Real Estate News
Monday, March 21st, 2011
Currently the monthly mortgage insurance is calculated on .90% of the loan amount. It will be 1.10% after 4/18. Here are some examples:
$100,000 loan amount
$900/year
Mortgage Insurance = $75/month as part of the payment.
On the new change it would be:
$1100/year
Mortgage Insurance = $91.67/month
Stepping it up to say at $200,000 loan amount:
$1800/year
Mortgage Insurance = $150/month
On the new change it would be:
$2200/year
Mortgage Insurance = $183.33/month
There will still be the 1% fee up-front and that will remain the same for now. Here is the link to the changes that are coming on FHA Mortgage Insurance with a couple of examples below on the effect.
http://www.docmagic.com/compliance/wizard/2011/march-2011/ml-11-10?elq=915ddbdb38924638a7928c8f9b9b8864
For details on how this affects you, or for additional information you should contact a good lender. I highly recommend Ian Carmichael of Envoy Mortgage. You can contact him at 512-306-8502 or icarmichael@envoymortgage.com.
Tags: Austin area homes, Austin new homes, Austin Realtor, austin texas, FHA loans
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Friday, December 31st, 2010
- November – Austin among Newsweek’s 10 Cities Best Situated for Economic Recovery.
- November – Forbes states Austin is among the America’s 10 Most Affordable Cities.
- October – Austin highly ranked among 50 U.S. Real Estate Markets to Watch by PricewaterhouseCoopers and the Urban Land Institute.
- October – Austin ranks 2nd on the Milken Institute’s Best-Performing Cities 2010: Where America’s Jobs Are Created & Sustained.
- October – Princeton Review & Entrepreneur Magazine name University of Texas at Austin as 9 th Best Graduate Program for Entrepreneurs.
- September – US News find that Austin is among 10 metros Where You can Buy a Home for Less than $800 a Month.
- September – Brookings Institute states Austin continues to place among America’s Most Recession Proof Cities.
- August – Travel & Leisure readers vote Austin among America’s Best Music Cities.
- July – Austin named Top City for Young Adults by Kiplinger.
- July – Travel + Leisure selects Austin Bergstrom International Airport as one of America’s Best Airports.
- June – MetroMonitor Report names Austin as one of America’s Most Recession-Proof Cities.
- May – American College of Sports Medicine’s American Fitness Index rates Austin among America’s Fittest Cities.
- May – DogFriendly.com ranks Austin No. 3 Dog-Friendly City.
- April – Forbes ranks Austin as the Best Big City for Jobs.
- March – Austin ties for No. 1 in Forbes’ list of Cities Where the Recession is Easing.
- March – Travel+Leisure ranks Austin as third Best City for Singles.
- February – Builder’s Builder Market Health Index says Austin is the Healthiest Housing Market for 2010.
- January – RealtyTrak ranks Austin low for Rate of Home Foreclosures.
Others know how great Austin, TX is. So, what are you waiting for? Get on down here!
Tags: Austin area homes, Austin new homes, Austin real estate, Austin Realtor, Austin TX real estate
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Friday, December 17th, 2010
Today Freddie Mac released the results of their Primary Mortgage Market Survey®. The results shows that both fixed and short-term mortgage rates rose again this week for the 5th week in a row. Per their report 30 year fixed-rate mortgages averaged 4.83 percent with an average 0.7 point for the week ending December 16, 2010, up from last week when it averaged 4.61 percent. At this time in 2009 the 30 year fixed-rate mortgage averaged 4.94 percent.
This week 15 year fixed-rate mortgages averaged 4.17 percent with an average 0.7 point. This is an increase from last weeks’ average of 3.96 percent. At this time in 2009 the 15 year fixed-rate mort gage averaged 4.38 percent.
Austin offers abundant job opportunities for the qualified person. Many of those jobs weren’t even in existence two years ago. Austin offers healthy lifestyles, fresh air, music of all types, beautiful scenery, jobs and a growing economy. As well as an abundance of low priced homes. Plus, over 40% of the available homes in the Austin MLS have one thing in common: They are vacant! So, what are you waiting for? Don’t delay in purchasing a home in Austin, TX as you can see interest rates are rising and it’s a good life in Austin, TX! Contact Jana McCool of RE/MAX Austin Associates at (512) 280-2665 or (512) 964-7653 today!
Tags: Austin area homes, Austin job market, Austin real estate, Austin Realtor, foreclosures in Austin TX, mortgage interest rates
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Friday, October 29th, 2010
Why Aren't You Buying?
