The details below outline the new 2009 FHA loan amounts for RI as well as transition dates for the temporary FHA Jumbo Loan program.
2009 FHA Loan Limits
Effective November 14, 2008, FHA loan limits are calculated at 115% of the area median sales price. For 1-unit, the FHA floor remains at $471,050 and the ceiling is now calculated at 150% of the conventional floor, or $625,500.
FHA Mortgage Limits List
| MSA Name | MSA Code | Division | County Name | County Code |
State | One-Family | Two-Family | Three-Family | Four-Family | Last Revised | Limit Year |
| PROVIDENCE-NEW BEDFORD-FALL RIVER, RI-MA (MSA) | 39300 | BRISTOL | 001 | RI | $475,000 | $608,100 | $735,050 | $913,450 | 03/05/2008 | CY2008 | |
| PROVIDENCE-NEW BEDFORD-FALL RIVER, RI-MA (MSA) | 39300 | KENT | 003 | RI | $475,000 | $608,100 | $735,050 | $913,450 | 03/05/2008 | CY2008 | |
| PROVIDENCE-NEW BEDFORD-FALL RIVER, RI-MA (MSA) | 39300 | NEWPORT | 005 | RI | $475,000 | $608,100 | $735,050 | $913,450 | 03/05/2008 | CY2008 | |
| PROVIDENCE-NEW BEDFORD-FALL RIVER, RI-MA (MSA) | 39300 | PROVIDENCE | 007 | RI | $475,000 | $608,100 | $735,050 | $913,450 | 03/05/2008 | CY2008 | |
| PROVIDENCE-NEW BEDFORD-FALL RIVER, RI-MA (MSA) | 39300 | WASHINGTON | 009 | RI | $475,000 | $608,100 | $735,050 | $913,450 | 03/05/2008 | CY2008 |
To determine the maximum loan amount for a given property, go to
https://entp.hud.gov/idapp/html/hicostlook.cfm to search by state and county.
Give your MORTGAGE and CREDIT REPORT an annual once over.
If the last time you looked at your mortgage was when you closed on your loan, it’s time to take it out for an annual once over. New loan programs and opportunities to leverage your home equity can bring you lower mortgage payments and new investment opportunities.
Tax season is rapidly approaching, the time is right to review your overall financial picture. Your mortgage is a pivotal piece and should be viewed as a financial instrument that can help or hinder your goals. What role is your mortgage palying?
For a FREE no obligation consultation, contact me and set up an appointment today!
Read on...
Is a fixed rate mortgage the best choice for you?
Many of us opt for the certainty of a 20 year or 30 year fixed rate mortgage when we get our first mortgage. If you anticipate selling your home within the next 10 years, an intermediate ARM loan may be a better financial fit for you. These loans typically have a lower fixed rate than a traditional 20 or 30 year mortgage.The savings you receive can well be worth the switch and the rate can be fixed for as long as 7 or 10 years with NO prepayment penalty.
Are you paying for Private Mortgage Insurance (PMI)?
There are loan programs available that can help you eliminate PMI, even if you have less than 20% equity in your home. The monthly savings adds up quickly. This money can be put to better use to help you achieve other short-term and long-term financial goals.
Are your taxes and insurance up to date?
Even though your mortgage servicer is responsible for paying your taxes and insurance out of your escrow account, it just makes sense to periodically check to see that these payments are being made properly. While you’re at it, you’ll want to review your homeowner’s insurance policy. It’s a good idea to review your policy atleast every two years (though I recomend yearly) to make sure it covers recent home improvements, replacement costs for the contents of your home, and that its reconstruction coverage is keeping pace with inflation.
Do you have a Home Equity Line of Credit (HELOC) for emergencies?
Many homeowners are making the proactive choice to secure a Home Equity Line of Credit (HELOC) for emergencies. A HELOC is a revolving line of credit that only charges interest when you actually draw money from the line of credit. As you repay the balance of the draw, the credit becomes available again. Securing a HELOC in advance can be a great help if you’re ever laid off or have an unexpected medical or other emergency. They are typically based on the prime rate and adjust accordingly, or they can be fixed for a slightly higher rate. They can be a useful tool.
How’s your credit report?
The information in your credit report has a huge impact on whether or not you will again qualify for a mortgage loan. That’s why it’s important to periodically check your credit report.
Now it’s even easy to do so. A recent amendment to the federal Fair Credit Reporting Act (FCRA) mandates that each credit reporting company provide you with a free copy of your credit report, at your request, once a year. To request your free credit report, visit http://www.annualcreditreport.com. (Free reports are being phased in over a nine-month period, rolling from the west coast to the east beginning December 1, 2004. As of September 1, 2005, free reports are accessible to all consumers.)
Is it time to refinance?
The timing might be right to refinance your mortgage loan. New rates may help you significantly lower your monthly payment. Or you might want to “cash out” some of the built-up equity in your home, which you can use to consolidate debt, improve your home, take a vacation - whatever! Perhaps by refinancing you can even pay off your mortgage sooner!
