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FHA announces major changes January 20, 2010
January 2010
This morning The Federal Housing Administration (FHA) will announce a series of changes designed to protect the federal agency that has emerged as the cornerstone of the mortgage market as the housing sector wobbles toward recovery. Lenders will find these new rules painful but necessary. With FHA hovering around 40% of all new loan originations, even small changes have a major impact on the housing market.
Here are some of the changes:
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Minimum down payment increased to 10% for borrowers with FICO scores below 580 (in reality, this is minor, as few lenders will lend to a borrower with a sub 580 FICO anyway).
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Raise the upfront mortgage insurance premium to 2.25% (from 1.75%).
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Allow legislative changes to monthly mortgage insurance premium (currently.55% of the loan amount on an annual basis).
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Decrease seller concessions towards buyer closing costs from 6% to 3% of the sales price.
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Grade lenders on loan portfolio performance.
What did not change is the required minimum down payment, which currently stands at 3.5%.
First-time Home Buyers Help Orlando Area Home Market Improve To Levels Not Seen Since 2006.
July 2009
Congratulations to our entire Stirling Sotheby's team for a great performance in February. Although February was a short month, we still achieved $34.7 million in sales, which is approximately 35% above our January sales.
March 2009
David Warren Completes Technical Curriculum To Qualify As Certified Short Sale Specialist (CSP)
February, 2009
Previous Sally Andy News
July/August, 2007
City of Lake Mary recognized at one of the "Best Places to Live" by Money Magazine
In the August, 2007 issue of Money Magazine, the City of Lake Mary was voted as the #4 best place to live in the entire United States.
Links to articles:
June, 2007
Sally Andy recognized at one of Orlando's Top 100 Realtors by Orlando Magazine
The current issue (June 2007) of Orlando Magazine has recognized Sally Andy as being one of Orlando's Hot 100 realtors. Please see feature article below.
March, 2007
The Sally Andy Team of Stirling Sotheby’s International Realty hosts Lake Forest event!
Be sure and join Sally and her team for a special Lake Forest "Open Home" event this Sunday, March 25th from 2:00 to 4:00pm. Showcasing 4 of the most lovely homes Lake Forest has to offer.
In addition, there will be prize giveaways, including two $100 AMEX Gift Cards. Just register at any of the Open Homes - there's no obligation and winners will be notified after the event on Sunday.
We hope to see you there!
June, 2006
The Sally Andy Team of Stirling Sotheby’s International Realty sweeps annual awards event!
At Stirling Sotheby’s International Realty’s 17th Annual Academy of Performance Awards, the Sally Andy Team was honored with 7 major awards; including Sally’s winning of Stirling Sotheby’s top award, the “2005 Realtor of the Year”.
The gala ceremony was held at the luxurious Portofino Bay Resort at Universal Studios Orlando on Saturday, May 13th and recognized the company’s top achievers for the 2005 calendar year.
In the evening's major award category, Sally Andy won the coveted “2005 Realtor of the Year”. Sally said: “It truly is an honor to be recognized in this manner and I must first thank my team. They are all dedicated professionals who work day in, day out to provide top quality customer service to our valued clients. Also, the corporate management team and support staff at Stirling Sotheby’s is second to none; empowering each agent to be the best they can be. It is truly an honor to be a part of this dynamic organization.”
In addition to the prestigious “2005 Realtor of the Year” award, Sally was also honored as:
• Top Listing Executive – Heathrow Office
• Top Sales Executive – Heathrow Office
• Top Listing & Sales Executive Each Month of 2005 (Company-wide)
• Chairman’s Club Award
In the major surprise of the evening’s events, Sally’s Team Leader, David Warren won:
• Chairman’s Club Award
• 2005 Rookie of the Year
David’s Rookie of the Year award was a surprise to all in attendance due to the fact that he began with Sally’s team and Stirling Sotheby’s in mid-July 2005 and at that time was only a part-time agent! David did not join full-time until mid-October 2005. His unbelievable accomplishments (in less than 6 months) were strong enough to take him to the top of the “rookie” heap.
The final award of the evening, the “Outstanding Office of the Year” was won by Stirling Sotheby’s Heathrow office, fueled in large part by the Sally Andy Team’s 2005 performance.
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