Larry Saunders
“Making Home Loans Easy”

 

 
I thought it would be good to update you with the latest information about changes coming soon to FHA financing.  FHA financing is currently being used for a 25% of home loans so it is a very important home finance program that enables people to purchase homes with as little as 3.5% down. 

Currently, the most commonly used form of FHA financing is 30 year, fixed rate for 96.5% of the purchase price which requires an Up-Front Mortgage Insurance Premium (UFMIP) of 2.25% and an annual Monthly Insurance Premium (MIP) of 0.55% per year.  Effective for all new FHA loans starting on October 4, the UFMIP will be reduced to 1% of the mortgage amount (Yea!).  However, the monthly MIP will be increased to 0.85%-0.90% annually.

The net effect of these changes is that the monthly payment for an FHA borrower will increase starting October 4.  Using a $250,000 home purchase, the monthly
payments for a borrower will increase by about $54 per month when these changes go into effect.  If you are working with a FHA borrower, it would be beneficial for them to get their desired home under contract prior to the fast approaching
October 4 deadline.

Have any questions about home loans?  Call anytime.

Larry Saunders
Mortgage Loan Officer
Mahone Mortgage, LLC
Office:  (434) 293-5200
larrys@mindspring.com

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Your Charlottesville real estate resource captures the essence of yesterday’s storm that affected so many Charlottesville homes. Straight line winds in the storm were believed to be hurricane force and downed dozens of trees and powerlines.

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Live in the tranquility of this verdant setting just 30 minutes from Charlottesville. Unbend’s green building design was penned by architect Jeff Sties and includes radiant floor heat; salvaged stone fireplace; siding harvested on-site; recycled glass tile accents; passive solar; ‘endless’ indoor swimming pool; copper roof on the main house; and a whole house generator. To reproduce this extraordinary offering would cost much more. ADA accessible. Situated on 21 acres of hardwood forest. You can live and work from this peaceful and private location – high speed DSL is available.

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Your Charlottesville real estate resource presents more photos of this special and unique Ivy property.

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As Charlottesville real estate goes, this Ashcroft home is a superb value and is only 10 minutes from downtown and 5 minutes from the Martha Jefferson Hospital and I64, yet is a world away in a peaceful, mountain-top setting with views. After purchasing, the owners invested more than $150,000 and added nearly 2,000 SF of premium finished space including a climate controlled wine cellar with brick floor, granite wet bar, bedroom with custom built-ins, full bath, billiard room with custom built-in bookcases and drawers, and copious amounts of walk-in closet space. You can live in this home as 4 bedrooms and a study/office or as 5 bedrooms. The first floor master makes the home versatile and easy. Ashcroft is a wonderful neighborhood. Neighborhood amenities include walking trails, clubhouse, pools, tennis court, and playing fields. Check out some photos of this Charlottesville home for sale.

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Reba graces the stage in Charlottesville.

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Kids gathering for this year’s Charlottesville Easter egg hunt at Charlottesville high school. It’s a perfect day!

Sent from my HTC Touch Pro2 U.S. Cellular® Windows® phone.

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While showing Crabtree Falls Campground took this pic of Tye River which flows along border of property.

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Spent a good bit of the day visiting with clients the Charlottesville estate homes of Turkey Run in Albemarle County today. On the way back, we drove through some of the area’s most prestigious farms and estates, including Albemarle House (pictured) which is listed for sale for $48M (reduced from $100M) – some of Albemarle County’s most picturesque real estate.

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My clients and I had a great time on yesterday’s Charlottesville real estate tour and finished up around 7:30pm.  Here’s what’s on tap for this afternoon.

 

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