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%.
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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…

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New Listing! 821 6th St Rio Rancho!

This Home Will Far Exceed Your Expectations And Beats The Competition In Quality,Condition & Price*Tile Throughout W/Carpet In Brs, Upgraded Light Fixtures, Fans, Cabinets,Windows & Custom Paint*This Home Will Be Great For Entertaining W/Block Fenced Back Yard, Grass,Trees & Covered Patio*Additional Mudd/Hobby Room With Electrical/Plumbing/Tile*Energy Efficient Low E Windows*Open Floor Plan & Vaulted Ceilings*Mb Double Sinks & Seperate Tub/Shower. Weeds in back will be dealt with soon.
Beds: 4-5 Baths: 3 (2 0 1) (FTH) Sq Ft: 2395 Lot Sz: 21780sqft
Area: Rio Ra Yr: 2007

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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.

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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 

Search Rio Rancho Homes in Sandoval County

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I was just informed by Michael Rodriguez at Peoples Bank that the interest rate for the Down Payment Assistance program MFA has reduced their interest rate from 4.625% to 4.325%.  Can you believe it!

Mortgage Finance Authority (MFA) provides closing cost and downpayment assitance to qualified buyers. If you would like more information on how to get this down payment assistance please give me a call. 505-350-8184

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I have had many conversations with customers, clients and agents regarding how a bankruptcy affects the foreclosure of a home. Before I give my opinion, I will give my disclaimer. This is not meant to be legal advice and you should seek out an attorney for any legal advice needed.

I recently attended a bankruptcy class taught by one of our local Albuquerque attorneys.  This person was full of information, including how bankruptcy and foreclosure work.  First we will begin with how a mortgage works and the definition.

A mortgage involves two important legal documents: A promissory note and either a mortgage document or deed of trust.

Promissory Note: The promissory note (also called a mortgage note or real estate note) is a note the buyer gives to the…

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NMWelcomeHome Market ReportHow has the price of your home changed in today’s market? How much are other homes in your neighborhood selling for?

If you're wondering what's happening to prices in your area, or you're thinking about selling your house, I'll be able to help.

Just give my office a call for a no-fuss, professional evaluation. I won't try to push you into listing with me or waste your time. I'll just give you the honest facts about your home and its value. And maybe I'll also give you the "inside scoop" on what's happening in the housing market near where you live!

Just give my office a call at 505-350-8184 to arrange an appointment or use this contact form to give me the specs of your home and I will get you a report right away.

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Thanks to the Internet, virtual tours and Google Maps, it’s easier than ever to locate prospective properties when searching for real estate. But before you try to go it alone, it’s essential to understand the other advantages real estate agents bring to the table.

Experience: One of the biggest benefits of working with a local real estate agent is the level of experience brought to the table. Agents make it their business to know upcoming changes, the latest listings and even important trends that can influence your purchase.

Excellent Service: From skilled negotiations to compiling a list of prospective properties, real estate agents save time and money throughout the entire transaction. The average real estate agent is often able to negotiate…

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Some good news to report – effective this Friday June 18th 2010 Bernalillo County is no longer considered a distressed market. Although credit score requirements still remain starting at 680, the CLTV for owner occupied transactions now are back up to 95...%. More importantly, PMI is now again available for 2nd homes at 90% LTV.

Call me to find out more...505-350-8184

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