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  • Steve Young 2:29 PM on January 27, 2010 Permalink | Reply  

    Those Who Wait Will Pay Thousands More This Spring 

    Waiting a few extra days or weeks to purchase a home this spring could cost buyers thousands of extra dollars as the office of Housing and Urban Development (HUD) implements several changes for loans guaranteed by the Federal Housing Authority (FHA).
     
    Coming just weeks before the April 30 deadline for the Home Buyer Tax Credit and just days after the March 31 expiration of the Federal Reserve Board's mortgage backed securities purchase program (which has kept home loan rates artificially low for over a year), these FHA changes make it even more important to act now to save big.
     
    Here are a few reasons why:
    On April 5th, the cost of required up-front mortgage insurance for loans guaranteed by the FHA will increase from 1.75% to 2.25%. For a borrower purchasing a $200,000 home with a $7,000 down payment, the up-front mortgage insurance will increase by $965. Up-front mortgage insurance is typically financed in the final loan amount so the impact to a monthly payment will be minimal but overall, the increase is still borne by the borrower both upfront and monthly.
     
    Later this spring, the amount of money that a seller can return to the buyer from their sale proceeds will be reduced from 6% to 3%. The reduction in these "seller concessions" can increase the amount of cash a buyer will be required to pay at closing by $6,000 for a home purchase of $200,000.
     
    There is only one way to avoid being affected by all of these costly changes that lie ahead – submit all FHA mortgage applications by the last week of March.
     

    Posted via email from Steve Young’s posts

     
  • Steve Young 9:32 AM on January 27, 2010 Permalink | Reply  

    Article 

    Sorry about wrong web address for article. Here is correct:

    Steve Young
    RE/MAX Associates
    (817) 276-5149
    http://www.steveyoung.pro
    http://www.steveyoungtexasrealestate.pro
    https://stevesellsdfw.wordpress.com
    steve@steveyoung.pro

    If you do not want to receive emails from Steve Young, please reply with “remove” in the subject line, and I will remove you from my mailing list.

    Posted via email from Steve Young’s posts

     
  • Steve Young 8:36 AM on January 27, 2010 Permalink | Reply  

    Real Estate news 

    Already some news out regarding fraud issues involving the new TAX credits

    Buyers, please get yourselves a professional full time Realtor that can get you hooked up with a professional mortgage company/bank and qualified mortgage officer!!  Article-Predatory Lending

    In my 20 years of business I've seen that by doing this, issues of getting taken to the bank…pun intended…can be alleviated. Had to use spell check for that last word!

    Steve Young
    RE/MAX Associates
    (817) 276-5149
    http://www.steveyoung.pro
    http://www.steveyoungtexasrealestate.pro
    https://stevesellsdfw.wordpress.com
    steve@steveyoung.pro

    If you do not want to receive emails from Steve Young, please reply with “remove” in the subject line, and I will remove you from my mailing list.

    Posted via email from Steve Young’s posts

     
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