Small Home Financing

Many people do not know where to go to find out about FHA Home Financing and if they can qualify for an FHA loan.

The best thing to do is to call banks in your area and ask for the mortgage officer. Ask that person if they handle FHA – most banks do, but some don’t. In this case you might have to do some homework.  FHA loans have the advantage of requiring only 3.5% as a down payment, which means less cash out of your pocket (a conventional non-FHA loan would require 20% or so down. The disadvantage is that you have to pay FHA an insurance premium for the loan guarantee, which means that .your closing costs are higher, but usually not enough to offset the much lower down payment.

Home Prices Holding Up for Now

According to experts, one of the remarkable aspects of today’s real estate market nationwide, is the strength of the median price, up slightly over a year ago. The median price in July, 2010 was $182,600, and when you factor in the slowdown in sales volume, since the home buyer tax credit ended, the resiliency in pricing is a positive one. Homes are priced at a level that seems to match closely with the household’s ability to pay, and according to experts, that’s a reasonable place for home prices to be at the present time.

Foreclosures are Down, but Late Pays are up

According to the latest data from The Mortgage Bankers Association’s National Delinquency Survey, mortgage loans that were in the foreclosure process at the end of the second quarter decreased over last months figures, but increased over 2009 second quarters figures. Loans that were 90 days or more past due, or in the process of foreclosure decreased over last quarter, but increased over 2009 second quarters figures. Foreclosures starting the process are down, falling for the first time since 2006. “Only when we see a consistent increase in employment will se see an increase in sales and starts, and a sustained improvement in the delinquency numbers,” according to Jay Brinkmann, Mortgage Bankers Association chief economist.

Mortgage Interest Rates Continue Downward (Caution !)

New record lows for long term mortgages have been recorded in the last few weeks with all indications that the mortgage rates will continue a slow decline until it is clear that the current economic conditions in the country start to improve. Its pretty much agreed upon by all of the experts that until the job situation in this country starts to improve drastically, rates will stay as low as they are now, but will start an upward climb when the jobs picture improves.

Make a Home Look More Expensive

When you are getting ready to sell your home, there are many things that have to be done so the house is in excellent condition when potential buyers come to look at it.

Home staging is very important and whether you do it, or hire a professional to do it, certain things should be done to make the home look and have a feeling of being in fashion and up to date. This brings up the age old problem of having to re-do the home and possibly having to go buy new pieces of furniture, or accessories.

Unfortunately, there is not just one place to find home staging supplies, so being creative is important, not only in what you use, but what you buy, and then how you use it.  You can get some ideas from your close friends.

Here are five ways to make your home’s interior look more expensive, and in fashion, but not at the cost of your bottom line:

1.  Use one expensive piece of furniture, or other item, in each room, well positioned.  It can be a piece of art, a table or something rare and expensive like valued china. The expensive piece(s) should be the focus of attention as soon as someone walks into that room.   This is what they see first. First impressions!

2.  Use white. It has always, and will always be a staple that professional home stagers use. It radiates of light, cleanliness, and open space. Try using inexpensive white pieces on an expensive table or other piece.

3.  Look at what can be recycled. Try recovering a favorite chair or sofa.  Much of the furniture of past years had great design and great lines and sometimes are worth recovering and restoring them back to life.

4.  Rotate your theme colors, and do it in each room if possible. Every new season, the design world changes the “what’s-in” color.  A good way to make your home look in-style, is to have that in-style color. Visit some ‘in’ stores in your area, and see what they are doing with different colors, how they are using them, and which is the most popular.  You will get lots of good ideas.

5.  Don’t buy new furniture or accessories at the beginning of any new season.

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