| FHA Guideline Changes - Now is the Time to Buy. by Keith Seard |
On Wednesday Jan. 20, 2010, the Federal Housing Administration (FHA) announced that they would be coming out with more stringent lending requirements/higher borrower fees. The reason: to cushion against rising defaults and stave off a taxpayer bailout of the agency. There were a couple of key takeaways in the announcement, most notably:
· Upfront Mortgage Insurance Premium: Currently, the UMIP (Upfront Mortgage Insurance Premium) on FHA loans is 1.75%. The US Department of HUD has announced that FHA will increase this fee by 50 bps; the new upfront mortgage insurance premium will be 2.25%. That will be effective with all loans submitted for an FHA case number beginning in April of 2010.
· Reduce allowable seller concessions from 6% to 3%: This change will bring FHA into conformity with industry standards on seller concessions. The effective date is anticipated to be sometime in the beginning of the summer (TBD).
· Increase enforcement on FHA lenders: The rules of engagement here are deep and thorough, however, they do not impact the borrowers directly; they have more of an indirect impact. Lenders will be under much more scrutiny, so, in turn, they will delve deeper into loans. They will require more documentation from borrowers and will look for more clarification for questionable items from borrowers, thus making the approval process a little more taxing.
· What else is in store: There is a bill in the Senate proposing that the FHA minimum down payment be increased from its current 3.5% to 5%. However, this proposal may or may not get passed, so this is a down the road item.
So what are the takeaways for the borrower: As of today, there are none. These are April changes at the earliest, so now is the time to really take advantage of wider lending terms, affordable rates and home prices, and a tax credit to boot. Need assistance?
Call me today and lets work to get you in your new home while it’s most beneficial to you. |
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| New York Times discusses Realtor Web Tactics by John Schutz |
| Just showing that we are keeping up with current trends - if not helping form those trends. This article was in yesterday's New York Timeshttp://www.nytimes.com/2009/04/19/realestate/19lizo.html?_r=1&emc=eta1the Region | Long Island
Brokers Enrich Their Web Tactics
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By MARCELLE S. FISCHLER
Published: Apri ...Read More |
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| ... beware of Reunion.com by Miguel Andino |
| ... just got an invitation to this website from a known friend and at first i accepted by saying yes ... then after changing my mind and declining to join i was informed by my manager that he had received three (3) invitations from me to accepting him as a friend on the same website ... when i did not ... then the secretary also received three (3) more invitations from me also ... and probably everybody in the office has the samething ... s ...Read More |
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| Return the Favor Program by John Kovencz |
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To former service members,I want to bring the "Return the Favor" program to the attention of all the veterans here in Rockland County, not just those returning from our recent conflicts in Iraq and Afghanistan.This important new initiative is underway and Rockland County, together with the Veterans Service agency is leading the way. Our local goverment now recognizes the service and sacrifices made by our returning veterans from all of our ...Read More |
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| Winter Festival at Rockland Lake State Park by Steven Polesovsky |
| http://calendar.northjersey.com/valley-cottage-ny/events/show/85561088-knickerbocker-ice-festivalThis Saturday, January 24 from 9:30AM thru 11PM Rockland Lake State Park will host a winter festival. Activities include ice sculptures, hot air balloons, fireworks ...Read More |
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| Improvements to Nyacks Waterfront -Public Meeting by Steven Polesovsky |
| The Village of Nyack is holding a public meeting to discuss future improvements to Nyacks waterfront.Preliminary design drawings will be available for view and noted architects from Quenell Rothschild will be in attendence to answer any questions you might have.Public comments are not only welcome but are an important part of the process in achieving the water front we all desire.Wednesday, January 21, 6PM-9PM @ The Nyack Center & ...Read More |
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| Make Your Move - Prudential Rand's Guarantee by Keith Seard |
| There's good news and there's great news.
The Good News:
Interest rates are at an all time low along with house prices, which makes home ownership an affordable option once again.
The Great News:
Prudential Rand is offering a guarantee to all purchasers who buy a house by March 31, 2009 to re-list your house for FREE if the value declines by the time you decide to sell.
No Gimmick, No Hidden Clauses. It's written ...Read More |
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| The New nyackrealestateblog.com by Frank Mancione |
| Welcome to the new nyackrealestateblog.com your source for everything Nyack! ...Read More |
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| Extraordinary Experiences Require Excellent Service by Keith Seard |
| Each industry is affected by a cycle. “What Goes Up, Must Come Down” is the old adage. While this may be true in theory, this reality should not be the case with the standards and services you receive from your real estate professional.
The question then becomes…..How does one recognize the faces of excellence among the large group of realtors knocking at your door? What sets one professional apart from the rest?
THE D ...Read More |
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