Agent Profile
My job is service...service to you and your real estate transactions! How can you benefit from my 25 years of experience and expertise? What can I offer to make the process more productive?
* Current information on available housing...comparative and competitive market pricing and analysis
* Daily involvement in the local real estate marketplace.
* Thorough, comprehensive knowledge reflecting years of helping others complete their real estate business.
* Extensive network of professional resources to make the process as smooth as possible.
My commitment is to you! Being available to you...returning your calls...answering your questions...addressing your concerns...respecting your money...matching your timeline...meeting your expectations...helping accomplish your real estate goals!!
JANEESE JACKSON: 503-709-0802 or jj@janeesejackson.com
Carrie Underwood “Change”
Major FHA mortgage loan changes that were slated to go into effect on 09/07/2010 are now delayed till 10/04/2010. Sighhhhhhhhh! It’s definitely hard to keep up with the mortgage industry these days with almost daily modifications, corrections and reformations being launched. Some good, some bad in my humble opinion.
What is an FHA loan? FHA stand for Federal Housing Administration and is a federal agency in the Department of Housing and Urban Development. FHA has been in existence since 1934, however FHA does not actually lend money. They simply insure 100% of a loan amount that a lender funds, assuming the the loan conforms to FHA guidelines.
- FHA offers low down payments
- FHA offers loan programs to purchase and refinance
- FHA allows all of your down payment to be a gift from a family member, relative or non-profit organization
- FHA allows up to 6% of your closing costs to be paid by a home seller
- FHA does not require credit scores which are mandatory for Fannie Mae conventional loans
- FHA will lend on most property types, such as single family, duplex, triplex or fourplex
Effective October 4rth, the new maximum loan-to-value’s allowed for FHA financing are:
- 96.50% – new purchase
- 97.75% – refinance, no cash out
- 85.00% – refinance, cash out
- 125% – Streamline FHA to FHA refinances
- 115% – new program to refi upside-down clients
HUD also released the following statement: “It is our intention that effective on September 7, 2010, FHA’s upfront mortgage insurance premium will be adjusted down to 100 basis points on all amortization terms and the annual mortgage insurance premium will increase to 85-90 basis points on amortization terms greater than 15 years”. (The FHA can go as high as 1.5%, basically tripling it if they wish, from 0.55 currently).
Assume a $150,000 home purchase:
BEFORE September 7, 2010
Upfront premium (2.25%): $3,256.88
Monthly payment including mortgage insurance: $793.93
ON OR AFTER September 7, 2010
Upfront premium (1.00%): $1,447.50
Monthly payment including mortgage insurance: $826.93
NET CHANGES
Upfront cost: Decreased by $1,809.38
Monthly cost: Increased by $33.00
Streamline refinances are a great option (no appraisal) for those with current FHA loans at 5% or more.
About the Author | Janeese Jackson
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