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Happy 4th of July everyone! Guess what the McColly Real Estate Office of Portage, Indiana is doing on Saturday? We are participating in the 4th of July Parade in Portage. A decorated trailer pulled by a truck will be filled with kids and agents will be handing out goodies. Doesn't that sound like fun?
The parade will begin at 11:00 at the north end of Portage in Porter County and proceed south through the village. It ends at Enright Park where there will be an antique car show, a bake sale, food, and fun. This year the parade is again sponsored by the Lions Club. Of course, the evening will end with fireworks.
See you at the parade! Be sure to wave.
Irene Tron
Making Real Estate Enjoyable in Northwest Indiana
www.irenetronrealtor.com
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If you are anywhere close to Portage, IN in Porter County this summer, don't miss the Portage Community Market at Founders' Square Park - Downtown on Central Ave. It is going on now through October 11 from 11 am to 3 pm. Wide selection of fresh produce, breads, flowers, yard art, honey, art, jewelry, and crafts. Click on this link for more information on another great Farmers' Market in Northwest Indiana.
Irene Tron
Making Real Estate Enjoyable in Northwest Indiana
www.irenetronrealtor.com
McColly Real Estate
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Last year and at the start of this year there were a lot of changes in the mortgage industry. New rules, new regulations and so on. It is taking a lot of people by surprise. I know cause of the calls coming into me this week for people were wanting to be pre-approved to buy a new Indiana house and they have no money down and no one to give them a gift of down payment of 3.5% of the purchase price.
Two of them told me that were waiting for tax refunds or big bonus checks. Which in it’s self is fine, but what about rainy day issues. We thank God that we have a rainy day account and everyone should. I want to thank Missy Caullk for giving me this idea for NW Indiana Home buyers and if you are ever in need of moving to Ann arbor and be near the Wolverines give Missy a call.
Einstein, I have heard once said, “the most powerful force in the universe is compound interest”, and he is right. Your money in the right form will grow for you over time and every day it will grow more. Take a look at this graph and what two thousand dollars will do for a 19 year old.

Just think if you started at the birth of a child and when they are out of college the gift of a down payment could the best think you ever did for them. Or, now as an adult, you can go after certain investment vehicles that will allow you to grow your money pretty quickly. (I am not an investment advisor and I do not play on TV) If you would a referral for an Indiana Financial Advisor please let me know and I can certainly help you with that.
But watch this quick movie from CustomCraft it is a great learning tool to save money.
If you have any questions please give me a call @ (219)872-8000 Dave Woodson
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Changes have come to an Indiana FHA Lender near you. The HUD Mortgagee Letter 08-40 gives us changes to Indiana FHA refinances and are effective January 1st. This Mad Mortgage Machine update will include guidelines that are not being changed, but I have listed them anyway as a review for those Average Joe LOs that read my blog and a refresher to the rest of you already familiar with FHA guidelines.
There are 10 Things that you really need know about the recently updated Indiana FHA Refinance Guidelines:
1. The max LTV for rate & term Indiana refinances (including streamlines WITH an appraisal) is 97.75%*
2. The max LTV for cash-out refinances is 95%* for loan amounts less than the conforming limit and 85%* for loan amounts at or above the conforming limit. (Must be on time 12 months and no 30 day lates)
3. Two appraisals will be needed for all cash-out refinances with an LTV > 85%
4. The mortgage has to be current for the month due
5. New or current 2nd mortgages are eligible with no maximum CLTV
6. Loan amount for the streamline refi WITHOUT an appraisal cannot be greater than the original loan amount
7. Up Front Mortgage Insurance Premium rates are 1.75% for all rate & term and cash-out refinances & 1.5% for all streamlines
8. The FHA Secure refinance has now been taken out behind the barn and shot
9. Loan amount CAN include: Closing costs, current month's interest, any prepayment penalty, prepays, any late charges,escrow shortages and points
10. Cash back on rate & term and/or streamline refinances CANNOT exceed $500
(All LTVs are before adding the UFMIP)
If you have any questions about Indiana FHA home loans or Indiana FHa Streamlines please give me a call at your earliest opportunity. I will be more than glad to help you any way possible.
I am the Mad Mortgage Machine
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but not too much. Rates are still quite low and still a perfect time to buy in Northwest Indiana! Did I say, "a perfect time to buy!" Yes, yes I did.
let me count the ways...
For companion commentary go the Mad Mortgage Machine Blog and see whatelse I have to say.
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