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September 2010

Found 2 blog entries for September 2010.

We just listed 7245 Ishi Point in the Northwest suburban area. This is a one owner home and is not a short sale. It is on a quiet cul de sac and has lot's of upgrades including:  large RV area, lots of concrete work and built in shelves in garage.  This home is close to shopping and is in the McQueen school district.   $179,000

  • 1263 sq. ft.
  • 3 bedrooms
  • 2 bathrooms
  • 2 car garage
  • .15 acre cul de sac lot

 This is a must see if you are looking for a home in the Reno Northwest suburban neighborhood.

 

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For more information on this home and more pictures  -  CLICK HERE
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FHA Changes effective October 4, 2010: What's it really mean to the average buyer?

The good: FHA has maintained a miniumum 3.5% down payment.

More Good:The up front mortgage insurance premium (ufmip) has been reduced from 2.25% of your loan amount down to 1%. This amount is not actually collected upfront, but rather financed back into your loan. The lower this is, the lower your final loan amount is.

The Bad: The monthly mortgage insurance, or annual premium as FHA calls them is going from .55% to .90% on all loans that are for 95% or more of the sale price/value, and from .50% to .85% for all loans less than 95% of the sales price/value. So this monthly premium is almost doubling.

Simply put, for a buyer purchasing a $100,000 home with an FHA loan

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