|
FHA Increases Down Payment Requirements |
|
The Federal Housing Administration raises minimum down payment requirements for borrowers with lower credit scores. The change is among a number of major changes the FHA is making to ensure its long-term financial soundness. Borrowers with credit scores less than 580 will be required to put down at least 10 percent of the purchase price. Those with a credit score above 580 will be able to continue to put down only 3.5 percent. The changes will hope to better the agency's finances. The FHA also will increase its upfront mortgage insurance premium from 1.75 percent to 2.25 percent. In short borrowers who secure loans without a 20 percent down payment of the homes value will be required to pay this fee to obtain financing. In all this will allow less buyers in to the market but will ultimately secure the longevity of the government loan program.
|
|
|
Trusted advice for over 30 years
Our experience and knowledge of the local market has allowed us to create a network of real estate profesionals covering key areas throughout the contry. While other agencies have shut their doors we continue to retain the most talented and honest associates. Career Opportunities
If you are a licensed salesperson or broker looking for a great opportunity to grow with a progressive organization we would like to hear from you. We have a proven buyer lead generation system already in place and offer a competitive commission structure. We are looking for leaders in our industry to grow with us. Contact us to discuss the opportunity confidentially and find out how we are different. more>>
|
|
For many people, keeping a close eye on their property tax bill is becoming the norm across the country, and for good reason. With the decline in the real estate market and the sheer fact that so many are trying to hold on to every dollar that they can, it is possible to save $100's, and for some $1000's, each year. Lowering your property tax has never been an overly difficult process, but until recently, less than 5% of property owners appealed their property tax assessments every year. Give the dramatic change in property values recently, this begs the question: What can you expect now when trying to lower your tax burden?
Much like visiting the local shopping mall in December, you can expect long lines and roadblocks along the way. Local municipalities and assessment review boards are typically staffed for only 5% of the population to appeal, and like many property owners, they too are trying to hold on to every dollar. By lowering your property tax, this equates to lower tax revenue for local governments. While I am not certain if it is by design, or simply that assessment departments are understaffed, but many of us will find that our tax appeals will not be as efficient or accurate as we would like in many parts of the country.
|
|
|
