NEW FHA LOANS FOR IMPROVEMENTS

Often the barrier to buying a bank owned property is the cost of repairs needed after it's yours. Now there is an FHA 203K loan program for owner occupied purchases of single family homes.that allows the buyer to finance the cost of repairs and improvements. The minimum to borrow is $5000 and the maximum is $35,000. It's not for investors to flip or for major additions or improvements. The list of items allowed, however, is extensive --- roofing, flooring, cabinets, paint, stucco, driveways, countertops, plumbing, HVAC and the list goes on. The work must be done by licensed contractors and completed within 6 months after closing. The appraisal would be one for the "as is" value and one for the "as repaired" value. This program is ideal and of course, FHA only requires 3.5% down payment. The VA doesn't have the program yet.
Are there bank owned properties available still? By all means, but they move quickly. Most buyers are reluctant now to go after short sales because they take so long and are so unpredictable. But the bank owned properties go fast. In May in ABQ, 50 new ones went on the market and 160 went under contract. The inventory is being eaten up quickly. Part of the reason is that the deals close in a month and the prices are low averaging $85 per s.f. In the northeast heights, only 4.5% of all listings are bank owned compared to 15% in the southwest part of the city.
We are set up with the few lenders in town who do these new FHA programs so call and we'll get you a good REO property and the repair loan. It's a good deal. Call me at 505-220-9193.

GOOD TIME TO BUY A HOUSE

We’ve all experienced that “If only I would have” moment in our lives and with out a doubt we are at the threshold of another of another one of those times with respect to home ownership. We are seeing home prices at levels not seen for more than 12 years. Foreclosures are the primary driver for this phenomenon and the banks are accepting offers at $50 to $60 dollars per sq ft all over town. With out a doubt Now is the time to buy to avoid another “If only” moment. Give us a call 505-220-9193 or start your search on our website.

SPRING GARDEN ACTIVITIES

With the nice weather this last week, weren't you tempted to go and buy flowers to plant? After that freeze we had, we are all ready for Spring! But last night it dropped again below freezing so what can we really do to get ready for Spring? For one, we can water once a week. Next we can do a final cleanup on our garden beds and replant any volunteer seedlings that are shooting up. It's so nice to see the green shoots coming up through the winter dead plants. We can amend the soil especially with iron. Personally, I need to fillin the holes my dog dug burying bones in the winter lawn. I keep her off the lawn in the Spring & Summer. She won't be happy but Huskies dig.
Speaking of lawn, the Journal had a good article today about not powerraking to remove thatch. Instead, to aerate by making plugs and leaving them on the lawn. In Africa, we teach our villagers to do the same thing. Maintain the ground cover and make sure the soil surface is broken so that air and water and nutrients can enter. Same principles work here.
Soon we can break out the lawn chairs and barBQ!

ABQ No. 2 as Film Friendly

MovieMaker magazine has ranked ABQ as the No. 2 city among the top 10 cities for independent filmmaking. The ranking is for the best place to live and work in the film business. Boston ranked No. 1 which I don't get. We are so much better at so many levels. The best place to live is definitely our strong suit. Great weather, friendly people, accessible amenities and great home prices. We have tons of good buys on the market now so if you are interested in investing in a second home or investment property, give me a call. 505-220-9193.

Fire Hazard Warning

A friend just sent me this after having a fire in her bathroom. I will be removing all the Globe bulbs from my house. CFL bulbs are a great energy saver but make sure you buy a name brand like Sylvania , Phillips or GE and not the ones from China . An electirician told me the plug-in air fresheners are their fire hazards too. Just a word of caution.......

30 Mortgage Rates Up

The average rate on 30-mortgages toped 5 % this month. Rates followed Treasury notes fueled by fear of higher inflation. Five percent is still wonderful though. It’s all relative but some of us remember 18% rates! 5% is a once in a lifetime opportunity for this buyer’s market. On a $200,000 loan compared to November’s rates is still less than $100 per month. And with enough down and a score above 650 you might get a rate of 3.5%. It’s all relative, but still great! Go on my website to Mortgage Center to get a quote.

Kennedy's coming to New Mexico

Well, not literally but the production on the Kennedy's is coming to our locally produced ReelzChannel. And the productions just keep coming. We love the industry here in Albuquerque. We hope the new Govenor does too!!!!

If your on the production team and are thinking of taking the plunge and buying a house here, go to my website and check out home prices under Market Snapshot.