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new home buyers: Mortgage Insurance Premiums To Increase April 5, 2010 - 01/24/10 09:54 AM
As most of us know mortgage insurance is required on all FHA loans, as the usual down payment is only 3.5%. The current rate for mortgage insurance has been 1.75%. This rate will be increasing to 2.2.5% on April 5th, 2010 and can mean 1000's of dollars out buyers pockets. This is a great reason to get insprired to get under contract before the tax credit deadline.
A good example is that if a buyer is purchasing mortgage insurance on a 200K property, the new rate would increase their payment by $1000 and cost $4500 instead of $3500.
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new home buyers: Senate close to approving more tax credits. A GREAT THING! - 10/30/09 11:30 PM
So...yes...it appears the looming deadline for our tax credit will be extended! HURRAY. I have to admit I was a bit of a skeptic initially. I knew first hand how the banks were struggling and weren't even able to process the offers they had because of the short sale crisis and foreclosures. But, it appears all but certain after the Obama administration will push Congress to go ahead with a new and improved version of the bill. The new bill will effectively extend the tax credit for new buyers all the way through April. But even better is that you just have to … (3 comments)
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Reinae Kessler
Austin,
TX
More about me…
Austin Home Girls Realty
Address: 1601 West 6th Street, Austin , Tx, 78703
Office Phone: (512) 983-8556
Cell Phone: (512) 983-8556
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