FHA Extends Anti-Flipping Waiver to Speed Sales

Daily Real Estate News | Thursday, December 29, 2011

The Federal Housing Administration is extending its “anti-flipping” waiver through the end of 2012, which allows buyers to purchase homes that have already been sold in the last 90 days.
The waiver, which was soon set to expire, is “intended to accelerate the resale of foreclosed properties in neighborhoods struggling to overcome the possible effects of abandonment and blight,” Carol J. Galante, the acting Federal Housing Administration commissioner, said in a statement. “FHA remains a critical source of mortgage financing and stability and we must make every effort to promote recovery in every responsible way we can.”
An anti-flipping rule originally took effect in 2003 to stop a spike in home flipping that was being blamed on driving up home prices during the housing boom. The rule prevented FHA-backed loans from being used to purchase homes that had been owned by a seller for less than 90 days. But the U.S. Department of Housing and Urban Development decided to reconsider the 90-day limit in 2010 after skyrocketing foreclosures and abandoned homes were causing blight in neighborhoods across the country and hampering nearby property values.
The temporary waiver to the anti-flipping rule will allow buyers and investors to quickly resell refurbished homes and not have to wait 90 days to do so. Since the waiver took place in 2010, FHA has insured nearly 42,000 mortgages worth more than $7 billion on homes resold within 90 days of the last purchase, according to HUD.
"It's certainly an inducement to move real estate and reduce inventories," says Don Cameron, a real estate investor who owns a franchise of We Buy Ugly Houses in South Florida. "Why wait 90 days before you can close on a home?"
The waiver, however, still prevents predatory flipping, and sellers must justify any increases in value if the sales price of the property is 20 percent more than what the seller had recently purchased it for (such as by providing extra documentation on renovation expenses). Sales also must be in “arms-length, with no identity of interest between the buyer and seller or other parties participating in the sales transaction.”
Source: “Government Extends Waiver of Anti-Flipping Law, Allowing Homes to be Bought and then Sold in 90 Days,” McClatchy-Tribune Regional News (Dec. 29, 2011) and HUD.gov

Some Good Signs for the Real Estate Market

Daily Real Estate News | Tuesday, December 27, 2011

Sales ticked up for existing homes and new homes, several real estate market indicators revealed last week, pointing to a housing market that may finally be entering recovery mode.
In the most recent report, the Census Bureau reported that the new-home market continued its rebound, with sales of new houses once again inching up last month. New-home sales rose 1.6 percent from October to November to an annualized rate of 315,000, and sales were up nearly 10 percent compared to November 2010.
The median sales price of a new home in November was $214,100, the Census Bureau reported, and the inventory of new houses nationwide decreased to a six-month supply at the current sales pace.
"Inventories of new homes are very low: There's nothing on the shelf, so any increase in new home sales will translate directly into new housing starts," Bob Denk, senior economist at the National Association of Home Builders, told CNNMoney. "That means putting people back to work."
Other recent good news for the housing market: November sales of existing homes increased 12 percent year-over-year, new-home building starts were up nearly 21 percent year-over-year, and mortgage rates reached new record lows last week, pushing housing affordability even higher.
Source: “New Home Sales Edge Up,” CNNMoney (Dec. 23, 2011)

From Ashton to Ellen: 2011′s Celebrity Real Estate Roundup

By many accounts, 2011 was a rough year for real estate – unless you happened to be a celebrity. For the rich and famous stars of screens large and small, 2011 was just another year of mega-house hunting, renting, selling and swapping.
Like those beloved holiday calendars that highlight the year’s eye candy, we’ve strung together a series of bright-light celebrity real estate deals from the past year’s high-stakes, high-profile ventures.

January: Charlize Theron

Source: IMDb

Sometimes, even celebrities have to dip their toes in before taking the plunge. That’s the route Academy Award-winning actress Charlize Theron took when she opted to be a landlord before listing her property. After her split with Stuart Townsend in 2010, the couple listed their Malibu home as a $50,000-a-month rental. A year later, Theron dove in and listed the property for $7.5 million. Not bad, considering that in 2003 she and Townsend paid $3,495,000. The beachfront home, pictured, is described as the “oldest home on La Costa Beach.” It sold in May for $6,562,500.

