Here's the Kansas City area mortgage news from Carol Poppe
Carol Poppe, Vice President Mortgage
Ph 913-652-7302 cell 913-707-1153
www.fcbloan.com/CLPoppe
MORTGAGE NEWS FOR THE WEEK OF 09/27/2007
UPDATE ON MORTGAGE INSURANCE TAX DEDUCTIBILITY:
A House of Representative panel has met recently to enact a bill that will help ease problems in the housing crunch. Top on their list was changing the law that taxed homeowners on the amount of forgiven debt by lenders. As the law stands, homeowners who short sell their home back to their lender to avoid foreclosure get taxed on the forgiven debt because they treat it as income. The legislation was approved to change this rule.
The big news is that the committee proposed legislation to extend income tax deduction for private mortgage insurance. A temporary one is in place but is expiring December 31, 2007. The new legislation will extend this through December 31, 2014.
The new bill is backed by The National Association of Home Builders, the Mortgage Bankers Association, and the National Association of Realtors.
This new bill will be presented to the House of Representatives for a full House vote after the House Ways and Means Committee approved the bill by voice vote.
Thursday, September 27, 2007
Pick Your Pumpkin!
The Frost Will Soon Be On The Pumpkin
Ready for some old fashioned fun for your family weekend adventure?
It's time for Kansas Citians to visit one of the area Pumpkin Patches!
Weston Red Barn Farm
This farm was puchased in 1989 by Steve and Cindi Frey. They have a pumpking patch, orchards, sheep to pet and pony rides in beautiful and historic Weston.
Johnson Farms
With over 30 acres you can pick your own pumpkin or buy them already picked! The wagon rides and animal corral are great fun for the kids. They have gourdes, squash and flowers too.
KC Pumpkin Patch
Here you will find 10's or 1,000's of U-Pick pumpkins and many other activities to keep your children busy all day!
Carolyn's Country Cousins
In Liberty, Missouri is just plain fun! A "mega" pumpkin patch, animal barn, pig races and you can even make your own scarecrow!
http://www.pumpkins-etc.com/
Located east of Platte City they have a down home pumpkin patch, gourds and beautiful mums.
It's a family run farm, not heavy on the bling but full of old fashioned fun.
Check out the websites of these Pumpkin Patches for more information
Monday, September 24, 2007
Proposed Changes to FHA Loan by Brian Brockman with Plaza Mortgage
NOTE: this bill has been proposed but not yet passed.
FHA Modernization Bill. Key provisions include a sales price limit increase to $271,050 in our area. There is a possible increase to $417,000 and to $730,000 in some areas. The increase to $271,050 would be effective immediately and higher limits may follow depending on how the bill is passed.
It is possible that the down payment would be lowered to 1.5% but then the upfront MIP would have to be included for a total of 3%. The House version includes a $0 down provision but it's doubtful it will be adopted.
The bill would also facilitate the acceptance of Fannie and Freddie condominium projects.
The Senate Banking Committee has approved this bill and there is bi-partisan acceptance. We should expect the process to be completed and signed by the President in the next 30 days.
What does it mean to you? More sales qualify for FHA due to a higher loan limit.
Since FHA is credit history and not credit score driven, more buyers are eligible.
Some FHA reminders - 1) Seller may contribute up to 6% of the sales price, 2) no termite inspection required unless appraiser sees obvious damage, 3) no non-allowables required to be paid by the seller, 4) buyer may currently be in a Chapter 13 bankruptcy, 5) loans are assumable - important if rates go to 8%, 6) Occupying borrower not required to have income. Great for parents buying for a college student!
Remember this bill has been proposed and not yet passed!
FHA Modernization Bill. Key provisions include a sales price limit increase to $271,050 in our area. There is a possible increase to $417,000 and to $730,000 in some areas. The increase to $271,050 would be effective immediately and higher limits may follow depending on how the bill is passed.
It is possible that the down payment would be lowered to 1.5% but then the upfront MIP would have to be included for a total of 3%. The House version includes a $0 down provision but it's doubtful it will be adopted.
The bill would also facilitate the acceptance of Fannie and Freddie condominium projects.
The Senate Banking Committee has approved this bill and there is bi-partisan acceptance. We should expect the process to be completed and signed by the President in the next 30 days.
What does it mean to you? More sales qualify for FHA due to a higher loan limit.
Since FHA is credit history and not credit score driven, more buyers are eligible.
Some FHA reminders - 1) Seller may contribute up to 6% of the sales price, 2) no termite inspection required unless appraiser sees obvious damage, 3) no non-allowables required to be paid by the seller, 4) buyer may currently be in a Chapter 13 bankruptcy, 5) loans are assumable - important if rates go to 8%, 6) Occupying borrower not required to have income. Great for parents buying for a college student!
Remember this bill has been proposed and not yet passed!
Tuesday, September 04, 2007
Fall Lawn Care Tips From My Ryan Lawn Guy
Fall Seeding Instructions
Improve your lawn through seeding
If your lawn hasn't performed well this summer, now is a great time to seed. RYAN can help you improve the quality of turfgrass in your lawn, from seeding for you to selling you our Gold-Tag seed.
If you would like to seed yourself, follow these instructions:
Measure the area to be seeded.
Buy the seed you need. Great lawns start with the best grass. Call RYAN to buy Gold Tag seed.
Mow lawn at lowest setting.
Call RYAN if you think you have thatch. We'll suggest a plan to remove it.
Flag all sprinkler heads and valve boxes.
Put down starter fertilizer.
Apply seed carefully with a cyclone-type spreader.
