FHA

WHAT WERE THE EXACT NUMBERS AND WHAT SHOULD YOU DO?... There were 1,471 sales in February ‘08, the latest statistics available. That is 14.4% up from December ’07. That breaks down to 975 single-family resale, 345 condos, and 151 new homes. The sales were evenly divided by price range which reflects the lowering prices because people could buy more house with less money. There were 1,739 Notice of Default filed but far fewer actual foreclosures at 732. WHAT SHOULD YOU DO? If we haven’t had an opportunity to visit with you about your real estate aspirations, now might be a good time. The Wall Street Journal had an awesome article in its Personal Finance section entitled, “PLAYING THE HOUSING SLUMP: IS IT TIME TO MAKE YOUR MOVE?” Although we won’t recapitulate the whole article here, it makes some excellent points about trading up, doubling down, and helping hand. The latter is a reference to helping your kids buy a home. RIGHT NOW WITH THE NEW FHA LOAN LIMITS, it is again an exciting time in real estate. FHA has a 3% down program. Although it is a fully documented loan, it does allow that 3% to be a gift. Fannie Mae also has raised loan limits based on median price for your area. To find out more about the limits you can visit http://www.efanniemae.com/. With the median prices coming down, you can get a lot of house for the money right now. It is something to seriously consider for your kids or yourself. THESE LOAN LIMITS MAY ONLY BE WITH US FOR A YEAR! Don’t miss out! Please call us and let’s talk about short sales, foreclosures, or many other opportunities.