Monday, December 27, 2010
Thursday, December 23, 2010
USDA Program Makes "Rural" Homes More Accessible" - Mortgage Rate Update compliments of Canyon Park Mortgage
One of the biggest difficulties many first-time home buyers face is a lack of down payment and the necessary funds for closing costs. However, even with the widespread availability of "no-money-down programs" evaporating in the credit crisis, one national no-down payment program still remains: USDA Rural Development home loans.
Guaranteed by the USDA (United States Department of Agriculture), this program might make you think that you have to buy farmland or live "in the country" to qualify, but this is often not the case. In fact, you might be surprised to see just how many neighborhoods actually do qualify as rural development areas. For this program, the term "rural" really applies to those areas with a lower population or fewer homes, not necessarily those areas and neighborhood far outside of the city.
There are several benefits of the USDA loan program besides no money down. The program also does not require private monthly mortgage insurance, and the seller is allowed to pay all of your closing costs and pre-paid items up to 6.00% of the total sales price of the property. And while this is great news for first-time home buyers, it's important to note that you don't have to be a first-timer to qualify for a USDA loan. However, in most cases you cannot own another property at the time of closing a USDA mortgage.
Other than the location of the property you're seeking to buy, there is one other limitation to this valuable program that you must consider: your income. Luckily, however, these numbers have recently increased to allow more potential buyers take advantage of this special program. For households in non-high cost areas, with up to four people, the income limit can be over $70,000 (every area will be different). In households where 5-8 people reside, the income limitation can be over $90,000 (again, every area will be different). These income limitations are guidelines and, in some cases, may be exceeded.
To find out more about USDA loans, give us a call. We can have an answer as to whether you qualify for this program in just a few minutes.
For more information and income limits, go to http://eligibility.sc.egov.usda.gov.
Mortgage Interest Rates for Fixed Rate Mortgages*
Rates as of Thursday, 23rd December, 2010:
Term Conforming APR Payment per
$1,000 Jumbo APR Payment per
$1,000
30-Yr. fixed 360 4.875% 5.002% $5.29 5.625% 5.764% $5.76
15-Yr. fixed 180 4.125% 4.341% $7.46 5.25% 5.483% $8.04
7-Yr. fixed ARM 360 3.75% 3.869% $4.63 4.5% 4.630% $5.07
5-Yr. fixed ARM 360 3.375% 3.492% $4.42 4.125% 4.252% $4.85
3-Yr. fixed ARM 360 3.25% 3.366% $4.35 % 0.000% $0.00
*Rates are subject to change due to market fluctuations and borrower's eligibility.
Calculations based on the following scenarios: Conforming loan amount $375,000 - Total closing costs, fees, etc. $5500 Jumbo loan amount $750,000 - Total closing costs, fees, etc. $11,500 RATES SUBJECT TO CHANGE WITHOUT NOTIFICATION Equal Opportunity Lender
Guaranteed by the USDA (United States Department of Agriculture), this program might make you think that you have to buy farmland or live "in the country" to qualify, but this is often not the case. In fact, you might be surprised to see just how many neighborhoods actually do qualify as rural development areas. For this program, the term "rural" really applies to those areas with a lower population or fewer homes, not necessarily those areas and neighborhood far outside of the city.
There are several benefits of the USDA loan program besides no money down. The program also does not require private monthly mortgage insurance, and the seller is allowed to pay all of your closing costs and pre-paid items up to 6.00% of the total sales price of the property. And while this is great news for first-time home buyers, it's important to note that you don't have to be a first-timer to qualify for a USDA loan. However, in most cases you cannot own another property at the time of closing a USDA mortgage.
Other than the location of the property you're seeking to buy, there is one other limitation to this valuable program that you must consider: your income. Luckily, however, these numbers have recently increased to allow more potential buyers take advantage of this special program. For households in non-high cost areas, with up to four people, the income limit can be over $70,000 (every area will be different). In households where 5-8 people reside, the income limitation can be over $90,000 (again, every area will be different). These income limitations are guidelines and, in some cases, may be exceeded.
To find out more about USDA loans, give us a call. We can have an answer as to whether you qualify for this program in just a few minutes.
For more information and income limits, go to http://eligibility.sc.egov.usda.gov.
Mortgage Interest Rates for Fixed Rate Mortgages*
Rates as of Thursday, 23rd December, 2010:
Term Conforming APR Payment per
$1,000 Jumbo APR Payment per
$1,000
30-Yr. fixed 360 4.875% 5.002% $5.29 5.625% 5.764% $5.76
15-Yr. fixed 180 4.125% 4.341% $7.46 5.25% 5.483% $8.04
7-Yr. fixed ARM 360 3.75% 3.869% $4.63 4.5% 4.630% $5.07
5-Yr. fixed ARM 360 3.375% 3.492% $4.42 4.125% 4.252% $4.85
3-Yr. fixed ARM 360 3.25% 3.366% $4.35 % 0.000% $0.00
*Rates are subject to change due to market fluctuations and borrower's eligibility.
