FHA loans require mortgage insurance premium to cover a possible loss to the lender if the property has to be foreclosed and sold. The premium is substantial and eliminating the MIP would reduce the payment considerably.

The MIP must remain in effect for five years but after that, when the balance is 78% of the original purchase price, FHA will release the requirement and your monthly payment will go down. Since amortization is affected by interest rates, the normal time to reach this 78% point could be from 9 to 12 years at today's interest rates.

In the example below, the MIP would be released in 9 years 6 months with normal payments. An extra $100 a month would allow the borrower to reach the release point in 7 years 1 month. To reach the release point in the minimum five years, the borrower would have to make an extra $268.04 per month principal contribution.

Releasing the MIP in this example would save the borrower $177.67 per month. The borrower would also save interest, build equity and shorten the term of their mortgage. Once the MIP is released, the borrower could continue the same payment schedule to further accelerate the debt reduction.

To make some projections on your mortgage, click here.

As the U.S. housing market reports a cautious rebound, genuine clay brick manufacturers continue to invest in progressive technology for sustainable exteriors in more textures and colors at a wider price range. Historically a provider of steady jobs, brick manufacturers continue to increase environmental efficiency with environmentally-friendly plants to offer Made-in-America quality--and endless green building design options.

"Brick is where the imagination meets green living," says Gregg Borchelt, president and CEO of the Brick Industry Association (BIA). "There is no substitute for American-made genuine clay brick exteriors — unlike synthetic building materials that are fabricated to look like something they're not," he said.

Over the course of 100 years, the American brick industry has provided good-paying jobs with employees working 15, 20 or even 30-plus years — often in small and rural communities where the plants are based. Like farm to table, genuine clay brick is made from local resources at least two brick plants are located within 500 miles of 49 of the country's top 50 metropolitan areas.

Leading examples include:

• The first brick plant built to Leadership in Environmental and Energy Design (LEED)® Gold standards with virtually waste-free manufacturing -- the use of landfill gas, natural day lighting, a cool roof and indigenous landscaping all add to the plant's sustainability
• A growing selection of machine-molded antiques with added textures for the look of handmade brick at a lower cost
• Increasingly incorporating genuine clay brick as an element of sustainable building design
• Brick apps for iPad/iPhone/iPod and Web-based programs: to envision and choose brick exteriors in various colors and textures, including matching mortar to the brick for a monochromatic, seamless look
• Increasing details/design options to personalize the home, including custom arches, window sills, quoin corners, artistic brick designs above doorways and other locations

While some other exterior options may cost less initially, genuine clay brick offers a superior value through benefits including low- to no maintenance, superior durability, enduring beauty, superior moisture control, design flexibility with many color choices, patterns, textures and custom blends. Genuine clay brick is also free of volatile organic compounds with virtually no waste and is inherently fire resistant.

Source: www.gobrick.com

Recently, the Fair Elections Legal Network released a report “Lose Your Home, Keep Your Vote: How to Protect Voters Caught Up in Foreclosure.” The report highlights the confusion victims of foreclosure may face when determining how they can cast a ballot this November and lays out practical answers for election officials and voters on how to protect their right to vote.

With foreclosures once again increasing, more and more voters will face the uncertainty of where they should vote and what steps they may need to take to protect their right to vote. This report, along with state guides for 15 states most impacted by the foreclosure crisis, provides clarity for those facing foreclosure and organizations that work with these voters.

“Voting is the foundation of our democracy. People dealing with the foreclosure process or whose homes have been foreclosed upon have enough to deal with without worrying about their vote counting. With foreclosures on the rise again, the question shouldn’t be if a voter facing foreclosure can vote but where that voter can cast their ballot, and that question should be clearly answered by election officials” says Robert Brandon, president of the Fair Elections Legal Network. “State election officials have a duty to make sure voters have the information they need to cast a ballot and have it counted. They should be extra vigilant as Election Day nears to issue directives and educate the public and local election officials on how voters who lost their home can maintain their right to vote.”

Foreclosures are still plaguing many communities across the country. Over one million households were affected by foreclosures during the first six months of 2012. During that period, new foreclosures filings were 2 percent higher than the previous six months. The second quarter of 2012 saw a spike in the number of new foreclosure filings with a nine percent increase over the first quarter and six percent increase from the second quarter of 2011.

