Lovely brick 2-story with covered front porch located between Parkersburg High School and the City Park off 23rd Street. Seller has added many updates since his purchase including new front concrete steps, new first floor full bathroom, second floor shower, 25 Simonton windows to lower utility rates. Features updated white kitchen, first floor laundry room, upstairs sun-sitting room and storage on the third floor. Beautiful condition.
Open House, Sunday, May 2, 2010 1:00PM-3:00 PM
As Realtors® we continue to marvel at the low interest rates currently available to qualified buyers. And currently one program has come to my attention which is hard to believe.
The West Virginia Housing Fund is offering in their Secondary Market Program a loan for their dream home to people who are NOT first time buyers and which does NOT have income limits. It does offer competitive interest rates with as little as 3% down payment. Those interest rates are below 4% for 15 years and 4.5% for 30 years.
The details can be found at the housing site: http://www.wvhdf.com/homebuyers/secondary.cfm
The first time buyer program has reached an all time low in interest rates at 3.5%:
http://www.wvhdf.com/0710mortgageprogram.cfm
These programs have limitations in the amount available to loan out, so if you’re wanting to use them, you shouldn’t hesitate.
I just calculated the difference in the principal and interest payment for a 30-year loan of $150,000 with an interest rate of 5.5% and a rate of 4.5% and that amount is $91.65 (I think 5.5% is a low rate.) That might go along way towards paying for your taxes and insurance.
Remembering the time when interest rates were 18% and more, these rates offer real opportunities to buyers who do NOT hesitate.
Kay Munchmeyer
Recent changes to FHA financing can affect you if you are planning to take out FHA financing to finance your next home.
According to Marty Frazier, our Coldwell Banker Mortgage Advisor, one recent FHA change this year to tightened their standards is the upfront insurance premium change from 1.75% of the loan’s value to 2.25%.
This fee is collected from borrowers to replenish the funds FHA uses to compensate lenders for default-related loss. FHA does not make loans but it insures qualified lenders against losses if borrowers default. In the past year and a half, FHA-insured loans made up roughly 30% of all new single-family home purchase mortgages. With this increase in loans, defaults have increased as well.
So if you take out a $200,000 loan, you will now pay $4500 in premium instead of $3500 at closing as one of your closing costs. Or you can roll the premium into the financing but be aware you will pay interest on it during the life of the loan.
This is just one way FHA has tightened its standards. Other changes will be mentioned in future blogs.
I look forward to your comments.
Kay Munchmeyer
Congress has extended and sent to the President for his signature an extension for those people that were in contract for a home by April 30th. This is NOT an extension of the tax credit but only an extension of the time to close for three more months until September 30th to complete their purchase and qualify for the tax credit of up to $8000.
As many as 180,000 buyers who already signed purchase agreements were likely to miss the June 30 deadline, according to the National Association of Realtors.
So, with the President’s signature, those buyers have an extension to finalize their sale.
Good News for some buyers.
Kay Munchmeyer
The Federal Home Buyer Tax Credit program expires Today, April 30th. You must have a contract agreed and signed TODAY to participate in this amazing program. You have until June 30th to close but it must be contracted by today.
National Association of Realtor statistics indicate that this program has been successful in stabilizing the market nationally up 16.1% over last year; with 44% of buyers being first time in March, and with inventories trending down.
Coldwell Banker is hoping to continue this stimulus by announcing that beginning May 1, 2010 through July 31, 2010, some Coldwell Banker Sellers will participate in a national program to continue this momentum. Those sellers have agreed to give 3% of the contracted price (up to $8000) back to home buyers as a credit at closing to be used for closing costs and expenses. This program is called the Coldwell Banker Buyer Bonus Program.
Jim Gillespie, president and chief executive officer of Coldwell Banker Real Estate, will appear live today (Friday) on Fox Business News between 12:15-12:30 p.m. Eastern to announce the Buyer Bonus Sales Event which kicks off on Saturday.
So don’t be discouraged if you miss Today’s deadline!