Calculations based on the following scenarios: Conforming loan amount $375,000 - Total closing costs, fees, etc. $5500 Jumbo loan amount $750,000 - Total closing costs, fees, etc. $11,500 RATES SUBJECT TO CHANGE WITHOUT NOTIFICATION Equal Opportunity Lender
Serious Buyers will enjoy favoable affordability conditions in to the New Year.
NAR President Ron Phipps, broker-president of Phipps Realty in Warwick, R.I., believes that the trend of buyer activity will continue. "Traditionally there are far fewer buyers competing for properties at this time of the year, so serious buyers have a lot of opportunities during the winter months," he said. "Buyers will enjoy favorable affordability conditions into the new year, although mortgage rates are expected to gradually rise as 2011 progresses."
see more info:
Realty Times - Existing-Home Sales Rise
see more info:
Realty Times - Existing-Home Sales Rise
Tuesday, December 21, 2010
Monday, December 13, 2010
Don't Wait!
Mortgage Rates are pushing higher
Mortgage bond prices got crushed last week pushing mortgage interest rates significantly higher. News that tax cuts would be extended sent stocks higher Tuesday at the expense of bonds. Market participants remained concerned about the cost of the tax cuts. We saw a slight reprieve Thursday afternoon following a strong 30-year Treasury bond auction. However, this was short-lived and Friday brought more losses for bonds as consumer sentiment data was stronger than expected. Unfortunately interest rates were worse by about a full discount point for the week.
Look for the inflation data and the Fed meeting to take center stage this week. Producer inflation estimates are higher than the prior month. Inflation, real or perceived, generally erodes the value of fixed income investments causing prices to fall and rates to rise.
LOOKING AHEAD
| Economic | Release | Consensus |
|
| Producer Price Index | Tuesday, Dec. 14, | Up 0.5%, | Important. An indication of inflationary pressures at the producer level. Weaker figures may lead to lower rates. |
| Retail Sales | Tuesday, Dec. 14, | Up 0.8% | Important. A measure of consumer demand. A smaller than expected increase may lead to lower mortgage rates. |
| Business Inventories | Tuesday, Dec. 14, | Up 0.6% | Low importance. An indication of stored-up capacity. A significantly larger increase may lead to lower rates. |
| Fed Meeting Adjourns | Tuesday, Dec. 14, | No rate changes | Important. Few expect the Fed to raise rates, but some volatility may surround the adjournment of this meeting. |
| Consumer Price Index | Wednesday, Dec. 15, | Up 0.2%, | Important. A measure of inflation at the consumer level. Lower than expected increases may lead to lower rates. |
| Industrial Production | Wednesday, Dec. 15, | Up 0.3% | Important. A measure of manufacturing sector strength. A lower than expected increase may lead to lower rates. |
| Capacity Utilization | Wednesday, Dec. 15, | 75% | Important. A figure above 85% is viewed as inflationary. Weakness may lead to lower rates. |
| Housing Starts | Thursday, Dec. 16, | 540k | Important. A measure of housing sector strength. Weakness may lead to lower rates. |
| Philadelphia Fed Survey | Thursday, Dec. 16, | 14 | Moderately important. A survey of business conditions in the Northeast. Weakness may lead to lower rates. |
| Leading Economic Indicators | Friday, Dec. 17, | Up 1.2% | Important. An indication of future economic activity. A smaller increase may lead to lower rates. |
Volatility Likely The likeliness of mortgage interest rate volatility this week is very high considering the abundance of important economic releases.
Each piece of data has the ability to cause volatility in the financial markets. Floating ahead of the data exposes a person to a tremendous amount of risk. It is possible for interest rates to improve if the data shows weakness in the economy with few price pressures. However, any surprises will likely be bad for mortgage interest rates.
We are really in uncharted territory here with the huge market swings as of late. The important thing is to remain cautious during these times of uncertainty.Monday, November 15, 2010
Trying to sell your home during the holidays?
It is VERY important to NOT over clutter with too many decorations and glitz. Keep it simple!
Especiall in the entry way of your home. Do not put out free standing
decorations as it can detract the buyer and be sure to keep your walkway safe and free from cords.
I recommend inside your home, some scented candles,clean fresh and fluffy towels, Fresh cut evergreen boughs and some cinnamon scented
pine cones would be nice. You may also want to set out some holiday treats or cookies to give the potential buyers that welcome home feeling.
