REALTOR� Magazine-Daily News-FHA Toughens Down Payment Rules

Borrowers with credit-rating scores below 580 will be required to put down at least 10 percent. Those with a credit score above 580 will be able to continue to put down only 3.5 percent. The changes are intended to shore up the agency’s finances.

The FHA also will increase its upfront mortgage insurance premium from 1.75 percent to 2.25 percent. The agency is expected to seek congressional approval to raise annual mortgage insurance premiums, paid by borrowers over the life of the loan, above the current 0.55 percent maximum. The amount it will seek has yet to be announced.

For more information on the FHA changes, inlcuding a summary of all changes, visit REALTOR.org.

From: http://www.realtor.org/RMODaily.nsf/pages/News2010012001?OpenDocument

Here’s Your Sign!

A house recently sold in my subdivision without ever having a for sale sign in the yard. One day a sold sign just appeared and new owners moved in shortly thereafter. I am interested in selling my house, but I don’t want a for sale sign, open houses, multiple realtors and lookers coming through etc. I understand this type of marketing is needed to get the best price, but this is a rather large home (over 5,000 sq. ft.) which I would sell at a substantial discount to appraised/market value if I could avoid having it listed for months before selling it. Any suggestions?

While I prefer to have a sign in the yard, you can sell a home without the sign. The key will be marketing it correctly and hiring a Realtor who will work diligently for you. Utilizing the internet and word of mouth is essential. Using a Realtor with established relationships and high end clientele is a must. The Realtor you choose should also understand private showings and hosting Invitation Only Brokers Opens. On average about 90% of homes are sold by other Realtors, so marketing to the right Realtors (specifically those that sell this type of home) is another essential. Strong negotiating skills and a proven record should also be qualities of the Top Producer you choose. Most likely the seller of the home you have referred to was listed for several months but they probably opted for no sign too. Again, you CAN sell a home without a sign; anyone relying on a sign to bring in the sale shouldn’t be in sales. You must prepare the home for sale and bring in a professional home stager. Hire a professional photographer to take pictures of the property and do a virtual tour. Market the home on the appropriate Websites and email all the appropriate contacts the virtual tour. Host a “Invitation Only” Brokers Open inviting only Brokers/Realtors that specialize in high end properties… this would probably include having a small spread of food and wine catered by a local establishment. This is just a tip of the nail. There is much more that goes into marketing and selling the property… Good Luck!

Why Buy the Cow, When you get the Milk for Free?

I know, I know… what’s the cow’s milk have to do with Buying Real Estate?  Well, eventually you will have to purchase that milk and by the time you’ve decided you are ready to pay… you end up paying MUCH more than if you would have bought it earlier.  This concept also applies to Oklahoma Real Estate.

So, when is the best time to buy in Oklahoma?

The Reality of it is… no one can predict the market!  Real Estate truly is a “local” product/market.  Trying to lump the whole of Real Estate markets into one big statistic is just sloppy data collecting at best.  The media has really taken to the idea that Real Estate prices are plummeting.  While that may be true on the Coasts and other areas, the same can NOT be said for Oklahoma.  Oklahoma has maintained it’s stability in the value of our Real Estate, in fact, many of our cities have been called “recession proof” by Forbes.  The Oklahoma Real Estate market is still doing well and holding.  Right now is still a great time to buy in Oklahoma.  Interest rates are still down and home prices are low.  If you are ready to buy, why waste your money and throw it away towards rent when you can be earning equity in your home now?

No matter what, if you are ready, willing and able to buy… the number one reason not to wait…  again, No One can predict the market. 

Good Luck and Happy Hunting!

Free Money for Home-Buyers

What grants are available to single mother, student, and contract employees that are first time home buyers wanting to purchase in 2009?

OHFA grants are a good possibilty depending on when federal money, if available, becomes available.  The location of property and the buyers income are usually the qualifiers and not the type of job or how many children you have.  Most usually, if you can qualify for a mortgage and your income is under a specific amount you will qualify for certain first time buyer assistance programs that will help with your closing costs and your down payment (typically up to $3000 or $6000.)  However, you must make certain that the home is in the area that qualifies for these programs.  For more information, go to http://www.ohfa.org/OHFAAdvantage/homebuyers.htm.

In addition to OHFA, you might check out http://www.ruralenterprises.com/housing_prog_highlights.php

There are also these local home buyer assistance programs:

• Grady County Homebuyer Assistance Program (HAP) (405) 224-5211
• Midwest City Homebuyers Assistance Program (HAP) (405) 739-1221
• Multi Counties Community Action Resource & Development (CARD) Opportunity to Own Assistance Program (OAP) (918) 341-5000
• Oklahoma City Down Payment/Closing Cost Program (DPCC) (405) 297-2904
• Oklahoma Community Action Agency of Oklahoma City and Oklahoma/Canadian Counties Inc Home Buyer Program (HBP) (405) 232-0199
• Oklahoma Housing Authority of the Peoria Tribe of Indians of Oklahoma Down Payment Assistance Program (DAP) (918) 542-1873

DO NOT FORGET>>>  The federal government’s $8,000 tax credit offer expires on November 30, 2009 so if you qualify as a first-time buyer and you haven’t found the right home yet, get to looking!

Happy House Hunting!

I’m Coming Out!

Hi All:

This will be my first official Blog post, I am super excited! I hope that my opinions and comments are helpful information, that you’ll find them “food for thought” and that once in awhile I make you smile  

A little about me.  Mother of 5, Wife to Jeff Henning, Oklahoma Licensed Realtor, Member of the LeadershipOAR Class of 2009.  I live for my family. They make me smile continuousl and I am thankful for all the joy they bring me!  You might say… WOW… How do you do it?  Well, with lots of patience which is tested daily, with an amazing, patient and understanding husband and some pretty cool kids!

So, with that little said, I look forward to many interesting and entertaining blogs to share. 

Jennifer Henning