“In 2010, FHA loans accounted for over 36% of the loans I originated.  It is a very popular program whose most notable feature is the ability to put a low 3.5% down payment.  FHA gained popularity over the last few years as we saw the days of 80/20 mortgages and the like come to an end, and offered a great alternative with low rates and low payments. 

Due to this increased demand FHA is constantly looking for ways to rebuild their capital and be able to continue to offer these fantastic programs.  The newest announcement from them states that they will be increasing their annual mortgage insurance premium from the current levels up by .25%, effective April 18, 2011.

What does this mean to you?  Well, if you are currently pre-approved to buy with an FHA program, you might want to get a bit more serious about your house-hunting.  If you are looking at homes around $250,000, you could potentially increase your monthly payment by about $50 if you haven’t secured your FHA Case Number (comes during financing – your lender will do this for you) by the change date.  That is significant! 

Rates are low, homes are out there, now is the time – call your Karen today to get out looking, and call me to get your pre-approval set so you can make offers with confidence when the time comes.”

Heather Myott’s Blog

Financing

Vermont is known for skiing, but there is plenty of other winter recreation on hand for those not up to speeding down the slopes. Vermont has a patchwork of trails for cross country skiing, snowshoeing, and riding snowmobiles. Sledding, skating and just playing in the snow are favorites of all ages. It’s hard to resist the urge to pack the generous offering of powdery white into a snowman or snowball.

Burlington itself offers two wonderful celebrations that help lift the post-holiday doldrums. The first is the Burlington Winter Festival, which takes place in February. This celebration of all things winter offers snow sculpting competitions on Church Street, and the famed Penguin Plunge on the waterfront in which teams of bold Vermonters jump in the lake as a fundraiser for the Special Olympics. The second is the annual Magic Hat Mardi Gras Parade, which takes place in early March. The event combines New Orleans cuisine, costume contests and other revelry culminating with the parade from Main Street to the waterfront. It’s a celebration of Mardi Gras intended for all ages to enjoy (conveniently situated on the weekend) and once again, the funds raised go to a good cause.

Vermonters don’t get the long winters get them down; on the contrary, they find ways to make the most of every snowy moment. Perhaps that is one reason Men’s Health recently ranked Burlington in the top ten “Least Angry” cities.

More Resources:

Vermont Tourism Website

Vermont Winter Festival

Penguin Plunge

Magic Hat Mardi Gras Parade

The governor’s office was proud to note that this is the third time the state has been awarded a similar honor. In 2007, Vermont was named “America’s Greenest State” by Forbes magazine, and again in 2009 by an Earthsense Eco-Insights survey. That same year, Republican Governor Jim Douglas was recognized as one of the top ten green governors in the country by green resource website Greenopia. This has been a culmination of years of efforts by Vermonters who recognize that the state is a unique asset worth preserving. It wasn’t that long ago that the Burlington waterfront we know today as a park, trails and science center was a dingy industrial rail yard!

To Read More:

Vermont Governor’s Press Release

24/7 Wall St. Article

Forbes – America’s Greenest States

Greenopia – Greenest Governors

This weekend is the beginning of the “Leaf Peeping” season. Vermonters and tourists hit the country roads to take in the beautiful variations of colors. According to the Fall Foliage map found at the Yankee Foliage website, the Northeast Kingdom is already at it’s peak. This means that the colors are at their brightest.

When the leaves begin to change color, most first turn yellow. The yellow pigment becomes visible as temperatures drop because the tree’s leaves are no longer producing chlorophyl which is the chemical that gives them their bright green color. As the days grow colder and the nights grow longer another chemical sets in which starts the leaves to change from yellow to red. During the transition, beautiful hues of orange are visible as the red mixes with the yellow.

But enough with the science! Below is a link from the “Vermont Living” magazine website. Here you can find suggestions of driving tours that will take you to some of the best leaf peeping areas in Vermont.

Have fun, drive safe and don’t forget to bring your camera!

Can you believe that it is Mid-September already? Time sure does fly. Before you know it we’ll all be ringing in the new year. But before we gather and sing ‘Old Long Ago’ lets embrace one of my favorite things about the quickly approaching autumn – APPLES! Apple Orchards have been a functioning staple of Vermont since the 19th century. Visit Vermont Apples to learn about Vermont Apple orchards and to find a list of orchards near you. If apple picking is not your thing, don’t worry. Most orchards have apples that have already been picked for you. Just call ahead to check if your closest orchard does this. Then simply drop by to pick-up a peck or a bushel!

This brings me to the reason why I made today’s post. I want to share with you my very own recipe for sugar-free Apple crisp.

Karen’s Apple Crisp
Ingredients
8-9 medium sized Apples (cored and sliced)
1 orange
Cinnamon
1/2 cup unsalted butter (cut into small cubes)
1 cup Oatmeal
¾ cup flour
1 cup crushed pecans

Directions
Place the cored and sliced apples into a glass baking dish. Add cinnamon to taste and zest the rind of an entire orange. Mix in the zest with the apples. In a separate bowl, add in the oatmeal, pecans, flour, a tsp. of cinnamon and the butter. Mix together. Pour mixture on-top of the apples.

Bake at 350 degrees. Crisp is done when the apples are easily pierced with a fork.

Enjoy!

Next weeks blog entry – Apple Orchards and the BEST apple Crisp recipe you will ever find.

http://home-curb-appeal.suite101.com/article.cfm/getting_homes_and_gardens_ready_for_winter

www.purewaterfortheworld.org

I was introduced to Pure Water For The World by good friend and South Burlington Vermont resident Dr. Patty Fisher who travels to Haiti several time a year to help those in need. What I learned about water was both heartbreaking and inspiring.