February: Ashton Kutcher

Source: IMDb

In February 2011, Ashton Kutcher was a happily married man and no longer needed his customized bachelor pad (pictured above). So, he listed the home on the Beverly Glen real estate market for $2.6 million and it sold in June for $2.35 million. Now, freshly split from his wife Demi Moore, Kutcher is searching for a new piece of real estate. Granted, the new star of “Two and a Half Men” can afford a bigger spread for himself these days, but perhaps he has regrets about selling the bachelor pad he and his dad built.

March: Christina Aguilera

Source: IMDb

When listing one house isn’t enough, some celebs try for a daily double. Take Christina Aguilera, for instance. Aguilera is a high-income earner who can eschew standard real estate advice.
In March, Aguilera listed her Beverly Hills home for $13 million while her Hollywood Hills home continued to linger on the market. While the Hollywood Hills mansion has since sold, Aguilera’s Beverly Hills pad — previously owned by the Osbournes — hasn’t wooed a buyer yet.

April: Jennifer Aniston

Source: IMDb

The real queen of real estate listed her extravagant L.A. estate “Ohana” in March for $42 million and she immediately made the move to New York, picking up not one, but two apartments a month later in a prewar West Village building (pictured above). Although she’s only owned the home for a few short months, rumors are flying that she’s looking for a new place — this time with beau Justin Theroux.

May: Charlie Sheen

Source: IMDb

In early 2011, Charlie Sheen was blowing up Twitter and news channels after his walk on the wild side. As if the former “Two and a Half Men” star’s interesting comments weren’t enough drama, leading to being fired from the show, Sheen also got busy hitting the real estate market by listing his Sherman Oaks home, above, for $7.2 million. In March, he picked up a home in the gated community of Mullholland Estates, a few blocks away, for $6,999,999. He wasn’t selling because he’s hard up on money: Sheen racked up about $40 million in the previous season of “Two and a Half Men.”

June: Katharine Hepburn

Source: IMDb

Although this house isn’t located in Hollywood or New York, the caliber of this Connecticut home — and its previous, Hollywood legend owner — sets it apart. Katharine Hepburn’s family estate (pictured above), hit the Fenwick real estate market for $18 million in June. Along with its private beach and dock, as well as 8,300-square-foot home, Hepburn’s property comes with storied history, including the tale of Hepburn vowing to rebuild the home after it suffered damage in the 1938 Great New England Hurricane.

July: Elizabeth Taylor

Source: IMDb

Regal beauty Elizabeth Taylor passed away in March and her hideaway estate hit the market as a pocket listing in May for $8.6 million. It didn’t take long for the luxurious ranch to sell. By July, the estate was picked up not by another A-Lister, but by an anonymous buyer rumored to be in the manufacturing biz. Although previous reports claimed the final sale price was undisclosed, property records now show the sale price to have been $8 million.

August: Matthew Perry

Source: IMDb

Matthew Perry’s real estate transactions are being featured for the month of August, but the former “Friends” star could the king of October, too. In August, Perry picked up a new home on the Sunset Strip and listed his West Hollywood apartment (pictured above). Then, in early October, he listed his beachfront home on the Malibu real estate market. Later that month, Perry finally wrapped up his real estate moves by listing his main L.A. residence. Whew!

September: Ryan Reynolds

Source: IMDb

Before dating Blake Lively, and before his short marriage to Scarlett Johansson, Ryan Reynolds lived in a relatively modest home in Hollywood Hills that he purchased for $1,175,000. After marrying Johansson in 2009, Reynolds tried to sell the home on the Hollywood Hills real estate market, but had little luck. In September, however, he re-listed the 2-bedroom, 2.5-bath home with a lowered price of $1.599 million. Currently, the home is off the market.

October: Donald Trump

Source: Forbes

Donald Trump may be a real estate mogul, but that doesn’t mean he’s immune to real estate trials. In October, Trump’s custom home in Rancho Palos Verdes sold for a significant price cut. The 11,000-square-foot home was first listed for $12 million and a buyer snagged it for $7.15 million. Trump originally purchased the house in the small California community as a party of a real estate development plan in the mid-90s. However, The Donald’s style was a bit aggressive for Rancho Palos Verdes and by selling his home there, he appears to be formally cutting ties to the city.