Foreclosure victims, like all movers, face hurdles to voting that include updating their address or reregistering to vote in a new jurisdiction. The steps that need to be taken are often determined by whether or not an individual has acquired a new residence and has done so before the state voter registration deadline. For foreclosure victims, where in the foreclosure process the individual is can make a difference in what they need to do in order to vote. A person in foreclosure who has lost their home could still have a legal “right of redemption,” a period of time in which they could repurchase their home and during which time they can vote from that address.

Those forced from their homes are confronted with challenges to protect their right to vote, including establishing residence, updating the documentation needed to prove their voting residence, and meeting conflicting and often confusing state-imposed registration deadlines. In each state, one must reside or be deemed to have a residence in order to cast a ballot in that state. However, election laws vary state-by-state with regards to a voter’s residency or voting domicile. In some states, the law is straight forward. In California, the state most affected by foreclosures, and 17 other states a person can continue voting at the address of their foreclosed home until they establish a new residence in which they intend to remain. In other states, the correct polling place for a foreclosure victim is often more confusing.

Compounding the problem, over the past two years several states have passed laws that add extra obstacles for voters to cast a ballot. For instance, in Florida, registered voters who have moved are no longer able to update their registration on Election Day and vote a regular ballot if they move outside of the county in which they were registered. In several other states, voters are now required to show a photo ID with a current address in order to vote. These new voter ID laws are just one more challenge a voter has to overcome to cast a ballot – especially if they do not already have an acceptable ID. And obtaining an ID could be even more challenging if they do not have documentation to prove residency in the state because they lack a permanent residence.

The Fair Elections Legal Network is distributing the report to the nation’s secretaries of state asking them to educate their state’s foreclosure victims as to their rights to vote.

FELN’s report “Lose Your Home, Keep Your Vote: How to Protect Voters Caught Up in Foreclosure” and state guides on voting while is available here.

(ARA) - Everyone wants an immaculate home, but not everyone wants to spend their free time scrubbing and straightening. The reality revealed in a recent Good Housekeeping magazine study is that the average homeowner spends roughly 19 hours a week cleaning.

Wish you could reclaim some of those precious hours? Follow these simple, inexpensive kitchen and bath updates and your wish will be granted. Soon, these highly used rooms will look great and you'll be able to spend less time cleaning and more time enjoying your ship-shape home.

Shower sanity
Clutter...it can drive anyone crazy. In fact, in a recent study conducted by Moen Incorporated, men list having too many items cluttering up the shower as their No. 1 bathroom pet peeve. And with 60 percent of Americans sharing a shower area with a spouse or significant other, clutter can build up fast. So how can you de-clutter the shower? Try a new Stainless Steel Shower Caddy or Grab Bar with Integrated Shelf from Moen to organize shower necessities, helping to keep the shower area neat and tidy no matter how many people use it.

Terrible towels
“In addition to pet peeves in the shower, our research showed that more than one-third of homeowners cited 'leaving towels on the floor or on the kitchen sink' as a top pet peeve,” says Tom Tylicki, senior product manager, Moen Accessories.
Adding a new Retractable Towel Ring from Moen is a great solution. The thoughtfully designed product offers the traditional benefit of a towel ring, with a retractable cord that expands out and effortlessly retracts back to its original position. The towel remains on the ring at all times, keeping the countertop and floor towel-free, making it the ideal solution for every bath, kitchen or laundry room.

And to keep bath towels off the floor, adding additional towel bars, hooks or even a double curved shower rod, provides the perfect spots to encourage users to hang their towels after use.

Clean and clear kitchen sink
If towels aren't the culprit, dirty dishes are. In fact, nearly 50 percent of respondents in a Moen survey about kitchen habits stated that “family members leaving dirty pots, pans, plates, etc.” was a top cause of tension. And, coming in at a close second, with 42 percent of the respondents surveyed, was “household members leaving food/crumbs in the sink without washing it out.”

