Archive for the ‘Helpful Information’ category

Changes To FHA Mortgage Insurance Premiums

April 15, 2011

Effective April 18, 2011, mortgage insurance premiums will increase for 30-year FHA mortgages assigned a FHA case number on or after April 18, 2011:

Loan to Value Down Payment Old Annual Premium % New Annual Premium %
96.5%-95.01% 3.5% – 4.99% .90% 1.15%
95% or less 5% or more .85% 1.10%

Effective April 18, 2011, mortgage insurance premiums will increase for 15-year FHA mortgages assigned a FHA case number on or after April 18, 2011:

Loan to Value Down Payment Old Annual Premium % New Annual Premium %
96.5%-90.01% 3.5% – 9.99% .25% .5%
90% or less 10% or more None .25%

The upfront mortgage insurance premium is not affected and will remain 1%.

 

What does this mean to you?

If you are buying a home for $200,000 and are making a down payment of 3.5% ($7,000), the monthly mortgage insurance premium will be:

$200,000 – $7,000 = $193,000 x .0115 = $2,219.50/12 = $184.96 per month.

Prior to this change, the monthly mortgage insurance premium would have been:

$200,000 – $7,000 = $193,000 x .009 = $1737.00/12 = $144.75 per month.

The new FHA monthly mortgage insurance premium will increase a buyer’s mortgage payment by $40.21.

Although the Mutual Mortgage Insurance Fund (MMIF) is financially sound, HUD was under a legislative mandate to further strengthen MMIF to make sure FHA could continue its mission of helping borrowers with low down payments during these challenging economic times.

If you are interested in purchasing a home or a condominium or have any questions about the home buying process, please feel free to contact me either by email at mhagan@prudentialct.com or on my cell 860-305-8044.

Maria Hagan

Hartford CT Real Estate Agent
East Hartford CT Real Estate Agent
Wethersfield CT Real Estate Agent
Rocky Hill CT Real Estate Agent
Homes for Sale in Greater Hartford CT

Follow Maria Hagan on Twitter
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Hartford Is Getting Much Deserved National Attention

December 23, 2010

This month Hartford CT received two national accolades!

On December 7, Juju.com named Hartford as one of the best cities to find a job! Actually, Hartford for #5!

On December 22, the National Community Development Association (NCDA) selected Hartford as the winner of the 2011 Audrey Nelson Community Development Achievement Award. This Award is the “Oscar” for Community Development and was awarded for the Hartford Arts & Heritage Job Grants Program.

With each accolade New England’s Rising Star is getting brighter!

Congratulations Hartford!!!

What awards are coming our way in 2011?

Maria Hagan
Hartford CT Real Estate Agent
East Hartford CT Real Estate Agent
Wethersfield CT Real Estate Agent
Rocky Hill CT Real Estate Agent
Homes for Sale in Greater Hartford CT

Follow Maria Hagan on Twitter
Find Maria’s Guide to Living in the Greater Hartford, CT Area on Facebook
Connect with Maria Hagan on LinkedIn

O’Christmas Tree Where Art Thou

December 6, 2010

 

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Tucked away among the farms of South Glastonbury is a hidden gem – a family farm, the Cavanna Farm – where you can cut down your Christmas Tree.

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There are fields of beautiful firs and spruces for nearly every ceiling height.

When you find your perfect tree, just shout out, and someone will be right there with the chain saw and tractor to cart the tree to your vehicle.

Next to the “hut” is a display of beautiful wreaths for sale! Ribbon included!

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If you haven’t bought your Christmas Tree yet, don’t worry, the Cavanna Farm has plenty of trees left, and a good selection to boot! Cavanna’s Farm is located at 80 Woodland St., South Glastonbury, CT 06073, just off of Hopewell Road.

The Cavanna Farm is a year round farm. Check them out in every season!

Maria Hagan
Hartford CT Real Estate Agent
East Hartford CT Real Estate Agent
Wethersfield CT Real Estate Agent
Rocky Hill CT Real Estate Agent
Homes for Sale in Greater Hartford CT

Follow Maria Hagan on Twitter
Find Maria’s Guide to Living in the Greater Hartford, CT Area on Facebook
Connect with Maria Hagan on LinkedIn


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