The Federal Housing Administration, FHA, has kept mortgage rates and Mortgage Insurance Premiums, MIP, lower than the market dictated for some time to encourage home buyers to shore up the economy.
MIP premiums are about to increase; the date is April 5th. On case numbers dated after April 4th, MIP premiums go from 1.75% of the total loan value to 2.25%. It’s not as dreadful as it sounds. On a $200,000 mortgage, the increase, based on today’s interest rates, is approximately $6 per month–stay out of…to read the rest of my article, see OnlyKaty.com.
Spoken by Julie Q. Fuelling |
Cinco Ranch was the nation’s number one master-planned community (MPC) for new-home sales in 2009, according to a report by RCLCO, an independent real estate advisory firm.
With 887 new-home sales in 2009, Cinco Ranch was one of only two Houston MPCs on RCLCO’s top 10 list to report a sales increase from the previous year.
Sales increased 14% last year in the 7,600-acre community, located at Grand Parkway and Cinco Ranch Blvd. in Katy. The increase helped Cinco Ranch grab the top spot in the study, after ranking number two in 2008 behind a Las Vegas development.
The only other Houston area community with a sales increase for 2009 was Telfair in Sugar Land, also by Newland Communities. With 450 new-home sales in 2009, Telfair ranked fourth nationally in the RCLCO study.
“These results are outstanding for us,” said Bob McLeod, Chairman and CEO of Newland Read the rest of this entry »
Spoken by Julie Q. Fuelling |
In May 2009, a new law, The Home Valuation Code of Conduct, or HVCC, became law. One of the main rules prohibits mortgage brokers from ordering appraisals directly from, or having any contact with, a licensed real estate appraiser.
Also, a lender cannot approach a an appraiser with relevant information, such as comparable sales. Lenders are forced to use third-party appraisal management companies who oversee all aspects of the appraisal process.
Valuation may come in low due to an out-of-area appraiser who is totally…to read the rest of my article, see OnlyKaty.com.
Spoken by Julie Q. Fuelling |
Inflated appraisals, valuing homes far above their true market value, contributed greatly to the residential real estate collapse. In backlash, the pendulum has now swung in the opposite direction and it can be hard to get a Katy home to appraise for the sales contract price.
Standards are now so strict that the lender and appraiser are not supposed to communicate directly. Historically, appraisers used comparable…
Read my entire article at OnlyKaty.com.
Spoken by Julie Q. Fuelling |
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