November: Bruce Willis

Source: IMDb

In the heyday of the 1990s, Bruce Willis and then-wife Demi Moore were the “king and queen” of Sun Valley, Idaho. The pair owned a nightclub and two bars as well as a few properties where they entertained other A-Listers who came to visit the luxury ski area. That era is well over. Willis is now selling his custom mansion on the Sun Valley real estate market for $15 million, Willis’ home has 8,400-square-feet of living space, a pool with spa and water swings, as well as a separate guesthouse and gym.

December: Ellen DeGeneres

Source: IMDb

In the world of celebrity real estate, the prize properties often go to other celebrities. Who else is going to need the high-end security systems or have the money to drop on a home with a custom closet? The most recent celeb-to-celeb real estate transaction went down in early December when fickle real estate holder Ellen DeGeneres bought Brad Pitt’s mid-century modern home in Malibu. DeGeneres and wife Portia De Rossi are currently listing their enormous, custom home for $49 million, making their purchase of Pitt’s home an apparent attempt at downsizing.

Russian Billionaire’s Daughter Gets $88 Million Penthouse as NY Crash Pad

December 21, 2011 

It turns out that a buyer for one of the most expensive apartment homes in Manhattan wasn’t that hard to find, after all.
And befitting the sale of an $88 million penthouse on top of the 15 Central Park West is the report that it’s going to a 22-year-old daughter of a Russian scientist who made his billions whipping up fertilizer.
Merry Christmas, Ekaterina Rybolovleva.
According to Forbes, a statement was released about the contract pending for the apartment that belongs to the disgraced former Citigroup exec Sandy Weill, who promised in November to donate proceeds of his apartment’s sale to charity:

A company associated with Ekaterina Rybolovleva, daughter of a well-known businessman Dmitriy Rybolovlev, has signed a contract to purchase an apartment at 15 Central Park West, New York. The apartment is a condominium currently owned by the Sanford Weill Family.

Ms. Rybolovleva is currently studying at a US university. She plans to stay in the apartment when visiting New York. Ms. Rybolovleva was born in Russia, is a resident of Monaco and has resided in Monaco and Switzerland for the past 15 years.”

Ekaterina Rybolovleva, 22, has lived mostly in Monaco but is attending college in the U.S. SOURCE: Daily Mail

Daddy Rybolovlev is no stranger to sky-high real estate deals. In fact, the full-price deal he has apparently made for his daughter is second fiddle to his purchase of Donald Trump’s $95 million Palm Beach, FL mansion.
But whereas La Donald let his Florida palace go to Rybolovlev for a record-setting price reduction of $25 million, the Russian fertilizer king has apparently paid full freight for the 15 CPW condo.
The Weill condo, which set a record for most expensive NY property when it sold for $43.7 million in 2007, is one of six units for sale in the lauded, new building overlooking Central Park on the stately Upper West Side.
For the record, while $88 million is a ton of dough for even a gleaming New York penthouse, it is not the most expensive New York apartment for sale. The French Gothic-style townhouse at 4 E. 80th Street off Fifth Avenue takes the cake. The former palace of Frank Woolworth is listed for $90 million.
However, the $88 million sale is the most cash a foreign-national father has paid for his lovely little heiress. British Formula One billionaire Bernie Ecclestone bought Spelling Manor for his daughter, Petra, for $85 million in July 2011.

8 things you should know about down payments

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8 things you should know about down payments