Rent a verticutter and set it to cut grooves 1/4" deep.
Verticut area twice AFTER SEEDING.
Start watering right away.
Soak lawn thoroughly the first day.
Water daily for three weeks, keep newly seeded area continually moist.
Protect Crabapples, Pines Next Season
Our plant protection products prevent disease
Certain plants are susceptible to fungal diseases during wet spring months. Many crabapples, pines and hawthorns are commonly affected.
Crabapples and hawthorns are affected by apple scab and cedar-apple rust. A common symptom of these diseases is yellowing leaves with spots. Premature defoliation is a common result. Austrian and Scotch pines are prone to tip blight, a foliar disease that causes needles at the tips of the trees to brown.
This can be frustrating as a homeowner because the trees must be protected on a preventative basis. If you noticed any of the above symptoms, give your RYANPro a call. Through our preventative program, we can prevent these diseases from occuring. Proper timing of our applications can control the fungi and enable you to enjoy healthy trees next season.
Iron Chlorosis Still Evident
It's not too late to relieve this condition
In August's issue of our landscape guide, we brought iron chlorosis to your attention.
Pin oak and river birch are commonly affected by this condition. If you would like to learn more about iron chlorosis, visit our resource library: Iron Chlorosis.
Without proper treatment, trees may lose leaves prematurely, or suffer branch and limb dieback. Death can result from severe cases.
If you have questions, or have a tree that needs treatment, give your RYAN Certified Arborist a call. It isn't too late in the season to relieve this condition. We can provide the tree with the iron it needs by injecting an appropriate mixture of iron and water directly into the trunk of the tree.
Feed Trees To Assist Stress Recovery
Give trees, shrubs nutrients they need to thrive
Many of us were affected by the freezing temperatures earlier this spring. This added to typical summer stress, making this a particularly rough year on trees and shrubs.
Your RYAN Certified Arborist recommends our deep root fertilization this fall to help your trees and shrubs recover from all of this season's stresses. In addition to assisting with stress recovery, root feeding can increase plant health and vigorous root and shoot growth.
You can learn more about root fertilization by visiting our resource library: Root Fertilization. Contact your RYAN Certified Arborist to schedule this application this fall.
Landscape Calendar: September
Seed lawn if needed. Remember to water daily for three weeks after seeding.
Prepare new landscape beds for planting in the spring: Kill the grass and till in compost.
Fertilize your lawn to help it recover from summer stress.
Continue to water and weed landscape beds as needed.
Improve your lawn through seeding
If your lawn hasn't performed well this summer, now is a great time to seed. RYAN can help you improve the quality of turfgrass in your lawn, from seeding for you to selling you our Gold-Tag seed.
If you would like to seed yourself, follow these instructions:
Measure the area to be seeded.
Buy the seed you need. Great lawns start with the best grass. Call RYAN to buy Gold Tag seed.
Mow lawn at lowest setting.
Call RYAN if you think you have thatch. We'll suggest a plan to remove it.
Flag all sprinkler heads and valve boxes.
Put down starter fertilizer.
Apply seed carefully with a cyclone-type spreader.
Rent a verticutter and set it to cut grooves 1/4" deep.
Verticut area twice AFTER SEEDING.
Start watering right away.
Soak lawn thoroughly the first day.
Water daily for three weeks, keep newly seeded area continually moist.
Protect Crabapples, Pines Next Season
Our plant protection products prevent disease
Certain plants are susceptible to fungal diseases during wet spring months. Many crabapples, pines and hawthorns are commonly affected.
Crabapples and hawthorns are affected by apple scab and cedar-apple rust. A common symptom of these diseases is yellowing leaves with spots. Premature defoliation is a common result. Austrian and Scotch pines are prone to tip blight, a foliar disease that causes needles at the tips of the trees to brown.
This can be frustrating as a homeowner because the trees must be protected on a preventative basis. If you noticed any of the above symptoms, give your RYANPro a call. Through our preventative program, we can prevent these diseases from occuring. Proper timing of our applications can control the fungi and enable you to enjoy healthy trees next season.
Iron Chlorosis Still Evident
It's not too late to relieve this condition
In August's issue of our landscape guide, we brought iron chlorosis to your attention.
Pin oak and river birch are commonly affected by this condition. If you would like to learn more about iron chlorosis, visit our resource library: Iron Chlorosis.
Without proper treatment, trees may lose leaves prematurely, or suffer branch and limb dieback. Death can result from severe cases.
If you have questions, or have a tree that needs treatment, give your RYAN Certified Arborist a call. It isn't too late in the season to relieve this condition. We can provide the tree with the iron it needs by injecting an appropriate mixture of iron and water directly into the trunk of the tree.
Feed Trees To Assist Stress Recovery
Give trees, shrubs nutrients they need to thrive
Many of us were affected by the freezing temperatures earlier this spring. This added to typical summer stress, making this a particularly rough year on trees and shrubs.
Your RYAN Certified Arborist recommends our deep root fertilization this fall to help your trees and shrubs recover from all of this season's stresses. In addition to assisting with stress recovery, root feeding can increase plant health and vigorous root and shoot growth.
You can learn more about root fertilization by visiting our resource library: Root Fertilization. Contact your RYAN Certified Arborist to schedule this application this fall.
Landscape Calendar: September
Seed lawn if needed. Remember to water daily for three weeks after seeding.
Prepare new landscape beds for planting in the spring: Kill the grass and till in compost.
Fertilize your lawn to help it recover from summer stress.
Continue to water and weed landscape beds as needed.
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