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Is There Value In Owning A Home?
Posted on 7th December 2010The recently released 2010 National Association of REALTORS® Profile of Home Buyers and Sellers brings us some promising results. Today homeowners are living in their homes longer, and after several years of price declines, are seeing rises in home equity gains.
Earlier in this decade many buyers jumped on the investment bandwagon. They bought and sold within incredibly short time frames, and walked away with profits. But as the booms busted, many sellers found they had bought at the top of the market and as prices corrected, they lost more than just dollars. Historically, however, homeownership is a long term investment, and one that brings many rewards.
“Sellers who purchased at the top of the market and had to sell in a short time frame were hurt by the price correction. NAR 2010 President Vicki Cox Golder said. “Despite swings in the housing market in recent years, the fact is most long-term owners see healthy gains in the value of their property.”
New Real Estate Tax Laws Are Not Robin Hood’s Philosophy
Posted on 19th October 2010Congress passed a bill on August 4th giving FHA the authority to change the amount charged to borrowers for both the Up Front and the Annual Mortgage Insurance Premiums.
This will raise every Buyer’s monthly payments who is using an FHA Government loan program to purchase or invest in a home or rental property beginning October 4th, 2010. Here’s what you need to know:
•The Up Front Mortgage Insurance Premium is now 1.0 % for all standard FHA programs, including on purchase money mortgages. This is a significant change from the 2.25% Up Front Mortgage Insurance typically in place on FHA 30 year Fixed Rate transactions.
•In the past, Buyers paid .55% for the Annual Mortgage Insurance Premium (MIP) to calculate their monthly premium payment. As of October 4, 2010 the MIP paid to FHA is .90% for Loan to Values greater than 95% on 30 year loans. If a Buyer is putting more than 5% down or has a 15 year term, the annual MIP can be lower.
•FHA has the authority to raise the MIP up to 1.55%
Although the upfront amount has decreased and the annual amount increased, the net effect is a higher monthly payment for borrowers. Even with these recent changes FHA still provides a great opportunity for consumers wanting to achieve home ownership. FHA loans are not as credit score restrictive and only require 3.5% down payment. Call your favorite lender Nora Slyter: Capstar Lending, Cell: 512-757-2713
or search (http://govtrack.us/congress/bill.xpd?bill=h111-5981)
Fall is a good time to buy Wimberley Real Estate
Posted on 4th October 2010Now is a great time to be buying property in Wimberley, Dripping Springs and other parts of the Texas Hill Country.
Visit http://wimberleyhillcountryrealestate.com for more info
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