The NMWelcomeHome Team Blog - August, 2010

FHA Change Could Affect Your Home Loan

The Federal Housing Administration (FHA) has decided to raise annual insurance premiums to as high as 0.9% of the loan amount, up from 0.55%. For new borrowers, that would translate into an average monthly payment increase of $40. At the same time, it will drop the upfront premium that borrowers pay when they take out a mortgage to 1%, from 2.25%.

This is in addition to the reduction of seller contribution from 6% to 3%.
Read More

What does this mean to you? It means that mortgage insurance premiums could increase your monthly payment and therefore reduce the amount of a home you could afford. For example if your monthly payment is raised by $40 to cover the insurance premium it could reduce the amount of your home purchase by $7,000.

So if you are…

1594 Views, 0 Comments

St Clairs Winery - Grape Stomp Contest & Wine Festival

Share

If you live nearby or are visiting our enchanted state this weekend join us for a smashing good time at the...
 ST CLAIR CRUSH
Grape Stomp Contest & Wine Festival
 
at the Albuquerque St Clair Winery & Bisto location.
 
Friday August 20
Saturday August 21
Sunday August 22
FINAL STOMP OFF SUNDAY!
 
This year's GRAND PRIZE is a Las Vegas getaway package for two sponsored by International Tours and Cruises
 
JOIN US AT THE STOMP!
$10 per person admission to festival includes wine tasting and souvenir wine glass
$10 entry fee to participate in the stomp per 2-person team
Half price stomp entry fee for team entries before 5pm!
Every winner gets a prize!
Sign up in advance or at the door
 
 
Grapes between your toes not your thing?
Come watch the…

2831 Views, 0 Comments

FHA May Limit Seller Concessions

FHA may limit seller-paid closing costs

Homebuyers seeking a mortgage insured by the Federal Housing Administration (FHA) currently are allowed a 6% seller concession. A seller concession is a term for that refers to cash assistance the seller offers a buyer at closing. This is based on the sale price of the property.

This cash assistance is allowed to be used towards the buyer's closing cost. Some closing costs include loan origination, title search, title insurance, appraisal, inspection, recording, transfer and closing or attorney's fees, plus credit reports and flood certifications. The buyer's down payment isn't a closing cost.

FHA's proposed change will limit the seller concession to just 3% of the purchase price. The reason for the change is FHA…

1508 Views, 0 Comments

New Listing! 4 Bedroom Half-Acre Lot!

1455 Views, 0 Comments

Underwater on Your Mortgage?

 If you have recently found that you are, like many, underwater on your mortgage, there may indeed be a solution.
Just released...

If qualified, a borrower may refinance their current loan, including any second mortgages, up to 125% of market value. If you previously were unable to refinance due to your home being less than market value, you may be able to refinance now.

For information on how to get this new offer, or if you have ANY questions about this program, please feel free to contact me at 505-350-8184, or contact me here.

1469 Views, 0 Comments

Sandoval County - Tax Records Online - FINALLY

Over the past few years if you needed any information regarding tax records in Sandoval County, which includes Rio Rancho and Bernalillo, you had to call in during business hours.  Also for us Realtors who needed a tax estimate to provide to our buyers we had to fax in and wait to receive a response and fax back.  This may not be available on the site yet but I'm sure it is schedule to launch soon.  Why wouldn't it be, right?

This will make our life much easier when accessing this information. No more waiting on hold and having to call back multiple times to the county. YEAH!

Here is the link http://etweb.sandovalcountynm.gov/Treasurer/web/ 

Search Rio Rancho Homes in Sandoval County

9629 Views, 1 Comments