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buyer: What You Need to Know: FHA Upfront Mortgage Insurance Increasing - 03/26/10 03:23 PM
Spring is a time for change; and this spring brings a change in FHA lending. Effective for FHA loans in which the case number is assigned on or after April 5, 2010, FHA will collect an upfront mortgage insurance premium of 2.25 percent. This amount is increased from the current 1.75 percent.
What is “FHA upfront mortgage insurance”? FHA charges what’s called an “upfront mortgage insurance premium” that is financed into the loan to help decrease the monthly mortgage insurance so that FHA borrowers payments are lower.
Can you give me an example? The cost, before April 5th is 1.75% (of … (1 comments)
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buyer: FHA is Tightening its Standards: Buy Now, or Pay More Later! - 03/01/10 01:09 PM
After the economic freefall of the past few years, banks across the country have been tightening their pursestrings. This summer, the Federal Housing Administration will tighten its lending standards. This is not a "bad" thing but it will make it more difficult for some buyers to purchase a home. Below are some of the changes set to occur:
Better Credit Scores - Borrowers will need a minimum score of 580 to quality for a 3.5% down payment. Borrowers with lower scores will have to make at least a 10% down payment. Higher Insurance Premiums - Buyers who get a FHA insured … (1 comments)
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buyer: Moving Countdown Part 5: Moving Day! - 02/03/10 05:29 PM
After much anticipation, it's finally arrived: moving day! Here are some tips to make this move a good one:
Strip the beds and put all bedding in a box labeled "Load Last". That way, it's the first to be unloaded and you'll have blankets for the first night in your new home! Make sure to be on hand when the movers arrive. If you're not available, authorize another adult and tell the movers who's in charge for the day. Spend plenty of time with the movers and make sure special instructions are understood. Don't be bossy or condescending - communicate well … (0 comments)
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buyer: Moving Countdown Part 4: The Week Before - 01/29/10 11:42 AM
We started this series with tips for 6-8 weeks before moving. Now we're up to the week before the big day! Here are some ideas to make it less stressful:
Tie up those loose ends! Make sure you've returned movie rentals, library books, and items borrowed from friends and neighbors. Review moving tips from previous posts to make sure you haven't missed anything. Confirm your travel arrangements. Pack suitcases and check airline and hotel reservations. Keep plans as flexible as possible to accomodate last minute changes. At least one day before your move, empty, defrost, and clean your fridge and freezer. … (1 comments)
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buyer: Moving Countdown Part 3: 2-3 Weeks Before - 01/21/10 11:35 AM
So far we've covered tips for 6-8 weeks and 4-5 weeks before your move. Here are some ideas for 2-3 weeks before the big day:
Call ahead to schedule utilites to be connected at your new home. This includes electricity, gas, water, phone, cable, internet, etc. Call your bank to change your address or transfer accounts. If you use a local credit union or bank that doesn't have branches in your new area, ask if they have recommendations or "partner" banks. Make final packing decisions and start packing items you don't use very often. Create a staging area in the garage … (1 comments)
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buyer: 7 Things You NEED to Know About the $6500 Tax Credit! - 01/08/10 12:45 PM
Several months ago Congress approved a $6500 tax credit for homebuyers aimed at so-called "move up" buyers. Though it's been law since November, there are still a lot of questions and mis-information floating around. Here are a few things you should know about taking advantage of the tax credit:
To qualify, you must have owned and lived in your current home for a consecutive 5 out of the last 8 years. And your income must be below $125k if you're single, $225k if you're married filing jointly. You may "move up" (buy a more expensive home) or "downsize" (buy a less … (1 comments)
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buyer: 10 Commandments for Home Buyers - 06/13/09 02:14 AM
1. Thou shalt not change jobs, become self-employed or quit your job. Longer employment time shows stability and a reduced likelyhood of default.
2. Thou shalt not buy a car, truck or van (or you may be
living in it)! This will increase your debt to income ratio.
3. Thou shalt not use charge cards excessively or let your
accounts fall behind. This shows poor money management and an increased risk of default.
4. Thou shalt not spend money you have set aside for closing. It costs money to borrow money - make sure you have enough.
5. Thou shalt not … (13 comments)
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buyer: 3 Reasons to Say Buh-Bye to Renting - 06/02/09 11:35 AM
Some people really like renting. They love white walls they can't paint, waiting for the landlord to fix a leaky faucet at his convenience, annual rent increases, and sending in a rent check each month with nothing to show for it when they move. If you're like them don't read this post! If, however, you're tired of the rental hamster wheel, read on...
Reason #1: Interest rates are still at historical lows - as low as 5.25%! Not too shabby considering the average interest rate over the past 30 years is more than double that!
Reason #2: Homes are being offered … (4 comments)
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buyer: STOP! Don't Buy Your First Home Until You Read This! - 04/24/09 08:29 PM
With the lowest home prices in years, record low mortgage rates and an $8000 tax credit from Uncle Sam NOW really is the perfect time to buy a home! In fact, 50% of today's home buyers are first-time home buyers! As a first-time buyer it's important to understand a few truths about buying, and owning, a home. Here are 10 common pitfalls to avoid:
1. Not knowing how much house you can afford.Many novice homebuyers spend a lot of time researching homes - comparing kitchen layouts and backyard square footage - but very little time researching their financing options. One of … (2 comments)
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buyer: Mortgage Rates Make Another Decline this Week... - 02/19/09 05:20 PM
Rates for 30-year fixed-rate mortgages averaged 5.04 percent this week, down from last week when it averaged 5.16 percent, said Freddie Mac today. Last year at this time, the 30-year FRM averaged 6.04 percent. The 15-year rate this week averaged 4.68 percent, down from 4.81 percent. A year ago at this time, the 15-year FRM averaged 5.64 percent. Five-year Treasury-indexed hybrid adjustable-rate mortgages (ARMs) averaged 5.04 percent this week.Couple this with low prices and motivated sellers and you've got yourself what's known as a Buyer's Market. If you don't buy in a buyer's market, when do you buy? That's right, in … (0 comments)
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S&B Real Estate Team
Vancouver,
WA
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Capstone Washington Real Estate, LLC
Address: 411 E 29th St., Vancouver, WA, 98663
Office Phone: (360) 693-6139
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