"Living in the Real World" ~ Lola's Log

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**BREAKING News**Breaking News** BUYER ON THE FENCE? May Be Time to Jump Off!!

NEWS:   BIG news on the FHA front. If you have possible FHA buyers shopping around, (or if you are one!) they need to get into contract ASAP – Come Sept 7th there are some MAJOR changes happening. The govt’s way of ‘helping’ is actually ‘hurting’ …are you surprised?

Example:

                                         FHA TODAY:                                             FHA ON 9/7/10:

Base Loan                        $150,000.00                                               $150,000.00

+ FHA financed prem              $3,375.00   2.25%                                     $1,500.00   1.00%

Total Loan Amount             $153,375.00                                              $151,500.00

P&I Payment                          $ 777.13                                                     $767.63

**+FHA monthly factor              $ 70.29  *0.55%                                        $123.72    *0.98%

Monthly Pmt                            $ 847.42                                                    $891.35

Monthly Difference $ 43.93

Qualification Difference $8,670.00

Look what that does to the buyers qualification!

So if they were qualified for $150k now it’s only $141k

BUYERS NEED TO MOVE NOW!!!!

 Have a Great Day and Be Happy! Remember, just about everyone you meet is going thru some kind of trial in their life – Be extra nice to Everyone!

This information supplied by: 

DeLynn Gaston  

**mortgage interest rates are Amazingly in the 4's**

Open Mortgage dba

Blue Marlin

727-939-8453 office

727-412-1617 cell

Contact Me

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Thanks for your interest, and best wishes in your home search.

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Regards,
Loretta J. Buckner
Your "Real" Estate Consultant for Life
www.RealWorldPropertiesInc.com
727-656-6206

Comment balloon 2 commentsLoretta Buckner • August 19 2010 12:21PM

Comments

Loretta:

Good info. Here in the San Diego market so many times FHA & VA buyers are not given much consideration when presenting offers, now they will qualify for even less, which will present additional challenges.

Posted by Lorraine or Loretta Kratz, Certified Negotiation Consultants (Crescent Moon Realty, Inc. & Land N Sea Auctions.) over 9 years ago

Lorraine & Loretta!  hey, how about that?  We should start the uncommon "L"s!  Good point--both the buyer's agent and the buyer need to be aware of the additional challenges! 

Posted by Loretta Buckner, Your GREEN Real Estate Consultant For Life! (Real World Properties, Inc.| Your Real Estate Consultant for Life) over 9 years ago

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