The Temporary Payroll Tax Cut, signed by President Obama, didn't come without compromise. The tax cut is being covered by an increase in "G-fees" or guarantee fees of 10 basis points imposed on all Freddie, Fannie, and FHA loans.
What does this mean for the consumer? Plan on an increased rate of .125% and an increase of the annual mortgage insurance premium by 1/10th of 1% for FHA loans.
Doesn't sound like much right? Let's look at what happens to your monthly payment...
For a loan of $200,000 the increase of .125% would equal $250 more per year in interest or $7,500 over 30 years. An FHA loan would be increased by $4,200 over 30 years.
The rate can be bought down by the home buyer but most people looking to get an FHA don't have the cash to do it.
The increase officially begins on April 1st, 20, most lenders have already changed their rate sheets to reflect the increase, and ends on October 1, 2021. Yes, it says 2021.
For more information on FHA loans or buying a home in Reno and Sparks feel free to contact me at (775) 750-1437 or Ricky@Resnv.com
For many FHA first time home buyers the chance to find a turn-key property is slim. With a market full of deserted properties and as-is bank owned buyers tight on money have few options. Insert the "flip".
A flipped property is where an investor or group of investors purchase a property, usually at the courthouse trustee sale, rehab it, and put it back on the market for profit. Prior to 2010, there was a waiting period that FHA buyers had to abide by in order to purchase one of these flips.
In February of 2010, the Obama Administration waived the 90 day rule through the end of 2011. This allowed FHA to lend on 42,000 mortgages nationwide that they most likely wouldn't have been able to because of poor property condition.
Well, that flip waiver has been extended through the end of 2012 with much praise and a sigh of relief from potential home buyers and Reno/Sparks flip giants NRES-NV1 LLC and Dickson Group I LLC.
The flip rule does come with a set of criteria and processes that must be followed in order to bypass the 90 day waiting perios. Most specifically for flips that net the seller over 20%. As a buyer, you may run into second appraisals or repairs/rehabs needing to be documented.
For more information on buying a home in Reno or Sparks, Nevada feel free to contact me at Ricky@Resnv.com
The Reno/Sparks Real Estate Market Report for December 2011 is out from the Reno Sparks Association of Realtors®… Here is a quick overview:
Here are the stats through November of 2011:
Median sale price increased $506 from October of 2011
Median price continues to stay within 4% of the previous few months
50% of sales were under $150,000. The payment on a purchase at or below $150,000 is generally at or below market rent.
488 units sold in November outpacing November of 2010 by 22%
2011 ytd sales have outpaced 2010 sales by 10%
For more market and affordability stats please watch the video. To learn more about buying or selling a home in Reno and Sparks please contact me at (775) 750-1437 or Ricky@Resnv.com.
While third party sites like zillow.com and trulia.com continue to gain popularity they have one major problem.... They aren't directly connected to our Reno and Sparks MLS system. Because they don't have a direct feed their updates and information can be behind and incorrect.
My most recent run in with a zillow.com client led to learning that the home they have been tracking for months, still active on zillow, was actually pending and about to close within the week.
So what can we do to get around this misinformation? ....Listingbook.
The Listingbook program has the same robust toolsas sites like zillow.com or trulia.com but has a direct feed from our local MLS. So the updates are in real time. While many people still swear by zillow and trulia I've found my clients like using Listingbook for factual information and outside sites for all the fluff.
In the fourth video of our ListingBook series we go over creating a daily email update....
For more information on buying a home in Reno or to get a free Listingbook account feel free to email me at Ricky@Resnv.com or call (775) 750-1437.
Voted one of the best neighborhoods by Men's Health Magazine the Old Southwest Reno is a highly desirable area with tree lined streets and mature landscaping. Home were built from the early 1900's to pocket neighborhoods of more recently built properties. The Old Southwest's central location leaves residents in close proximity, and in some cases walking distance, to downtown Reno, the Truckee River that run's through it, dining, coffee shops, and parks. Below is a list of some of my favorite places in Old Southwest, a video of the area, and links to available properties for sale.
While third party sites like zillow.com and trulia.com continue to gain popularity they have one major problem.... They aren't directly connected to our Reno and Sparks MLS system. Because they don't have a direct feed their updates and information can be behind and incorrect. My most recent run in with a zillow.com client led to learning that the home they have been tracking for months, still active on zillow, was actually pending and about to close within the week.
So what can we do to get around this misinformation? ....Listingbook.
The Listingbook program has the same robust toolsas sites like zillow.com or trulia.com but has a direct feed from our local MLS. So the updates are in real time. While many people still swear by zillow and trulia I've found my clients like using Listingbook for factual information and outside sites for all the fluff.
In the third video of our ListingBook series we go over adding personal notes and asking your agent questions....
For more information on buying a home in Reno or to get a free Listingbook account feel free to email me at Ricky@Resnv.com or call (775) 750-1437.
The kitchen opens up to informal dining and a family room with plenty of space for your wide screen tv while feeling cozy with a gas fireplace. For the more formal entertaining evenings there is a family room/formal dining room with easy access to the kitchen.
Rest and relaxation is assured with the master bedroom on the other side of the house from the secondary rooms and includes a walk in closet, double sink, and garden tub/shower combo.
The backyard is built for having fun. The slab patio with built-in propane BBQ and counter space offers relaxing weekends with extra space and a privacy wall for your pleasure.
For a private showing contact Ricky at: (775) 750-1437 or Ricky@Resnv.com. For more information watch the video below...
While third party sites like zillow.com and trulia.com continue to gain popularity they have one major problem.... They aren't directly connected to our Reno and Sparks MLS system. Because they don't have a direct feed their updates and information can be behind and incorrect.
My most recent run in with a zillow.com client led to learning that the home they have been tracking for months, still active on zillow, was actually pending and about to close within the week.
So what can we do to get around this misinformation? ....Listingbook.
The Listingbook program has the same robust tools as sites like zillow.com or trulia.com but has a direct feed from our local MLS. So the updates are in real time. While many people still swear by zillow and trulia I've found my clients like using Listingbook for factual information and outside sites for all the fluff.
In the second video of our Listingbook series we go over choosing properties, viewing data, and selecting favorites.
For more information on buying a home in Reno or to get a free Listingbook account feel free to email me at Ricky@Resnv.com or call (775) 750-1437.
Disclaimer: ActiveRain Corp. does not necessarily endorse the real estate agents, loan officers and brokers listed on this site. These real estate profiles, blogs and blog entries are provided here as a courtesy to our visitors to help them make an informed decision when buying or selling a house. ActiveRain Corp. takes no responsibility for the content in these profiles, that are written by the members of this community.
The kitchen opens up to informal dining and a family room with plenty of space for your wide screen tv while feeling cozy with a gas fireplace. For the more formal entertaining evenings there is a family room/formal dining room with easy access to the kitchen.
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