FHA Mortgage Insurance Costs Are Going Up!

If you are using an FHA mortgage to purchase a home, be aware that effective April 18, 2011 it will cost you more.  This is because FHA-insured mortgage loans are increasing the annual mortgage insurance premium by a quarter of a percentage point (.25%) on all 30-and 15-year loans.  If your loan amount is $275,000 that amounts to an additional $60 per month or $687.50 per year.  This is just one more indication that home buyers in the market now - need to get moving!!

BUYING A FIXER-UPPER? Check out the 203k Program

The Federal Housing Administration (FHA) 203k loan program is the perfect answer for buying a home in "as-is" condition. So many homes for sale today are foreclosures or short sales that need fix up work. The FHA 203k loan program allows the costs of needed repairs and improvements to be included in the loan amount. This way the buyer does not have to get a separate loan or take money out of savings to do the work. The work has to be done within 6 months of the closing and the buyer can add up to 6 months of mortgage payments on the end of the loan if they don't want to live in the house while the work is being done. A 203k loan can help buyers wisth improvements like new appliances, remodeled kitchens and bathrooms and skylights for example. If you want to know more about this type of loan and/or lenders who provide them, give me a call.

BEST BUY IN THE GABLES!

The Gables is a wonderful, quiet and well-maintained community just north of the City of Poughkeepsie. It offers homeowners a clubhouse, neighborhood functions, fitness room, tennis courts and swimming pool. It is not far from the Dutchess County Rail Trail which now accesses the Walkway Over the Hudson.


HOME SALES ARE UP BUT PRICES STAY DOWN!







Though home sales continued the upward trend from a year ago this time, the number of homes on the market has shown no decline AND both the median and average sales prices were down from a year ago. The first-time homebuyer is continuing to drive the market. The move-up buyer is missing from the picture. They are stuck because of the decline in home prices which means their homes are not worth as much and they cannot afford to move up. It is not clear if newly enacted legislation that not only extends the first-time buyer tax credit for binding contracts by April 30,2010 but also offers a credit in the amount of $6,500 to repeat buyers will be enough change the trend.
Please visit my website at http://www.howsthemarket.info/ for month to month data about the Dutchess County single family home market.

Great First-Time Buyer Home in the Town of Poughkeepsie

You can't beat the Town of Poughkeepsie for its convenient location. This home is sited on just under an acre surrounded by family neighborhoods. Schools, Route 9 shopping, Metro-North station and parks are all close by. Current owner loves his new bi-level deck and level backyard. He has renovated almost everything in the home and is in the process of finishing the upstairs to provide a 3rd bedroom and den. Priced at $250,000. Call me at 845-797-7842 to schedule a showing. You won't be disappointed.