Think twice before borrowing against 401(k) By Jack Guttentag
Inman News®

Q: What is the down payment?
A: The down payment is the property value less the loan amount. It is not the same as the borrower's cash outlay if some of that outlay is used for settlement costs. On a newly constructed home, the land value can be part or all of the down payment.
Q: If the appraised value of a home exceeds the sale price, can the difference be applied to the down payment?
A: No, the property value upon which down payment requirements are based is the lower of sale price and appraised value. An appraisal higher than the price is disregarded.
But there is an important exception, called a gift of equity, where the home seller is someone near and dear, usually a family member, who is willing to sell below market value. In such cases, the lender will probably require two appraisals, and the seller must follow Internal Revenue Service rules to avoid gift taxes, but those are minor nuisances.
Q: Can a home seller contribute to the buyer's down payment?
A: No, because of a presumption that such contributions will be associated with a higher sales price. However, subject to limits, home sellers are allowed to pay purchasers' settlement costs. This reduces the cash drain on purchasers, allowing more of it to be used as down payment.
Q: Can the lender contribute to the buyer's down payment in exchange for a higher interest rate?
A: No, but lender rebates or "negative points" can be used to pay settlement costs as a possible alternative to seller contributions.
Q: Can cash gifts be used as a down payment?
A: Only if the gift comes from a relative or live-in partner who can document its source. Gifts from parties to the transaction such as home sellers or builders are not acceptable as down payment funds because of the presumption that the gift affects other parts of the transaction, especially the sale price.
The lender must also be convinced that the gift is not a disguised loan with a repayment obligation that might reduce the borrower's ability to repay the mortgage.
Borrowers who receive undocumented cash gifts can include them as part of their own funds if they can show that the funds have been in their account for at least 60 days. They should have two monthly statements issued after the funds are deposited in the account.
Q: Are there any substitutes for a down payment?
A: In principle, any collateral acceptable to the lender could serve as a substitute for a down payment. The only such substitute found in the U.S. is securities, which must be posted as collateral with an investment bank that also makes mortgage loans. Borrowers who do this are betting that the return on the securities will exceed the mortgage rate.
Mortgage insurance and second mortgages can also be viewed as substitutes for down payment. They do not provide the first mortgage lender with additional collateral, but they shift a major part of the risk of the low-down-payment loan to a third party who is paid by the borrower for assuming it. The payment is either a mortgage insurance premium or a relatively high interest rate on a second mortgage.
Q: Is it wise to withdraw funds from a 401(k) to make a down payment?
A: Withdrawing funds is very unwise, as you would be hit with taxes and penalties, but borrowing against your account might make sense, provided your employer allows it. The cost of borrowing against your 401(k) is not the loan rate, which you pay to yourself, but the return the money would have earned if left in the account.
The risk is that if you lose your job, or change employers, you must pay back the loan in full within a short period, often 60 days. Otherwise, the loan is treated as a withdrawal and subjected to taxes and penalties. Loans from a 401(k) cannot be rolled over into a 401(k) account at a new employer.
Q: What are the costs and benefits of making a larger down payment than is required?
A. The cost is measured by the rate of return you could earn on the money if you invest it rather than use it for a larger down payment. The benefit is measured by the mortgage interest rate, as that rate determines the interest savings on the amount you don't borrow.
If you increase your down payment by $10,000 on a 4 percent mortgage, you earn 4 percent on the $10,000 you didn't borrow.
A possible additional benefit arises when the larger down payment reduces the cost of the loan by lowering either the mortgage interest rate or the mortgage insurance premium.

Which Home Improvement Projects Offer the Best Returns?

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Daily Real Estate News | Friday, December 16, 2011

When it comes to remodeling, exterior replacement projects have routinely rewarded home owners with more bang for their buck. This year is no different: REALTORS^® recently rated many exterior improvements as among the most valuable home investment projects as part of the 2011-12 Remodeling Cost vs. Value Report.
“This year’s Remodeling Cost vs. Value Report shows the value of putting your home’s best façade forward, so to speak,” said National Association of REALTORS^® President Moe Veissi. “Inexpensive exterior replacement projects are not only crucial to a home’s regular upkeep, but are also expected to recoup close to 70 percent of costs. Specific exterior projects such as siding, window and door replacements are part of regular home maintenance, so many homeowners are already undertaking them. These projects also do not require expensive materials and they have the added bonus of instantly adding curb appeal.”
HouseLogic.com, NAR’s consumer Web site, includes dozens of remodeling projects, from kitchens and baths to siding replacements, which indicate the recouped value of the project based on a national average. According to the Cost vs. Value, seven of the top 10 most cost-effective projects nationally in terms of value recouped are exterior replacement projects. REALTORS^® judged an upscale fiber-cement siding replacement as the project expected to return the most money, with an estimated 78 percent of costs recouped upon resale.
Two additional siding replacement projects were in the top 10, including foam-backed vinyl siding, expected to return 69.6 percent of costs, and upscale vinyl siding, expected to recoup 69.5 percent of costs. Three door replacements were also among the top exterior replacement projects. The steel entry door replacement is the least expensive project in the report, costing little more than $1,200 on average and expected to recoup 73 percent of costs.
The upscale garage door replacement jumped seven spots to number six this year, primarily due to the average cost of the project declining more than 15 percent nationally. The upscale and midrange garage door replacement projects are expected to return more than 71 percent of costs. One window replacement project — upscale vinyl — rounded out the last exterior replacement project in the top 10, expected to recoup 69.1 percent of costs.
The 2011-12 Remodeling Cost vs. Value Report compares construction costs with resale values for 35 midrange and upscale remodeling projects comprising additions, remodels, and replacements in 80 markets across the country. Data are grouped in nine U.S. regions, following the divisions established by the U.S. Census Bureau. This is the 14th consecutive year that the report, which is produced by Remodeling magazine publisher Hanley Wood LLC, was completed in cooperation with NAR.
Source: NAR

