HUD and FHA announced their new max loan limits this morning (March 6th 2008). In almost all of the Washington Metro area our new loan limit is $729,750 (up from $362,250). This is our max FHA loan limit and is good through the end of 2008 when Congress will determine whether to extend or not.

 

This is REALLY, REALLY BIG NEWS!

 

No worries of Declining Markets as we have on conventional loans

FHA MIP of 1.5% charged on all loans - Non Refundable, but "Financeable" into loan amount

1/2 percent premium for monthly mortgage insurance

2.25% down payment - borrower needs to "pay 3%" minimum into deal

6% maximum contributions from seller

Regarding the Fannie / Freddie Conforming loan limit increase:  Raising the conforming loan limit will help higher down payment borrowers.  The great RESULT from the FHA increase is that it helps the lower down payment borrowers - which will help the higher down borrowers sell their homes.

We are still anxiously awaiting word from Fannie and Freddie on our new Conventional Conforming loan limits, but we should hear soon. The bet here is those limits will mirror the new FHA loan amounts...

This should be great news for the stagnant Real Estate Markets!!!

Mine resolution...NOT TO TAKE THINGS PERSONALLY. IT'S A ROLLER COASTER BUSINESS.. MOOOOOVE ON.

If you are current Sun Rocket Customer and your phone is down..check this article. I just paid my yearly subcription :-(

money.cnn.com

Now the spring is here (with weather getting better in North East) do you smell any fresh air of spring buyers in your area?

For Virginia we had a small spike in early March and now things have cool down. I had my open today and 15 group of family came by and most of them where buyers just window shopping.

I know we all have our opinion about Zillow but I was wondering if you post your listings on the website? Its free and one more place to give our listings a exposure.

 

Hello All,

I want to brian storm some of the creative minds on this forum. I have seen the following riders and what to share what some of you use or have seen:

 "Must See Inside"

"Honey Stop the Car"

"I am Gorgeous"

"Handyman Special"

What home warranty do you recommend or use or typically your buyer or seller buys? Please feel free to give feedback/experience with them.

 

From me:

I have used HMS on my townhouse. I liked them but the deductable(service cost) is high.

Used 2-10 like the fact they cover roof leaks and customer service was good.

 

Hello

Any one using Monday morning coffee feature from theghost.com. They offer discount for P2agent site.

Any feedback is appreciated.

Thank You

Ritu

http://www.eNOVAhomes.com

Hi All,

This list will help everyone new or seasoned to share what is working for them. What are the sources of your leads both buyers and sellers?

 Some of them that have work are:

SOI

Post cards-Just Listed & Sold

Point2agent/NLS

Past clients referral

Hello,

 What you have done lately for your listing to get a contract?  Common ones we know are offered:

Closing Cost

Prepaid HOA/Condo fees

Selling agent bonus

Mortgage payments for certain period of time(example 3-6 months)

Hi All,

Does any one have recommendation on website or company for eNEWSletter. Sometime back I was contacted by realtytimes for their newsletters. I want service from a company where I can either print and mail to my SOI and it is available online for  visitor to print it or read it.

 

Thank You

Ritu

Do you use a laptop or folder (paper) for your listing presentation?

 I have  been using my folder for a long time I think its time to update myself and start using laptop and bring along a copy in a folder for sellers to preview later.