Musings of a Career Consultant

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Yea, Yea, Yea… February 18, 2011

Filed under: Uncategorized — mkzabora @ 6:39 pm
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I know you’ve been listening to every REALTOR®/Lender/neighbor that has a daughter that sold a house once and an aunt that used to do loans say that now’s a great time to buy. I get it! We’ve been harping on it for how long now?

But as my good friend and fellow radio personality, Jason Francis, so eloquently put it, the best time to buy, is when you buy. If you buy now, now’s the best time to buy. If you buy in 6 months, that’s the best time for you to buy. Want to know why? Because you  weren’t prepared 6 months ago. You didn’t have that steady income or that baby on the way (forcing you into adulthood) or you didn’t get that tax refund check. Whatever it is, it wasn’t your time. But now it could be.

NAR stats (per Inman News) show that Housing Affordability is at its highest in, wait for it, 20 years! That’s right, I was in 1st grade the last time it was this good to buy! (Oh, how I loved NKOTB – New Kids on the Block!)

Surprised? You shouldn’t be! With prices this low, interest rates still unbelievably low and the power of FHA still in existence, it’s as easy as ever (should you have good credit) for you to own a home!

If you’re even an acquaintance of mine, you’ve been listening to me for years (yes, years) say that now is an amazing time to have money. You can get so much for your dollar. Real estate is not an exception. If you’re holding out for the bottom, hang up your skepticism and jump in.

As everyone says… I’m just sayin’!


FHA Changes Coming Soon February 1, 2010

Per CAR Policy changes include:

  • Raising the up-front mortgage insurance premium: The premium will rise to 2.25% from its current 1.75%.  HUD is expected to release a Mortgagee Letter making the premium increase effective in the spring.
  • Raising the minimum credit score requirements: New borrowers will be required to have a minimum FICO score of 580 to qualify for the FHA’s 3.5% down payment program.  New borrowers with less than a 580 FICO score will be required to put down at least 10%.  FHA expects this to take effect in early summer after it goes through the normal regulatory process.
  • Reduce allowable seller concessions:  The agency is lowering the maximum permissible level to 3% from its current 6% limit.  FHA expects this to take effect in early summer after it goes through the normal regulatory process.

Click here for more info.

Also, my investors can celebrate because the 90-day flipping rule has been lifted temporarily. That’s exciting for the FHA Buyers, too!

I’ll update ya’ll about YPN information and laws when I get back from the CAR Business Meetings!