FHA Delays Mortgage Insurance Changes And Other FHA Facts You To Know
Friday, August 27, 2010
Two weeks ago, FHA Commissioner David H. Stevens announced plans for implementing FHA’s new mortgage insurance premium structure. “As we work to publish a Mortgagee Letter, it is our intention to announce that based on industry feedback and our desire to have this change implemented successfully in the marketplace, FHA will make the premium fee changes on all new case numbers effective October 4th.”
What is he talking about? As previously announced, FHA will lower its upfront premium simultaneously with a planned increase in the annual mortgage insurance premium. FHA’s upfront MI premium will be adjusted down to 1% on all amortized loans (it was 2.25%) and the annual MI premium will increase to just under .9% on loans amortized more than 15 years.
When considering financing in today’s market, FHA loans have become more and more popular as they are not just for first-time homebuyers any more. In fact, the maximum FHA loan in metro-Atlanta is currently $346,250.
Two great features of FHA loans that are often overlooked are the following:
1) FHA loans are actually assumable by qualified buyers down the road. That could be a huge benefit to a potential seller with an FHA loan if interest rates rise in the future when they decide to sell their home. The loans are assumable but qualifying, which means that a potential assumer would have to have good credit but would pay limited closing costs in assuming the existing borrower’s loan.
2) FHA loan borrowers can refinance in the future under streamline conditions (no appraisal option is currently offered and limited documentation of employment and assets) if interest rates fall. It is FHA’s belief that a lower rate will only benefit the customer and would not pose an undue risk to the lender.
Finally, for existing FHA customers who are not sure if they have enough equity in their home to refinance, a new FHA streamline refinancing method allows a rate reduction to either a fixed rate or a 5/1 adjustable rate mortgage with no appraisal as long as certain conditions are met!
The 5/1 ARM is extremely attractive right now as closing costs can be included in a 4.0% rate on most loan amounts. That is about three quarters of a percent lower than refinancing on a traditional 30 year fixed with no closing costs and may be tailored more closely to the borrower’s desire to purchase another home in the near future when home values rebound.
The conditions required are that the homeowner must have an existing FHA loan, must come to closing with their prepaid items and current month’s payment, must realize a tangible benefit, and cannot have more than one 30 day late payment over the past 12 months.
Posted in: Intown Atlanta Real Estate News
Cheap Eats - So-Ba
Thursday, August 19, 2010
Taking the word of my sister-in-law, who is very reliable for information concerning good restaurants (not so much other things: she thinks Syfy Original Movies are genius), my spouse and I went to So-Ba in East Atlanta (http://soba-eav.com).
So-Ba is quite a find; but you really have to want to go there to find it. Located on Gresham Avenue, you’ll turn on to what looks (at first glance) like an alley, but is, in fact, a street. It’s off of Glenwood, just before you get to Mary’s. There is a parking lot behind the strip of shops that houses Mary’s, but your best bet is street parking.
So-Ba just got their liquor license, so they have a limited selection of alcohol. But that is not why you go there in the first place. The food is INCREDIBLE.
So-Ba specializes in pho (pronounced fuh, not faux), which is a Vietnamese noodle soup, and they do it up well. Traditionally, pho is served with beef or chicken, but So-Ba also offers brisket, round-eye steak, tripe (TRIPE!), chicken, and shrimp. The medium sized bowl is enough to feed a platoon, but my spouse always goes for the large. It is the size of a small moon, or Pluto. The pho comes with basil, lime, bean sprouts, and peppers on the side, so you can spice to your desire.
I have good word that the pho is excellent, but I can never seem to get past the one dish that caught my eye the first time I went. I’m embarassed to say I can’t spell it, I can’t say it, but it is the dish of diced fillet mignon served over jasmine rice with a vegetable confetti on the side. Now, I don’t know what they marinate the steak in, or if they made a deal with the devil, but that steak is better than any earthly steak has any right to be.
