HUD HOME new on Market! Only $85,000!!!

HUD Home # 451-068996

Needs work

Great opportunity to own in Warwick, RI!

This home has a lot of potential. A large attic can be expanded to be another bedroom.

This home is FHA insured and qualifies for 203K Rehab loan.

Home is sold as is, and is available to owner occupants up to 2/12/2011

For further details see www.hudhomestore.com

To see a tour of this home, click here

Karen Hurst is the Neighborhood Listing Broker (NLB) for Hud Homes

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!

Newbury Village townhouse style condo!

Picture yourself sitting in the dining area looking torwards this kitchen! This condo has absolutely everything you could ever want or need. Located in the Newbury Village complex in Cranston, RI, close to Scituate, it is in absolutely pristine condition. This is one of the largest condos in this complex, yet it is priced comparable with the smaller ones. This is an opportunity to move into this exclusive area. The discriminating buyer will appreciate this townhouse style with loft and two master bedrooms. Integral two car garage, basement is studded and wired, ready to use as more rooms if needed. See more in this virtual tour, or ride by and email me Karen at rihome.net

House for Sale Warwick, RI New Price!

THIS HOUSE IS SOLD. EMAIL ME FOR OTHERS

38 Largo Road in the

Strawberry Field section of Warwick!

Cute 2 bed ranch in need of someone to take care of it! Fully fenced back yard w/shed. Good sized deck, attached garage, full basement, gas heat, everything you have been looking for!

This is a bank owned home. What that means to you is when you make an offer, have your prequalification letter ready and be prepared to buy AS IS.

This home needs TLC, ie painting, cleaning.

Priced reasonably at $167,000.

Email me for a showing at Karenhurst@rihome.net

Best places to live in Rhode Island

Have you ever wondered what are some of the best places to live in Rhode Island?

Choosing the right city or town is very important. You may have small children and need to know about the schools. You may be concerned about paying higher/or lower taxes.

You may want to know if most of the people there are in your own age group and if their incomes are compatible with your own.

There are many ways to find out if you are choosing the right city for you! With the Internet we can read blogs, search out homes from foreclosures to waterfront homes. We can look through virtual tours and send an email right from our desk.

One of the sites I have found to be helpful for data in choosing your home in Rhode Island, is located on Rhode Island Monthy. This is a magazine dedicated solely to Rhode Island and is well worth your while to check it out.

Here is the link to the data that Rhode Island Monthly has compiled regarding places to live in Rhode Island. If you are considering a move, then check it out.

Time to Buy

It really is starting to be the "Time to Buy" here in Rhode Island. Mortgage rates are lower and sellers are actually realizing that they need to lower their prices if they want to sell their homes.

If you are in the market for a home, get yourself to a good Lender and get pre approved. There are numerous homes on the market and you can negotiate a pretty reasonable price, especially as we go into the winter months.

So, if you are looking for a deal in Rhode Island Real Estate, you may just find one now.

Waterfront properties and surrounding areas have also reduced drastically. A home that you could barely look at a couple of years ago, is now in your price range. Yes, there are still some overpriced homes out there, but they will still be there next year and probably a lot cheaper.

Pay attention to this market, it won't last forever. Markets are cyclical, the prices will rise again. Have your Realtor keep you up to date on the homes that you are interested in and get the best deal for you, the Buyer!

The American Dream is still obtainable! Especially right now and in the next 1 or 2 years.