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April 18th FHA Changes


FHA to increase mortgage insurance premiums a quarter of a point


The Federal Housing Administration is increasing its annualmortgage insurance premium one quarter of one point on all 15-year and 30-year mortgages backed by the agency.

Once the change takes place, the monthly insurance premium paid on a 30-year, fixed-rate FHA-insured loan will increase by $33.

On loans with amortization terms greater than 15 years, the FHA's annual mortgage insurance premium will increase to between 110 and 115 basis points. For loans with amortization terms of 15 years or less, the annual premium is set to rise between 25 and 50 basis points.

After the transition, a borrower holding a 30-year, fixed FHA-insured loan valued at $163,000 will be paying $151 per month in premiums, compared to $118 under the current rates.

The Administration determined it was necessary to increase the annual mortgage insurance premium at this time in order to bolster the FHA's capital reserves and help private capital return to the housing market Changes go into affect April 18th, 2011.

Coach Nutt - Ole Miss Football

The North Central Mississippi Board of Realtors enjoyed a great speech by Coach Nutt for the Ole Miss Rebels this morning at the monthly board meeting. He is a fabulous person plus a great coach. The Ole Miss Rebels are proud to have such a great leader.

Federal Stimulus Bill 2009 - Fergie Oxford, MS

Great news for first-time home buyers.  The Federal Stimulus Bill of 2009 provides great incentives for those interested in purchasing homes this year.  While many homes are at an all-time low price, this is the time to get serious and start looking.  While prices might drop slightly as the market turns, the home of your dreams may be purchased by someone slightly quicker to make a move.  Don't delay any longer if you are seriously interested in finding your dream home.
The jest of the new law is as follows:

1. Up to Eight grand for new buyers:  This credit is equivalent to 10 percent of the purchase price of the home--although it's capped at $8,000--and applies only to first-time home buyers and principal residences. This credit does not have to be repaid.

2. First time buyers defined: For the purpose of this legislation, a "first-time home buyer" is someone who hasn't owned a principal residence for three years before buying a house. (The date of purchase is considered the day that the title is transferred.) That means if you've owned a vacation home--but not a principal residence--within the past three years, you would still qualify for the credit.

3. 2009 buyers only: Only those who purchase a home on or after January 1 and before December 1, 2009 are eligible for the credit. Anyone who bought a home last year won't be able to take advantage of it.

4. Income limits: The tax credit is subject to income limitations. Single buyers need a modified adjusted gross income of $75,000 or less to qualify for the full credit, that's $150,000 for married couples. Those earning more than these thresholds may be eligible for reduced credits.

5. Refundable: Because the tax credit is "refundable," qualified buyers can take advantage of it even if they don't have much tax liability.

6. Recapture: Buyers have to own the home for at least three years in order to capitalize on the credit. If they sell the home before then, they will have to return the credit to the government. (Exceptions will be made in certain cases, such as death or divorce.)

So, if you are ready to take advantage of this opportunity, contact me immediately.  The sooner we start looking, the more inventory from which to choose. If you know of any friends or relatives who might qualify and require my help during the next nine months, please don't hesitate to e-mail me or call. All information is believed to be accurate but not warranted. Equal Housing Opportunity. All Re/Max offices are independently owned and operated.

 Fergie Crill, Re/Max Legacy, 662-202-2652, e-mail crill@bellsouth.net

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Fergie Crill, ReMax Legacy