Updating your kitchen faucet can make it easier to clean the sink area. Try a high-arc model with pullout spray functionality to reach every nook and cranny in the sink, and make every last crumb disappear. Likewise, undermount sinks which integrate seamlessly into a solid-surface countertop can help homeowners keep the sink area clean, because crumbs can be wiped directly from the counter into the sink.

Stop scrubbing
While a new faucet and accessories will add new functionality and style, the metal finishes can also mean more daily cleaning...until now. As you are making your simple kitchen and bath updates, consider adding a new faucet, showerhead and matching accessories in a spot resist finish. This does just what it says - resists fingerprints and water spots - giving you one less thing to worry about cleaning on a daily basis. Soon you'll have a bathroom that looks amazing and stays that way.

With these simple and inexpensive kitchen and bath updates, your household chores will be done in no time, leaving your home looking great and providing you a few extra hours to spend relaxing.

Source: www.moen.com.

(ARA) - Good lighting is not something most people think much about until they don't have it. Living in a well-lit room is a much more pleasurable experience than trying to cook, read, entertain or do just about anything in a dark, shadowy space.

The American Lighting Association offers these tips for improving the lighting in your kitchen, bathroom and bedroom:
* Add to your task lighting. Many bathrooms and kitchens have plenty of overhead light, but are often lacking when it comes to task lighting, says David Martin, designer with lighting manufacturer Hubbardton Forge. “At the kitchen sink, for example, you can eliminate shadows by including two sources of light.” The result is a workstation with easier-to-see spaces that alleviate eyestrain.
* Include mood-enhancing lights and dimmers. “Places such as bathrooms and bedrooms - once mostly functional - now serve as an extension of our living spaces,” says Todd Phillips, owner and senior designer with Quoizel Lighting. The lights in those rooms should be both hardworking and mood enhancing. For example, inexpensive, easy-to-install cove lights in the kitchen can provide soft illumination after mealtime and cleanup. Additional lights placed at a bathroom vanity and aimed out toward the face can help brighten grooming tasks and offer awakening morning light. A bonus: Those controls can help accommodate varying levels of natural daylight, too.
* Increase the size of your bedside task light. One of the bigger mistakes Phillips sees in bedrooms is the size of bedside lamps - they're either too small or not adjustable. “The lamp needs to provide light where you need it, and if it's too small it can't do that,” says Phillips. Go for a larger size with increased lumen capacity.
* Install track lighting for flexibility. Stationary overhead lights are fine when you need to flood a space with light, but too often kitchens, bathrooms and bedrooms lack flexible sources of light. A good solution is track lighting. “You can direct one or two of the lights on the track and point them to a wall to add accent light for artwork, and use other lights on the track to create different focal points,” Phillips says.
* Add a light fixture for drama. A side benefit of beautiful, light-providing chandeliers and pendants is that they provide focal points. “New light sources give homeowners some great options,” says Phillips. “You can drop in a chandelier over a bathtub to create drama and get mood and ambience too.”
As a bonus, those fixtures help provide the finishing touch for different colors and accents. “People sometimes put quite a lot of money and effort into their rooms and lighting can help to show them to their best effect,” says Martin.
* Add a ceiling fan with a light source. With the flip of a switch, a ceiling fan with a light kit can improve a room's livability with both comfort and light. It is just one more example of how light works wonders in the home. “Having more lighting options creates a better lifestyle and it enriches our lives in terms of the time we spend in our homes,” says Phillips.

Source: www.americanlightingassoc.com.

In our last segment we started drilling into the cache of data available in the latest federal Consumer Complaint Survey Report (consumerfed.org), compiled by the Consumer Federation of America (CFA) and the North American Consumer Protection Investigators (NACPI).

Several of the top complaint categories involved homeowner, finance and mortgage issues, so we'll continue looking at some specific concerns to help protect you, your home and finances from unscrupulous schemes.

Many consumers having trouble making ends meet have been seeking modifications of their mortgage agreements. But what should be a simple fix has often turned out to be a nightmare.

The Montana Office of Consumer Protection reported that one consumer who was approved for a loan modification made three trial payments. But when the permanent modification paperwork finally arrived, it had an accounting error.

After alerting the bank of the error, the consumer was put back in review for months. And he was told to continue trial payments, which caused him to fall farther and farther behind on his loan principal.

