FHA LOAN LIMITS DECREASED!

FHA LOAN LIMITS DECREASED!

Congress did not extend the FHA mortgage loan limits.  Loan limits will be decreased as of October 1st.

Are you a buyer that can be affected by the drop in loan limits?  If so, call me directly to discuss options at:  208-869-3469.

Ada County – down $32,700

Adams County – down $2,700

Blaine County – down $104,250

Boise County – down $32,700

Canyon County – down $32,700

Gem County – down $32,700

Kootenai County – down $15,200

Owyhee County – down $32,700

Teton County – down $68,250

Valley County – down $189,950

GSE loan limits in Blaine, Teton and Valley counties will also drop on October 1st.

Bank Owned Boise Home for Sale (HUD)

Bank Owned Boise Home for Sale (HUD)

12242 W Oldham Ct  Boise, ID  83709

Incredible bank owned Boise home for sale located within an established Edgeview Estates Community—nicely situated near I-84 along with being just a hop-skip and jump to St Lukes and St Al’s.  An approximate monthly payment for this home bank owned Boise home for sale at the asking price would be at or around $800 monthly—why rent?!?  The interior of this Boise home for sale contain features upgraded amenities throughout and also contains a separate mother guest quarters for guests or an alternate master suite.  The master suites has dual vanities along with a plethora of closet space.  The back yard is a delight and contains a water feature along with a covered patio—perfect for entertaining!  The secluded cul-de-sac location of this bank owned Boise home for sale is private and has limited traffic.

The seller of this bank owned Boise home for sale may provide a closing cost credit of 3.5% to be included with the purchase of this home.

Please visit https://trustidaho.com/search/#PropertyID=40279754 to view detailed information on this bank owned Boise home for sale.

Interested in obtaining information on all Boise bank owned homes for sale?  I will forward a list of available bank owned Boise homes within 24 hours upon obtaining your request.  Please call me at 208-869-3469 or send your request to:  matt@trustidaho.com


Call me today for additional information or to view the interior of this bank owned Boise home for sale!  208-869-3469 . . .

Buying a Home is a “Safe Bet”

Buying a Home is a “Safe Bet”

Survey’s conducted my leading real estate data management companies found that 80 percent of homeowners plan to purchase another home.  Also, the survey’s revealed that most view homeownership, and placing funds into a 401K or other retirement account, as the best investment for the long term.

*Harris Interactive provided the survey results which obtained responses from 1,392 homeowners and nearly 760 renters from August 30, 2011 – September 1, 2011.

 

Obtain A Lower Mortgage Interest Rate with Good Credit

Get A Lower Mortgage Interest Rate

Good credit scores are important when obtaining financing for the purchase of a home.  Mortgage lenders determine interest rates and your particular risk by reviewing your credit scores, current credit available and credit history.   This said, it is worthwhile to know your credit rating in order to gauge the approximate interest rate that would be provided to you.  Also, it is wise to remove any derogatory filings from your credit prior to interviewing mortgage bankers and brokers.  Just a few tweaks can alter the interest rate provided and save you thousands of dollars over the course of the loan. If you feel there is something on your credit report that is not from you then you can dispute errors on your credit report here.

Six items that will help ensure your credit is healthy are as follows:

Late Payments:

Late payments and delinquencies are the biggest factors that determine your current credit score and, in turn, the mortgage rate that will be offered.  Late payments and delinquent balances make up approximately 35% of an individual’s overall credit score.

Late payments and delinquent balances will affect the type of loan and interest rate offered.   If your credit shows delinquent balances owed  then it will be wise to pay off the balances prior to applying for a home loan.

Debt to Income Ratios:

Along with reviewing your overall credit rating, a mortgage lender will also review how much credit you have and how much credit you are currently using.  For example, if you have accredit card with a credit limit of $1,000 and you consistently have a $950 balance then a mortgage lender may feel that you are “stretched” on your personal finances.

Rule of thumb:  keep the amount you owe  40% or under your current credit limits.  Doing so will show that you are not stretching your finances too thin and will provide your mortgage lender confidence that you can afford a new monthly payment.

