My thanks to my New Jersey colleague, Anthony Stokes Pereira for getting the word out about the rise in cost of mortgage insurance premiums which is scheduled to take place mid-2010. You might want to be aware of this.
The overwhelmed Federal Housing Administration has announced changes to its policies that will take effect mid-year 2010. First, the mortgage insurance premium will rise from 1.75% to 2.25% of all FHA-insured loans. Buyers must have a minimum FICO credit score of 580 to qualify for a conventional 3.5% down loan. Last, seller concessions such as paying for buyer's closing costs will be reduced from six percent to three percent of the buyer's loan. See: Hud.Gov
These proposed changes could galvanize buyers, along with first-time and move-up buyer tax credits, due to expire April 2010.
In addition, prices are bound to attract buyers. The National Association of Realtors (NAR) 2009 Profile of Home Buyers and Sellers found the median prices of homes purchased in 2009 were nine percent lower than in 2008 and that 95% of those who financed purchased with a fixed-rate mortgage.
Interest rates are expected to rise, but so far, falling stock prices and other economic jitters is keeping mortgage interest rates lower than expected. Right now, qualified buyers can still get a 30-year fixed rate loan around 5%.
Anthony Stokes Pereira, Better Homes and Gardens Rand Realty
I can help you with every aspect of buying or selling your home because I'm experienced, because I am a Better Homes and Gardens Rand Realty Real Estate Professional . . .and because I care.
As your Better Homes and Gardens Rand Realty Sales Professional, I will provide you with the information you need to make an educated decision.
The relationship between a home buyer or seller and their agent is based on trust, shared goals and understanding. I strive to continually improve and to do this I listen and take the needs and wants into consideration.
For assistance with any of your real estate needs, please contact me, whether it's to get started on helping you realize your goals and dreams, or just to ask a question - no pressure, no hassle, no obligation - just a friendly conversation. I would welcome the opportunity to make a difference for you.
Anthony Stokes Pereira Office: (845) 770-2188 Cell: (845) 538-7021
Fax: (845) 624-7137 Email: firstname.lastname@example.org