Weeks before the FTHB tax credit expires, FHA is making some changes.On April 5th , FHA will increase the up-front mortgage insurance by 0.50%. All though the up-front mortgage insurance is financed into the loan- it can add an extra $965 to your loan amount. The Spring also warrants a change in seller concessions. The amount now a seller is allowed to contribute to buyers closing cost is 6% and that will change to 3%- creating more money out of pocket for buyer. If a buyer buys a house at $100,000 they will get $3000 instead of the $6000- so buyers will have to come up with the extra cost.Buyers the only way to avoid the changes is to buy now and have a mortgage application submitted by the last week in March.
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Fannie Mae-Lease Back

Fannie Mae will allow homeowners lease back their homes and stay in them for a year or more.

The "DEED for Lease" Program will let borrowers transfer their homes to Fannie Mae in exchange for a lease. The borrowers will be expected to pay market rents, which will be lower than the current mortgage in most cases. These borrowers will be the ones who don't qualify for loan modification and wish to remain in the home.

Borrowers will have to provide decline of loan modification, proof they can afford to pay the rent, and willing and able to move out when lease is not renewed.

This will definitely help stabilize the housing market!


New Year, Many Changes. Like most of us we watch the news and wonder what is really going on. Here are the most important items that you should be aware about for today's market.
  • Loan Limits in Nevada for FHA has decreased to $287,500
  • FHA requires a minimum of 3.5% Down
  • Down Payment can be a gift- ( soon look for the government to pass HR600- seller assisted DPA)
  • Interest rates REALLY at an all time LOW
  • LOAN MODIFICATION- principle reductions are happening
  • INVEST, BUY- but try not to sell at this point-(competition very tough)

Need more information you contact me.

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