From the category archives:

1st Time Homebuyer

Why ‘For Sale By Owners’ Miss ‘The Right Buyer’

by Andre on April 12, 2012

Here is a horror story from someone who thought they could sell their home and save some money by not having a real estate agent. The same goes for when you’re looking to buy a home. Tweet This Post

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One week away till FHA increase on mortgage insurance

by Andre on April 2, 2012

FHA case numbers assigned after April 9, 2012 will see an increase in upfront and monthly mortgage insurance rates. Effective April 9, 2012, the FHA upfront mortgage insurance premium will go from 1% to 1.75% for all mortgage amounts. The annual mortgage insurance premium will increase from 1.10% to 1.20% for loan to values that [...]

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Why is FHA getting tougher

by Andre on March 28, 2012

Next week, home buyers with ongoing credit disputes over $1,000 will no longer be approved for a mortgage backed by the Federal Housing Administration. Buyers with collection accounts will either have to pay the debt off or enter into a documented payment plan. Buyers will also have to show that three payments have been made [...]

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Helping vs. Enabling

March 5, 2012 1st Time Homebuyer

Here is an interesting article about a couple helping their daughter purchase their first home. One thing that isn’t mentioned in the article is that maybe the kids should buy a cheaper starter home. That’s why it’s called starter. Most people realize their first home is the get them going. It doesn’t have to be [...]

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FHA to raise Up-front and Annual Premiums

March 1, 2012 1st Time Homebuyer

The Federal Housing Administration (FHA) announced that it is increasing both upfront and annual premiums for its insured single family loans.  An increase of 0.10 percent in the annual premium mandated by the Temporary Payroll Tax Cut Continuation Act of 2011 will be effective for all loans written after April 1.  In addition, FHA is [...]

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What $5 gas means for you and buying a home.

February 21, 2012 1st Time Homebuyer

With the price of gas expected to go to $5 a gallon in the next year. Expect for people to look at living closer to where they work. In Europe gas is $7 to $8 a gallon. With all the instability in the Middle East here is how that will affect people purchasing a home. [...]

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The MI tax deduction is on the chopping block

January 11, 2012 1st Time Homebuyer

Unless Congress changes the tax rules this year, mortgage insurance could become both more expensive and less desirable, something that would hurt the housing market nationwide. Under current tax rules, the cost for mortgage insurance–whether it is through the FHA or through the private sector–is deductible to homeowners. For instance, if you pay $1,500 in [...]

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What’s a dual agent

January 10, 2012 1st Time Homebuyer

Q.: What’s a dual agent? A.: The relationship between a real estate agency and real estate is pretty straightforward — you have an agent on the one hand who represents a seller through a Listing Agreement, and on the other hand you have another agent who represents a buyer through a Buyer Agency Agreement. So, [...]

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FHA Waives Flipping Rule Until Yearend 2012

January 5, 2012 1st Time Homebuyer

The Federal Housing Administration has suspended its anti-flipping rules for another year to facilitate the financing and sales of newly renovated foreclosed properties. “This extension is intended to accelerate the resale of foreclosed properties in neighborhoods struggling to overcome the possible effects of abandonment and blight,” said acting FHA commissioner Carol Galante. The Department of [...]

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Why FHA will have to increase it’s mortgage insurance.

December 5, 2011 1st Time Homebuyer

Housing and Urban Development Secretary Shaun Donovan told a Congressional hearing on “Perspectives on the Health of the FHA Single-family Insurance Fund” this morning that FHA may need to raise its premiums for some borrowers if economic conditions worsen. The Secretary said that any negative changes in 2012 that eroded the value of the FHA’s [...]

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