacant homes. I have inventory for rent. Usually in lived-in homes you don’t have to buy or rent anything. Staging includes cleaning, packing up stuff, rearranging and moving furniture from one room to another, displaying art, and maybe even painting rooms.

Packing up stuff? What happens to the stuff?
The homeowners might have to get portable storage or box it up and put it in storage and get rid of it for now. Or they can have a garage sale or give things to charity.

Tell me more about staging. What are the steps?

1. Get it clean (stager arranges this or owner does it)
2. Make it clutter-free (seller or stager does it)
3. Use color wisely. Put soft colors, neutrals, on the walls and floors. This expands the size of the room. No red bedrooms, no purple. Put the punch in accessories.
4. Compromise. When you can, put the money in something that’s in poor condition, such as replacing a vinyl kitchen floor that’s in bad shape. But if the bathroom counter is pink, diffuse it and go retro by hanging black hand towels, putting up a new white shower curtain, and painting the walls white.
5. Creativity. Staging is not about spending money. I can stage homes with a ball of rope and a pair of clippers. Angle the bed so that it opens walls and makes the room look bigger. Use nice sheets and pull back the bedspread to show off the sheets.
6. Communication. What is each room communicating to the buyer? Do we have to change the message? Is the room calm, peaceful?
7. Commitment. The seller has to be committed and say they can do this and not be afraid of changes.

How long does staging take?
I work with a team of 6 to 8 people
and we’re done in a day. A vacant house also takes a day; a condo, half
a day. Painting would be done before we stage.

How much does staging cost?
A consultation fee is about $350 to
$500 for a detailed written plan for the customer to do. But if the
stager is doing the work, the average cost is $2,800, not including
renting or buying inventory. Staging is about investing in your
investment. Based on a survey we did, 94 percent of staged homes are
selling on average in a month or less, while non-staged homes are on
the market for an average of 165 days.

Kitchens are a focal point of most homes today. Should old,
unattractive appliances be replaced when trying to sell a home in a
down market?
Old working appliances aren’t the problem, the
problem is when they’re filthy or the color is wrong. If they’re in
working order but the color is wrong, have them painted professionally.
If the appliance is really grungy, get a new one.

What’s the biggest mistake homeowners make when trying to sell their home?
Not
putting the stuff away. Take the bulletin board down with the bills on
it. Get all of those photos off the refrigerator. Go through the house
and divorce yourself from being a seller and become the buyer.

How do I find a terrific home stager?
Look for a person who
tells you how they work. The stager should share their portfolio, have
insurance and references for you to call, take credit cards, and give
you a legal agreement for the work that’s to be done. Go to the
International Association of Home Staging Professionals and type in
your zip code to find a home stager. An ASP is an Accredited Staging
Professional. An ASPM has a master designation.  Look for those, they
have more education.

Essential information: Learn what our experts have to say about buying or selling a home in a rocky real-estate market.

Some interesting “positive” posts below:

Via Brendan Winans:

For those of us who don’t feel the need to preach “Doom and Gloom” to justify a lack of business, here are some articles about the positive signs in the market.

Recent Quotes about the Positive Signs in the Real Estate Market:

NAR’s Pending Home Sales Index Rises in June

Some improvement is projected for existing-home sales in the months ahead, according to the latest forecast by the National Association of Realtors®. The Pending Home Sales Index, a forward-looking indicator based on contracts signed in June, rose 5.3 percent to 89.0.
“The rise in pending home sales was broad-based with all four regions showing gains. This is welcome news because a rise in contract activity is necessary for an overall housing recovery.”

– Lawrence Yun, NAR chief economist ”Pending Home Sales Rise, Wider Gains Anticipated as Buyers tap Housing Provisions,” National Association of Realtors®, August 7, 2008. (Data/Report – PDF)

Study: Most Americans Not Likely to Experience Significant Decline in Home Values

Only four states — Arizona, California, Florida and Nevada — have had declines of more than 4 percent in home prices over the past year, according to the house price index of the Office of Federal Housing Enterprise Oversight.
Our analysis reveals, unsurprisingly, that foreclosures and home prices have negative effects on each other over time, but this does not imply a vicious cycle of collapsing prices. Our models predict that as foreclosures continue to climb in many states, house prices will remain flat or decline in those states — but will not collapse.

