Every now and then you just have to laugh at life and the hand it deals you. This is a perfect case. Hope you enjoy it as much as I did, here ya go Wall Street.
MOSCOW, Ohio — An Ohio man says he bulldozed his $350,000 home to keep a bank from foreclosing on it.
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New FHA Lending Policies
Recently, the Federal Housing Administration (FHA) announced some lending changes. If you or someone you know is considering an FHA loan, some of these changes may affect you. Here’s a brief rundown of the major changes.
Increased mortgage insurance – The mortgage insurance premium (referred to as private mortgage insurance by many people) will be increased from 1.75% to 2.25%. This change will add some cost to purchasing a home, but will not overburden consumers since the mortgage insurance is paid over the life of the loan, rather than upfront at closing.
New down payment and credit score requirements – According to the new policy, homebuyers who have a credit score of at least 580 may still be able to purchase a home with 3.5% down, but those with credit scores of less than 580 will be required to put down at least 10%.
Reduced seller concession – The seller will now only be able to offer the homebuyer 3% to help defray closing costs, as opposed to 6% under the previous policy.
The bottom line is that the changes will impact some homebuyers more than others. But in the end, the FHA is still committed to providing affordable home loans.
Napoleon Hill
“The starting point of all achievement is desire. Keep this constantly in mind. Weak desires bring weak results, just as a small fire makes a small amount of heat.”
Napoleon Hill
1883-1970, Author of Think and Grow Rich
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One of the biggest difficulties many first-time home buyers face is a lack of down payment and the necessary funds for closing costs. However, even with the widespread availability of “no-money-down programs” evaporating in the credit crisis, one national no-down payment program still remains: USDA Rural Development home loans.
Guaranteed by the USDA (United States Department of Agriculture), this program might make you think that you have to buy farmland or live “in the country” to qualify, but this is often not the case. In fact, you might be surprised to see just how many neighborhoods actually do qualify as rural development areas. For this program, the term “rural” really applies to those areas with a lower population or fewer homes, not necessarily those areas and neighborhoods far outside of the city.
There are several benefits of the USDA loan program besides no money down. The program also does not require private mortgage insurance, and the seller is allowed to pay all of your closing costs and pre-paid items up to 6.00% of the total sales price of the property. And while this is great news for first-time home buyers, it’s important to note that you don’t have to be a first-timer to qualify for a USDA loan.
Other than the location of the property you’re seeking to buy, there is one other limitation to this valuable program that you must consider: your income. Luckily, however, these numbers have recently increased to allow more potential buyers to take advantage of this special program. For households in non-high cost areas, with up to four people, the income limit is $70,750. In households where 5-8 people reside, the income limitation is $93,400. These income limitations are guidelines and, in some cases, may be exceeded.
To find out more about USDA loans, give The Cobbin Group a call. We can point you in the right direction an answer as to whether you qualify for this program in just a few minutes.
Hey Edmonds its time for the Third Thursday Art Walk this Thursday in many downtown retail shops in Edmonds Wa. A great way to spend a evening,meet some local artist, and buy some art. Another Edmonds Chamber of Commerce sponsored event.
Edmonds, Come joins at the hippest new restaurant in downtown Edmonds EPULO BISTRO has its ribbon cutting this Wednesday at 4:00 PM until we decide to leave the joint. Come on down and check us out may be we’ll buy ya a drink.
Edmonds Real Estate
If your looking to live in one of the most sought after area in Snohomish Co Check out this glorious property in Woodway 4Br 2.50 Ba 3600sf over 23,000sf
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Edmonds Chamber News & Happenings
Sponsored by:
The Edmonds Kiwanis Club
Presented at:
Edmonds Chamber of Commerce March Luncheon
