PARAMOUNT'S RESIDENT REALTOR

FHA loans to become the best choice for most Buyers

Kristi Ghent (43 Degrees North Real Estate) — Sat, 19 Jul 2008 00:42:39 -0500

Get ready for FHA loans to become the best choice for most Buyers across America. The FHA Loan is not just for First Time Home Buyers anymore. In fact, it is quickly becoming the loan of choice for many Home Buyers.

Its now possible to get a FHA Mortgage in certain parts of the country for over $700,000!

Visit this web address for updated FHA mortgage limits for your state.

http://www.hud.gov/offices/hsg/sfh/lender/sfhmolin.cfm

Or visit my blog www.ExceptionalBuyProgram.com for several informative articles pertaining to all the recent changes in FHA Financing. And it is all good news and information!

Little Known SECRETS of FHA Loans

Kristi Ghent (43 Degrees North Real Estate) — Sat, 19 Jul 2008 00:26:39 -0500

As the market shifted I found it extremely important to begin becoming an expert in FHA financing. The FHA is quickly becoming the lending vehicle of choice for many wanna-be Home owners. Here are some little known SECRETS of FHA Loans.

FHA Can Help Clients With Blemished Credit History. New programs are coming out that will allow borrowers with credit score in the high 500s buy a home.
Bankruptcy. You can obtain an FHA loan two years from the date of your bankruptcy discharge, as long as you've maintained good credit since your debts were discharged.
Foreclosure. If you keep your credit in excellent shape after a foreclosure, an FHA loan will be available to you two years from the final date of your foreclosure.

Ultra Competitive Rates & Terms

* There is little or no adjustment to the interest rate for an FHA loan, as the rates vary within .125 percent of a conventional loan.

* Mortgage insurance is funded into the loan, meaning a premium of 1.5% is added to the loan balance instead of being paid out-of-pocket. In addition, a small portion for the mortgage insurance premium is added to the monthly payment, but it is far less than private mortgage insurance premiums.

* Qualifying Borrowers can finance 97% of the purchase price and put down 3 percent. In some instances, when combined with other types of loans, the down payment can be zero.

Allowable debt ratios are higher than the debt-ratio limits imposed for conventional loans.
Borrowers can get up to 6% back from the seller to help with all of their closing costs.

Forget what you thought you knew about FHA...

At one point, FHA repair demands were so excessive that sellers would discount the list price to buyers who would agree to obtain conventional loans over FHA loans. Today the requirements appear more reasonable.

* You can purchase a home in need of repairs and finance the repair costs with the mortgage. This way you can make the necessary repairs immediately without having to come up with the money yourself.

* You can purchase manufactured homes and condominiums with a FHA loan.

* You can finance the cost of energy-efficient repairs with the mortgage.

* Defective roofs that leak still need to be replaced but an older roof does not necessitate replacement if it doesn't leak. An roofing certification is acceptable in most cases.

* Windows that stick upon opening or have cracked panes do not require replacement.

* FHA appraisals do not take the place of a home inspection, and never have. Buyers should still obtain a professional home inspection.

It's time to take advantage of the return of the FHA loan! It's about to become significantly better than before, with higher limits and an easier appraisal process. If you have questions or comments let me know I have spent hours trying to become an FHA EXPERT, which is a challenge with the everyday mortgage changes.

The New FHA Inspection Requirements

Kristi Ghent (43 Degrees North Real Estate) — Mon, 14 Jul 2008 19:39:40 -0500

With the FHA loans becoming extremely mainstream due to the recent mortgage crisis, I thought I would share what they are looking for in their required Home Inspection. If you are selling or considering selling you will want to make sure the home can meet these requirements. Otherwise... you may be eliminating a large portion of the Buyers in the market.

FHA INSPECTION REQUIREMENTS:

ELECTRICAL

A single main shut-off breaker is required. If more than one breaker must be tripped to disconnect the power, a new service panel is required. The main service must be at least 100 amp. If it is less, a new service is required. NOTE: These electrical requirements eliminate most pre-1960 homes that have not had an electrical upgrade. If FHA is the only financing option, then a 203K program should be considered to finance the improvement.

HEATING

The heating and cooling system must have at least 2 years of remaining life. Wood stoves or solar heating are not acceptable as the sole heat source. NOTE: Coal or wood stoves with automatic stokers are acceptable. NOTE: These heating requirements may eliminate most pre-1960 homes that have not had a heating system upgrade. If FHA is the only financing option, then a 203K program should be considered to finance the improvement.

HOT WATER HEATER

MUST have an installed Safety Release Valve (SRV). The SRV must have a discharge line that drains to the outside of the home. It cannot be reduced in size from the valve outlet. In the case of a basement installation with a drain the discharge line must exhaust 6" to 24" from the floor. NOTE: The Safety Release Valve upgrade is usually under $20 for the valve plus installation.

LEAD-BASED PAINT

All properties built prior to 1978 should be considered as target housing for lead-based paint hazards. Defective peeling/flaking paint on any interior or exterior surface must be identified and repaired following the EPA guidelines.

SEPTIC SYSTEMS

Homes with septic systems are acceptable. Evidence of septic tank pumping within the last 5 years is required.

