Real Estate Information Blog

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FHA announces policy changes

Federal Housing Administration (FHA) Commissioner David Stevens announced a set of policy changes to strengthen the FHA’s capital reserves, while enabling the agency to continue to fulfill its mission to provide access to homeownership for underserved communities.  These changes that have been enacted, are guiding the FHA to manage its risk, while continuing to support the nation’s housing market recovery. 

The FHA will propose to take the following steps:  increase the mortgage insurance premium (MIP); update the combination of FICO scores and down payments for new borrowers; reduce seller concessions to three percent, from six percent; and implement a series of significant measures aimed at increasing lender enforcement. 

*Mortgage insurance premium (MIP) will be increased to build up capital reserves and bring back private lending.  Ultimately, if approved by legislative authority, this shift will allow for the capital reserves to increase with less impact to the consumer, because the annual MIP is paid over the life of the loan instead of at the time of closing. This is set to go into effect in the spring.

For more information, visit http://portal.hud.gov/portal/page/portal/HUD/press/press_releases_media_advisories/2010/HUDNo.10-016

*Update the combination of FICO scores and down payments for new borrowers.  New buyers will now be required to have a minimum FICO score of 580 to qualify for FHA’s 3.5% down payment program.  New borrowers with less than a 580 FICO score will be required to put down at least 10%. This is set to go into effect in the early summer. 

*Reduce allowable seller concessions from 6% to 3%.  The current level exposes the FHA to excess risk by creating incentives to inflate appraised value.  This change will bring FHA into conformity with industry standards on seller concessions.  This is set to go into effect in the early summer.

*Increase enforcement on FHA lenders.  These changes will hold lenders more accountable and ensure that they are in compliance with FHA guidelines and standards.  This is effective immediately.  Currently, you can view lender performance rankings on Neighborhood Watch and the HUD websites.

Museum and School District Reach Agreement

VOTE “APPROVE” (YES)

ON BOND ISSUE #2

An “Agreement in Principle” has been signed by the Board of the Shoreline Historical Museum and the Shoreline School District Board.

The Museum retains ownership and use of the historic Ronald School.

This agreement is contingent on passing the Bond Issue.

THE SHORELINE HISTORICAL MUSEUM ENDORSES THE APPROVAL OF BOND ISSUE PROPOSITION #2

PLEASE “APPROVE” BOND ISSUE PROP. #2 ON FEBRUARY 9, 2010

For further information, visit http://www.shorelinehistoricalmuseum.org/

We are so happy to announce that our beloved team member, Ann Nordling, gave birth to a healthy baby girl at 8:46am, February 1, 2010!  Lucy weighed in at 8 pounds, 14 ounces.

Lucy is welcomed by proud parents Todd and Ann and big sis Stephanie!

Don’t Wait! This critical time frame could save you thousand$

Thinking of buying or selling? 

Repeat Buyer $6,500 Tax Credit Expires April 30th!

If you have been hearing about the first time homebuyer tax credit for the past year but thought it wouldn’t apply to you since you are not a first time homebuyer, but rather a current homeowner who is considering moving up or possibly downsizing?  Think again! 

In November of 2009 the government launched a new program offering a tax credit of  $6,500 for qualified REPEAT homebuyers who sign a binding purchase contract by April 30th, 2010.  A qualified REPEAT homebuyer is one who has owned and occupied the same home for at least five consecutive years of the eight years prior to the new purchase date.  

Even better, this is a tax credit and not a tax deduction!  This means, the $6,500 is a dollar for dollar reduction in what the taxpayer owes.  For example, if you owed $6,500 in income taxes but are eligible to receive the $6,500 tax credit, you would owe nothing to the IRS.

It’s a double-whammy! The $8,000 1st Time Homebuyer Tax Credit Benefits both Buyers AND Sellers!

Click Here for the Homebuyer Tax Credit quick reference guide

Visit www.federalhousingtaxcredit.com for further information.

We want to let you know that many experts are predicting a rise in inflation and consequently a rise in interest rates as a result of the government's stimulus spending. The chart below demonstrates just how historically low interest rates are. Take a look at where rates were in the early eighties - the last time inflation skyrocketed.

Now is still a great time to buy with prices down as much as 15% from their peaks, the $8,000 first time homebuyer tax credit for buyers who have not owned a home in the last three years has been extended, and now some homeowners who have owned their home for at least five years may qualify for a new tax credit! 

Please contact us for further details!

As you've heard the First-Time homebuyer tax credit has been extended and they are now offering a Repeat-Buyer tax credit for people who have owned their current homes for at least five years.  You can view the video below put out by NAHB (National Association of Home Builders) or visit http://www.federalhousingtaxcredit.com/ for further details.

Following is the Chuck Cady interview conducted by KIRO TV discussing the City of Seattle's plans allow two homes on single family lots, called DADU'S (Detached Auxiliary Dwelling Units).

http://www.youtube.com/watch?v=LX4kzqZq8Os

Today the City Council abolished single family zoning for lots over 4,000 sq.ft.  They may be surprised to learn that you were unaware of what they were up to.  Both Sally Clark & Tim Burgess assured the Council that extreme efforts were taken to make the public aware.  Are you aware, please let them know.

Click on the link below for more information!

Click here