Out and About Yukon and OKC

FHA Hikes Fees on Mortgages

Home buyers with mortgages backed by the Federal Housing Administration will soon see a rise in fees, the agency announced Monday. 

The agency is raising its fees in an effort to try to recoup some of its depleted reserves*, which suffered from the rising number of home owners who defaulted on their mortgages. The agency also says it’s raising fees to try to encourage the return of more private capital to the market. 

FHA loans allow for smaller down payments, as low as 3.5 percent compared to traditional loans, and they often have less stringent credit requirements, which have made them soar in popularity in recent years. (The agency insures loans but doesn’t issue them.) About 40 percent of all new mortgages for home purchases in 2010 were FHA-backed mortgages. 

In particular, FHA will increase two fees that borrowers pay. Starting April 1, it will increase its annual mortgage insurance premium for loans under $625,500,  bringing the total cost from 1.15 percent of the loan amount to 1.25 percent. Starting June 1, larger loan premiums will see an increase of 0.35 percent of a percentage point, bringing the total premium costs up to 1.5 percent of the loan amount, The New York Times reports. 

FHA also announced it will raise a fee for the upfront mortgage premium by 0.75 of a percentage point, which will now total 1.75 percent of the loan amount. 

The New York Times illustrates the impact of the increase in a recent article: For example, a borrower with a 3.5 percent down payment with a mortgage of $193,000 can expect to pay an upfront mortgage premium alone of $3,377, compared to the prior $1,930. That can be rolled into the mortgage.

Mortgage of $193,000.00

Upfront Mortgage Premium before: $1,930.00

                                           now: $3,377.00

The new fees will also apply to home owners who want to refinance their mortgages, the agency announced. 

The raise in fees is expected to bring in $1.25 billion in additional revenue to the agency through September 2013.

Source: “Buyers Face Higher Fees at FHA,” The New York Times

* Editor’s Note: FHA maintains two reserve funds. The first provides reserves to cover each mortgage that's insured for 30 years; the second is a congressionally required 2 percent reserve, which FHA draws on first to cover losses. This 2 percent reserve fund has dipped in recent years part because of continuing declines in home values, which increases the amount of reserves (and therefore more quickly depletes the reserve fund) that the agency must maintain for each mortgage.

WE DID IT AGAIN!

Raising money for our veterans at 2nd Annual Bowman Lodge Shootout

The alarm went off at 4:30 .... Saturday early morning (or middle of the night?) still dark. It's time to get up, perk up and hit the road. Heading to Morris, Oklahoma for 2nd Annual Shootout at Bowman Lodge.

This is our second time to organize a team of sporting clay shooters to compete in the tournament to raise money for our veterans coming back from Iraq and Afganistan. OKC Real Estate Connection Group was represented by Bo Kociuba and Buster Elliott, Heartland Outdoors by Todd Sorter, LEM Consulting by Larry Morris and Halliburton by Lovell Robert.

"The Bowman Lodge at Lone Tree Ranch was established by vets, for vets…to give them the complete outdoor experience they deserve" says the mission statement. 

Paul and Britani Bowman (Paul is a veteran of the United States Marine Corps from Operation Desert Storm) are founders of this magical place. 1100 acres of pure outdoors paradise. Rolling hills, vistas, valleys, dozens of well stocked ponds, wild game and buffaloes and 5star accomodations lodge.

Everytime we visit Lone Tree Ranch and Bowman Lodge it feels close and closer to being in heaven on Earth. Wonders of nature - always amazing! This is God's country no doubt...but as one of my friends says ... you should've seen it when God had it all to Himself. The Bowmans transformed this place into a working recreational outdoor sports kingdom.

The Bowman Lodge invites our vets to spend a few days hunting, fishing, relaxing and socializing in a friendly environmet. Lots of the boys are coming back from the battlegrounds in Iraq and Afganistan. A lot of them don't - they paid the ultimate price for our freedom. The ones who came back wear physical and mental scars. They are not the same. The trauma and experience of hell on earh do not want to leave them for a long time ... if ever.

But being here at the ranch they can forget even for a while. They hunt, target shoot, fish, play and eat great food ... They are among their own, searching for a solution to find peace and to get to terms with what had happened to them. We heard stories which can freeze your blood and few which will build your spirits. Their wounds are deep ...

Because of this awesome program and The Bowmans, the vets do not incure any charges or expenses whatsover from the time they leave their home until they come back. THAT IS AWESOME! Everything is provided and Paul Bowman (pictured on left with his wife Britani) and The Crew make sure of it! "We never run out of good whiskey and good cigars" - Paul says jokingly.