America is on sale right now and it’s a spectacular time to buy real estate. There are some amazing bargains on homes in the Austin area with some price ranges having 7-15 months inventory which can lead to some very motivated Sellers. We are still experiencing historically low interest rates and there are so many benefits to home ownership. You need a place to live, so why not buy your own home and pay off your own mortgage instead of a landlords’ mortgage? At this time we still have the homeowners’ mortgage interest deduction which will benefit you on your taxes. And for many, their own home provides a sense of stability, choice in how you decorate/landscape/etc. without having to get a landlords’ approval, USDA 100% home loans are available in some areas, and a choice of schools/location/amenities you can enjoy. Plus, owning a home is the “American Dream”.
New development in the Austin area is about 1/3 of what have seen in the past years. Since Austin area builders have greatly reduced the number of homes they have been building over the last few years, we can expect to see a shortage of homes in the near future as Austin continues to grow. As our unemployment numbers go down, job growth increases, and the population of Austin increases, Austin is projected to become one of the strongest markets in the country. Now is the time to take advantage of this tremendous opportunity! Call Jana McCool at (512) 280-2665 to discuss what your options are.
Tags: Austin area homes, Austin new homes, Austin Realtor, Jana McCool, mortgage interest deduction, taxes, USDA
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Monday, September 13th, 2010
Countrywide, now Bank of America, as a result of a lawsuit, is offering FREE credit monitoring for the approximately 17 million folks whose credit was compromised due to a security breach. Who is eligible? If you have ever had an account with Countrywide as your lender, they will have to reimburse you up to $50,000 each time your credit is compromised.
Tags: Austin real estate, Bank of America, Countrywide, free credit monitoring, home loans
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Monday, July 5th, 2010
HR 5623 was passed by Congress. With this bill, the home buyer tax credit closing deadline has now been extended to 9/30/10. The passage of HR 5623 will allow thousands of home buyers that were not able to meet their closing date of 6/30/10 to take advantage of the $8,000 and $6,500 tax credits.
The National Association of Realtors (NAR) has been encouraging of its passage. “We know that up to 180,000 home buyers eligible for the tax credit are rejoicing this morning. And we all thank both houses of Congress for their work to ensure passage of both bills,” said NAR president Vicki Cox Golder.
Who is eligible for this deadline extension? If you had already met the qualifications of being a are a 1st time or “step up” home buyer, and had your home under contract no later than 4/30/10, but you were unable to close on your home by 6/30/10, this extension of the closing deadline will apply to you. The same restrictions apply to the extension of the closing deadline as did in the previous rules of the 6/30/10 deadline.
Tags: Austin area homes, Austin TX real estate, Federal Homebuyer Tax Credit, home buyer, home for sale in Austin TX, HR 5623
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Tuesday, June 29th, 2010
The House voted this afternoon on a standalone bill which will extend the closing deadline for homebuyers purchasing a home using the Federal Homebuyer Tax Credit. The vote was 409-5. The current deadline is tomorrow, Wednesday 6/30/2010. If this standalone bill is passed, it will extend the deadline three months to 9/30/2010. This would be a tremendous help. Without this passage many homebuyers would be unable to get their homes closed on time that are planning on using the federal homebuyer tax credit.
The Senate could vote on HR 5623 as soon as tomorrow. However, it has been mentioned that the pace of work has slowed due to the death of Sen. Robert Byrd, D-W.Va.
The National Association of Realtors had estimates of as many as 180,000 homebuyers who were under contract by April 30 that could miss the 6/30/2010 closing deadline, including over 15,000 Texans. Although some articles stated mixed opinions on the prospects for a quick passage of HR 5623, or of it even coming to a vote. I’m hoping the Senate will pass this as soon as possible to help so many Americans in need. Many buyers did all their lender asked them to do in getting required documentation to their lenders so that their loans could be processed. But, lenders have been overwhelmed with the amount of loans they received that needed to processed and closed by the 6/30/2010 deadline.
Tags: Austin area homes, Federal Homebuyer Tax Credit, House vote, HR 5623, June 30 deadline
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Thursday, June 17th, 2010
Welcome to Inside Real Estate. This is my brand new Real Estate blog. Check back soon for market updates, new houses on the market, etc. I am your source for all of your real estate needs in the Austin, TX and surrounding areas. Including, distressed property, short sale and pre-foreclosure situations.
Tags: Austin area homes, Austin TX real estate, Austin TX Realtor, cheap Austin TX homes, distressed homes, home for sale in Austin TX, short sale
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