– “Housing Collapse Ahead? Not According to the Data,” by Charles W. Calomiris, Stanley D. Longhofer and William Miles, Washington Post, August 4, 2008.

Housing Rescue Bill Signed in to Law

The housing act … aims to provide relief to homeowners, incentives to buyers, guidance to lenders and oversight to vital government-sponsored entities, such as Fannie Mae and Freddie Mac. Some of the bill’s provisions include: 

Foreclosure avoidance: Will help an estimated 400,000 homeowners avoid foreclosure by refinancing into 30-year fixed-rate loans backed by the Federal Housing Administration.
Aid for buyers: First-time home buyers who purchase a primary residence between April 9, 2008, and July 1, 2009, will be eligible for a tax credit of $7,500 or 10% of the purchase price, whichever is less. Home buyers who claim the credit will be required to pay it back in equal installments over 15 years, starting in the second year after the home is purchased.
Loan limit: Federal Housing Administration’s loan limit is raised in high-cost areas from 95% to 115% of area median home price, up to $625,500.
Neighborhood help: Provides $4 billion in grants for buying and renovatingforeclosed properties in hardest-hit areas.

– ”Housing Rescue Bill May Fall Short; Who Benefits?,” by Anna Bahney, USA Today, July 28, 2008.

Mortgage Applications Up 2.8% over Previous Week

The volume of mortgage applications filed last week rose slightly, increasing a seasonally adjusted 2.8% compared with the week before, the Mortgage Bankers Association reported. Applications for mortgages to refinance existing home loans rose 4.4% on a week-to-week basis, while mortgage applications for the purchase of a home increased a seasonally adjusted 1.8%.   

– ”Mortgage Applications Rose Slightly Last Week,” by Amy Hoak, Marketwatch, August 6, 2008. 

California May have Reached Housing Bottom

California was the first state to experience a decline in its housing market, and it may be the first to find the bottom. “The fundamentals are good: supply constrained markets with lots of population growth, a solid and diversified economy and important global links” in Los Angeles and San Francisco.

– Mark Zandi, chief economist at Moody’s Economy.com, ”California’s Discount Foreclosure Sales Point to Housing Bottom,” by Dan Levy and Daniel Taub, Bloomberg, July 31, 2008. 

Regional Update: Good News from Markets around the Nation

Las Vegas

There’s a glimmer of hope in the neon city of Nevada, where home sales are starting to heat up after two dismal years. In fact, sales in Las Vegas have risen over the past six months. Bank-owned foreclosed properties are setting the pace. With prices falling, the homes are grabbing attention. “We’re getting a lot more people from Canada and other foreign countries who are able to pick up property that they can afford.”

– Patty Kelley, president of the Greater Las Vegas Association of Realtors, ”Home Sales Begin to Rebound in Las Vegas,” by Christine Dugas, USA Today, August 5, 2008.

Northern Virginia/Washington D.C.

Coldwell Banker Residential Brokerage in Greater Washington is reporting that 50 percent of the properties it sold in June were sold within the first 30 days on the market. “During the second quarter of 2008, we’ve seen a sizable shift in the marketplace. In the Virginia suburbs in particular, when a nice home comes on the market, priced well and in good condition, it is going fast and many are getting multiple offers.”

– Paul Valentino, president of a Washington-area brokerage, ”Renewed Competition for Well-Priced Homes,” Fairfax County Times, July 30, 2008.

Southwest Florida

“We’ve finally gotten to the point where we’ve reached a bottom (in southwest Florida) as far as housing starts, existing home sales and new home sales. We’re kind of bouncing along the bottom. We’ve finally gotten to the point where the price is not dropping, it’s stabilizing, so that’s a good thing.”