Sent to Collections:

It is important to review your credit report in order to ensure that you have no collections reported.  If so, make certain to remediate the collection prior to applying for a home loan.  In order to purchase, a mortgage lender will require that all collections are paid in full.

Bankruptcy, Judgments or Liens:

Most should be aware of any bankruptcies, judgment of liens that may have been placed against you.  However, it will be important to review your credit report to confirm prior to seeing a mortgage lender.  The public records section located w/in your credit report will supply this particular information.

Closed or “never opened” credit accounts:

Ensure that you scan your credit report to ensure that any old or unused credit account are closed and that the closed dates are correct.  It is also important to make certain that you do not have any credit accounts that you do not remember opening.

Credit Inquiries:

Upon viewing yoru credit report you will notice a section which discloses who has been viewing your credit rating and report.  “Hard” inquiries (car loans, credit card applications, etc) will typically affect your credit rating (albeit minimally).

A “soft” inquiry is when an entity views your credit report to verify that you have credit.  Examples of “soft” inquiries consist of:  home rental applications, mortgage applications and other types of credit inquires in which you do not need to obtain credit.  Soft inquiries typically do not affect credit scores.

Reference: https://unifycrm.com/solutions-page/marketing/.

 

Boise area tops list of best places to retire!

Boise ranks w/in the top 3 of CNN/Money Magazines best placed to retire.  Contributing to this honor is Boise’s thriving cultural scene which includes an opera company, the philharmonic orchestra, the Morrison Center for the performing arts, ballet, and the Shakespeare Festival.  Boise also received high marks for it’s recreational activities (we all know that!).

The TOP 10

1. Marquette, MI
2. Cape Coral, FL
3. Boise, ID
4. Danville, KY
5. Weatherford, TX
6. Southaven, MS
7. Pittsburgh, PA
8. Broken Arrow, OK
9. Lake Charles, LA
10. Winston-Salem, NC

Ada County Real Estate Update–Improvement Continues!

Ada County Real Estate Update–Improvement Continues!

Sales within Ada County have increased 43% in comparison to sales in August of 2010. Typically, August home sales compare evenly with July yet August of 2011 had 7.3% more sales than July of 2011.  Year to date, there have been 245 more real estate transactions than in 2010 which compiled a total of 3,947 close transactions (2011 already has 4,192 transactions completed).  Is our local market beginning to “mend”?

Forty-five percent of teh3 sales in August of 2011 were distressed—up 3% from the previous month.  Distressed sales (bank owned property, HUD and short sales) continue to hinder market performance yet these types of homes for sale are no longer the majority!

The average days on market for homes sold in August was 81 which is down from 90 days last year at this time.  Another improvement.  Pending sales (homes which have an offer to purchase accepted by both the buyer and seller) decreased 6% from July yet there is an average pending sales number of 900 at the end of the last 3 months—another sign of the extensive recovery at hand.

The amount of homes for sale and available at the end of August fell below 2,500 units for the 1st time since March of 2006 while the percentage of active distressed homes for sale increased almost 2 percent from June to 35%.  All of this said, in Ada County there are 4 months of property inventory and historically this exemplifies a “seller’s market”.   The pricing category containing the least supply are homes priced fewer than 119K in which there is just 3 months of inventory available.  However, consumption of inventory is increasing in all price ranges.

There is good news for home owners that have property w/in the upper echelon of pricing.  Homes priced $500,000-$699,999 have seen inventory decreased for the fourth month in a row to 6.9 months.

The local market continues to benefit from inventory levels lower than the average currently contained w/in the United States.

Will inventory levels continue to decrease due to recent hirings?  If so, we may see home builders making moves again which would greatly benefit our local economy.  I’d love to hear your thoughts . . .

Thinking of taking advantage of historically low pricing and interest rates?  Please call me dire ctly at 208-869-3469 in order to discuss your options.

Building the Perfect Home Theatre Room

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This is an example of a WordPress post, you could edit this to put information about yourself or your site so readers know where you are coming from. You can create as many posts as you like in order to share with your readers what exactly is on your mind. This is an example of a WordPress post, you could edit this to put information about yourself or your site so readers know where you are coming from. You can create as many posts as you like in order to share with your readers what exactly is on your mind.