Monday, October 18, 2010
Didn't know you could get a home on almost a 1/2 acre for under $130,000?
This home is now PENDING. Good deals sell quickly!
Charming home near Monroe!! Cozy wood stove with living room and french doors to family room/Den. Bright kitchen over looks large .40 acre yard. with a 20X20 detached shop or office. wired w/220. Garden shed too or play house for kids. Private with fenced back yard, perfect for pet and ideal for entertaining large get togethers. Located on a private dead end street, and close to all amenities. This is an affordable price for this home that needs a little love. on a shy 1/2 acre!!
$127,500.00
Call us if you would like to go and view this home. It won't last long at this price!
Charming home near Monroe!! Cozy wood stove with living room and french doors to family room/Den. Bright kitchen over looks large .40 acre yard. with a 20X20 detached shop or office. wired w/220. Garden shed too or play house for kids. Private with fenced back yard, perfect for pet and ideal for entertaining large get togethers. Located on a private dead end street, and close to all amenities. This is an affordable price for this home that needs a little love. on a shy 1/2 acre!!
$127,500.00
Call us if you would like to go and view this home. It won't last long at this price!
Thursday, October 7, 2010
Wednesday, October 6, 2010
Looking for a great deal and great financing. Check out HomePath's mortgage financing on Fannie Mae homes.
This special financing is available on Fannie Mae homes with the following logo: The benefits include:HomePath Financing
HomePath® Mortgage Financing
Thinking of doing some painting this Fall?
Thinking of doing some interior painting this Fall. Check out this new line of paint created by a local Interior Designer.
Authentic Home Interior Design
http://networkedblogs.com/8ExsV
Or visit their facebook page for fun new events and ideas.
In enjoyed reading her blog this morning and seeing what inspired her to create certain colors of paint.
This is also a great service she offers if you want to know what your home or wall might look like if you changed the color.
Are you ready to update your home with a splash of color, but feelings of apprehension and indecisiveness prevent you from taking the plunge? For those who have a hard time envisioning what a room will look like with a new paint color, Authentic Home now offers an interior room or exterior home colorization service to assist home owners in selecting the paint colors that best suit their style and home design.Authentic Home Colorization Service
Thursday, September 30, 2010
6 Things You Think Add Value To Your Home - But Really Don't
Every homeowner must pay for routine home maintenance, such as replacing worn-out plumbing components or staining the deck, but some choose to make improvements with the intention of increasing the home's value. Certain projects, such as adding a well thought-out family room - or other functional space - can be a wise investment, as they do add to the value of the home. Other projects, however, allow little opportunity to recover the costs when it's time to sell. (For more, check out Top 5 Home Renos For Your Money.)
IN PICTURES:
Thursday, September 23, 2010
Fannie Mae wants you to buy. Buyer bonus of $1,500.00
So it seems Fannie Mae is doing all it can to unload its massive quantities of REO inventory.
 |
When I say massive, I mean the 129,310 single family bank-owned properties — or REOs, as they're called — it held at the end of Q2, which is more than twice what it was carrying at the end of Q2 2009.Y
Every time home prices drop just 1 percent, the value of all government-sponsored enterprise (GSE) REOs fall by $287 million (thank you to John Burns of John Burns Real Estate Consulting for that math).
No surprise, then that Fannie would want to get rid of its REO as fast as possible, especially as we saw bank repossessions hit a new record in August and home prices are again weakening. How does Fannie do it? It's renewing an expired program that gives buyers of its REOs "3.5 percent of the final sales price that can be used toward closing cost assistance, including a home warranty."
And if that's not enough, Fannie is now getting those crash-weary real estate agents on its side as well. "Selling agents representing owner-occupants will receive a $1,500 bonus." Nice. The offer runs from Sept. 23, "and must close by December 31, 2010," so this is a pretty short deal.
“We continue to look for ways to stabilize neighborhoods and offer incentives to qualified buyers who will occupy these properties over the long-term and help support their communities," writes Terry Edwards, Executive VP of Fannie's Credit Portfolio Management in the press release.
Market your listing with all the new Social Media Tools
Just attended a great webinar and learned some great ticks on how to better market our listings with Social Media.
Our team has some of the greatest tools out there to get the word out.
Let us know if you would like an estimate of the value of your home in this market.
Sherri Hansen, realtor
Keller Williams Realty - Bothell
425-750-8528 cell
425-408-9673 office
Working hard for my buyers
Dealing with Fannie Mae can be tough, but I am working overtime for my clients to help this young family get a great home to raise their children in.
Sherri Hansen, realtor
Keller Williams Realty - Bothell
425-750-8528 cell
425-408-9673 office
Thursday, September 16, 2010
MCC Mortgage Credit Certificate - This is a great program for first time home buyers. See if you qualify!