The service is great, and so are the prices. The pho comes in three sizes, the most expensive of which is still under $10, and the fillet mignon dish is the most expensive thing at the menu, at $11. The restaurant itself still almost seems to be a work in progress with sparse decorations, and minimal lighting, but that lends it an air of a new business just getting off the ground. So-Ba 560 Gresham Avenue, SE Atlanta, GA 30316
- Jacob Gallman
Posted in: Intown Living
Spices To Boost Your Brain
Thursday, August 12, 2010
Previously, Ashlee Heath has highlighted a number of ‘Cheap Eats’ where one could go for a variety of good, inexpensive meals. But did you also know that by devouring a varied menu, you’re helping your body function better?
By ‘spicing up’ your life, you are actually helping your brain! Recent studies have shown that spicy food can preserve brain function and help prevent disease. The following spices, when added to your diet, will benefit you!
Cinnamon Eating it helps with blood sugar control, but just smelling it boosts brain activity. It also speeds the way your brain processes visual cues. Chew some cinnamon gum before your next bike ride or test!
Garlic You already love this one, but did you know it increases blood flow to the brain? In a 2007 study, garlic helped fight brain cancer cells.
Ginger This spice may make you smarter if combined with ginkgo biloba. It also may help treat Parkinson’s disease and migraine headaches. Try it with vanilla ice cream or by drinking it as a hot tea.
Saffron The economy got you down? Saffron extract has been found to be effective in treating people with depression.
Turmeric Called the ‘ultimate health spice’, turmeric contains cur cumin and is an ingredient in curry. Studies have shown that it may help prevent Alzheimer’s and lessen the pain of rheumatoid arthritis. Sprinkle it on your broccoli or mix a spoonful in a warm glass of water and drink it down.
- Scott Askew
Posted in: Intown Living
Faith In What Happens
Thursday, August 05, 2010
With the economy affecting all of us, it could be easy to start laying blame on whichever political party you do not like on any given day, or the banks who do not ‘give away’ ‘easy’ money, or the person who called and said you were not the candidate they selected for the job you were applying. Yes, times are tough. But when you begin to feel the tentacles of depression creeping up on you, take time to reflect on two things:
1) Have I had a life as challenging as my parents or their parents?
2) Is this all just a test ?
Faith sees the invisible, believes the incredible and receives the impossible. - Anon
My Dad was in WWII. He spent four years in the army. He enlisted in January, 1943, right after getting married on December 29th, 1942; which was accelerated due to Pearl Harbor and the declaration of War. In October, 1943, my sister was born. A number of years ago I asked my Mom how she did it… Raising my sister by herself, not knowing if my Dad would ever make it back. She always replied - “I had faith he would come home.”
Over the past two+ years we have had faith that the housing market would get better. Now it is recovering. And - more good news - a lot of people who had less faith and were in our business for the wrong reasons got out… leaving the better agents to serve you!
Only the person who has faith in himself is able to be faithful to others. - Erich Fromm
As you know, to be a successful entrepreneur, domestic engineer, business person, or student, it takes supreme faith in one’s own ability. Maintain that faith! If you do not, your clients, customers, children, co-workers and/or teachers/coaches will feel your doubt and they will come to rely on someone else who is more confident in their ability.
We must have infinite faith in each other. - Henry David Thoreau
A reputable person knows they can trust another reputable person to do the job correctly. The trick is to have faith in your counter-part when you do not know them. That is why we must be involved in the community where we live and work! My involvement with the Atlanta Board of REALTORS has allowed me to get to know thousands of professionals in our industry. This helps when negotiating a contract. If you know the person on the ‘other side of the table’, you have a 75 percent better chance of negotiating that agreement! Why? Because you have more faith in someone you know and they, in turn, do not want to let that faith be dimmed by their wrongdoing.
Faith in our associates is part of our faith in God. - Charles Horton Cooley
Faith in the associates and staff in your office, your teammates in the huddle, your family members, etc. that they hold the same ideals as you is paramount to a healthy work environment. This is a truth known to all. All religions teach that faith in a supreme being is necessary to a happy life. Imagine if we did not have that faith. Why would anyone be civil to their fellow man? Lawlessness would rule… because there would be no ultimate consequence…
- Scott Askew
Posted in: Intown Living
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