This is an example of a WordPress post, you could edit this to put information about yourself or your site so readers know where you are coming from. You can create as many posts as you like in order to share with your readers what exactly is on your mind.

This is an example of a WordPress post, you could edit this to put information about yourself or your site so readers know where you are coming from. You can create as many posts as you like in order to share with your readers what exactly is on your mind. This is an example of a WordPress post, you could edit this to put information about yourself or your site so readers know where you are coming from. You can create as many posts as you like in order to share with your readers what exactly is on your mind.

Adding Granite to Your Luxury Kitchen

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This is an example of a WordPress post, you could edit this to put information about yourself or your site so readers know where you are coming from. You can create as many posts as you like in order to share with your readers what exactly is on your mind. This is an example of a WordPress post, you could edit this to put information about yourself or your site so readers know where you are coming from. You can create as many posts as you like in order to share with your readers what exactly is on your mind.

This is an example of a WordPress post, you could edit this to put information about yourself or your site so readers know where you are coming from. You can create as many posts as you like in order to share with your readers what exactly is on your mind.

This is an example of a WordPress post, you could edit this to put information about yourself or your site so readers know where you are coming from. You can create as many posts as you like in order to share with your readers what exactly is on your mind. This is an example of a WordPress post, you could edit this to put information about yourself or your site so readers know where you are coming from. You can create as many posts as you like in order to share with your readers what exactly is on your mind.

Investment Property Appeal Strengthens

Investment Property Appeal Strengthens

According to recent statistics, investment property and total multi-family sales (rentals,  duplexes, tri and four-plexes) increased nearly eighty percent within the 2nd quarter of ’11 and within  the same period of 2010—a statistic that demonstrates the United States’ shift from owning a home rather than renting.   It can be assumed that the increase in apartment and rental living has increased due to the amount of home owners that have lost and are currently losing a home through foreclosure or short sale.  The upsurge of demand has caused a decrease in vacancy rates and an up-tick in rental prices.

Although inferior to the mid-2007 peak, quarter two in 2011 saw a robust $15 billion in sales from investment property bringing the yearly total to 24.5 billion.  Mulit-units and apartment buildings rank as the most appealing real estate purchase investments (investors are pulling capital out of the stock market and putting their money in a tangible asset which doesn’t fluctuate as drastically).   Investment property developers have already promised new projects due to the high demand.

Coastal real estate markets have accounted for the large majority of sales volume in multi-family units.  Top market included:

Los Angeles:  2.3. Billion

Bay Area:  2.1 Billion

Washington D.C. 2.6 Billion

Investors with high capital “in hand” have been the most vigorous investment property purchasers.

10 Markets with Highest Drop in Home Values

10 Markets with Highest Drop in Home Values

 

California dominates the list of metro areas with the largest percentage of decline in home values since 2006 (6 of the 10 metro areas which lost substantial home values were in the sunny State of California).  Florida metro area’s encompassed 2  cities on the list and the remaining are located in Arizona and Nevada.  The Boise-Nampa Metro area is fortunately not “on the list”.

The declines in estimated values varied from 67% to 55% while the estimated value decline ranges from $383,000-$125,000.

1)  Merced, CA

Value Difference (percentage):  -67%, Value Difference (dollars):  -$222,220

2)  Modesto, CA

Value Difference (percentage):  -63%, Value Difference (dollars):  -$223,800

3)  Stockton, CA

Value Difference (percentage):  -62.9%, Value Difference (dollars):  -$253,975

4)  Las Vegas, NV

Value Difference (percentage):  -61%, Value Difference (dollars):  -$186,000

5)  Vallejo, CA

Value Difference (percentage):  -59%, Value Difference (dollars):  -$277,550

6)  Salinas, CA

Value Difference (percentage):  -57.5%, Value Difference (dollars):  -$382,115

7)  Daytona Beach, FL

Value Difference (percentage):  -56.8%, Value Difference (dollars):  -$125,243

8)  Bakersfield, CA

Value Difference (percentage):  -56%, Value Difference (dollars):  -$153,741

9)  Fort Myers, FL

Value Difference (percentage):  -56%, Value Difference (dollars):  -$162,097

10)  Phoenix, AZ

Value Difference (percentage):  -55.6%, Value Difference (dollars):  -$154,000