WINDOWS FOR SLEEPING ROOMS

Escape or rescue windows shall have a minimum net clear openable area of 5.7 square feet. The minimum net clear openable height is 24" and width is 20". The maximum escape window sill height is 44". NOTE: These window egress requirements may eliminate most pre-1960 homes that have not had a window upgrade. Small basement windows can be enlarged and upgraded. It has been my experience that most FHA Appraisers overlook this requirement unless the windows are inoperable or are set into an underground basement with 60" plus sill height. If FHA is the only financing option, then a 203K program should be considered to finance the improvement.

Paramount is Meridian's Premiere Community

Kristi Ghent (43 Degrees North Real Estate) — Thu, 10 Jul 2008 00:22:14 -0500

As a resident of Paramount and a community real estate specialist I would love to tell you all about the wonderful Paramount Community where my family and I reside. But since we have so many incredible things here in our community, I thought it would be best if you get it straight from the horses mouth.

The link below was provided by the developer Brighton Corporation, take a look and get a great perspective of how we have become one of Meridian's Premiere Communities.

http://paramount-idaho.com/realtors/images/Flip%20Chart.pdf

If you would like a personal tour of Paramount from a residents perspective, contact me Paramounts Resident Realtor.

A Meridian Man Wins a $400,000 Dream Home

Kristi Ghent (43 Degrees North Real Estate) — Wed, 09 Jul 2008 23:54:34 -0500

Ramiro Guzman of Meridian is the proud new owner of the Saint Jude Dream Home in Star.

Officials say 7,777 tickets were sold over the past few months, raising $777,700 for St. Jude Research Hospital in Memphis, TN.

When St. Jude organizer Lindsay Houseal called Guzman to tell him he won, he didn't believe it - and said he thought it was some sort of joke. Guzman forgot he had entered the drawing - and was one of the first 700 people to buy a ticket.

Guzman told Houseal that the new home is a blessing for himself, his wife and their kids.

Guzman will be given the keys to the $400,000 home in Star's Yellowstone community.

In typical Treasure Valley style, residents came out in force to help raise funds for the hospital. Another great story of the caring and giving people here in our wonderful community!

10 Reasons to Love a Recession!

Kristi Ghent (43 Degrees North Real Estate) — Wed, 09 Jul 2008 15:21:41 -0500

I wanted to share this link for an article I read just now...if you are anything like me, you too, are really tired of all the doom and gloom in the media. It is what it is, folks...and we can talk about all of the negatives until we are blue in the face, but that won't change anything. But, a positive outlook in the face of adversity might. So, have a quick read and see for yourself that it's really the little things that can add up and make things at least a little more bearable, if not outright better!

http://articles.moneycentral.msn.com/SavingandDebt/Advice/10ReasonsToLoveARecession.aspx

We could all use a "glass half-full" now and again...

Exceptional Buy Program

Kristi Ghent (43 Degrees North Real Estate) — Sat, 28 Jun 2008 18:34:28 -0500

In today's tough real estate market, it takes more than the right home at the right price to produce a sale. The successful sale of a home requires a combination of factors, but most importantly is an opportunity that presents a "Win-Win" for all parties in the transaction. Our years of experience have led us to create the Exceptional Buy Program, a "Win-Win" marketing strategy that is extremely unique and innovative.

Our Exceptional Buy Program provides the Seller and Buyer with Added Value, Incentive and Peace of Mind.

How the Seller qualifies as an Exceptional Buy:

The price of the home cannot exceed 3% of the current Market Value, determined by comparable SOLD properties.
The Seller must provide the Buyer with some incentive, examples: pay 1% of the Buyer's closing costs, provide an interest rate buy-down, seller financing or other incentive.
The home must have great curb appeal, be clean, in good repair and been through a professional pre-sale Home Inspection.
The Seller must agree to provide easy access to potential Buyers and leave the home during the Buyers Preview.

How the Buyer qualifies as an Exceptional Buyer:

The Buyer must agree to an Exclusive Buyer's Representation Agreement.
The Buyer must be approved for financing prior to writing any offers.
The Buyer will receive a credit of up to 1% at the close of escrow.
The Buyer will receive a professional Home Inspection and a 1-year Home Warranty with their purchase, absolutely FREE.

Our program is designed to assist the Seller in getting their home SOLD and the Buyer incentive and peace of mind in their PURCHASE.

My LISTING GUARANTEE!

Kristi Ghent (43 Degrees North Real Estate) — Sat, 28 Jun 2008 18:05:07 -0500

What is your biggest fear when you list your home with a real estate company? Do you worry about being stuck in a prolonged listing agreement with an incompetent or inexperienced agent, costing your home precious market time and exposure to potential Buyers? Did you know that this could ultimately deteriorate your home's value or worse yet, hamper the future sale.

Well, worry no more. I will take those worries and concerns away. When you list your home with me, you will take the pressure off you and place it all on me.

If I do not put your home in escrow within 120 days, I will work commision FREE! You will only need compensate me for my marketing costs until your home sells.

Here is how it works:

You agree to a 120 day listing.
You can cancel the listing any time, NO HASSLES and NO QUESTIONS ASKED!
You can rest assured that I'm doing everything possible to SELL your home!
You will be informed during the sale every step of the way.

I will be extremely motivated to not only SELL YOUR HOME, but to do it as quick as possible. That is were my experience and proven marketing system will come into play. Know that talk is cheap, but a GUARANTEE is priceless.

As much of my business comes to me by referral of past clients. It takes supreme confidence in the way you treat your clients and in the results you can produce to offer a GUARANTEE. And, I know that if you are satisfied with my service you will refer me to your friends and family members, and that is the highest compliment I can receive.