– Michael Timmerman, a senior associate with Fishkind & Associates, ”Better Days Ahead for Housing Market, Financial Analysts Say,” Naples Daily News, July 28, 2008. 

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- The Straits Times, H20

Housing agent fees: How low can they go?
Property experts expect agents to feel the pinch once fee guidelines are abolished next month, but the big question in the industry is just how low fees can go. Real estate insiders concede that fees will come under pressure with buyers and sellers free to haggle, but dismiss the notion that rates could plummet to zero. ERA does not see rates falling drastically as the current rate is one of the lowest in the region. Analysts believe consumers will take advantage of the new system and start haggling, but given the slow market, it is unclear who has the upper hand. Prices have eased in favour of buyers but many sellers are not budging, so with volumes down, agents may see an incentive to give discounts.

- The Straits Times, H4

Rising building cost squeezes mass market projects more
A 20% rise in construction costs will shrink developers’ profit margin for a mass-market private condo by 55%; but for a project in the prime districts, the profit margin will contract by 25%, according to Jones Lang LaSalle (JLL). As construction costs are usually at a bigger proportion to suburban land costs compared with the high prime residential land prices, any increase in construction costs will present a greater change in the profit margins in a mass-market project than that in a prime residential project. A 20% base-case developers’ profit margin was worked into the analysis. Rising construction costs, coupled with a ceiling selling price, will put downward pressure on land tender prices. The Building and Construction Authority’s Building Tender Price Index rose 23.7% last year and market watchers expect it to continue increasing this year.

- The Business Times, P31

Asian prime office prices may fall 10%
Asian real estate prices may fall further and prime office values decline 10% before year’s end, Singapore-based property investor Pacific Star Group, which manages US$3 billion of assets globally said. The bottom could come in late 2009 or early 2010. Faltering economic growth and the global credit contraction may ease demand for office and retail space in Asia. Rising inflation and falling equity markets may also dampen sales of homes in the region. The price declines will bring valuations to a more ‘normal’ level after markets rose rapidly the past year, said Pacific Star. Japan and South Korea’s office markets are set to offer property investors returns of as much as 13% over the next 5-7 years, as they benefit from a supply shortage. Retail space in Beijing and Shanghai may also offer higher investment returns.

- The Business Times, P29

Over 2,300 applications for AMK condo-style HDB flats
Design, Build and Sell Scheme (DBSS) project Park Central @ AMK received over 2,300 applications - or four times the 578 units on offer - when submissions closed at midnight on Tuesday. But this does not mean that the project will be fully sold, analysts said. The average selling price for units in Park Central @ AMK is $490-$500 psf, said developer United Engineers (UE). Four-room flats will go for $433,000-$567,000, while five-room apartments will sell for $534,000-$689,000. Developers and analysts are more upbeat about the HDB and mass market private home segments. Developers who price homes below their competitors’ seem to be clearing units. Local developer Roxy-Pacific Holdings said that it has launched six projects since February. To date, some 114 - out of a total 165 offered - have been sold. Apartments in the six projects were mostly sold for $800-$1,100 psf - though located in the more central areas. Roxy-Pacific hopes to push out another three developments by the end of this year.

- The Business Times, P31

UK property brokers fear bank-style jobs cull
Rumours abound that some of the biggest employers in real estate are bracing for a phase of redundancies which could cost up to 5,000 property professionals their jobs. According to Cushman & Wakefield, European property trading volumes have slumped 63% year-on-year to 25.6 billion euros (S$54.7 billion). Average UK commercial property values have decreased by almost a fifth since the collapse of Britain’s commercial property market in June 2007.