This Sunday, May 2, 2010, I will be having an OPEN HOUSE at 2205 Oak Street, Parkersburg from 1:00PM to 3:00PM.
This Seller is participating in the “Buyer Bonus” Program offering 3% for the Buyer’s Closing Costs.
Why don’t you stop by!
Kay Munchmeyer
I have just added Real Estate Today Radio to my website. You can click on the link under “Resources” or on the main page by clicking on the “Real Estate Today Radio” link.
If you enjoy podcasts of information, then you should enjoy listening.
Real Estate Today is the magazine of information produced by the National Association of Realtors®. This radio program is an extension of that information to you.
According to NAR:
“Real Estate Today radio is the nation’s fastest growing real estate program, exclusively from THE NATIONAL ASSOCIATION OF REALTORS®
News, Interviews, and in-depth reports on buying, selling, and owning a home – on air, online, and mobile. . . all the time!”
Todays version talks about the current national market, Docusign, and what happens from Contract to Closing.
Just click on the blue circle and listen!
Kay Munchmeyer
Don’t forget that this Saturday, April 24th from 8:00AM to 4:00PM is the Annual Spring Cleanup in Wood County for unwanted items:
Accepted Items:
Cell Phones
Tires (Limit 10)
Gas Tanks (Limit 2)
Household Trash
Paint (Household)
Metals of any kind
Household Furniture
Appliances
Bulky Goods
Batteries
Computers
Hazardous Waster is NOT accepted.
Sponsored by Wood County Solid Waste Authority and DuPont
I just wanted to remind you!
Kay Munchmeyer
Stately brick/vinyl Two Story on level .47Acre lot in one of Belpre’s finest neighborhoods. Features 4BRs Upstairs/3Full Baths, First Floor Family Room w/Gas Log Fireplace, First Floor Laundry, Downstairs Rec Room & Unfinished Area, Covered Front Porch and Patio.
Kay Munchmeyer
All Brick Ranch with vinyl soffit and windows for maintenance free exterior, resting on large .85 acre lot with wooded privacy in back. Home is fully landscaped on all sides, and includes back deck w/patio below and level driveway to 3-car garage. Great room styling w/gas log fireplace, elegant solid cherry kitchen, 3Bedrooms and 2.5 BA on main floor, 2 Bedrooms and full bath in lower level. Includes lower level workshop and exercise room. And large walk up attic.
Kay Munchmeyer 304-482-5296
Just in time for Move-Up or Down Buyers to find a home before April 20, 2010, WV Housing is offering an attractive program which is NOT restricted to first-time homebuyers or income limits. It does offer competitive interest rates with as little as 3% required for down payment. Applicants may also qualify for the Home Ownership Assistance Loan to help defray down payment and closing costs.
Loan Terms
This program offers 10, 15, 20, or 30-year, fixed-rate mortgage loans. Up to 97% of the sales price of the home can be financed, requiring only 3% down payment. Loans insured with USDA Rural Housing can be financed up to 100%. The maximum loan amount under this program is $417,000.
Eligible Borrowers
The program is open to all income levels and does not have a first-time homebuyer requirement.
Eligible Properties
The property must be located in the stateof West Virginia. Eligible properties include single, detached, existing, stick-built or modular homes; duplex, townhouse or condominium units; and new and used double-wide mobile/manufactured homes. (Single-wide mobile homes are not eligible.) This program includes loans to refinance, purchase, second homes or investment properties.
Mortgage Insurance
All loans than exceed 80% of the value of the home must be insured by either a private mortgage insurance company or by USDA Rural Development.
Counseling
All applicants that receive a loan higher than 95% (escept loans insured by USDA) of the value of the home must complete a home buyer education course.
Home Ownership Assistance Program
Down payment and closing cost assistance loans are available to homebuyers to reduce the amount of upfront money needed to purchase a home if they qualify.
For more information about this program, give me a call or contact their web site at www.wvhdf.com
This is a welcome entry into the mortgage market this year!
Kay Munchmeyer
As of February 1, 2010, th
My Listings