New FHA info, good stuff!

Minimum Credit Scores Announced for FHA Mortgages

On September 3, 2010, the US Department of Housing and Urban Development (HUD) released Mortgagee Letter 2010-29, Minimum Credit Scores and Loan-to-Value Ratios. This is in accordance with Federal Register Notice FR-5404-N-01, which proposes minimum credit scores and loan-to-value (LTV) ratios.

Effective October 4, 2010, borrowers with a credit score below 500 are not eligible for FHA-insured mortgage financing. Borrowers with a credit score between 500 and 579 are limited to 90 percent LTV, which requires a 10 percent down payment. Borrowers with a credit score of 580 or higher are eligible for maximum financing, which requires a minimum 3.5 percent down payment. Borrowers with nontraditional credit histories may be eligible for maximum financing.
FHA Announces Premium Changes

On September 1, 2010, the US Department of Housing and Urban Development (HUD) released Mortgagee Letter 2010-28, Changes to FHA Mortgage Insurance Premiums. HUD has the authority to increase annual premiums for Federal Housing Administration (FHA)-insured mortgages to 1.55 percent. However, the agency is not utilizing its full authority at this time. In this announcement, HUD is increasing the annual premium and lowering the upfront premium.

For all traditional purchase and refinance products the upfront premium is 1 percent. On 30 year loans with a 95 percent loan-to-value (LTV) ratio or lower the annual premium is .85 percent. On the 30 year loans with an LTV lower than 95 percent the premium is .90 percent. For all reverse mortgages, known as the Home Equity Conversion Mortgage, the upfront premium is 2 percent and the annual premium is 1.25 percent.

R you kidding me????? Rates in the mid 4's%

That's right, rates are between 4-4.75% right now. How on earth are you not thinking about buying and selling your home NOW. For more details about the rates, your home, and the current market....give me a call.

Jon Meier

Rates at all time lows

Wow, have you seen the rates lately? NIFA is down to 4.6% for the first time homebuyer. Conventional, FHA and VA are bouncing around between 4.6%-5%. No tax credit available but it's still a great time to buy with rates like this.

18032 Olive st NEW LISTING

what a great new listing. Super clean split level in Sunridge. Sits on a quite street just around the corner from the park. They upgraded the carpet, cabinets, lighting and added a patio just off the deck. Fenced in yard, large finished basement and a really deep garage are just a few of the nice things about this home. Priced well below market value to sell quickly.

18032 Olive st
$139,900

new listing in Arbor Gate $134,900

Popular floorplan in Arbor Gate. Fenced in back yard, large master bedroom, upgraded cabinets in kitchen are just a few of the nice little extra's in this home. Really a nice starter home!

new Listing in Springbrook $140,000

Former Celebrity Homes Model Home with tons of extra's. Stainless appliances, huge yard, professionally landscaped, sprinkler system, super clean and more.

Why is it a good idea to own a Home? Here are some reasons....

Home Ownership can provide many
benefits, both financial and personal.Some benefits are:
• Tax Advantages
Home ownership provides unique tax advantages. Mortgage interest and property taxes
are tax-deductible.
• Investment Benefits
Owning a home increases your financial credit and security. Over time, your home will
increase in value and equity. This will enable you to buy your dream home or receive a
home equity loan for improvements.
• Low Interest Rates
This is a great time to take advantage of low interest rates. Owning a home has become
even more affordable.
• Personal Expression
Decorate, remodel and accessorize your home to show your personality. Owning your
own home can provide a source of pride, enjoyment and satisfaction. Your home is
often seen as a sign of independence and success.
Not only will you enjoy the pride and privacy of your home,
but you will also have access to capital for retirement,
college education or even a new business.