We'll work with you to determine if the timing is right to change your loan program, considering your cash on hand, how likely you are to sell your home in the near future, and what effect refinancing or other strategies might have on your future plans.
Any plan involving your home, requires great attention to detail. I work with a team that includes respected CPA's, CFP's and Financial Advisors. Let me be your first source for Mortgage Planning.
Foreclosures, Preforeclosures, Sheriff Sales, FSBO's and Deals!!!
Today's Real Estate Market offers many unique buying opportunities. It's important that as a potential buyer, you explore all of your options. The best way to do this is by working with an EXPERT. You can find all of the above on my site: Foreclosure Listings You can also find links too many local experts here: Great Local Resources!!!
When looking for the perfect property the most important piece is working with a dedicated Realtor. I'd love to make that referral to you. As a 3rd generation Rhode Islander, and a Personal Mortgage Consultant for 9 years, I can make great referrals in every community in RI and the surrounding communities in the bordering states. I am an avid networker and very active in several of RI's chambers of commerce. I feel very qualified to make this kind of referral. No matter what community you are targeting for your new home, I can help!
I highlight that I bring a TEAM to serve my current and future clients. Let me prove how good they are!!!
If you've got questions, I've got answers!
I have the qualifications and the desire to help you achieve your home financing goals. If you have any questions just click REQUEST FOR INDUSTRY INFO. There you will find virtually every possible category surrounding the mortgage industry.
Better yet, schedule an appointment for a Mortgage Plan Review and I'll pass a long a FREE 50 minute Tax Planning Consultation with one of the area's premier CPA's!!!
Let THE FRIENDLY NEIGHBORHOOD MORTGAGE GUY go to work for YOU! In a climate where guidelines change on an almost daily basis, and the liquidity crisis continues, a PERSONAL MORTGAGE CONSULTANT is a MUST!
Sean Wheelan
Personal Mortgage Consultant
The Mortgage Group, Ltd
Phone: (401)965-9384
Fax 508-276-0171
SWheelan@TMGLtd.biz
www.TheFriendlyNeighborhoodMortgageGuy.com
A dedicated broker is an ABSOLUTE NECESSITY in today's banking climate. The liquidity crisis is still rippling across our country and the term "declining market" is almost a household name. Normal economic markers don't enable the experts to predict rates as they once did, and the world's economy now affects us in ways we never thought possible. A tenured PRO that can guide you through these uncertain lending times and help you avoid the potential pitfalls is what you need.
I'd like to be that PRO, I know I have the qualifications and the desire to help you achieve your home financing goals. If you have any questions just click REQUEST FOR INDUSTRY INFO. There you will find virtually every possible category surrounding the mortgage industry.
Let THE FRIENDLY NEIGHBORHOOD MORTGAGE GUY go to work for YOU! In a climate where guidelines change on an almost daily basis, and the liquidity crisis continues, a PERSONAL MORTGAGE CONSULTANT is a MUST!
Sean Wheelan
Personal Mortgage Consultant
The Mortgage Group, Ltd
Phone: (401)965-9384
Fax 508-276-0171
SWheelan@TMGLtd.biz
www.TheFriendlyNeighborhoodMortgageGuy.com
Specializing in saving you time & money! Purchasing, Rehabbing or refinancing? FHA,VA,USDA, We have it. Let's orchestrate a Personalized Mortgage Plan! Visit: www.myRImortgage.com or call 401-965-9384
As your Personal Mortgage Consultant, and trusted Broker, my goal is to help you navigate the world of Residential financing.
I work with clients who are looking for guidance in choosing a mortgage that will align with their immediate and future goals. As a Personal Mortgage Consultant, I analyze my client's current debt, current and potential income and look in to their future to determine how their Mortgage will be an intricate part of their financial well being.
As a Mortgage Professional for 10 years, my career has taken me down many paths, and given me the opportunity to help HUNDREDS of individuals and families buy or refinance their homes. I've also met many fine folks and service professionals that help me deliver a complete package to my clients. Because of my realtionship first approach, my network of service professionals is growing on a daily basis!
Allow me to be your first point of contact for virtually all of your residential mortgage needs.
-The Friendly Neighborhood Mortgage Guy
For more information, please vist my personal web site: www.TheFriendlyNeighborhoodMortgaeGuy.com
ps: I'm confident that if I can't get it done, I know who can!
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Inc. Magazine names
The Mortgage Group Ltd.
to their 2009 Top 5000 list
Fall River, MA—August 17, 2009--While many Massachusetts mortgage companies are closing their doors, The Mortgage Group Ltd. is growing at a pace recognized as extraordinary by Inc. Magazine. The company achieved the highest growth rate out of all the mortgage companies in Massachusetts. A mere two New England-based mortgage companies met the stringent requirements for the award, which highlights privately-held companies for their outstanding growth between 2005 and 2008.
