Real Estate Information Archive

There are still two groups of people that can qualify for the $8,000 Federal Tax Credit.  According to the IRS if you are a member of the military or certain other federal employees that have been serving outside the U.S.you have an extra year to purchase a principal residence and qualify for the tax credit.  That individual must enter into a real estate contract by April 30, 2011 and close on the property by June 30, 2011.

Even with the tax credit eliminated for new buyers, there has never been a better time to purchase a home.  Interest rates are at record lows.  Contact me for more information.

Effective on FHA insured loans with case numbers assigned April 5, 2010 or later, the upfront mortgage insurance premium  (MIP) will increase.  Usually the FHA upfront MIP is financed, however it can be paid as a closing cost  (which is how the 2010 GFE discloses the premium). 

FHA insured mortgages for purchases and non-streamline refinances will increase from 1.75% of the base loan amount to 2.25% and streamlined FHA refinances (refinancing an FHA underlying mortgage) will increase from 1.5% to 2.25%.

The following changes should take place for FHA loans by early summer:

• Seller contributions towards allowable closing costs reduced from 6% to 3%.
• Increasing the down payment requirements for lower credit scores (risk based underwriting).   Buyers with a 580 score would need a minimum of 10% down payment.   The upfront MIP increase will go into effect just 25 days before a home buyer needs to be “in contract” to qualify for the home buyer tax credit.

A delay in purchasing a home can cost you more money. If you are thinking of purchasing a home get to your mortgage lender today and get your financing in order.

A brief market comparison of the first 24 days of 2008 versus that of 2007 of properties in West Little Rock Arkansas.

Many home buyers, sellers and residential real estate professionals alike are interested in knowing how the 2008 market is going to shape up compared to that of 2007. While the residential real estate market is 23 days old in 2008, here is what we know so far about the market in West Little Rock Arkansas.

Home ownership is still within reach and one of the best investments you can make.  Interest rates are still offered at incredible rates and terms with good credit. 

Friday, December 17, 2007, the Senate passed a bill (93-1) to increase the maximum FHA loan amount to $417,000 for a single family residence. The current limit is $362,000. This loan amount matches the current conforming loan amount for conventional loans.  This will give some homeowners struggling with a decline in value the opportunity to refinance their current loans into a more stable FHA loan.

If you need assistance with a home in Central Arkansas give me a call - 501-580-3649.