Did you know…

Read more

From Pure Water For The World:

Water is fundamental to survival. Go without it for a short time, and we would die. Although 71 percent of the earth’s surface is covered by water only 2.5 percent of the earth’s water is fresh and approximately 2/3 of that is locked up in glaciers and permanent snow cover.

But clean, safe drinking water is not available to over 1.2 billion people (28 percent of the world population). And more than twice that number lack access to adequate sanitation, which is part of the problem. In less time than it takes to read this material, 20 children will have died because of unsafe water.

According to the World Health Organization, 1.3 million children, most under the age of 5, die every year of diarrheal disease caused by drinking contaminated water. Approximately 10 percent of those living in developing countries are infected with intestinal worms. 4 billion cases of water-born diarrhea occur annually. 6 million people are blind from trachoma. Large numbers of people are subjected to cholera and typhoid fever epidemics. And millions of people are adversely affected by the arsenic and other contaminates found in unsafe water. All told, water-related diseases, which are usually easy to prevent or to treat and are rarely seen in the affluent world, account for 80 percent of illnesses and deaths in the developing world. Imagine if 18 fully-loaded jumbo jets with children were to fall from the sky for just one day what the news would be reporting. But, that is what happens every day because of contaminated water.

About 6000 children – “the equivalent of 18 fully loaded jumbo jets” – die. Every 15 seconds, a child dies in our world from the effects of poor water quality.

Sick children cannot attend school. Parents of sick children cannot work on a regular basis. Women have more children because of the anticipated deaths. Having clean, safe drinking water is the first step to break the cycle of poverty in which many people are trapped.

This helps explain a young boy’s response to a question we often hear in the United States but could not imagine the answer. He was asked, “What do you want to be when you grow up?” His response, “Alive.”

An adequate supply of clean, safe drinking water is urgently needed around the world. Clean, safe drinking water should be a basic human right because it is so critical to life. Every time you turn on the tap “for whatever purpose” remember how fortunate you are. Remember those who suffer because they cannot have a glass of clean, safe drinking water. Remember that one person can make a difference “one person at a time”.

Pure Water for the World (www.purewaterfortheworld.org)based in Rutland Vermont works in remote regions of developing countries which lack sustainable clean, safe drinking water. We work with local governments and community partners to select, analyze the appropriate technology for the community, and to implement cost effective projects.

Traditionally, spring and summer are very hot times to purchase or sell a home; however this year, buyers entered the market a bit earlier to take advantage of the April 30th deadline for the Home Buyer Tax credit. Despite the Tax Credit coming to an end, there seems to be no better time to purchase a home in the greater Burlington Vermont area than right now. Interest rates are incredibly low (in the range of 4.75%) and inventory is plentiful.

With interest rates as low as they have been in many years, homeowners see the opportunity to purchase “up” with little change to their mortgage payments. Buyers see that homeownership is more affordable than renting – especially in the greater Burlington area where apartment vacancy rates hover near 2%.

Heather Myott, our Coldwell Banker Mortgage Advisor, provides some examples of your improved purchasing power based upon interest rates today.

For Example:
• Purchase of $300,000 with 3.5% down payment at mortgage interest rate of 4.750% for a 30 year fixed rate loan = $1,544.15 monthly payment (principal and interest)
• Purchase of $300,000, 3.5% down, 30 year fixed, with a total mortgage interest rate of 5.750% = $1,727.46 monthly payment (principal and interest)
• Total increase in monthly payment of $183.31 or more than $65,000 over a 30 year loan.
• To maintain a monthly payment of $1,544.15 in an economy with an interest rate only 1 percentage point higher, you could only afford a home worth $268,000.
• That is a decrease in purchasing power of $32,000 or 11% less in your home!

Waiting to buy or sell simply does not make sense. Home values may remain stable, with a possible single digit price appreciation over the next 12-18 months, however, when property tax rates and interest rates increase (both projected through 2012), the pool of buyers who can afford that price will diminish.

In November, Congress voted to extend and expand the tax credit in an effort to sustain the recovery of the housing market and therefore the economy. As a result of this extension, we expect an early and strong Spring Real Estate Market. Properties must be under contract by April 30th and meet a June 30th closing deadline. Now is the time for buyers to look for homes and for sellers to put their homes on the market. After April 30th – there may be fewer buyers motivated to purchase. In addition, economists are predicting a slight increase in mortgage rates for the second half of 2010. Those two conditions may exclude some buyers from the market as it will, at a minimum, reduce their buying power.

The expansion of the tax credit to existing homeowners is an opportunity that many should take advantage of. If you have owned your primary residence for 5 consecutive years of the last 8 years – and you purchase a new primary residence by April 30th (with a closing date on or before June 30th) – you may qualify for up to a $6500 credit on your 2009 or 2010 tax return; individuals with incomes as high as $145,000 or couples with income as high as $245,000 may qualify.

Whether downsizing, purchasing a larger home, or a new home in a different location – don’t miss out! For those existing homeowners considering selling their home this spring, while the average price of homes sold has declined slightly in the past two years, if you’ve owned your home since at least 2003 – you may realize an increase in value because of early, substantial appreciation.

Understanding the market and choosing a Real Estate Company and Agent with proven results in a difficult market is crucial. Coldwell Banker Hickok & Boardman Realty worked with more sellers and buyers in 2009 than any other real estate office in Chittenden County and the entire state of Vermont. If you have any questions about this data or the tax credits – or would like to talk about your specific neighborhood – please don’t hesitate to contact me.