FHA and USDA: What Repairs are needed?
January 23, 2012
"If we all did the things we are capable of, we would astound ourselves." ~ Thomas Edison
Last week we had a client buying a home where the windows were painted shut. It was a purchase loan using a FHA loan and FHA requires the at the windows all open for safety reasons. I thought this may be a good time to review what repairs are typically needed if you do a FHA purchase (or USDA ..... read more
Will Home Values Rise in 2012?
January 13, 2012
Will Home Values Rise This Year?
Posted on January 13, 2012 by valeocroyteam
http://www.msnbc.msn.com/id/32545640
Will your home gain value over the next 12 months? Nobody can know for sure, of course, but should recent housing trends continue, there's concrete cause for optimism.
The housing economy has suffered since 2007, knocking home values down nearly 20% nationwide. And while some areas have fared better as compared to ..... read more
15YR FHA may be best with 22%+ equity - No Power Lines
December 27, 2011
Deanna and I recently had a Realtor come to us with a FHA buyer interested in purchasing a new home in a subdivision. Unfortunately the home we located within the fall zone of a high voltage power line tower. Per FHA (also VA and USDA) rules this home cannot be financed by HUD. Therefore we were unable to finance the property using FHA. Fortunately the client had the 5% of their own funds for a down payment and we could go conforming.
Remember as ..... read more
If your new home has a septic tank and well beware when going FHA
December 20, 2011
Become a Fan of our Facebook Page - Gets you the latest info as it breaks
" Everyone has a fair turn to be as great as he/she pleases. ~ Jeremy Collier
When taking a listing or when buying a rural (or formally rural home) it is good to know if it is hooked up to city sewer and water. If it is not you may have some hurdles to overcome; ..... read more
Escrow or Not Escrow and FHA SFH Limit now $303,750
December 12, 2011
First a quick FHA update - the new single family home limit is back to $303,750 through the end of 2013. This is good news as our limit had fallen to just over $270K. This will assure buyers with mall credit flaws an opportunity to get in their home.
Escrow or Not to Escrow... Often this is the question (we get from borrowers).
As a homeowner in Charlotte , your fiscal responsibility extends beyond just ..... read more
New Home Supplies Fall To An 18-Month Low
November 29, 2011
"Follow your honest convictions, and stay strong." ~ William Thackeray
Did you know: New Home Supplies Fall To An 18-Month Low...
If you plan to buy of new construction in Carolinas sometime in 2012, don't expect today's low prices. Like everything in housing of late, the market for newly-built homes appears ..... read more
FHA limits are going up and how to fight for your appraisal
November 21, 2011
Congress has passed a bill which should increase the FHA loan limit back to $303,750 in the Charlotte market (no Lancaster County) through the end of 2013. Details will follow as the banks enact the new law - this is good news for buyers with some credit flaws. The higher monthly MI is still there.
We read the following article in the Charlotte Observer this weekend and thought it was great. You can read the article in the observer here .
So... ..... read more
Tips For Maximizing Your Home’s Appraised Value
November 8, 2011
A home appraisal is an independent opinion of your home's value, performed by a licensed home appraiser. Appraisals are part of the traditional home purchase process, and lenders require them for most refinances, too.
Appraisers are trained professionals. First, they derive a base for your home's value based on the recent sales prices of homes that are comparable to yours in terms of bedrooms, bathrooms, style, and square footage.
Then, accounting for features ..... read more
Reverse Mortgage (buyer or refinance) - what to expect
October 31, 2011
"I've always worked very, very hard, and the harder I worked, the luckier I got." Alan Bond
New American Mortgage is a top provider of reverse mortgages in the US. I thought today may be a good time to outline more about reverse mortgages. Reverse mortgages are gaining popularity for Seniors buying homes as well; reverse mortgages are just like a FHA purchase when writing a contract.
What is a reverse mortgage
A reverse mortgage is a ..... read more
From the WSJ "It's Time to Buy That House"
October 16, 2011
"Goals are the fuel in the furnace of achievement" ~ Brian Tracy
Deanna and I read the artcle below in the WSJ this weekend. Really it is nothing we already don't know prices are lower and rents are up. It is a great time to buy. More ammunition when talking to your prospective clients'.
It's Time to Buy That House - Jack Hough - WSJ 10/15-16/2011
..... read more
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