- The Business Times, P29

Ascott Raffles Place makes 50 units available first
Ascott Raffles Place had a soft opening yesterday, with its owner, the Ascott Group, making 50 units available. The remaining units of the 146-unit premium serviced residence project will be ready by its official launch set for October. It will be equipped with meeting rooms, WiFi connectivity, an infinity pool, jacuzzis, gymnasium, a fitness studio, a lounge bar and a fine-dining restaurant. The 52-year-old landmark was gazetted as a conservation building by the Urban Redevelopment Authority in April 2007 and was restored at a cost of $60 million.

- The Business Times, P29

Maison Royale put up for collective sale
Maison Royale, a freehold residential site in Newton, has been put up for collective sale. Owners of the 20-unit project are asking at least $50 million. Including an estimated $300,000 development charge (DC) and taking into account a plot ratio of 2.8, the price works out to $1,273 psf ppr. Maison Royale is on 14,107 sq ft of land. It is located at the junction of Newton and Surrey roads, a three-minute walk from Novena MRT station. Some 40 units of about 1,000 sq ft each can be built on the site, PropNex said. If the site is sold for $1,265 psf ppr, the breakeven cost will be around $1,665 psf. The successful developer could launch the apartments in the new development at around $1,915 psf, said the firm.

- The Business Times, P30

Occupancy level of JTC ready built facilities hits new high
The net allocation for JTC ready-built facilities (RBF) in Q2 reached 84,100 sq m, 2.2 times higher than the 38,300 sq m in the previous quarter. This boosted the occupancy level by 1% to a record level of 94.9%. Of the total RBF net allocation, 50.8% was contributed by the business park segment. As a result of new supply coming on-stream at Fusionpolis, the occupancy level for business park space declined marginally by 0.4% from the last quarter to 94.3%. The demand for flatted factory space fell by 1% quarter-on-quarter to 1.22 million sq m in Q2 ‘08, with supply remaining unchanged at 1.399 million sq m.

- The Business Times, P30

Rupiah rises to 5-month high
Indonesia’s rupiah rose to the highest level in more than five months on optimism inflation will slow as the central bank raises interest rates and crude oil prices fall. The currency climbed for a third day after Bank Indonesia raised its benchmark policy rate a quarter-percentage point to 9 per cent yesterday and signalled it will keep increasing borrowing costs to damp inflation. The currency has gained 1.7% since the central bank made the first of its four rate increases this year. Consumer prices rose 11.9% in July, the most in 22 months.

- The Business Times, P12

Chinese central bank loosens lending controls for SMEs
China’s central bank has loosened controls on lending to small and medium-size companies hit hardest by credit limits and slowing exports. Smaller companies have long suffered from a lack of access to bank loans, and recent efforts to fight inflation by imposing stringent controls on lending have hit them hardest. The People’s Bank of China advised local commercial banks that their annual quota for loans to smaller companies was raised by 10%, while the quotas for national commercial banks were increased by 5%.

- The Business Times, P13

Delhi sees slower growth, cooling of inflation
India’s economy is expected to grow 7.5 to 8.0% in the fiscal year ending March 2009, slower than the central bank’s estimate, while inflation would cool by March-end, a top government adviser said. The Reserve Bank of India (RBI) in its monetary policy review last month cut the growth forecast to 8.0% from 8.0-8.5% previously. The RBI has raised its benchmark lending rate by 50 basis points to 9.0%, the third increase in two months, as it battles annual inflation close to 12%. It is also increasing the proportion of funds banks must keep on deposit with it by 25 basis points to 9.0% to absorb surplus cash in the banking system.

- The Business Times, P14

­ ST Index change 2,886.78 (+26.27)
SIBOR (3 mths): 1.00000 (S$)
SWAP (3 mths): 1.03269 (S$)

Not two generations ago, it was difficult for Miami home buyers in Florida to get a mortgage from their local Miami financial institution without a 20% Down payment. Few Miami homebuyers and Miami homeowners could manage the savings required and many otherwise qualified Miami homebuyers didn’t get approved for the funds to buy a home in Miami because they did not have the minimum Downpayment to qualify for a Miami Florida Mortgage.

