<?xml version="1.0" encoding="UTF-8" ?>
<rss version="2.0" xmlns:atom="http://www.w3.org/2005/Atom">
    <channel>
        <atom:link href="https://www.hoganassociatesre.com/blog/2012-03/rss/" rel="self" type="application/rss+xml" />
        <title>Newport RI Real Estate Blog</title>
        <link>https://www.hoganassociatesre.com/blog/2012-03/</link>
        <description>Read Hogan Associate's take on real estate trends and life in Newport, RI.</description>
<item>
    <guid>https://www.hoganassociatesre.com/blog/fha-loans-demistified-10-useful.html</guid>
    <link>https://www.hoganassociatesre.com/blog/fha-loans-demistified-10-useful.html</link>
        <title>FHA Loans Demystified - 10 Useful  Tips for Borrowers and Homeowners Alike</title>
    <description> <![CDATA[ 



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:




Have a positive credit history spanning the last two years.


Show consistent or increasing income.


Have a steady employment record (two years or more with the same employer is perfect).


Have no bankruptcies in the last two years.


Keep the mortgage payment at approximately 30 of their gross income or less.




3.)  The FHA does not supply the loans, rather they insure them to protect the lenders. This program means less risk for lenders which creates low down payments for borrowers.


4.)   Not all lenders deal with FHA mortgage loans. Before applying for a mortgage loan, applicants should always check first to make sure that the lender actually processes FHA loans. The lender should also be FHA-approved.


4.)  The most popular FHA loan has a minimum cash investment requirement of 3.5 but permits 100 of the money needed at closing to be a gift from a relative, nonprofit organization or government agency.


5.)  Shop rates when looking for a FHA mortgage.  The rates are established by the lender, not the government, so they will vary.  FHA loan rates are typically higher than conventional (nongovernment guaranteed) loan rates but shouldn't be a lot higher unless you have credit problems.


 


Homeowners Considering FHA Backed Buyers:


1.)  There is LESS risk involved with FHA borrowers because the FHA guarantees the loan, so the lender doesn't take on a financial risk by extending credit. 


2.)  Agreeing to consider FHA backed buyers is a great way to generate additional interest and increase the pool of qualified buyers.


3.) Though all FHA mortgages require a home appraisal, they do not require a home inspection. 




The FHA now allows what are called &quot;as is&quot; appraisals. These appraisals allow for minor property defects from wear and tear, for example. They also help sellers to keep mandatory repair costs lower as well. Such defects include minor items like leaky faucets and even missing handrails.




4.)  If the buyer chooses to conduct a home inspection, and most will, the FHA-insured mortgage must meet one of the nationally recognized building codes. Any code violations/failures must be addressed and remedied to reach closing. http://homeguides.sfgate.com/fha-home-inspection-guidelines-6927.html


5.) Sellers with FHA-backed mortgages themselves who wish to sell their homes also have another option open to them, and that's loan assumption. In other words, you could allow a prospective buyer to assume your loan as long as the lender feels he's qualified.


Lastly, it is important for both homeowners and consumers to know there is a maximum borrowing limit for FHA backed loans.  Currently, the cap on a single family in Rhode Island is $475,000.00.
 ]]> </description>
    <pubDate>Thu, 29 Mar 2012 14:22:00 -0400</pubDate>
</item>
<item>
    <guid>https://www.hoganassociatesre.com/blog/a-story-about-the-help-on-bellevue-avenue.html</guid>
    <link>https://www.hoganassociatesre.com/blog/a-story-about-the-help-on-bellevue-avenue.html</link>
        <author>leslie@hoganri.com (Leslie Hogan)</author>
        <title>Tales of The Help, a Newport RI Mansion Story</title>
    <description> <![CDATA[ 

 

 


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 &quot;Cottage&quot; off Ocean Drive. Sometime in the 1930s it was given to Dorothy's mother, Ethel Rabatin, a Hungarian immigrant who served as upstairs maid to the Bruygere family.


At the turn-of-the-century European immigrants came to Newport in droves settling in tight knit communities in the Fifth Ward and on The Point. They were gardeners, governesses, chamber maids, cooks, grooms, master carpenters, masons and others who kept the mansions humming. 