The tax credit is called an MCC or Mortgage Credit Certificate and was authorized by Congress in the 1984 Tax Reform Act as a means of providing housing assistance to low- and moderate-income homebuyers.
The feasibility of the MCC Program is dependent upon the extent to which homebuyers have federal tax liability which can be offset by the MCC tax credit
Higher income homebuyers with few deductions or credits are generally the best able to use the MCC tax credit as a form of housing assistance
A qualified homebuyer using the MCC is able to claim up to 20% of annual mortgage interest paid as a federal income tax credit. The remaining mortgage interest (80%) continues to qualify as an itemized deduction
As an example, on a $200,000 mortgage with a 5% interest rate the homebuyer will pay $10,000 in interest the first year. Twenty percent of this amount, or $2,000, can be used to directly reduce the homebuyer’s federal income tax liability, thus reducing their monthly outflow by $166.66
The MCC Program provides a dollar-for-dollar reduction of federal income taxes. Unused credit can be carried forward up to three years and the homebuyer can retain the federal tax credit for the life of the loan so long as the homebuyer continues to occupy the property as their principal residence
Likewise, there is a grant program for down payment assistance that may qualify a first time homebuyer to receive up to $10,000 in down payment assistance as well as closing costs.
Both of these programs are facilitated by the Washington State Housing Finance Commission.
Their website is: www.wshfc.org
Want more information? Contact….
Michelle Swanson, Mortgage Consultant,
Canyon Park Mortgage, a division of Prospect Mtg
Phone: 425-776-1450
Email: Michelle.Swanson@ProspectMtg.com
NMLS#36763
Great staging ideas from Today Show. Good tips on how to get a buyer to make an offer.
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Monday, September 13, 2010
A Moving Budget Unpacked and Broken Down By Kenia Perez
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They say moving is one of the most stressful life events—and I'll tell you why: the sheer expense of that stuff shuffle. I’m planning a move myself next year, and by budgeting ahead I hope to avoid the big expenses—and the sneaky ones. Get estimates
- Boxes can be pricey at $2+ each. I'm using this online Packing Calculator and Uboxes.com to estimate the number and size of boxes I'll need: Over $200! Crikey! A) There's always the grocery and liquor store option and B) I plan to throw/give things away so there’s less to pack.
- A moving checklist like this one spotlights important expenses and chores (tape! get measurements!) so you can prep ahead.
- I got a quote from a moving company of about $75 per hour, with a two-hour minimum. (Most companies will give you a quote online, or use this free service.) Rather than spend about $300 (plus tip!), I'll beg my close friends (and brother) to help. If they say yes, my budget shrinks to about $100 for pizza and gas for the truck.
Sneaky stuff
- With so many utilities and services to cancel or transfer, I have to make sure that I avoid overlapping bills or late fees. Solution: Get those change-of-address forms in, and orchestrate phone calls to all the companies.
- Stock your shelves, plug in the fridge and make sure your kitchen items are carefully labeled. That will save big money on that monster... takeout!
Thursday, September 9, 2010
Stage Your Patio - Great idea when preparing your home for sale.
Staging Your Patio,Deck, Backyar, Front Porch. Home buyers see the bistro set you have set up on your bedroom balcony and envision rolling out of bed to a Sunday morning brunch as they leisurely peruse the New York Times. It’s a fantasy, after all, so there’s no need to fill in all the details, like who’s preparing that brunch.
They see the picnic table on the deck and think only of the Labor Day barbecues, and not at all
of the fact that they struggle to even light a grill.
Many buyers - especially those who have always lived in apartments with little or no outside space - are enamored with the idea of being able to spend time and entertain outdoors, so if you’re a seller with a home that has any outdoor space, it behooves you to stage it with little furniture that show the space off to its best advantage.
But buyers, beware: studies show that indoor spaces have a much greater impact on a homeowners’ happiness than outdoor spaces, so don’t let the gorgeous English garden sway you into thinking you’ll be sublimely happy in a home where the interior doesn’t do much for you.
They see the picnic table on the deck and think only of the Labor Day barbecues, and not at all
of the fact that they struggle to even light a grill.Many buyers - especially those who have always lived in apartments with little or no outside space - are enamored with the idea of being able to spend time and entertain outdoors, so if you’re a seller with a home that has any outdoor space, it behooves you to stage it with little furniture that show the space off to its best advantage.
But buyers, beware: studies show that indoor spaces have a much greater impact on a homeowners’ happiness than outdoor spaces, so don’t let the gorgeous English garden sway you into thinking you’ll be sublimely happy in a home where the interior doesn’t do much for you.
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