Conventional loan waiting periods after hardship

Did you     know.....?????

In recent past years many have suffered financial hardships that have included the lost of a house due to bankruptcy, short sale or foreclosure.  Once you file bankruptcy, done a short sale or lost it due to foreclosure there are specific waiting periods before you are able to qualify for new mortgage. 

Conventional loan the waiting  period is as follows.

Bankruptcy (Chapter 7)

      *4 years after discharge

Short Sale

        *4 years after sale/closing date

Foreclosure

         *7 years after Sheriff Sale Date

In some situations the waiting periods may be shortened.  Contact your mortgage financial specialist to further discuss your situation to get a clear understanding of YOUR waiting period. 

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The house is just fine” REALLY!!!!

"I don’t need a home inspection." 

                                 The house looks just fine” REALLY!!!!

Remember the movie, “Money Pit?” Well guess what; they didn't get a home inspection!

Home inspections are optional but necessary. During an initial walk through of a home it may appear that things are good and in working order BUT are they really?

A home inspection is designed to evaluate a house and

provide professional opinions about its condition and structural integrity.  The inspector will evaluate and test the plumbing, electrical system, heat and air conditioning, insulation, doors, windows, appliances etc. 

Although inspectors vary in experience, ability and thoroughness the actual inspection usually lasts two to three hours.  It is recommended that you the buyer and your agent are present for the entire time.  Some inspectors will point things out their findings to the buyer as they work.  Also, any problems the inspector uncovers will make more sense if you see them in person instead of relying on snapshots within the report. 

Inspectors typically detail their findings in a report which should include pictures to support their findings.  The reports are typically delivered to the buyer and the buyer’s agent within 24 hours of the inspection being completed.

The report will typically include:

• problem identified, safety issues, major or minor defects 
• which items need  repair, service or replacement
• items that are suitable for now but should be monitored closely and budgeted for repair in the future.
• Tell you about routine maintenance that should be performed

If problems are uncovered it the perfect time for you and your agent to review and determine if you want the seller to address some or all the issues found in the report, or determine if you want to continue to move forward with the purchase of the house. Please note; the Seller is not obligated to grant any of the requests.  If you are unable to come to a consensus of repairs you may be able terminate the contract without any penalty.

Don’t fall into the traps and believe:

•   I know someone who can fix it
•   I can do it myself
•   I love with this house
•   I don't care what the problems are
•   It’s new construction and there won't be any problems.  

The bottom line:

A home inspection is an additional cost BUT, you'll be glad you did it. 

YOU JUST NEVER KNOW WHAT'S HIDDEN ! 
SO……GET THE INSPECTION!

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FHA: Mortgage Insurance Changes now April 1, 2013

FHA has increased its annual mortgage insurance premium (MIP) for most new mortgages by 0.10%.  They have also increased premiums on jumbo mortgages of $625,500 or larger to 0.05%. 

As of April 1, 2013, FHA requires most FHA borrowers to pay annual premiums for the life of the mortgage loan.  Previously FHA would cancel the required MIP on loans when the outstanding principal balance reached 78% of the original principal balance. FHA would have remained responsible for insuring 100% of the outstanding loan balance throughout the life of the loan, regardless of the 78% threshold being reached and MIP being cancelled.

According to the FHA’s Risk Management and Regulatory Affairs office, it was estimated that they have lost billions of dollars in premium revenue on mortgages endorsed from 2010 through 2012 because of the automatic cancellation policy.  To minimize further loss, FHA will now collect MIP on unpaid principal balances for the life of the loan.  

Bottomline:  Some mortgages payments are more likely to increase.  The silver lining is that mortgage rates are low. It could all balance out.

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Red Day with Keller Williams Realty

RED DAY (Renew, Energize and Donate) with Keller Williams Realty

Keller Williams will be hosted it annual RED DAY fundraiser, March 13th at three area Outback restaurants. The Keller Williams Office in Bel Air will host its fundraiser on March 21st. The fundraiser will raise money for neighborhood projects that are scheduled to take place in May.

There will be a great lunch, good conversation, good people, good fun, a silent auction, and a 50/50 raffle all in the spirit of giving.  Attendees are asked to donate a can of non-perishable food or school supplies for families and students that will be sponsored this year.

If you were unable to make it to the fundraiser luncheon on March 13th you will have another opportunity to attend a RED DAY Outback luncheon on March 21st at the Bel Air Outback from noon to 2p.m.  If you are still  unable to make it on March 21st still can be a part of RED DAY in May by contacting your local Keller Williams Realty associate.

Find out how you can be a part of this great day in May!

As Mark Ozman, associate with the Indianapolis/Carmel Market Center, wrote: “RED DAY isn’t about cleaning up a park. It is a one-day expression of what happens 24/7 in the Keller Williams culture. It is seeing a need, discovering who can meet that need and then getting it done."