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A Real Estate Blog about Lexington, KY and Beyond!

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Introducing Zrealestateman
Introducing Zrealestateman
Tue, 26/05/09 – 22:38 | No Comment

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Introducing ‘Zrealestateman’, a 25 year veteran of the real estate industry, specializing in residential and investment properties. Ivan ‘Z’ Newell comments on how the consumer’s information role has expanded, …

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Higher Mortgage Insurance Premiums Coming Soon!
Wed, 3/02/10 – 15:48 | No Comment

In a continued effort to lessen their own risk, FHA guidelines will be changing effective on or after April 5, 2010.  FHA is increasing the up-front mortgage insurance premium from 1.75% to 2.25%. The new premium is effective for all purchase and refinance transactions.  In essence this will result in a higher total loan amount, after the borrower makes the required 3.5% down payment.

If you are an FHA buyer and go under contract before April 5th, your lender must assign the FHA Case number for the transaction by April 4th at the latest in order to secure the lower mortgage insurance premium on the buyer’s FHA loan.

There are also rumors that FHA may also increase the required down payment of 3.5% to 5%, and may also lower the maximum allowable seller concessions from 6% to 3%.  These changes have not been officially anounced by FHA but are possibly on the horizon. 

These factors are some GOOD ADDITIONAL REASON TO ACT NOW!  Remember, the deadline for the First -Time Home Buyer $8000 Tax Refund is obtaining a contract by April 30th, so if you really want to save on the MIP upfront as well as obtain your refund, IT’S TIME TO GET MOVING ON YOUR HOME PURCHASE!

Thanks to Jesse Hardin at Flagstar Lending for this info update! https://www.flagstarloans.com/home.aspx?lo=jhardin

 

Some updates on the renewed Tax Credit
Wed, 13/01/10 – 7:43 | No Comment
Some updates on the renewed Tax Credit

For your convenience, here’s just a  few pieces of key information with updated information on the Home-Buyer’s tax Credits:
–The old law has been extended, and now has a DEADLINE of HAVING A WRITTEN ACCEPTED CONTRACT BY THE …

Rethinking the compensation structure
Fri, 8/01/10 – 7:29 | No Comment
Rethinking the compensation structure

Think outside the box on real estate commission structures!

1734 Normandy Road
Wed, 30/12/09 – 20:16 | No Comment
1734 Normandy Road

Great house for 1st Time Buyer Tax Refund Program!

The consumer’s role is changing! Over the past few years, the internet has dramatically affected the consumer’s role in searching out and finding their own properties…are Realtors still needed? Watch the main video post here, and stay tune for new programs being launched by LexHome Real Estate to reflect these changing times, as we roll over into a new year!
Tue, 29/12/09 – 5:43 | No Comment
The consumer’s role is changing! Over the past few years, the internet has dramatically affected the consumer’s role in searching out and finding their own properties…are Realtors still needed? Watch the main video post here, and stay tune for new programs being launched by LexHome Real Estate to reflect these changing times, as we roll over into a new year!
Recovery/Reinvestment Act of 2009 includes new homebuyer tax credit
Sat, 26/09/09 – 10:15 | No Comment
Recovery/Reinvestment Act of 2009 includes new homebuyer tax credit

The American Recovery and Reinvestment Act of 2009 provides for a $8,000 tax credit that would be available to first-time home buyers for the purchase of a principal residence on or after January 1, 2009 and before December 1, 2009. The credit does not require repayment. Most of the mechanics of the credit will be the same as under the 2008 rules: the credit will be claimed on a tax return to reduce the purchaser’s income tax liability