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New HUD Changes
In an effort to keep you informed of new changes that can affect your real estate transactions, below is a some information that I received today from a mortgage associate, thanks Mike.
HUD will change the way they collect their upfront MIP and annual factors effective with FHA case numbers ordered on\after 10.04.10. Upfront MIP on FHA loans will be lowered from 2.25% to 1% for all loan types. Monthly PMI will be changed from .55% to .90% on 30 year FHA loans with a 3.5% down payment.
Here is an example of how this will effect a loan…
Under the current rules:
Purchase Price: $150,000
Base Loan Amount: $144,750
Total Loan Amount: $148,006 (includes upfront MIP of 2.25%)
Mortgage Payment (not including taxes or insurance): $749.92
Mortgage Insurance: $66.34
Total Payment (not including taxes or insurance): $816.26
Under the NEW rules:
Purchase Price: $150,000
Base Loan Amount: $144,750
Total Loan Amount: $146,197 (includes upfront MIP of 1%)
Mortgage Payment (not including taxes or insurance): $740.76
Mortgage Insurance: $108.56
Total Payment (not including taxes or insurance): $849.32
NOTICE that the payment for the same house with the same interest rate will now cost about $33 more a month.
This Month In Real Estate August 2010
Video Market Update 8/30/2010
My new Weekly Video Market Update that will post every Monday providing you with a past 7 day look at what is going on in our local South Jersey/Philadelphia area.
Share My Current Inventory Via Social Networks!
My instructional video for sellers and agents on how to share my current listing inventory using Social Networks.
See the video below regarding amazing Social Networking facts and why as a seller you can no longer ignore it. You may also want to be sure your real estate agent is on there too. 
500,000 Home Foreclosed In The First 6 Months Of 2010!
More than 500,000 properties were foreclosed on in the first six months of 2010, and lenders are on track to exceed 1 million REOs for the year – a record number since the beginning of the recession, according to the RealtyTrac U.S. Foreclosure Market Report.
