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fha: FHA Changes April 18th 2011 - Increase in Mortgage Insurance Premium - Again! - 02/21/11 03:32 AM
Another change is coming and it is going to become more expensive to borrow when a home buyer is looking to finance with a FHA mortgage.
The administration recently announced increases to the insurance premiums that the Federal Housing Administration (FHA) charges. FHA is the dominant loan program in the marketplace today.  The FHA has two types of Mortgage Insurance Premiums - Up Front Mortgage Insurance Premium (UFMIP) and the  Monthly Mortgage Insurance Premium (MMIP). Let's see how these impact a borrower's ability to purchase.
UFMIP is typically added to the loan amount and financed over the term of the loan. MMIP is part of the … (3 comments)

fha: Short Sale - FHA Reverse Mortgage - Lack of Probate and 4 heirs through estate Just Funded - 08/25/10 02:11 PM
Short Sale in Seattle! This one is a must read to the end!!! We just funded one of our listings that was a Reverse FHA Mortgage Short Sale! Wow this one was a fascinating real estate transaction, having to do with an estate of the family, with lack of probate and everyone having to do a quit claim deed to give the executor the power to honor the final closing documents to record. We have found many items to be aware of working on this transaction, such as when a deceased person has a reverse mortgage the heirs have a limited … (0 comments)

fha: Real Estate Sales Tax to increase in 2013 - 06/17/10 06:18 PM
Have you read the news lately? Looking at the new health care bill that has passed did you read the 2700 pages inside that bill?
If you took the time to read it then good for those who could stand reading all the fine points of this bill...
Here is a big one - For real estate transaction there will be an increase of tax being paid of 3.8% click link to see the highlights
http://www.spokesman.com/stories/2010/mar/28/health-laws-heavy-impact/
Tax on Home Sales. Imposes a 3.8 percent tax on home sales and other real estate transactions. Middle-income people must pay the full tax even … (0 comments)

fha: Short Sale & Closing Costs - 06/06/10 03:15 PM
Having done many short sales and alot of training, I am finding that only on certain types of loans will the lender pay closing costs. For example if the short sale is a FHA loan and the new buyer is using conventional financing then there will be no closing cost paid, but if new buyer is using FHA financing then they will allow only 1% to be paid for closing costs per HUD. Live near South Lake Stevens … (0 comments)

fha: New Bill being proposed by U.S. Congresswoman Maxine Waters H.R. 5072 - 04/30/10 06:20 PM
All,
This new proposed bill caled H.R. 5072 that is being created / endorsed by U.S. Conresswoman Maxine Waters, we need all to write your local representatives to stop this Bill H.R.5072. This bill is looking to increase FHA mortgage insurance from the now .55% monthly mortgage insurance to an outrageous 1.55% per month monthly mortgage insurance.
The impact of this Bill H.R. 5072 will be so costly to the new First Time Home Buyer or anyone that is looking to refinance that even if the rates are low by having this new increased mortgage insurance is like increasing the interest … (0 comments)

 
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Margo Christophilis

Seattle, WA

More about me…

SeattleMargo.com - Horizon Real Estate

Address: 7900 Green Lake Drive North Suite # 212, Short Sale in Seattle, Seattle, WA, 98103

Office Phone: (206) 963-5525

Cell Phone: (206) 963-5525

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Seattle home value, buy now before you are priced out. Inventory is being snapped up quickly - here is why! Want to Buy a House? It's Like 1995 all Over Again! Why is this such a great time to own a home? This is the perfect storm if you are currently renting, what makes the perfect storm for a renter – home values have declined to a price point that is close to 2003, and with the mortgage rates at serious historical lows the buying power you have to own a home is like you just purchased in 1995. Home values in the Green Lake – Seattle, WA area for a home that is of a normal 3 bedroom 1.5 bath home with roughly 1600 square feet in 1995 depending on the exact location you would have paid 165,000.00 – 205,000.00. In today’s market of Jan. 2012 you will spend around 285,000.00 – 435,000.00, again depending on exact locations. So if you are a renter – this is the perfect storm: 1.Home Values Down 2.Mortgage Rates at all-time lows 3.Housing Supply – lots to choose from 4.Buyer’s Market – so you now can shop around and sellers will negotiate terms, price and incentives. See Historical Chart for Mortgages for the Year 1995: 1995 30 Year FRM 15 Year FRM 1 Year ARM January 9.15 8.80 6.82 February 8.83 8.46 6.67 March 8.46 8.06 6.45 April 8.32 7.88 6.35 May 7.96 7.51 6.13 June 7.57 7.06 5.87 July 7.61 7.09 5.83 August 7.86 7.36 5.93 September 7.64 7.16 5.81 October 7.48 7.01 5.74 November 7.38 6.89 5.64 December 7.20 6.74 5.57 Based on the buying power of today’s interest rates you effectively are able to purchase your home as if it was 1995! Answer these questions! •·What was the popular song in Jan. 1995? •·Who won the Super Bowl on Jan. 29th 1995? •·What Bombshell Beauty Married on Feb. 18th to a motley Rocker? See how time goes fast and looking forward where will you be in 17 years? Here is a great artical from Paul Muolo who wrote a post about buying a home like it was 2003. •Mortgage Rates •Read more


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