Edmond Board of REALTORS® Blog

FHA Toughens Down Payment Rules

The Federal Housing Administration will raise the minimum down payment for its least credit-worthy borrowers, the agency announced Tuesday.
The change is among a number of major changes the FHA is making to ensure its long-term financial soundness.
Borrowers with credit-rating scores below 580 will be required to put down at least 10 percent. Those with a credit score above 580 will be able to continue to put down only 3.5 percent. The changes are intended to shore up the agency's finances.
The FHA also will increase its upfront mortgage insurance premium from 1.75 percent to 2.25 percent. The agency is expected to seek congressional approval to raise annual mortgage insurance premiums, paid by borrowers over the life of the loan, above the current 0.55 percent maximum. The amount it will seek has yet to be announced.
For more information on the FHA changes, including a summary of all changes, visit REALTOR.org.
Source: Reuters News, Corbett B. Daly (01/19/2010) ..

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News from NAR

FHA Imposes Floor for 3.5 Percent Down ..
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Special Request from OCA

A blood drive for Denise "DeeDee" Dixon-Rund, President of Oklahoma City Abstract; will be held at the corporate offices of Oklahoma City Abstract & Title Co. on January 29th between the hours of 10:30am until 2:30pm .  ..

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Dues Renewal Reminder

Just a quick reminder that all membership dues must be paid in full by the end of January to avoid any late penalties. A $25 per month late fee goes into effect on Monday, February 1. An additional 10% late fee is assessed by the state association on February 15th. ..

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Financial Planning

Saul Klein, e-PRO Real Estate Educator San Diego, CA ..

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January Membership Luncheon

Body Language: Can You Say that With a Straight Face ..

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Members Recognized at Inaugural

Congratulations to Jerry Payne, President; and all the newly installed 2010 Officers and Directors. We also want to congratulate the members who were recognized with special awards at the banquet.  Named the 2009 REALTOR® of the Year was Gordon Wynn, Keller Williams Realty. The Most Cooperative REALTOR® award went to Kathy Sparger, C21/Goodyear Green. The Board of Directors also recognized Leslie Denton, Oklahoma City Abstract & Title, as the Affiliate of the Year. ..

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Dues Renewal Time

It’s time to renew your 2010 Edmond Board membership dues. All membership dues are due and payable January 1, 2010, and considered delinquent on February 1, 2010, at which time a $25/month late fee goes into effect.  All dues not paid in full before March 1, 2010 are subject to termination. ..

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Identity Theft Webinar

REALTOR® Safety Webinar on Identity Theft December 3 ..

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2nd Notice - 2009 Inaugural Banquet & Dance

You are invited to attend the 2009 Inaugural Banquet & Dance ..
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