Monday, March 08, 2010 finds the weather in Bellingham, WA sunny, cool and crisp!
FHA is establishing some new rules which may make it harder for working households to secure safe and affordable home financing. Their policy changes are designed to shore up the FHA's capital reserves and help the agency do a better job of managing risk.
"Striking the right balance between managing the FHA's risk, continuing to provide access to underserved communities, and supporting the nation's economic recovery is critically important," FHA Commissioner David Stevens said in a statement.
John Anderson, a 30-year real estate veteran who chairs the National Association of Realtors®, states that these changes, while serious, are reasonable."I think the FHA is doing the right thing."
Anderson acknowledges that many households will be adversely affected. Buyers will have to either spend more to secure financing or scale down what they buy.
Proposed changes are:
Anderson, says the impact of the changes will be subtle in his market area where the median home price is under $200,000. For many first-time buyers, including younger households that haven't had a chance to develop much of a credit history, the credit-score floor will be a hurdle because the minimum 10 percent down payment will simply be out of reach unless they can get help from elsewhere, like family.
The reduced seller concessions will hurt, too, because these funds typically help buyers take care of closing costs like title insurance and the mortgage origination fee. "With that now limited to 3 percent, buyers might have to come up with another 1 percent of the mortgage amount," Anderson says.
Higher up-front mortgage insurance premiums won't affect the amount of cash buyers will need to raise, as that can be financed. But it will affect how much house they can afford, and could increase their monthly payments by $50 to $100. "That extra cost can have a big impact," he says.
Since the FHA commands about 40 percent of the mortgage market nationally and far more that that in regions like the Midwest (with a strong tradition of using FHA-insured loans), Anderson thinks these hurdles are a reasonable price to pay to ensure a healthier FHA.*
*REALTOR, March 2010, Real Life News-Trends-Tools: A Price Worth Paying-Buyers will be pinched by FHA's new rules, by Robert Freedman
It’s a sunny Wednesday, March 03, 2010 in Bellingham, WA. Let’s hope tomorrow is the same.
*Bellingham Police Block Watcher, City of Bellingham, March 2010
Tuesday, March 2, 2010 finds Fairhaven Realty in Bellingham, WA bustling with activity. Our morning meeting was topped off with an agent tour of new listings. Some are busy finalizing sales, others are working to complete listings, closings are happening and the list goes on….
Ericka Pizzillo Cohen, a writer for The Bellingham Herald, has compiled a list of tips gathered from local real estate agents and inspectors and included them in her July 23, 2009 article, Dealing in Details. These tips will prove valuable for buyers who want to look beyond the surface of a home and for sellers who want the best sales price.
TIPS FOR SELLERS:
“The most important parts of a house are the roof and the foundation,” said Dennis Louthan, owner of WIN Home Inspection in Lynden.
“Most homeowners will use black tar at the drop of a hat,” said Aaron Long, owner of Aaron Long Roofing in Maple Falls. “Tar around penetrations is usually a good indication of previous leaking and future problems.”
Monday, March 01, 2010 finds the weather a bit cool in Bellingham, WA. Our area has certainly experienced a very mild winter. Trees are blossoming, daffodils are blooming, grass is growing and spring is just around the corner!
*Information gathered/quoted from the National Association of REALTORS® online library-1031 Exchange-FEA (Federation of Exchange Accommodations)
When her victory was announced and her trainer, Gabriel Rangel, was being congratulated by a swarm of people, Sadie got up on her hind legs and wagged her tail furiously as if to say, "Hey, what about me?"
Sadie came to the show with a rather 'comical' history. Two years previously, she got spooked at Madison Square Garden. Her handler's new shoes were too squeaky, the wooden boards covering the ice hockey rink thumped too loudly and a stray TV monitor threw her, too. Then last February, she had a potty accident on the green carpet while coming out to take her place in the final ring. So, Sadie is now the TOP DOG and has definitely redeemed herself! **
*Information gathered/quoted from NYDailyNews.com by Erica Pearson and Leo Standora & The Bellingham Herald, Tuesday, February 16, 2010, Scottie looks to be top dog.
'Friends' of the Bellingham Public Library are putting on a major book sale to benefit the Library. The support group raised about $80,000 for the Bellingham library last year through its internet, community and 'nearly new' sales.
Four major sales are held each year. The first this year will be February 24-27, beginning with the 1-6 p.m. preview sale today, Wednesday, Feb. 24th. Books are double the marked price. Books are regular price on Thursday, half-price Friday and $3 a bag on Saturday. With a 10 a.m. start those three days.