Just another reason to love the new camera. Rada at Hiawatha...frontside hurricane..

Those Who Wait Will Pay Thousands More This Spring

Waiting a few extra days or weeks to purchase a home this spring could cost buyers thousands of extra dollars as the office of Housing and Urban Development (HUD) implements several changes for loans guaranteed by the Federal Housing Authority (FHA).

Coming just weeks before the April 30 deadline for the Home Buyer Tax Credit and just days after the March 31 expiration of the Federal Reserve Board's mortgage backed securities purchase program (which has kept home loan rates artificially low for over a year), these FHA changes make it even more important to act now to save big.

Here are a few reasons why:

On April 5th, the cost of required up-front mortgage insurance for loans guaranteed by the FHA will increase from 1.75% to 2.25%. For a borrower purchasing a $200,000 home with a $7,000 down payment, the up-front mortgage insurance will increase by $965. Up-front mortgage insurance is typically financed in the final loan amount so the impact to a monthly payment will be minimal but overall, the increase is still borne by the borrower both upfront and monthly.

It is important to note that in order to be eligible for the lower cost up-front mortgage insurance, a lender has to order a case number from the FHA before April 5th. A case number can only be generated for loan applications where a property is involved and a fully executed purchase contract exists. Home buyers who have been pre-approved but are not under contract will not be eligible for the reduced premium effective April 5th.

Later this spring, the amount of money that a seller can return to the buyer from their sale proceeds will be reduced from 6% to 3%. The reduction in these "seller concessions" can increase the amount of cash a buyer will be required to pay at closing by $6,000 for a home purchase of $200,000.

Spring Shredding 3/14/10

Finally!! A day of skating downtown MPLS with Rob Sissi and Seth McCallum. Perfect weather. Photos taken by Seth. Thanks dude!

Jake Keeler at Familia Skateshop

Just got home from checking out some of Jake Keeler's art at the shop. The usual suspects were there to have a beer and hang with old friends. I did find out that the next"TRUE HEADS" series are due out May 7th. The featured riders are TOP SECRET.

Think Spring

Don't forget to spring ahead tonight!!!

Todays Mortgage Interest rates

Well the rates have been pretty stable. I'm wondering if they;ll go up after the Home buying tax credit ends.
https://www.wellsfargo.com/mortgage/rates/

Here We Go Magic

This is a band that randomly came to light. How I heard these guys for the first time is not the story...fact is....they rock. The lead behind all of this is Luke Temple. Self titled album..Her We Go Magic

AAhh.... the gateway to my neighborhood

Here's to my first post! ya,ya...not too exciting. This is just the beginning.