Then he received a denial letter, in error. After months of struggle and with the assistance of the consumer agency, he was granted the correct permanent modification, which significantly reduced his principal and payments - enabling him to stay in his home.

A complainant to the Louisiana Attorney General’s Office similarly tried for 18 months to work out a loan modification with a major national bank, repeatedly filling out documents and sending them as instructed, only to be told that more was needed.

After being notified that his loan modification had been approved, he got another call from the bank telling him that he had in fact been turned down. And, his home was placed into foreclosure, despite the fact that he had successfully completed trial payments and had a friend who was prepared to provide financing.

If you find yourself in a similar position, or need help modifying a loan or avoiding foreclosure - no charge - go to makinghomeaffordable.gov. You can also talk to a certified housing counselor at 888-995-4673.

(ARA) - If you were to take a look at a typical neighborhood today, you would see patterns of familiar home designs such as split-level, ranch or colonial. Most of these American styles were built between 1955 and 1985, when there was a need for mass-produced housing. Due to this suburban sprawl, many homes lost the originality and architectural appeal of classic styles built in the late 19th and early 20th centuries.

If you, like so many others, currently live in one of these houses, its lack of personality and curb appeal may have you thinking about making a change to the exterior. Yet the overwhelming amount of home design choices may have you wondering how to get started.

“Many times, homeowners are afraid to do more than replace existing windows or siding with new versions of the same product, simply because they can't visualize the possibilities for their home exterior,” says John Stephenson, senior vice president of marketing for Ply Gem, an exterior building products company.

To help picture what's possible in exterior home design and simplify product and color selection, homeowners now have the option to turn to digital home remodeling tools. Online visualizer tools, such as The Designed Exterior Studio by Ply Gem, allow consumers to find inspiration and experiment with renovation ideas, even before meeting with a contractor. Users can virtually update a home exterior with new colors and style options for siding, stone veneer, windows and more. Homeowners can save their designs, and easily share with a remodeling contractor.

“When meeting with a contractor about a remodel, doing research and having a visual of a preferred exterior style and color palette is a great way to get the conversation started,” says Stephenson. “The existing American housing stock has so much potential for beautiful design and architectural styling; new online visualization tools are designed to help both homeowners and their contractors realize the potential for these older homes.”

Before getting started on an exterior remodel, it's also important to understand the level of changes you want to make. Read through the following tips on making the most of an exterior renovation and provides some insight on how to prepare and get started.

• If your home has great bones, but lacks curb appeal and originality, a simple refresh with new siding, windows and accents in different colors and textures can make a big difference.
• New windows are also a noticeable architectural feature with the added benefit of increased energy efficiency in the home. Some key elements to consider for beautiful window design include style, grille pattern and color.
• For an even more personalized home exterior upgrade, consider cosmetic, nonstructural architectural changes, in addition to the replacement of windows and siding.

“Adding elements to the roof such as window dormers or gables, or changing the entryway with a porch, can give your home personality and create a look that is reminiscent of classic architectural styles,” says Deryl Patterson, principal, BSB Design architecture firm. “These additions also provide visual interest to the exterior, giving it balance and elevation. In combination with appropriate material textures and colors, you can transform your home into an architecturally authentic style.”

Source: www.plygem.com

A quick once-over of the items on this list may improve the safety and security of your home and could protect your family and friends. It is important to periodically pay attention to these things because things change over time.

Security

• Does each exterior door have a deadbolt?
• Does the lock on each window work?
• Have you added pins or clips to your windows for additional security?
• Do you have dowels or broom sticks in the track of windows and sliding glass doors?
• Do you have security company labels or signs displayed prominently?
• Do you have an alarm system? Is the system monitored?
• Do you have a dog that barks when strangers approach the home?
• Are emergency numbers posted near the telephones?

Fire

• Do you have smoke detectors near all sleeping areas?
• Do you check the batteries monthly and change them annually?
• Do you have two carbon monoxide detectors?
• Do you have an escape ladder for upper floors?
• Do you have fire extinguishers near exits and in the kitchen?
• Do you have an emergency escape plan and is the family familiar with it?
• Are any outlets or switches warm to the touch?
• Are kitchen ventilation systems working properly?
• Is the dryer ventilated to the outside and is the exhaust free of lint?
• Is the furnace cleaned and serviced yearly?
• Is the space around the hot water heater clear of combustible materials?

