Wanda Tharp

Good Morning Friends!

I woke up this morning and decided I needed to give myself a review. Luckily, I just need to punch some numbers into my MLS and I instantly have a little report card. I have to be honest and tell you I didn't include one of listings in the mix. Our spec house on 5915 River Parkway NE ($344,900.00) has not sold yet. Needless to say the upper end market is very depressed. The good news is that properties under 200K (in good condition) are selling thanks to $8000.00 tax credit to first time home buyers.

So, what did the numbers say?

Year to date: My average marketing time to sale pending is 17 days!

My sellers received an average of 93% of their list price.

Career Average: My average marketing to sale pending is 59 days.

My sellers received an average of 97.75 of their list price.

Cedar Rapids Metro year to date average marketing time is 68 days for homes in and around the $150's. My listings this year list prices this year have ranged from 89K to 165K.

Again, the upper end house market is struggling in Cedar Rapids. You could be looking at over a year of marketing time, unless you are lucky. There are many beautiful homes out there and not many buyers. Many buyers in the higher end market (300K and up) are building.

I hope your basements stayed dry yesterday. My sump pump is running non stop!

Have a great day!

Wanda

http://client.imprev.net/48/20548/209426/209426.html

http://www.cedar-rapids.org/housing/new_construction_program.asp

Here is the Link for information about this new program. It is a new program and should have a realtor help you navigate the process.

Please contact me if you have any questions!

Have a great day!

Wanda

The Iowa Finance Authority is offering a down payment and/or closing cost assistance for First Time Homebuyers who purchase forclosed homes! Read below and contact your lender or me to see if you qualify.

Here is the information I received from IFA:

Iowa Finance Authority is pleased to introduce REOHome, a down payment and/or closing cost assistance of up to $10,000 for FirstHome Program homebuyers purchasing a repossessed home. This assistance is a soft second lien that is advanced by the lender at loan closing and is reimbursed by IFA post-closing. This soft, second lien is forgiven at 20% per year where the home is maintained as primary residence over the first five years.

REOHome program is funded by a $500,000 grant from FHLB of Des Moines and may not be used with any other FHLB funded grants. Prior approval is required and REOHome subsidy approvals will be awarded on a first come basis. The REOHome application form (as well as other program forms) is located in Program Documents in IFA's Lender Online web tool (www.IowaFinanceAuthority.gov).

Eligible homebuyers shall:

* Be purchasing a repossessed home (land contact or seller financed mortgages foreclosures are excluded) or on a case by case basis, imminient foreclosure by financial institution;

* Use FirstHome Program mortgage (FirstHome or FirstHome Plus and relevant program guidelines apply) for loan financing;

* Have household income limit at 80% area median income or less puruant to REOHome limits chart (by county/family size), income limits included on REO Flyer is attached and located on Lender Online: and

* Sale price not too exceed $237,000.

The REOHome subsidy is restricted to down payment and closing costs allowed under the FirstHome Program. Lenders shall submit the prior approval and reimbursement requests via Lender Online Edocuments. The reimbursement request must accompany the FirstHome Program post-closing compliance review package submitted to IFA within ten days post closing. Reimbursement shall not be process until closing documents and the recorded Deed Restriction in favor of Iowa Finance Authority are received by IFA

ARE YOU NOT PUTTING 20 % Down on YOUR MORTGAGE? Read this regardless of what program you are going through!

Here is some news on the mortgage lending front! If you were given a pre-approval letter even a couple of weeks ago you may need to contact your lender.

New guidelines have been set up for all lenders or loan approval on buyers needing PMI Mortgage Insurance.

• maximum DTI(Debt to Income Ratio) is 41%, no exceptions and no compensating factors
• minimum 680 credit score
• 95% LTV(Loan to Value)
• If 1st Time Homebuyer, can go to 97% with a minimum credit score of 700
• For 1st Time Homebuyer Govt loans (FHA, VA & RD), minimum credit score of 620
• If a non-1st Time HB FHA loan, minimum credit score of 580
• If a non-1st Time HB VA loan, minimum credit score of 640
• Minimum 2 months PITI reserves

Wow!

Call me if you have any questions and would like to be referred to a mortgage lender.

Have a great day! It's going to be 60 degrees today...That is fabulous when you live in Iowa!