Interested In Buying A Home At The North Pole..Close To Santa?

The average American city jump-starts the holiday season with the usual kind of merry-making activities: Tree-lighting festivals, the opening of ice skating rinks and holiday concerts beckoning celebrants to get in the spirit.
But then there are cities and towns where the very name of the place conjures visions of sugar plum fairies, elves and reindeer 365 days a year. From Christmas Cove, ME to Saint Nicholas, PA and, of course, North Pole, AK, it’s hard not to adopt the yuletide glow.
Here’s a roundup of some of the most seasonal cities, and a sampling of their respective real estate.

North Pole, Alaska

Source: Wikipedia.com

History: The naming of this northern town was no accident. According to a National Geographic profile on the tiny city, the town council renamed it North Pole in 1952 (from “Davis Homestead”), “hoping that toy manufacturers would come for the “Made in North Pole” bragging rights despite its inconvenience … as a manufacturing site.” No companies came for the manufacturing rights, so North Pole remains as a bedroom community for nearby Fairbanks, which is located 14 miles away.


Holiday tradition: The North Pole’s claim to fame, of course, is its responsibility regarding children’s letters to Santa. Every year, North Pole middle and high school students respond to the letters that pour in.
North Pole home for sale:
Nhn Aaron Ave, North Pole, AK (below)
For sale: $219,900

This recently-constructed home sits in a newer North Pole subdivision with quick access to schools,  shopping and perhaps, Santa’s workshop. The 3-bedroom, 2-bath home has 1,196 square feet of living space on nearly an acre-size plot.

Rudolph, Wisconsin

Source: visitrudolphwi.org

History: Although this Wisconsin dairy community was not inspired by the red-nosed reindeer, it incorporated Rudolph in many seasonal festivities. The small town was actually named for the first male born in the community — Rudolph Hecox.
Holiday tradition: Like North Pole, AK, thousands of Christmas letters are sent to Rudolph each year. Other letters are directed through the village post office to get the postmark with Rudolph the Red-Nosed Reindeer. The town also features Rudolph on all of its street signs.
Rudolph home for sale:
5150 Stoney Brook Rd, Rudolph WI (below)
For sale: $369,900

How about a Rudolph home with a lot big enough to host a team of reindeer? This 4-bedroom, 3-bath home sits on an acre of lakefront. The 4,400-square-foot home features a custom kitchen with granite counter tops and high-end appliances, stone fireplaces, media room and sauna.

Source: virtualtourist.com

Santa Claus, Indiana

History: The birthplace of good ol’ St. Nick? According to RoadsideAmerica.com, Santa Claus, IN was originally named Santa Fe and was asked by the postmaster in 1856 to change the name. At the time, the community couldn’t think of anything other than Santa Claus. Today the town completely capitalizes on its moniker with holiday-themed streets and St. Nick statues.
Holiday tradition: The Post Office is busy here too, postmarking over a half-million holiday cards and processing about 10,000 letters from children.
Santa Claus home for sale:
918 S December 25, Santa Claus IN (below)
For sale: $131,900

The newer-built home on the Santa Claus real estate market has 3 bedrooms, 2 bathrooms and 1,445 square feet of living space on a large, level lot. The one-story house has an open floor plan and spacious master bedroom with walk-in closet and attached bath.

Christmas, Florida

Source: postcardfile.blogspot.com

History: It’s an unusual city name, but this town’s history is rather basic. On December 25, 1837, at the height of the Second Seminole Indian War, American troops built a fort 20 miles east of Orlando. They named it Fort Christmas, which was later adapted into the small town’s name.
Holiday tradition: The city celebrates all year long with an enormous lighted and decorated tree display. The town’s postal staff also works overtime each season postmarking holiday cards.
Christmas home for sale:
23524 Seneca Ridge Ct, Christmas FL (below)
For sale: $319,000

The 4-bedroom, 3.5-bath home is a spacious ranch that sits on five acres and is a few miles southeast of nearby towns Chuluota and Oviedo. Built in 1988, the house has a large wrap-around front porch, mudroom, and updated solar-heated pool.

