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December 13, 2008
Keep you Plumbing in good shape – it could cost you
thousands!
Never put dairy products, fats, oil, grease or greasy foods
down the garbage disposal or drain.
If you have oils to dispose of, mix them with kitty litter
or coffee grounds, put it in a container with a lid and put it in the trash.
Save old margarine/butter tubs for this or empty cans.
You can freeze fats, oils and grease in a container with a
tight-sealing lid and then throw in the trash.
If you have a large container or fats or oils, you will
need to call your local household hazardous waste collection facility or sewage
treatment plant for guidance for disposal.
Unless you dispose of these items property, you could be
costing yourself not only money, but unpleasant sewer blockages and overflows
which means a big mess.
December 7, 2008
Tankless
water heaters
In order
to be more energy efficient you may want to consider purchasing a tankless hot
water heater. Contact a plumber before deciding which model to purchase that
best suits your home. Some may think that tankless hot water heaters do not
provide enough hot water for the entire family. The heat exchanger technology
used in tankless hot water heaters is designed to provide a full flow of heated
water to an entire household. With tankless you are able to provide enough hot
water for 2-3 showers at a time. You could save approximately 12% if you convert
to tankless. Tankless are generally more efficient because they heat only when
the water is needed
December 3, 2008
Want a 1% Interest Rate?
Yes, you heard it right. You could be getting a very low interest rate if the
situation is right. This is called the USDA Rural Housing Mortgage Direct Loan.
This is a mortgage program that gives 100% financing, including, if necessary,
the funding fee, closing costs, and prepaids. If the house you are interested
qualifies as a rural area, and you make under a certain amount, you could
qualify for one of these loans.
In order to qualify for the Direct Loan, you would have to go directly to the
provider rather than a mortgage broker. This is a Government loan. The name of
the loan is Section 502 Direct Loans. You must be considered low income. If you
are between 50% and 80% of the area median income, you would be considered low
income. If you are below 50% of the area median, you are considered very low
income.
These loans are for up to 33 years or even 38 years for those with incomes below
the 60% mark and can't afford a 33-year loan. The interest rate is based on what
it cost the Government and is modified by payment assistance subsidies.
You may not get a 1% interest rate but would you pay 3%?
As we progress through this credit crisis, you are going to see more and more of
new mortgage plans develop. Stand by.
Call me at 1-800-504-6066 for more updated information.
August 16, 2008
The House and Senate recently passed broad=based housing legislation which
was signed into law by President Bush on July 30, 2008. It includes the
creation of a strong regulator for Fannie Mae and Freddie Mac, changes in
conforming and FHA limits, a modernization for FHA, and the Hope for Homeowners
plan, which may help distressed homeowners by refinancing with FHA. These
should all be effective January 1, 2009. The FHA limits are set per county
so be sure to check with your mortgage professional as to the limits for your
county. The minimum downpayment will increase from 3% down to 3.5% down.
August 8, 2008
The Federal Housing Administration (FHA) wants to pull the plug on
downpayment "gift" programs in which all or most of a home buyer's equity stake
comes from the seller, funneled through a third party. Under these
programs third-party intermediaries, typically tax-exempt charitable
organizations that advertise their specialty, send a contribution to the
organization roughly equal to the money the buyer needs, pocketing a fee of $400
to $600 and passing along the balance for the downpayment. Although rare
in the nongovernmental loan market, these deals have accounted for more than
one-third of total FHA volume in recent years, cutting the minimum 3 percent
downpayment required to zero.
FHA says these arrangements result in excessive defaults, foreclosures and
losses so severe that they threaten the solvency of the agency's insurance
funds. On top of that, in the past year the IRS has revoked the tax-exempt
status of 31 non-profit organizations that specialize in downpayment-gift
programs.
-- Courtesy from The Washington Post
August 6, 2008
Increased
FHA, Fannie Mae And Freddie Mac Loan Limits Offer Additional Financing Options
The loan limits available through the Federal Housing
Administration (FHA), Fannie Mae and Freddie Mac have increased as part of the
Economic Stimulus Package. FHA offers government-backed products ranging from
mid- and long-term fixed-rate mortgages, and various ARM products that allow
consumers to choose the loan that best fits their financial needs. Changes are
as follows:
• All counties now have access to an FHA loan as high as $271,050 (formerly
$200,160)
• In certain high cost areas, consumers can get FHA loans up to $729,750. The
areas are defined on the U.S. Department of Housing and Urban Development Web
site:
https://entp.hud.gov/idapp/html/hicostlook.cfm
Fannie Mae and Freddie Mac also have temporarily increased their loan limits
from $417,000 to be as high as $729,750 in certain Metropolitan Statistical
Areas (MSAs). This temporary increase applies to loans originated through Dec.