Falls

• Are all electrical and phone cords out of the flow of traffic?
• Are rugs and runners slip resistant?
• Is your step-stool sturdy and in good condition?
• Are stairs clear of objects that could cause a fall?
• Are all entrance ways, exits, halls and walks well lighted?
• Do bath tubs and showers have non-skid strips or suction mats in them?

Other

• Do you keep drugs and medicines out of reach and sight of small children?
• Are interior doors designed so small children cannot lock themselves in rooms?
• Are pool and play areas fenced to keep small children in and uninvited guests out?
• Are firearms kept out of reach and sight of children?
• Is a well-stocked first aid kit available for emergencies?
• Is there one member of your family trained in first aid, CPR and the Heimlich maneuver?

Freddie Mac recently released the results of its Primary Mortgage Market Survey® (PMMS®), showing fixed mortgage rates holding steady from the previous week and remaining near their all-time lows. The average 30-year fixed-rate mortgage has been below 4.00 percent all but once this year and the average 15-year fixed, a popular choice among refinance borrowers, has been below 3.00 percent since the last week in May.

The 30-year fixed-rate mortgage (FRM) averaged 3.55 percent with an average 0.6 point for the week ending September 13, 2012, the same as last week. Last year at this time, the 30-year FRM averaged 4.09 percent.

Additionally, the 15-year FRM this week averaged 2.85 percent with an average 0.6 point, down from last week when it averaged 2.86 percent. A year ago at this time, the 15-year FRM averaged 3.30 percent.

The 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.72 percent this week with an average 0.6 point, down from last week when it averaged 2.75 percent. A year ago, the 5-year ARM averaged 2.99 percent.

The 1-year Treasury-indexed ARM averaged 2.61 percent this week with an average 0.4 point, the same as last week. At this time last year, the 1-year ARM averaged 2.81 percent.

"Despite a lackluster August employment report, Treasury bond yields and mortgage rates were little changed this week with the financial markets speculating on further monetary stimulus from the Federal Reserve,” notes Frank Nothaft, vice president and chief economist, Freddie Mac.

“The economy added 96,000 net new workers in August, while revisions subtracted 41,000 from the prior two months; manufacturers cut 15,000 employees in August which represented the largest decline since August 2010. Meanwhile, approximately 368,000 people left the workforce thereby lowering the unemployment rate to 8.1 percen,” Nothaft continues.

Get the latest information from Freddie Mac's Office of the Chief Economist on Twitter:@FreddieMac

For more information, visit www.FreddieMac.com.

A component of pent-up housing demand is the situation of collapsed households — individuals who reside with another household. From a data perspective, we can identify some of these households by estimating the number of housing units that contain individuals who are not related to each other. This is just a part of pent-up demand of course, as it excludes adult children who live with parents or other relatives.

NAHB has previously estimated that pent-up housing demand totals about 2.1 million potential households. The Census Bureau calculated a similar number, reaching 1.9 million households who are “doubled up.” And a recent Federal Reserve Bank of Cleveland study puts the number at 2.6 million potential households.

Data from the 2010 American Community Survey allow us to map the geographic distribution of the households with nonrelatives. The shares of such households are highest in states along the coasts and lowest in the South.

The state with the highest share is Nevada, at 16.4 percent, followed by Hawaii( 15.5 percent) and California (15.3 percent).

The state with the lowest share is Alabama at 8.8 percent, with both Mississippi (9.8 percent) and Arkansas (9.8 percent) at less than 10 percent.

While these data are likely influenced by recent events in the housing markets, they also reflect cultural differences among the states. Households with nonrelatives includes homes occupied by the decidedly unromantic classification of “cohabitating partners.” This may be a more common practice along the West Coast and the Northeast than in parts of the South.

Excluding such couples, yields “shared households,” but unfortunately the ACS data do not allow an easy mapping of that population group, which has been growing as a direct result of the Great Recession.

View this post originally published on the NAHB blog, Eye on Housing.