Friday, May 14, 2010
OPEN HOUSE - COLONIAL - WARWICK RI - $200,000!!
Friday, April 23, 2010
Freddie Urges 12-Month Forbearance in Flood Areas
This is on an individual basis. You can find the article here.
Thursday, April 22, 2010
HUD Redefines "Foreclosed" to Include 60-Day Delinquencies
HUD Redefines "Foreclosed" to Include 60-Day Delinquencies
HUD has announced that it's changing how it defines foreclosed to include properties in default and abandoned with lingering code violations. Effective immediately, HUD is classifying any property that is at least 60 days behind on the mortgage or the property owner is 90 days or more delinquent on tax payments as a "foreclosed" home.
In addition, HUD is expanding the definition of an "abandoned" property to include homes where no mortgage or tax payments have been made by the property owner for at least 90 days or a code enforcement inspection has determined that the property is not habitable and the owner has taken no corrective actions within 90 days of notification of the deficiencies.
HUD officials say the new definitions will help communities acquire, rehabilitate, and re-sell foreclosed and abandoned properties more quickly under the Neighborhood Stabilization Program (NSP) and help prevent further decline in hard-hit neighborhoods.
Also, the FHA has a moratorium in RI for three months on foreclosures due to the flooding.
Source DS News
HUD has announced that it's changing how it defines foreclosed to include properties in default and abandoned with lingering code violations. Effective immediately, HUD is classifying any property that is at least 60 days behind on the mortgage or the property owner is 90 days or more delinquent on tax payments as a "foreclosed" home.
In addition, HUD is expanding the definition of an "abandoned" property to include homes where no mortgage or tax payments have been made by the property owner for at least 90 days or a code enforcement inspection has determined that the property is not habitable and the owner has taken no corrective actions within 90 days of notification of the deficiencies.
HUD officials say the new definitions will help communities acquire, rehabilitate, and re-sell foreclosed and abandoned properties more quickly under the Neighborhood Stabilization Program (NSP) and help prevent further decline in hard-hit neighborhoods.
Also, the FHA has a moratorium in RI for three months on foreclosures due to the flooding.
Source DS News
Monday, March 08, 2010
Great Opportunity and Open House!! Withdrawn from Market
There will be an open house at 71 Lowell Street, West Warwick RI on Sunday March 14th from 1pm to 3pm.
This house is an incredible opportunity at a newly reduced price of $151900!
Yes it needs some work, but the basics are all there.
It needs painting, a few new doors inside and general updating. Nothing major. It boasts vinyl siding, newer windows and roof.
This is your chance to get a nice ranch on a corner lot in a quiet neighborhood for a very reasonable price!
email me with any questions karenhurst @ rihome.net Realtors see mls # 959459 See you on Sunday!!
Thursday, February 25, 2010
Wednesday, January 20, 2010
Important if you are planning on buying a home. FHA new guidelines
The FHA has announced policy changes that will affect you, the buyer. These changes are not expected to take effect until the spring or early summer.
Some of the highlights
1) Mortgage insurance premium (MIP) will be increased to build up capital reserves and bring back private lending. The first steps will include raising the upfront MIP to 2.25% and secondary steps will involve shifting some of the increase to the annual MIP. An official mortgagee letter on this particular guideline is scheduled to be released tomorrow.
This is for buyers without enough down payment. You will now be required to pay more upfront (however, I believe you may still be able to wrap it into your new mortgage(
2) Update the combination of FICO scores and down payments for new borrowers. New borrowers with less than a 580 FICO score will be required to put down at least 10%.
This change will be posted in the Federal Register in February and, after a notice and comment period, would go into effect in the early summer.
3) Reduce allowable seller concessions from 6% to 3%. (for instance a seller may concede to pay for closing costs where before you could ask for up to 6% of the price, now you will only be able to ask for 3%)
This change will be posted in the Federal Register in February and, after a notice and comment period, would go into effect in the early summer.
4.) Increase enforcement on FHA lenders.
FHA is the Federal Housing Administration
Here is a link to the press release if you would like to read it yourself.
Bottom line...buy your new home before the April 30th cutoff for the tax credit and try to get it all done before these changes take place!
Some of the highlights
1) Mortgage insurance premium (MIP) will be increased to build up capital reserves and bring back private lending. The first steps will include raising the upfront MIP to 2.25% and secondary steps will involve shifting some of the increase to the annual MIP. An official mortgagee letter on this particular guideline is scheduled to be released tomorrow.
This is for buyers without enough down payment. You will now be required to pay more upfront (however, I believe you may still be able to wrap it into your new mortgage(
2) Update the combination of FICO scores and down payments for new borrowers. New borrowers with less than a 580 FICO score will be required to put down at least 10%.
This change will be posted in the Federal Register in February and, after a notice and comment period, would go into effect in the early summer.
3) Reduce allowable seller concessions from 6% to 3%. (for instance a seller may concede to pay for closing costs where before you could ask for up to 6% of the price, now you will only be able to ask for 3%)
This change will be posted in the Federal Register in February and, after a notice and comment period, would go into effect in the early summer.
4.) Increase enforcement on FHA lenders.
FHA is the Federal Housing Administration
Here is a link to the press release if you would like to read it yourself.
Bottom line...buy your new home before the April 30th cutoff for the tax credit and try to get it all done before these changes take place!
Saturday, December 05, 2009
Fannie Mae First Look program and how it will affect you
Fannie Mae is changing its former Homepath program. The new program, dubbed, "First Look" appears as if it will be very beneficial to First time and owner occupant buyers. There is going to be a 15 day period where only owner occupants will have a chance to get in on the ground floor.
This is actually "great news" for first time buyers and owner occupant buyers. This program is somewhat similar to the HUD program which gives owner occupants a 10 day running start.
In my experience, many owner occupants have been "outbid" or even underbid by investors with Cash. The listing Banks preferred to take the cash instead of waiting out the the possibilites of the owner occupant getting a mortgage.
With this new Fannie Mae First Look program coming up in 2010, if you are going to occupy the home yourself and even if you need a mortgage to do so, you will now have the first shot!
Here is the link to the Media announcement from Fannie Mae to learn more about this program.
Keep tuned to this Rhode Island Real Estate blog to find out more, as it happens!
This is actually "great news" for first time buyers and owner occupant buyers. This program is somewhat similar to the HUD program which gives owner occupants a 10 day running start.
In my experience, many owner occupants have been "outbid" or even underbid by investors with Cash. The listing Banks preferred to take the cash instead of waiting out the the possibilites of the owner occupant getting a mortgage.
With this new Fannie Mae First Look program coming up in 2010, if you are going to occupy the home yourself and even if you need a mortgage to do so, you will now have the first shot!
Here is the link to the Media announcement from Fannie Mae to learn more about this program.
Keep tuned to this Rhode Island Real Estate blog to find out more, as it happens!
Subscribe to:
Comments (Atom)