Paul Bowman writes: "We strive so hard to make things perfect for their stay at the lodge.  But life just isn’t perfect, not even in wooded paradise.  Even the best Marines and the most skilled soldiers get shot, blown up, and mortally wounded.  Sometimes, the biggest deer get up and walk away.  It sucks.  But we get up, dust ourselves off, and press ahead.  We move forward…because we have to.  Just like that deer.  Most of our guests don’t seem the least bit ready to throw in the towel, let alone leave the service.  They are in their predicament in the first place because they are true go-getters, motivated warriors at the tip of America’s spear.  Despite the rancid political environment of today and divided nature of our country, as long as we have dedicated men and women volunteering to put themselves in harm’s way for nothing but the honor of doing so, we will persevere as a nation.  Just as they do."

WE ARE PROUD OF OUR BOYS! And it's a privileadge to play a small part in such worthy cause.

If you wish to donate to The Bowman Lodge  please click here.

Buster Elliott and Sam at the 2nd Annual Bowman Lodge Shootout

Lone Tree Ranch in Morris, OK - view from one of the shooting stations

Buster Elliott-OKC Real Estate Connection Group & Todd Sorter-Heartland Outdoors at 2nd Annual Bowman Lodge Shootout

Bowman Lodge in Morris, OK

Bowman Lodge in Morris, OK- view from the lodge

Bowman Lodge in Morris, OK - one of the guest rooms

Bowman Lodge in Morris, OK - children are welcomed

Driving to Bowman Lodge in Morris, OK for 2nd Annual Bowman Lodge Shootout

"HOW IS THE MARKET DOING?"

Let's take a look:

REAL ESTATE MARKET IN MUSTANG, OKLAHOMA as of March 18, 2012.

Median List Price:     $162,084   
Average List Price:     $211,096
Total Inventory:     103    

PRICE TRENDS:
The median single family home price as of March 18 2012 for MUSTANG is $162,084.


SALES AND DEMAND TRENDS:
The average property in MUSTANG as of March 18 2012 has been on the market for about 135 days.

HOMES FOR SALE:
There are about 102 properties on the market in MUSTANG as of March 18 2012.

Source: Altos

"HOW IS THE MARKET DOING?"

Let's take a look:
REAL ESTATE MARKET IN YUKON, OKLAHOMA as of March 15, 2012.

Median List Price:     $162,883   
Average List Price:     $185,723
Total Inventory:     387    

PRICE TRENDS:
The median single family home price as of March 18, 2012 for YUKON is $162,883.

SALES AND DEMAND TRENDS:
The average property in YUKON as of March 18, 2012 has been on the market for about 140 days

HOMES FOR SALE:
There are about 387 properties on the market in YUKON as of March 18 2012.

Source: Altos

Now it is your chance to choose your neighbor...

are you ready?  

Currently there are 6 homes available for sale in Hunters Hill. Price range from 149,900 to $170,000.

• 700 N Bobcat Way
• 701 N Pheasant Way
• 625 W Pheasant Way
• 705 W Pheasant Way
• 613 N White Tail Way
• 713 N Elk Way 

There is a lot of activity in the market. Just see below:

Join Hunters Hill neighborhood on Facebook:

Hunters Hill Fan Page

Local Area Insights @ Your Fingertips

RIVER MESA – one of the newest home additions in YUKON, OK.

It is located between Yukon Parkway (previously Mustang Road) and Piedmont Rd (Hwy 4) just 1mi north of historic Route 66 on Wagner Rd.

River Mesa – Bring your family home!

 It is almost like living in the country. The green pastures of Express Ranches adjoin on the north side of the main entrance. Southwest inspired landscaping greets neighbors and visitors with a cascading fountain, yuccas, red hot pokers and Pampa grasses.  A winding walkway along the long entrance adds interest and resembles meandering river. Walkers or bicycle riders are common to see there.

Red hot pokers around River Mesa in spring

“What I like most about my neighborhood is how quiet it is here and how easy my commute to my work and OKC is” - says Darla, one of River Mesa’s residents. “It is so easy to get on Kilpatrick Turnpike, Hwy 66 and I-40 is also close by.”

The neighborhood is growing. There is 13 houses sold houses and only 2 available:

804 Liberty Mesa Ct

821 Raintree Mansion Rd

River Mesa awaits new homeowners NOW!

f

River Mesa Entrance(South)

             Mortgage applications soar 7.5% on low rates.

Low mortgage rates continue to attract more and more applicants.

Applications for refinancing had increased 9.4% compared to a week earlier.

30 yr Freddie Mac fixed rate on average is 3.87% nationwide.

To check out if you qualify for a home mortgage loan go to:

www.BestOklahomaHomes.com & click on First American Mortgage
or on the link below:

Fist American Mortgage Home Loan Application

Source: 'Mortgage Applications Surge on Low Interest Rates'-HouseWire Feb.8, 2012