Snowflake, Arizona

Source: ci.snowflake.az.us

History: You may not think snow when you picture Arizona, but this small town is nestled just north of the White Mountains and gets an occasional dusting. The town wasn’t named for the winter weather, but rather for its two founders: Erastus Snow and William Jordan Flake.
Holiday tradition: Twelve Days of Christmas that culminates in a grand parade where the city serves up to 1,000 cups of hot cocoa.
Snowflake home for sale
28 County Road 8572, Snowflake AZ (below)
For sale: $250,000

This brick colonial-style home is situated on a “mini ranch” with solar power and battery back-up. Built in 1995, the home has 5 bedrooms, 3 bathrooms and 3,367 square feet of living space.

Bethlehem, Pennsylvania

Source: travel.webshots.com

History: Bethlehem, PA is by no means the only Bethlehem in the U.S. There are several scattered throughout the states, and nearly all are named for the ancient city in the Middle East.
Holiday tradition: The city wraps its downtown in 5,500 strands of lights every year — not as many as Clark Griswold – but, long enough to stretch two miles.
Bethlehem house for sale:
1015 Stone Stack Drive, Bethlehem PA (below)

Located in “prestigious Saucon Fields” neighborhood, this Bethlehem home is a far cry from a hay-strewn manger. The stone and stucco home has 3 bedrooms, 2.5 bathrooms, 2,562 sq ft of living space and a floor-to-ceiling stone fireplace.

Evergreen, Alabama

Source: Flickr user jimmywayne

History: Like Evergreen, CO, Evergreen AL. was named by its greenery. The small town is located in central Alabama, about midway between Montgomery and Mobile.
Holiday tradition: In honor of the town’s name, Evergreen residents line their main street with over 30 decorated trees for the duration of the season.
Evergreen house for sale:
10951 U.S. Hwy 31, Evergreen AL (below)
For sale: $122,000

Built in 1935, this 3-bedroom, 2-bath home has been remodeled and features refinished hardwood floors, crown moldings, and gas-log fireplace. A rear screened-in porch looks out over a backyard pond.

Mad Men Creator Matthew Weiner Lists Home for Sale.

Best known as the series creator and executive producer for the AMC television drama Mad Men, Matthew Weiner has listed his Spanish colonial home on the Los Angeles real estate market for $1.8 million.
It’s too bad walls can’t talk, because we’re all dying to know what happens in the fifth season. According to the Los Angeles Times, the show’s long hiatus has been due to a dispute between AMC and Weiner. The channel’s proposal to shorten each episode by two minutes in order to add commercial time and cut the cast budget didn’t go over well with the executive producer who says the changes would fundamentally make Mad Men a “different show.”

Thankfully for fans, Weiner has signed a new deal and the show is scheduled to start in March of 2012. But negotiation didn’t come cheap; the Mad Men creator will be paid handsomely for staying with the show ($10 million per season to be exact), making him one of the most highly paid producers in cable television. That could explain the rumors reported by Real Estalker that Weiner bought talk show host Leeza Gibbons’ home near Nicolas Canyon for $4.795 million.
Although his new home is reported to be much grander and offer way more privacy, it still has that old LA feel to it, similar to the residence he’s currently listing on the real estate market.
Built in 1933, Weiner’s 4-bedroom, 4-bath home sits on a small lot surrounded by a gated private courtyard in the Fairfax district. Featuring 3,525 square feet of living space, Weiner’s home has a formal dining room, grand staircase, maid’s quarter and a “bright” kitchen which overlooks the pool and private yard.
The most notable part of the home is the “old-school stove” which he is “completely obsessed with” according to a feature of the property in the New York Times. We wouldn’t expect anything less from the Mad Men creator who helped popularize America’s returned fascination with mid-century modern design.
Listed by Leah Brenner of Coldwell Banker, a monthly payment on Weiners’s home would be $6,743, assuming a 20 percent down payment with a 30-year-fixed mortgage,

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