Linda Ferrara

Definition: A loan made by an approved lender in accordance with the FHA's regulations and insured by the Federal Housing Administration.

From "About.com":

The Federal Housing Administration (FHA) runs several programs to promote home ownership. In most cases, FHA loans are mortgages obtained with the help of the FHA. With a small down payment, buyers can purchase a home. FHA loans make it easier for people to qualify for a mortgage, but they're not for everybody.

What is an FHA Loan?

An FHA loan is a loan insured against default by the FHA. In other words, the FHA guarantees that a lender won't have to write off a loan if the borrower defaults - the FHA will pay. Because of this guarantee, lenders are willing to make large mortgage loans.

Who Can Get an FHA Loan?

Almost anybody can get an FHA loan. There are no income limits - like you may find with first time home buyer programs. However, there are limits on how much you can borrow. In general, you're limited to relatively small mortgage loans relative to home prices in your area. To find the limits in your region, visit HUD's Website.

To qualify for an FHA loan, you'll need to have reasonable debt to income ratios. In general, you have to be better than 29/41. In addition, you have to have decent credit. You don't need wonderful credit to get an FHA loan; it just needs to be decent.

Why are FHA Loans so Great?

FHA loans are not for everybody. Nevertheless, they are a great help to some borrowers. FHA loans allow people to buy a home with a down payment as small as 3%. Other loans might not allow such a low down payment.

FHA loans offer a few other bells and whistles:

• Easier to use gifts for down payment and closing costs
• No prepayment penalty (a big plus for subprime borrowers)
• An FHA loan may be assumable
• Possible leniency during financial hard times

Also check out the following websites:

http://www.hud.gov/buying/loans.cfm

http://www.fha.com

http://banking.about.com/od/mortgages/a/FHALoans.htm

Today's Saying: He who fails to plan, plans to fail.

Here are a few photos from around Silver City.

Since there are 2 Copper Mines in our area, it is common to see Mine Equipment used as Lawn Ornaments. This Ore Car is on a Business's Lawn on Gold St.

Ranching country means wells for water and that equals Wind Mills. This one is located north on Swan St.

Silver City has a thriving arts community. This mural is located on the wall of the Silver City co-op off of Historic Bullard St.

Vegetable wise, here's what does well and what I grow:

Tomatoes, Peppers, Chilis, Eggplant, Green Beans, Peas, Cardoon, Zuccini. Yellow Squash, Canteloupe, Basil, Parsley, Cilantro, Onions, Chives, Scallions, Oregano, Sage, Lettuce, Escarole, Spinich, Rosemary.

My attempts at carrots and cucumbers have failed and I've given up.

Other vegetables and fruits that do well: Strawberries, Blueberries, Peaches, Okra, Broccoli, Cauliflower.

Definition: A right, privilege or interest limited to a specific use or control purpose which one party has in the land of another party and which run with the land and are not a personal right of an individual.

Discussion: When a property has an easement, it means that the described entity has the right to use that part of the property for a given purpose. Example: a "Utility Easement" along the south line of a property means that the Utility Company has the right to go onto that part of the property and maintain the utilities therein. The property owner may not block access to that part of the property that has an easement on it. Nothing permanent may be legally placed into / onto the easement.

A legal easement will be recorded with the deed. So when you buy a property, the title search will reveal this. The survey will also show any legally recorded easements on the property.

Today's Saying: Life's real failure is when you do not realize how close you were to success when you gave up.

Linda Ferrara - Associate Broker

Coldwell Banker Enchantment Realty

Let's hook up on Twitter and Facebook!

Cell: 575-519-9249

Here is another blog by Gwen about the Glenwood area. Glenwood is west and north of Silver City. It makes a pretty day trip.

http://dusterbin.wordpress.com/2010/04/21/lets-do-the-cat-walk/