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FHA Insurance Premiums Going Up April 9th |
FHA has announced an increase in two fees that borrowers pay. Starting April 9, FHA will increase its annual mortgage insurance premium (MIP) for loans under $625,500, bringing the total cost from 1.15% of the loan amount to 1.25%. Starting June 1, larger loan premiums will increase to 1.5% of the loan amount.
Also effective April 9, FHA will raise the upfront mortgage premium from 1% to 1.75% of the loan amount. Upfront MIP may be added to closing costs or borrowers can finance it by adding it to the loan amount.
Buyers who want to avoid paying the higher fees should apply for a loan -- and get an FHA case number -- no later than April 8th.
FHA loans allow for smaller down payments and often less stringent credit requirements, which have made them soar in popularity in recent years. About 40% of all new mortgages for 2010 home purchases were FHA-backed mortgages. |
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Old Southwest Named A Top Neighborhood |
For the second year in a row, a Roanoke neighborhood has won recognition from This Old House magazine. The magazine named Old Southwest as one of its "Best Old House Neighborhoods" of 2012. An adjacent neighborhood, Mountain View, won the honor last year.
The magazine listed Old Southwest as "among the best" for bargains, Victorians, fixer-uppers, first-time buyers, "walkability", parks, recreation and lots to do. The magazine cited the neighborhood in large part for its appeal "to newcomers who appreciate well-crafted houses with expansive porches and classic columns." Old Southwest also won recognition in 2010 as Neighborhoods USA's "National Neighborhood of the Year."
Click here to read the recognition of Old Southwest by This Old House. |
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Open House Website Debuts |
Last spring, RVAR added to our website the Open House button, providing the ability for the consumer to search for listings that have an upcoming open house. Since then our open house data has made its showing on REALTOR.com® and the REALTOR.com® Smartphone app. Members have come to rely on the added exposure to their listings. However, RVAR's PR Committee believes that the time has come to brand the open house data with its own identity, and to build name recognition within the public.
RoanokeValleyOpenHouse.com, unlike RVAR.com, is designed solely for the eye of the consumer. It takes the consumer side of RVAR.com and presents it in a clean, simple, and visually appealing design, including a slideshow of open house properties.
Although MLS members may register their open houses in FlexMLS far in advance, only open houses occurring within the next seven (7) days will display on RoanokeValleyOpenHouse.com. Open houses automatically expire in FlexMLS. |
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