2/29/2012 A Closer Look at the Upcoming FHA Changes

FHA Changes Coming April 1, 2012

Effective April 1st, 2012 FHA (the Federal Housing Administration) has some new costs and mortgage structure changes. Nothing major, but certainly something you should be aware of, because it's going to increase some of the costs to home buyers.

Click on this link: http://screencast.com/t/tHe8nGos to see a short presentation of the changes.

These are FHA changes, across the country, effective for all new applications after April 1, 2012. The FHA doesn't fund mortgages; they only insure mortgages. But, with increased default due to the current economy, and because of the rough loans from a few years back, the FHA has to increase their insurance premiums to keep their pool of insurance funds available to help with those defaults.

Teamwork...

Here's a good 3 minute video on Teamwork

FAIRWAY Financial Series - Reverse Mortgages

Next week, Tuesday February 21st, from 11:30am to 1PM at the Apple Tree Restaurant on the corner of Columbia Avenue and S. Centerville Road, we’re hosting a FAIRWAY Financial Series lunch on the myths and truths of Reverse Mortgages.  (RMs).  Lunch is on us!

Across the country, increasing numbers of low, middle and upper income families are using RMs for financial health and to enjoy their senior years in better comfort.   RMs are not for everyone.  However, they can be a very useful financial tool for many senior home-owners, and, RMs can now be used to purchase a home, too. 

*What is a Reverse Mortgage and how does it work?

*Can seniors really enjoy their home and not have to make a mortgage payment?

*Who owns the house?
*Can you refinance an existing mortgage and extinguish the payment?

*Can a Reverse Mortgage get “upside-down?”
*How can a Reverse Mortgage make payments to the home owner on a monthly basis and/or provide funds for repairs?

Come learn the ins and outs, the truths and the myths about this fast growing financial too, and get a free lunch while you are at it.  And, if you aren't a senior... pass this on to your parents or grandparents or someone who might be interested.  Space is limited, so register now at http://myfairwayhome.com/events/1184 or call 717-431-9299.

This seminar is being presented by Dennis Cronin, our in-house Reverse Mortgage Specialist.   

Toss Out the Gadgets?

Ken Pederson at FAIRWAY Mortgage discusses the gadgets we surround ourselves with in our effort to stay on top of our databases and calendars, and encourages not to lose sight of what's important. Keep in mind that you're in sales, and picking up the phone is still just as effective as it has always been. A database is still a database whether it's in software or in a recipe box on note cards. If you nurture your database, it will flourish.
This week's extra