Although recent problems in the subprime market have made lenders more careful about how they extend credit, it’s still very possible to buy a home in Miami Florida with little or no money down. To learn more about our Miami Florida home buyer programs, just give us a call at 1-800-570-0448 or use our quick application to inquire today!

No Money Down Programs for Miami,Florida Home Buyers

For sure, it is much easier today to be a Miami Florida home buyer than it was a generation ago. Even if you don’t have substantial savings or perfect credit, 1st Continental Mortgage works with many Miami lenders still willing to make loans to borrowers with limited cash for Down payment

In fact, today in Miami Florida 7 out of 10 first time home buyers make a Down payment of 10% or less. A good many Miami home buyers their homes with no money down at all.

Because most people who sell an existing home have some equity which can be applied to making the Down payment on the new home, no down payment financing is most attractive to Miami Florida first time home buyers. However, these loans are an option for all home buyers whether they have equity from a prior sale or not.

Don’t be persuaded that your lack of a Down payment means you can’t become a Miami Florida homeowner. Call 1-800-570-0448 or use our quick application to find out how simple it is to take advantage of 1st Continental Mortgage’s excellent no money down mortgage programs.

With 10 plus years of helping Miami home buyers and first time home buyers become Miami homeowners, the skilled and experienced mortgage lenders of 1st Continental Mortgage in Miami can help you own a Miami Florida home using these excellent no money down Mortgage programs:

106% Financing For Miami Florida Home buyers - Closing costs in Miami Florida vary but typically run from 4-6 percent of the value of the transaction. Using a 106% Miami Florida mortgage is an excellent way to create a truly no money down home mortgage. Call 1-800-570-0448 to get pre-approved for this no money down program today! Quick Application!

105% Financing For Miami Florida Home buyers - Right now sellers of homes are a little more flexible in dealing with prospective Miami Florida home buyers because of the slower Miami Florida housing market. That means 105% financing is often enough to produce a true no money down real estate transaction for the Florida real estate buyer, especially if your Realtor® can negotiate some help from the selling side. To learn more about our 105% mortgage programs, call 1-800-570-0448 or apply securely online for a no money down Miami Florida mortgage. Quick Application!

103% Financing for Miami Florida Home buyers - Having an experienced Mortgage Lender working with you and your Realtor® in structuring your offer to purchase is one way that many Miami Florida home buyers get to the closing table with 103% financing. Our loan officers are standing by to answer any questions you might have about our Miami mortgage programs for home buyers at 1-800-570-0448. Call now for a quote on 103% financing or any our other Miami Florida lending no money down mortgage programs! We can get you a loan whether you’re financing a modular home in Miami Dade County or a single family block home in Broward County. We will make a fixed rate no money down home loan easy! Quick Application!

100% Financing For Miami Florida Home Buyers - Interest rates are at historic lows and an oversupply of well built homes with high days on market! Miami Florida home buyers should not let the lack of funds for a Down payment make them miss what looks to be one of the best buying opportunities in Miami Florida residential real estate in many years. A 1st Continental Mortgage representative will be happy to discuss how you can buy your Miami Florida home with 100% finance lending. Call 1-800-570-0448, or inquire using our contact form for a no obligation quote on 100% financing from our best Miami Florida lenders. Quick Application!

80/20 Financing For Miami Florida Home buyers - Although private mortgage insurance is now deductible in many cases, many of our Florida mortgage clients want to avoid PMI but still get 100% financing. We have structured many combo loans with an 80% first mortgage and a 20% Second Mortgage or home equity line of credit to avoid PMI and still achieve a purchase money mortgage with no Down payment requirements. Call 1-800-570-0448 or use our contact form for a quote on an 80/20 no money down combo mortgage to buy your Miami Florida dream home. Quick Application!

