FHA Loan Changes

his show originally aired December 19, 2009.

Listen to the Show HERE! 

The topics for this show include:  Exterminating The Indian Meal Moth with Duane Montgomery of Montgomery Exterminating;  Pre-existing Conditions in Health Insurance with Mike Tedford of Tedford Insurance; Changes Coming with FHA Loans with Karen Heston of BOK; News with Darryl Baskin.

McGraw Realtors once again shows support a local nonprofit for Christmas in lieu of gifts to its sales associates. The donation was made to the Salvation Army in honor of the company real estate agents who continue to lead  Northeast Oklahoma in real estate sales. I continue to be impressed by McGraw Realtors and their commitment to this community. I’m proud to have my license at McGraw.What is happening in the Las Vegas market?  In Las Vegas there is 60-90% off previously purchased real estate prices. In 2002 home prices were about $150,000 to $160,000.   People that bought homes after 2003 are mostly upside down.  3800 homes sold last month.  61% were bank repo’s. This time last year it was 83% bank repo’s.  What is hard at this point is that inventory is low and people are wanting to invest in the Las Vegas area.  The 8.5 billion dollar city center, 67b acres, 5900 rooms in 3 hotel, owned by MGM Mirage and Dubai World just opened.   This should draw tourism and it is providing jobs in service and construction.  This dropped our unemployement rate in the last 30 days.  This is one way that Vegas is reinventing itself.  City Center is changing the game.  It is Green Energy Lead Certified.

If you are interested in real estate in the Las Vegas area, contact Tim Kuptz of Remax  in Las Vegas at

(800) 955-5889 or  http://www.timkuptz.com/. 

What are some FHA changes coming? –  Many times people think that FHA loans are for first time home buyers, which is not the case.     The current down-payment is 3.5 %, which may be increased.  They also may be adding a minimum credit score.
  With conventional loans you have fewer fees than with FHA.  You have more equity.To pre-qualify for an FHA mortgage, contact Karen Heston of BOK Mortgage at 918-230-9432 or visit her website.

House trades become more popular as an alternative to selling homes. Creative Realtors look to alternative methods to help their clients find new living arrangements. Land, boats, recreational vehicles, etc. can all fall into the mix. Craig’s list has even set up a trade section to accommodate inquiries.
The Trula Restaurant opens inside the Mayo Hotel along with several other downtown restaurants in the vicinity of the Mayo Hotel which is breeding new life into the  historic area.

The poultry lawsuit between the state of Oklahoma and Arkansas poultry companies gets interesting. Judge Greg Frizzell ruled that bird manure isn’t “solid waste” under the federal resource conservation and recovery act of 1976. The lawsuit filed by Drew Edmondson in 2005 claims poultry companies are responsible for polluting the Illinois River watershed with poultry litter.

A House bill that would’ve given bankruptcy attorneys the power to rewrite the terms of mortgage contracts to help homeowners avoid foreclosure has been rejected by the US House of Representatives. He was often called the “cram down” provision.

Democrats say the estate tax repeal will be short-lived. The federal estate tax is scheduled to temporarily disappear next year before returns in 2011 at an even higher 55% rate. Democrats say the extension of the tax will likely be retroactive. I guess this means there’s no real strategy needed when you kick the bucket- the government will still take as much as they can.

A new Oklahoma law makes it a crime to “fortify” your home against possible entry by law enforcement. State Rep. Sue Tibbs sponsored the bill which makes it unlawful for “any person to willfully fortify an access point into any dwelling, structure, building or other place where a felony offense prohibited by the Uniform Controlled Dangerous Substances Act is being committed, or attempted, and the fortification is for the purpose of preventing or delaying entry or access by a law enforcement officer, or to harm or injure a law enforcement officer in the performance of official duties.” The law took effect November 1.

How do pre-exisiting conditions affect my ability to get health insurance?   Lots of people over the years have been denied insurance due to pre-existing conditions.  Some of the bills going through Congress right now are going to require that everyone have health insurance.

For a health insurance quote in Oklahoma contact Mike Tedford or Tedford Insurance at 918-299-2345 or www.tedfordinsurance.com.

How do I exterminate Indian Meal Moths?  These are really tiny moths that are usually in your kitchen.  They will come in with a grain in the home such as corn meal and even grains in dog food.  These pests usually begin at the  manufacturer.  These actually hatch out of the grains in your home.  We exterminate these pests by treating the cracks and crevices of your home.

For pest control information or services in the Tulsa, OK. area, contact Duane Montgomery of Montgomery Exterminating at 918-438-4885 or www.montgomeryexterminating.com.



For all your real estate needs in the Tulsa, OK area contact Darryl Baskin and The Baskin Real Estate Specialist of McGraw Realtors at 918-258-2600 or www.darrylbaskin.com