The Mortgage Group Ltd., based in Fall River, MA, has offices in Massachusetts, Rhode Island, New Hampshire, and Vermont. This prestigious award proves that this provider of residential home loans for purchase and refinance is serious about assisting New England homeowners, no matter what it takes.
Don Lambert, CEO, and Division Manager, Sean Wheelan, see only opportunity in the climate created by the credit crisis and tightened banking regulations, bonding and compliance issues. Don and his team have created a new business model for the mortgage business.
Combining a teamwork culture that promotes tapping into the knowledge base of the group and utilizing the latest technology, Don Lambert created a system that truly supports his team of loan officers in doing what they do best-- assisting home owners.
Experience Makes The Difference
HOW TO CONTACT ME
"The Friendly Neighborhood Mortgage Guy"
BY CELL: 401-965-9384
BY FAX: 508-276-0171
EMAIL: SWheelan@TMGLtd.biz
1287 Post Rd
Warwick, RI 02888
If you would like to be part of my network at a more formal level, we have formed an EXCLUSIVE REFERRAL group called Live Wire. Call or email me, or even visit the web site: www.LiveWireRI.info . We are actively interviewing qualified Trusted Advisors in several professional categories. I'd love to hear from you! Become a Great Local Resource!!! Please Read:
Dear Clients and Friends,
I spend a significant amount of time networking, and below you will find some great personal referrals. They include folks I've known for decades and new associates with strong ethics and skills within their specific service industry. When you contact one of my "Great Resources!!!" be sure and let them know you found them on my site!
Do you have a service, skill, or career path that would mesh well with my Services as your Personal Mortgage Consultant? Lets talk! I'm currently interviewing like minded PROFESSIONALS that practice strong business ethics who are looking to expand their referral sources and referral partners. More specifically, are you interested in joining an exclusive Leads Referral Group? Call or email me for details. You could be in on the ground floor!!!
As the site grows, my various "Great Resources" will be categorized by the state(s) they do business in, and if necessary, regionalized by counyt within the state to create further exclusivity. Can we grow together? You know how to Contact Me.
If you are trying to build your own business, I've also provided some networking information. I hope you find this helpful. I know you will!
-Sean
ps: Scroll down to the bottome for some useful Mortgage Banking and Government links!
pps: Call or email me TODAY and shcedule a FREE Mortgage Planning session! (NOW!:)
MY RI and MA Team of SPECIALISTS
Paul Dion CPA With offices in Newport and Worcester, Paul is well networked in both MA and RI. His commitment to his clients and high service levels will have you referring his practice to others! I've recently negotiated a $50 Gift Certificate to go towards the fee for preparing your returns. Call me today and I'll pass the Gift Certificate on to you. 401-965-9384.
Debbie Blanchet, Coldwell Banker- Debbie is a true veteran in the Real Estate industry, ranking in the top 20 of all RI Realtors in RI for 2 years running. Her 18 years of experience will make your buying and/or selling experience worry free! Let her know you got her number from The Friendly Neighborhood Mortgage Guy. Here it is: 401-743-6137.
Bob Martinelli - Bob is the Relationship Marketing King. His tact and professionalism are 2nd to none. Ask him about the "Gratitude Attitude", he can help you increase your bottom line by implementing simple, but highly effective techniques that can be automated, tracked and are duplicatable! Call Bob at:401-385-9059.
Elisa Pollard, Esq- Experience the ultimate in personalized service. Elisa will single handedly change your perception of attorneys! Whether you need a great Real Estate Attorney to handle your closing or shortsale or you need an Expert in Estate Planning, Elisa should be at the top of your list! Call her office at: 401-647-0022.
Networking opportunities in RI!
Centarl RI Chamber of Commerce -Leverage the many aspects of what many consider to be RI's most member friendly and benefit laiden Chamber!
SK Chamber of Commerce Experience South County's premiere Chamber of Commerce. The dedicated staff provides a unique experience to it's members and community.
Active Rain Real Estate Network: A nation wide community of professionals associated with all facets of Real Estate. With approx. 70,000 members ActiveRain is a FREE site that has a significant amount of information provided by bothe local and national experts. Dozens of blogs are posted daily to help you gather information and make informed decisions!
Narragansett Chamber of Commerce
North Central Chamber of Commerce
Live Wire Like minded Professionals meet every Monday at noon to exchange business referrals and ideas that increase their respective bottom lines! In a tough market, stay ahead of the curve by networking with Top local Professionals! Our Chapter includes a Residential Realtor, Mortgage Consultant, Relationship Marketing Consultant, Real Estate Attorney, Promotional Product and Printer, General Practice Attorney, CPA and a CFP.
The Providence Chamber of Commerce
Friday Morning Conversation Meet us every Friday at 7:45AM (and until about 9:15AM) for coffee, conversation and the opportunity to show case your business and/or your skills. The "On The Go CFO", Jim Ganung leads this seasoned group. The cost for the buffet breakfast is $10.
WannaNetwork Your world wide Real Estate Networking community
Monday Night Networking
GKIC
NoBSRI
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