As a Rhode Island real estate agent who has recently navigated both ends of FHA backed transactions, I can personally attest to the fact that FHA loans are making a strong comeback as a useful alternative for first-time home buyers and home buyers with less than perfect credit.  My experience as of late has enlightened me to the fact that both industry peeps and consumers alike are often still in the dark about the FHA process and what it means to a sale.  So, I'm here to offer an inside scoop.

Tips for Potentail FHA Borrowers:

1.) There are three FHA loan programs:

1. FHA 203(b) fixed-rate mortgage (15- or 30-year loans)
2. FHA 251 adjustable-rate mortgage
3. FHA 2-1 buy-down loans

2.) To qualify for an FHA mortgage, borrowers must:

An Elegant Hand-Me-Down from Newport, RI's Gilded Age

Tucked away in one of my closets is an antique wicker doll carriage abandned many years ago by my now grown-up daughters.  My mother-in-law, the late Dorothy Hogan, gave us the carriage when our daughter, Casey, was born. Casey was the first girl in two generations of Hogans, and Dorothy saved that carriage hoping someday she'd have a granddaughter to enjoy it. The fabric is worn and frayed, but the metal wheels and hinges still operate smoothly after all these years.

It was an expensive toy, elegant and built to last. In the early 1900s it belonged to a little girl who summered in a Newport "Cottage" off Ocean Drive. Sometime in the 1930s it was given to Dorothy's mother, Ethel

Mae West once said, "You only live once, but if you do it right, once is enough."

As a luxury waterfront rental specialist in Newport, RI, helping folks "do it right" is my profession. Lucky me - especially at this time of year when Rhode Island summer rental activity begins to heat up. If you're looking for a cool place to spend your vacation this summer, I have lots of ideas in all price ranges, but here are a few of the more unusual offerings:

The Nantucket Lightship

The Nantucket Light Ship, Newport RI

Just imagine yourself on the deck of this amazing vessel sipping Champagne while the setting sun paints the harbor an indescribable shade of pink. The lights on the bridge are twinkling, the temperature's about 75, and mmm, mmmm, mmmm, life

Tall Ships come to Newport July 6-9, 2012

It seems everywhere I go these days I overhear people chatting in eager anticipation of the Tall Ships arrival to Newport this summer. The buzz generating around this maritime festival is quite contagious, and I too have caught "the bug". I have quickly come to realize if I'm to call myself a Newporter, I must be in the know about such a highly acclaimed event and what it means for the city. So, I did some digging, and here's what I found.

Newport last boasted official host port to the Tall Ships Challenge in 2007. The festival at that time drew an estimated 200,000 people to Rhode Island creating an enormous economic impact on the state. As 2012 marks the 200th anniversary of the War of 1812, organizers of

231 Maple Ave. Newport, RI

Every once in awhile there's a distressed sale that really stands out as an amazing value. 231 Maple Ave. Newport is such a property.

Here's the skinny: It was the developer's model unit; it's big, 3 bedrooms, in perfect condition and the numbers work as an investment. This one has it all, and the price is now under $130,000 with an assessed value of almost $350,000!

Enjoy:

• LOCATION
• AFFORDABILITY
• PRIMO CONDITION

For everyone who thought AFFORDABLE living in Newport was impossible, think again. This new, centrally located, 1,500s.f. 3bd, 3ba townhouse complete with fireplace, fully finished walk-out basement, updated appliances AND low association fees is truly a steal!

Don't delay, contact me directly

To Buy or To Rent? A tool to help you decide.

Many factors enter into the decision to rent or buy a RI home including the anticipated rate of appreciation, anticipated rent increases, your tax bracket and how long you expect to stay. If you're wrestling with this common real estate decision, take a look at this Rent vs Buy calculator. It's one of the best ones out there because it rolls every possible permutation into a tidy little graph and a one sentence conclusion.

So plug in your numbers, and see what's best for you. If it turns out that buying is the way to go... well, you know where to find me!

Punxsutawney Phil - Correct 40% of the Time

"Is this the bottom?" the buyer asked.

"Yes." I replied. "Yes, it is, and there will be 6 more weeks of winter too." Like Punxsutawney Phil, I make predictions at this time of year. Unlike Phil, I actually consider the indicators.  I'm pretty confident I can best his 40% success rate. (source: National Climatic Data Center)

Here are a few reasons I believe we may actually be at or near the bottom - offered with WAY more authority than Phil's suggestion of a prolonged winter.

1. In 2011 outstanding mortgage balances went down $30B every month. Steady, sustained improvement means momentum. Momentum is what pulls you out of troughs like this.

2. Job gains are accelerating. January brought 243,000

Complete, sign, notarize & file Ratable Tax Form

If you own property in Newport or Middletown, RI, you probably know that 2012 is a revaluation year.  That means Newport and Middletown's tax assessors are about to revise your valuation based on comparable sales and other market indicators.  You might agree with their opinion of value, but just in case you don't, you should file a Ratable Tax Form now.

To protect your right to appeal your new assessment, you must file a Ratable Tax Form with your town hall by Tuesday, January 30, 2012. The form provides your opinion of your property's value and insures your legal standing should you decide to appeal.  With legal standing you have the right to sue for a reduction. Without it, you can only make the

According to the National Association of Realtors, the number of Rhode Island single-family homes sold last month increased 19 percent from December 2010.  In addition, pending sales - those sales under contract but not yet closed - rose 17 percent from the year prior.   Historically speaking the winter months tend to reflect a decrease in sales overall in Rhode Island, however, these recent statistics have both caught the attention of Rhodes Island’s Realtor President, Jaime Moore and helped shift the debate about listing homes in winter.

"We're happy to see sales rising again of their own accord," said Moore. "People are buying for no other reason than they recognize affordability in the market and that's a good sign. There is no tax

Newport Winter Festival 2009

It's no secret that Newport, RI with its lovely seascapes, upscale shops and warm weather attractions is an enormously popular summer destination. Bustling boulevards from Bellevue Ave. to Thames Street are evidence of its summertime appeal. If you were to ask the locals the best time to enjoy Newport, however, you might be surprised to hear them say, "Winter."

True, Newport offers ample entertainment for all ages in the summer months, but while warm weather attracts tourists, the off season is a time to celebrate the natives. Popular winter events include mansion tours, ice skating at the Newport Yachting Center and the infamous St. Patty's Day Parade, which happens to fall directly on St. Patrick's Day this year. What