Meticulously maintained 4 Bedroom home that exudes warmth and charm throughout. Gleaming hardwoods, beautiful landscaping, new vinyl siding, newer insulated windows, underground sprinklers. Easy maintenance for you. Nothing to do but Move in.
33 TEAKWOOD DR COVENTRY, RI
For more pictures and information, click the link below:
Or Call me:
Paula Allin – HomeSmart Professionals
401-241-2976 or PaulaSoldit@cox.net
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(Adds timing of expected announcement, background on FHA)
WASHINGTON, Jan 7 (Reuters) – U.S. President Barack Obama is set to announce a 0.5 percentage-point reduction of Federal Housing Administration mortgage insurance premiums to 0.85 percent, Bloomberg reported on Wednesday.
Obama is expected to make the announcement in a speech in Phoenix on Thursday, Bloomberg said, citing sources.
The FHA is a major provider of mortgages for first-time homebuyers who have only tepidly returned to purchasing homes since the financial crisis.
With an FHA-backed loan, buyers can put down as little as 3.5 percent of the purchase price.
The FHA was forced to draw on $1.7 billion in taxpayer funds in 2013. It has since returned to the black, in part through raising the mortgage insurance premium fees it charges borrowers.
Reuters could not immediately confirm the report.
*** Let’s not forget that congress still needs to vote on this too.
Questions about FHA and buying that New Home? Contact me:
Paula Allin
HomeSmart Professionals Real Estate
401-241-2976/ Paulasoldit@cox.net
Set up your own New Home Search here: www.PaulaAllinRealEstate.com
What are you waiting for? Let’s…..
(Reporting by Lindsay Dunsmuir; editing by Bill Trott and Matthew Lewis)
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We finished 2014 with the 30 year fixed mortgage rate at 3.87% as per Freddie Mac. This is very close to the historic lows in the spring of 2013.
However, the Mortgage Bankers Association projects mortgage rates to be about 5% by the end of 2015. The website Investopedia agrees and gives some perspective on the 5% rate:
“Barring another financial and housing market implosion, and if the economy continues to improve, expect interest rates to rise in the latter half of 2015. If they do jump to the 5% range it will be a modest hike when compared to historical averages. Rates will still be far below the approximately 8.5% 30-year fixed-rates mortgages have averaged since 1971 when Freddie Mac started tracking them. Rates averaged 6% in the years leading up to the recession.”
Here are the latest 2015 mortgage rate projections from Fannie Mae, Freddie Mac, the Mortgage Bankers’ Association and the National Association of Realtors:
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As someone who helps high-level salespeople reach greater levels of achievement, I hear quite a few people complain about real estate agents — from loan officers to title companies and beyond. However, most people don’t understand what it’s actually like to be an agent.
For example, did you know that real estate agents are one of the most sold-to niches out there? There are more people trying to extract money (and time) from agents than almost any other profession. Imagine being hounded like that from every angle.
Agents are grossly under-appreciated, too, in my opinion. You probably have no idea how much stress an agent has to weather and forge through on a daily basis. In today’s market of limited inventory and multiple offers, agents are having to work their tails off just to get a house secured for their clients.
Here’s my list of the top 5 misperceptions about real estate agents.
Your job probably consists of 9-5 Monday through Friday, or something similar. Agents work after hours and on weekends too. An agent’s job never ends. When the client gets off work they want to see homes, and Realtors have to be accommodating. Same thing goes for the weekends. While you’re barbecuing and all that fun stuff, agents are out hustling properties. Let’s have some respect for the hours they put in.
Inventory is scarce in many markets across the USA right now, and in some cases deals end up in multiple-bid situations. This can mean clients becoming impatient as well as vendors. Loan officers and title companies tend to blame the agent for delays, but agents are limited by the number of houses available on the the market. It took me 7 offers to finally get one accepted when I bought my my home. Trust me — patience is a virtue in real estate, especially when inventory is low.
I hear a lot of complaints about Realtors not answering the phone. Yes, there are some agents whose communication skills are subpar; however, a productive agent is constantly pursued by title companies, loan officers, credit repair people, sign people and everyone else you can think of. If they answered every call that came in (when it came in) they wouldn’t have time to sell any houses. So be patient with agents; they’ll call you back.
Tip: Many real estate actually prefer to communicate via text. Not all, but many I know do.
One of an agent’s primary jobs is to negotiate. However, negotiating is also the primary job for the agent on the other side of the transaction. So while you may get upset because you didn’t get everything you asked for, you need to understand there’s most likely an equally skilled agent on the other end fighting for his or her client as well. Good agents will fight to get what their clients want, but at the same time, they know how far to push the line while still preserving the deal.
Many people think agents are all ballers, and that their commission is a rip-off. Not hardly. After marketing fees and dues, agents make about 1.5% per transaction on average. It’s expensive to be a real estate agent. They have to buy lockboxes, signs, websites, flyers, contact management systems, business cards, MLS dues and many other things just to stay in business. For all their hard work, it’s worth it. Plus we all know that you get what you pay for.
I’ve trained hundreds of high level salespeople (including agents), so I can fully appreciate the passion and dedication it requires to succeed in real estate. Agents have faced tough markets since 2008, and while business is picking up now, inventory is still limited. So the next time you hire one, be mindful of what stresses they’re under and how hard they work for their clients.
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Why It Matters
Underwater Home Owners Face Heavier Tax Burden
Any mortgage forgiveness in a short sale will not be counted as “phantom income” if the home owners’ properties are sold by banks for less than the amount of their mortgage. The law was due to expire at the end of the year. The House and Senate recently passed measures by wide margins in December to extend it.
The average short sale has a mortgage forgiveness of about $75,000.
The extension will only apply to short sales conducted in 2014. Any further extension of the short sale tax break will need to be addressed by the newly elected Congress, which convenes its new session in January.
The National Association of REALTORS® issued a call to action earlier this month, urging REALTORS® to submit letters to their Congressional representatives in support of extending the Mortgage Debt Forgiveness Act.
“NAR applauds Congressional leaders in both chambers for their effort to pass this legislation before adjournment,” NAR President Chris Polychron said in a statement at the time. “REALTORS® strongly supported the bipartisan Mortgage Forgiveness Tax Relief Act, which was included in the package to prevent underwater borrowers from paying taxes on any mortgage debt forgiven or canceled by a lender in a workout, or after their home was sold for less money than was owed.”
Are you underwater in your mortgage and need to move?
Have questions on the Short Sale Process and Selling your home? I can help.
I have experience with listing and selling Short Sale properties and have worked with a good solid short sale negotiator to get the job done.
Contact me: Paula Allin – HomeSmart Professionals
401-241-2976 or PaulaSoldit@cox.net
Check out the market insider report on my website: http://www.PaulaAllinRealEstate.com
Source: “Short Sale Tax Break Signed Into Law,” HousingWire (Dec. 29, 2014)
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