New HUD Changes

Below is information I received from one of my trusted lenders. Buyers please take note on the changes! Thank you Kara White Shilling from Fairway Independent Mortgage Corp. for this information. Kara's information is below if you have any questions.

HUD announced a few interesting changes regarding FHA financing.

· Up front mortgage insurance premium will be increased from 1.75% to 2.25% ; will go into effect in the Spring.

· Summer of 2010, FHA will lower seller contributions from 6% to 3%.

· Minimum credit score will be 580. That will not affect Fairway Independent Mortgage Corp. (and the majority of all lenders) because our minimum credit is and has been 620. (For those lenders who do allow lower credit scores, new borrowers who have FICO scores of 580 or less will be required to put 10% down).

Below is the HUD press release for your review, should you be interested in further information.

http://portal.hud.gov/portal/page/portal/HUD/press/press_releases_media_advisories/2010/HUDNo.10-016

Kara White Schilling

Loan Officer

302.766.7392 (office)

302.545.2499 (cell)

www.karawhiteschilling.com

Mobile Real Estate Technology

The new trend in finding homes and keeping up with real estate is in mobile technology. I was a bit wary of this at first but after seeing a few applications and websites I think this will help get the word out on more listings.

Check out this one application by Realtor.com for the Apple iPhone. http://ow.ly/YK5U

I have this application and think it is pretty awesome so far. It will definately help me in my business when I get the random questions from friends and family about real estate when I am out and about. Also if you just want to know what is for sale around you this is a great tool to have a quick look.

I will say that you should still contact your Realtor with questions and requests. We are the experts and here to help. So give me a call if you find anything on your mobile device that you are interested in.

Happy Shopping, there are some great deals out there!

Stacey Woods

For Sale: 3BR/2+1BA Townhouse in Wilmington, DE, $239,900

Open House Sunday Jan. 17th 1 to 3pm

Great value Twin near Trolley Square and Little Italy

Stop by and check it out today! Have questions...give me a call at 302-740-5635.

For Sale: 3BR/2+1BA Twin in Wilmington, DE, $239,900