31, 2008.
The Wells Fargo View: Wells Fargo Home Mortgage(WFHM) is a leading
FHA/VA lender, making loans available to consumers with flexible terms. The FHA
floor limit increases became available through WFHM on March 7 and higher loan
limits on March 17. Many customers and clients may benefit from these changes in
both purchasing new homes and refinancing existing homes.
March 9, 2008
You may be asking yourself what is the best way to sell my home and why isn't
it selling. Hello! Have you been reading all the newspapers and
watching television? It's a jungle out there and unless you are proactive
in selling your home you are going to own it for a while. So many agents
are out there diligently trying to get your home sold. Some are offering
different incentives. There are so many incentives that you can offer any
prospective buyer in order to get them to look at your property. Some of
the most common incentives are to offer to pay closing costs, buy a home
warranty, or pay for homeowner dues for one year. One thing I have noticed
is that not only are there incentives for the buyer but there are a lot of
incentives out there for the buyer's agent. With so many homes to choose
from, the buyer's agent can be enticed to show your property above some others.
The most common incentive to get the buyer's agent to show your property is to
offer a bonus on top of their commission. Instead of a bonus you can
increase the commission rate. I have even seen the offer of a car,
vacation, etc. The buyer's agent can get the buyer to your property, but
it is ultimately up to the buyer to make the decision. Of course, the best
way to sell your home is to lower the price to a level that will entice everyone
to look at it.
November 30, 2007
Even before you "think" about buying a home, the process takes diligent
preparation. The number one thing you need to do is get pre-approved for a
mortgage. This is so important. Perhaps you have some mistakes on
your credit which needs to be resolved. Maybe you don't know what the
charges will be for buying a home. Even though you have saved up for a
down payment, you need to consider closing costs. In Florida closing costs
are running around 3% of the purchase price. If you don't have the money
saved for your closing costs, you will need to consider how you are going to get
that paid. One easy solution is to ask the seller to pay them for you.
Of course, you would have to offer full price for the home or close to it.
Another consideration is to pay a higher rate on your mortgage and have them
rolled into your monthly payment.
For more information about what you need, give us a call at 1-800-504-6066.
November 13, 2007
If you are moving to an unfamiliar location, it is absolutely necessary to
have someone who will be able to guide you. Of course, the first person
that comes to mind is a REALTOR
who knows the area and the local customs. A REALTOR
will be able to guide you, but you will also have to do some leg work. to ensure
that a particular neighborhood will make a good fit for you. First, check
with the local police to find out about crime in the area. All areas have
crime, but some have more serious crimes and more often. You also want to
look for safety other than crime. How is the traffic? How far will
it be to school? What kind of transportation is available for your
children to get to the school? Visit the neighborhood several times at
different times of the day. You will be able to see different neighbors.
Don't be afraid to stop and talk with some of the neighbors. They are
usually willing to share their opinions. Go to dinner at a local
restaurant and go to the local grocery to see just who your potential neighbors
will be. Your REALTOR
will be able to show you comparable sales and guide you to what the school
ratings are in a particular area. It will take the both of you to partner
up to find the best fit for your family.
To find a REALTOR
in your area, please contact us at 1-800-504-6066. We know
REALTORS
all over the world who will be able to assist you.
October 26, 2007
You may be asking yourself if this is a good time to buy a house. The
answer is - Yes, Yes, Yes! It is a Buyer's market. With the
housing market the way it has been for the last two years, people have been
scratching their heads and wondering if it is a good time to be in the housing
market. Interest rates are still low and there is so much for a buyer to
choose from whether it is a newly built or an existing home. New home
builders have a lot of inventory and are offering incredible incentives such as
lower prices, upgrade packages, buying down the interest rate for your mortgage
and more creative financing plans. Existing home sellers have started
competing with the builders and offering incentives such as paid closing costs
and homeowner fees.
There are so many plans available whether you are new at homeownership or an
old pro. Why not check into what you county has to offer by way of down
payment assistance and first-time buyer programs. There is a maximum
income you can earn to qualify. In the county that I live in, if you make
$57,400 or less with one or two people in the household, you qualify.
If you want to find out more, please give us a call at Brenda DeArmond Realty
at 1-800-504-6066.
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