Apply with Southern Trust by April 5th and you can SAVE MONEY on your closing costs!  Effective April 5, 2010, the Federal Housing Administration (FHA) is changing the amount required for the Up-Front Mortgage Insurance Premium (MIP). The FHA MIP charge is a required closing cost and is typically financed in the loan, rather than paid in cash. The current premium is 1.75% of the loan amount and will increase to 2.25%. This is a nationwide change mandated by FHA and applies to all FHA approved lenders, including Southern Trust Mortgage.

What does this mean for you? If you are on the fence about purchasing or refinancing your home and you plan to use FHA financing, you need to apply for financing with Southern Trust Mortgage by April 5th to receive the lower MIP rate and save money!

For example: If you are purchasing or refinancing a home and have a $250,000 loan amount, you will save over a thousand dollars by completing your loan application by April 5th!

• $250,000 x 1.75% (current rate) = $4,375
• $250,000 x 2.25% (new rate) = $5,625
• A total savings of = $1,250

For more information, contact Dennis Sullivan:

• Office (410) 750-2167
• www.DennisSullivan.org

Southern Trust Mortgage, LLC is proud to be an Equal Opportunity Lender licensed in SC, MD, DE, GA, WV, DC, L-105905, 5104, 165679, 7342, S-5, 169, MLB-3545. Southern Trust operates as a subsidiary of Middleburg Bank in VA, NC, and PA (FDIC #6881).

As the April 15 deadline to file 2009 federal tax returns approaches, the National Association of Home Builders (NAHB) is providing answers to some of the questions home buyers are most frequently asking about the home buyer tax credit expiring on April 30, 2010. You can read their full list of valuable answers to frequently asked questions regarding the home buyer tax credit.

“NAHB’s Web site that provides information about the home buyer tax credit, www.FederalHousingTaxCredit.com, has received more than 8 million visits,” said NAHB Chairman Bob Jones, a builder and developer in Bloomfield Hills, Mich. “We are doing everything we can to make sure home buyers are informed about this outstanding opportunity to benefit from buying a home before it expires April 30.”

Click Here to view the full article.