Erik Ymer » Market News

New HUD Changes

eymer — Thu, 02 Sep 2010 19:35:47 +0000

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

eymer — Wed, 01 Sep 2010 23:02:57 +0000

Share My Current Inventory Via Social Networks!

eymer — Wed, 25 Aug 2010 20:15:52 +0000

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!

eymer — Wed, 11 Aug 2010 19:17:23 +0000

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.

This Month In Real Estate August 2010

eymer — Tue, 03 Aug 2010 13:51:07 +0000

NJ Tax Credit for 2010

eymer — Mon, 07 Jun 2010 13:00:35 +0000

If you are not aware of it yet, New Jersey Assembly passed a tax credit bill in May for new homeowners. New homeowners purchasing a home in 2010 will be eligible for a tax credit worth either $15,000.00 or 5% of the purchase price, whichever is less. This will be spread over a 3 year period on a first come first serve basis and comes after the $8000/$6500 tax credit which expired on April 30th. NO YOU CAN NOT GET BOTH.

Unfortunately, I do not know the specifics at this time and we still have to wait for the Senate and Gov to pass the bill so stay tuned.

Bank of America Relief Program

eymer — Sun, 06 Jun 2010 09:38:35 +0000

Bank of America announced that it is going to forgive the principle on loans originally financed from Countrywide under specific lending programs. In order to qualify for this program, you have to have missed 2 payments and owe 20% or more than your home is currently worth.

It will be interesting to see how long this process will take and how many people with qualify.

This Month In Real Estate May 2010

eymer — Fri, 14 May 2010 15:26:39 +0000

Where does NJ and PA rank in unemployment & foreclosures?

eymer — Sun, 02 May 2010 13:00:33 +0000

Some areas are affected more than others but to see how we in NJ and PA areas compare to the rest of the country click the link to view a map posted on CNNMoney.com

This Month In Real Estate March 2010

eymer — Sat, 20 Mar 2010 14:30:08 +0000