I imagine there are many stories sitll alive in the memories of Newport families descended from &quot;The Help.&quot;  If you have a Newport mansion story of your own, please share it here:
 ]]> </description>
    <pubDate>Sun, 11 Mar 2012 21:52:00 -0400</pubDate>
</item>
<item>
    <guid>https://www.hoganassociatesre.com/blog/newport-ri-vacation-options-carriage-house-light-ship-or-a-seaside-estate.html</guid>
    <link>https://www.hoganassociatesre.com/blog/newport-ri-vacation-options-carriage-house-light-ship-or-a-seaside-estate.html</link>
        <title>Epic Summer Rentals in Newport, RI</title>
    <description> <![CDATA[ 
Mae West once said, &quot;You only live once, but if you do it right, once is enough.&quot;


As a luxury waterfront rental specialist in Newport, RI, helping folks &quot;do it right&quot; 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 is good.


The Nantucket Lightship was a floating light house stationed off the coast of Nantucket to warn ships of the treacherous Nantucket Shoals.  Her brilliant beacon was the first light seen by approaching transatlantic ships and the last one sighted upon their departure.  Today it's a stunning pleasure craft available for rent.  With 6,000 square feet of cherry and mahogany-clad interior, 5 elegant staterooms with ensuite baths and a 2,000 square foot deck it's the perfect place for a dockside partiy or a quiet retreat with your nearest and dearest.


Click here for more details on renting the Nantucket Lightship for your once-in-a-lifetime vacation.


The Windmill at Hammersmith Farm, Newport, RI


If history, romance AND location strike a chord with you, then The Windmill might be right up your alley.  Step back into the magical era of JKF and Camelot at The Windmill at Hammersmith Farm. This iconic landmark occupies a huge grassy waterfront space near Fort Adams park.  In the 1960s it was a part of the Auchincloss' estate which served as President and Mrs. John F. Kennedy's summer White House. Jacqueline Bouvier Kennedy Onasis spent many happy summers here as a child, and the structure is just as charming today as it was during that time. The views are spectacular across the Bay toward Jamestown to the west, Newport Harbor  to the north and the open ocean to the south.


Click here for pricing and availability for The Windmill


Beacon Rock, on Newport Harbor


Beacon Rock, Newport, RI


Beacon Rock was once home to reknowned sculptor, Felix deWeldon creator of the iconic Iwo Jima monument. Designed by McKim, Mead and White, the 22,000 square foot home has over 2,000 feet of water frontage on Brenton Cove. Set high on rocky promontory, the imposing structure offers the most commanding harbor view of any Newport residence. There are six large bedrooms, three smaller ones, ten full baths and one half bath. A pool at the tip of the peninsula offers unparalleled views of the Newport Bridge. A deep-water dock, 50' sail boat, with 16' tender can be included.


Click here for more information on Beacon Rock.


AND there's SO MUCH MORE  Visti our rental search page for detailed information on ALL of our summer and year-round rental properties.
 ]]> </description>
    <pubDate>Tue, 06 Mar 2012 11:11:00 -0500</pubDate>
</item>
<item>
    <guid>https://www.hoganassociatesre.com/blog/newport-ri-tall-ships-challenge-101.html</guid>
    <link>https://www.hoganassociatesre.com/blog/newport-ri-tall-ships-challenge-101.html</link>
        <title>Newport, RI: Tall Ships Challenge 101</title>
    <description> <![CDATA[ 
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 &quot;the bug&quot;. 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 this event expect the numbers this year to far surpass those of 2007.


The event Newport hosts this year is part of a challenge that runs the entire Atlantic coast. Participating Tall Ships will begin in Savannah, Georgia from May 3 - 7th. From there, the ships sail a 3 day journey to Charleston, South Carolina and dock from May 10 to the 14th. The next stop is Greenport, New York from May 24 - 28th immediately preceding the ships' stay in Newport. From here, they head to Halifax and other Nova Scotia ports to finish the challenge.


The Tall Ships are here for our viewing pleasure from July 6th to the 9th, and will feature vessels both original and replicated that date back to the early 1800's. The fesitval will also feature exhibits, food, music and entertainment for the entire family. It's no wonder the people of Newport can't stop raving about the Tall Ships Festival What better way to celebrate the bicentennial anniversary of such an historic time in American history. I certainly won't miss the pageantry, and I hope to see you there


Photo source: Wickepedia Commons/ Origin: Flickr - uploaded 6/14/2007 / Licensed under CCA 2.0 Generic
 ]]> </description>
    <pubDate>Thu, 01 Mar 2012 21:02:00 -0500</pubDate>
</item>
    </channel>
</rss>