97% Financing For Florida Home buyers - A few years ago a seller’s agent faced multiple offers and could pit Florida home buyers against each other in a bidding war before accepting the highest and best offer. Now home buyers can drive through subdivisions in most Florida metros and find plenty of for sale signs. Motivated seller’s agents are receptive and often willing to kick in 3 to 9% toward buyer’s closing costs and Downpayment without a corresponding increase in the offered price. In this way, even 97% financing can become the way to buy a Miami Florida home with very little money out of pocket. Call 1st Continental Mortgage in Miami right now at 1-800-570-0448 for full details on our 97% Florida mortgage loans. Quick Application!

Miami First Time Home Buyers Are Eligible For No Money Down Mortgages in Miami, Florida

You may be pleasantly surprised how much money the same amount you are spending on rent every month can buy if you apply it toward a low fixed rate Miami Florida mortgage. Why not take a step toward building equity for yourself and your family? Call 1st Continental Mortgage today at 1-800-570-0448 or use our secure online Miami Florida mortgage quick application to get a no money down mortgage for a first time home buyer in Miami Dade County or any of the other Florida counties we serve.

Quick and Easy No Money Down Programs for Miami Florida First Time Home Buyers

Some Florida first time home buyers hesitate because they think that the no money down loan process is too complicated or time consuming. Not so.

1st Continental Mortgage pros have been making getting loan approvals for Miami Florida first time home buyers easy, stress-free, and straightforward for over ten years now. We can help you get the keys to a Miami Florida home that you own. Call 1-800-570-0448 and ask about our special no money down first time Miami home buyer mortgage programs.

Our no money down programs for Miami Florida home buyers include all of the following:

Low fixed rate Miami Florida mortgages with terms of 40,30,20,15, and 10 years;
First time home buyer programs for Miami Florida Jumbo and Super Jumbo Mortgages for the purchase of luxury homes;
No money down mortgage first time home buyer Miami, Florida programs that allow for contributions from the seller and use of gift programs to pay closing costs and prepaids;
Miami Florida no money down programs with Interest Only periods of 1, 3, 5, and ten years;
Both Miami conventional and FHA home loan programs designed specifically for Miami first time home buyers with less than perfect credit who want a low cost alternative to a sub prime mortgage;
Excellent programs for first time buyers seeking to purchase mobiles, Miami modular or Miami trailer homes with land.

Don’t miss one of the best times to buy a home in Miami Florida because you don’t have a Down payment The call and consultation are free and without obligation. Call First Continental Mortgage at 1-800-570-0448 to learn more about Miami buying your first Miami Florida home with no money down.

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City: Yorba Linda
State: California
Zip Code: 92886
County: Orange County Foreclosure
Stop Foreclosure in California
Bought house paid 136,500.00 with 33,000.00 down have about 108,000.00 current payoff. My loan started with an ARM loan at 8.50% and has reseted twice and now is 12.25%. I was lated once in two years and wanted to refinance but was told I was late three times. after my rate jumped my payments started to be late since I was at the top of my ability to pay at the beginning. I have contacted my mortgage co. many times with no help to get to a fix rate. I have at least 30,000.00 equity Im close to losing and I just cant add more a month to catch up my loan at this payment. In the past two months I have been on short term disability due to health and only getting 70% of my pay. Please help me get a loan modification with Homecomings Financial
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City: Monrovia
State: CA
Zip Code: 91016
County: Los Angeles
Foreclosure help in Los Angeles
Bought home from financially troubled family, with the intent of moving in with my girlfriend, who had to sell her home first before she could move.* Our relationship ended, and I was left with the home myself - so I decided to let the distressed family stay as long as they made payments.* They did, for awhile, and then the main earner had health problems, I ate thru my savings trying to keep up with payments, so much so that I did not have enough money for lawyer, or so I thought.* Now I am past the point of evicting them, and the auction date is a week and a half away. As stated, made premature plans for the future with my girlfriend, and then was left holding the entire mortgage in my name.* Also, lost my job and was without employment for a number of months, so I ate thru my savings.

Loan Modifications can Stop Foreclosure