Don't Put Off Buying...HUD Raising MIP 4/1/2012

Last week I told you about how HUD is raising the MIP for their borrowers after April 1.  So If you are thinking of buying, you would save money by getting the transaction far enough along to order the FHA case number and appraisal.  My political comment on this may not interest you, but the powers that be are piling on the average homebuyer.  That is exactly what they talk against.  If housing were to have a recovery (even moderately) the whole economy would benefit dramatically.  So why would they keep putting the brakes to the most obvious things. I’m just saying.

You can reach me at 615-777-4663 (HOME) or email me at George.Margrave@migonline.com .

Higer MIP Coming April 1, 2012

No, that is NOT an April Fool's joke, but you can bet it really looks like one.

The FHA announced that it is raising Mortgage Insurance Premiums (MIP) for FHA mortgages. These increases will only impact new FHA loans and DO NOT impact existing FHA borrowers. The MIP changes can be summarized as follows:



* Upfront MIP increase by 0.75 points to 1.75%. The UFMIP as is the case now can be financed into the mortgage. This change is to be effective from April 1, 2012.


* Effective April 1, 2012 FHA is also increasing its MIP by 10 bps as required by the Temporary Payroll Tax Cut Continuation Act of 2011.


The FHA estimates these changes will add over $1 billion to their fund based on their volume projections through September 30, 2013.


We will have additional details as soon as possible.


From Jesse Lehn, MIG

Remember you can always reach me at george.margrave@migonline.com or http://www.mignashville.com/ or by phone at 615-777-HOME (4663). 

Reverse Mortgages

We haven’t talked about reverse mortgages lately. In the right situation they are wonderful. All of a sudden our client has no house payment (except taxes and insurance). In some cases they may even get a payment to them in the form of a lump sum of cash or other bills paid off. There is no credit check so credit is not a factor. The equity in the home and the borrower’s age are the main factors. If you have a friend that is interested send me the address and birth date and we can give you a rough idea.


You can reach me at 615-777-4663 (HOME) or email me at George.Margrave@migonline.com

Housing Trends, First Time Homebuyers

Happy New Year, friends! We start 2012 with a look at first time home buyers. Where would they like to live? The results are in and it's no surprise that 78% said "near shops and services." The top 7 are listed here:


1. Shops and services (78%)

2. Their job (75%)

3. In a very good school district (66%)

4. Parks and other open spaces (61%)

5. Family and/or relatives (61%)

6. Restaurants, nightlife and other activities (51%)

7. Easy access to public transportation (45%)

Take a look at this infograph for more interesting information. Click here for an enlarged version.


~~From Tennessee Title

You can reach me at 615-777-4663 (HOME) or email me at George.Margrave@migonline.com . 

Call on Us First

Over and over I receive calls from my clients and they start out with I talked to my bank and 1. They won’t return my calls or 2. They say they can’t close for 60 days or 3. They don’t do the kind of loan I want and so on and so on. I guess people call their bank because they think they will give them a better deal.


I can safely say that in most cases we can close much quicker, with a better rate and we do return our calls. In fact when you call us, a human answers and you don’t go into voice mail Hades.

I’m just saying. Call us first and save yourself some aggravation.  You can reach us at 615-777-4663 or via email at George.Margrave@migonline.com