Living In Pike.com

PMI is extra insurance that lenders require from most homebuyers who obtain loans that are more than 80 percent of their new home’s value. In other words, buyers with less than a 20 percent down payment are normally required to pay PMI.

PMI plays an important role in the mortgage industry by protecting a lender against loss if a borrower defaults on a loan and by enabling borrowers with less cash to have greater access to homeownership. With this type of insurance, it is possible for you to buy a home with as little as a 3 percent to 5 percent down payment. This means that you can buy a home sooner without waiting years to accumulate a large down payment. Your PMI policy payment gets tacked on to your mortgage payment.

It’s important to understand that the primary and only real purpose for mortgage insurance is to protect your lender—not you. As the buyer of this coverage, you’re paying the premiums, so that your lender is protected. PMI is often required by lenders due to the higher level of default risk that’s associated with low down payment loans. Consequently, it’s sole and only benefit to you is a lower down payment mortgage.

PMI companies, because of high losses are making it more and more difficult to get the insurance. In some cases they are making stipulations to the buyer that are somewhat unusual. I am presently in the middle of a transaction that that requires PMI and will tell you the story as soon as it closes. It has been a real education for me. I want to tell you about it.

I was a bit surprised when I compiled the sales for July. We are down 46% from July last year. It seems that had it not been for the Federal Tax credit, which ended April 31st, the numbers for earlier this year would be completely different. Originally you had to close before July to get the tax credit. They extended it to September. My experience tells me that if you can’t close on a house in 2 months, chances are you will never close on it. It will be interesting to see what the rest of the year brings.

I also previewed a condo today in the Villas Of Oakbrook which is located at about 59th and Georgetown Road. Again the listing sheet and pictures caught my eye. I have seen many condos at the Villas Of Oakbrook over the years. This one appeared to be completely updated. New floors, new stainless steel appliances, new kitchen countertops, new high standing vanities in the bathrooms and completely neutral. It comes with a one car garage and a fenced patio. I think it is the best condo I have ever seen in the Villas of Oakbrook. If you want more info and/or like to see it, call me at 317-319-9012. Tim Lord

I previewed (me by myself, without buyer) a house in Huntington Pointe this morning. Huntington Point is located at about 71st and Lafayette Road. A very popular Pike Township community. The listing sheet had caught my eye. The pictures showed something that should sell fast. A 2 story, 4 bedroom, 2.5 bathrooms and full unfinished basement (man cave). It was in excellent condition. These are the kinds of houses I like to preview in Pike Township. The laundry room on the first floor had nice cabinets and a large utility sink. Kitchen comes with all appliances and has a center island. The master suite comes with a large closet, dual sinks, stand up shower and garden tub. The back of the house had a large wooden deck and a good sized back yard. As a added bonus, it had great curb appeal. It is corporate owned. It is listed by my company. If you want more information and/or like to see it call me at 317-319-9012. Tim Lord

You might have missed the tax credit for buying a home but interest rates are the lowest I have seen them in my career. Sheetz Mortgage has a 30 fixed rate at 4.875 % and a 30 year FHA at 4.75 %. Call Jason Baker to get the details at 317-814-4846.

Please Note – Rates subject to change at any time. Rates may vary upon borrowers qualifications. Pricing based on no points, no origination and a purchase price of $150,000 or above.

Important information about your homestead credit for your Property Taxes. A homestead credit can reduce your property taxes substantially. Read about it HERE.

The Midwest Sports organization has petitioned for a zoning change to permit eight additional volleyball courts, a swimming pool, four unlighted high school-sized soccer fields and four championship soccer fields on the former Crooked Creek Golf Course property.

They will present at the Pike Township Residents Association (PTRA) at the monthly meeting, Wednesday, April 14th, at 7:00 PM. The meeting is held at the Pike Township Government Center, 5665 Lafayette Road.

If you have concerns or are interested in learning about the details, please plan to attend the meeting. If you are unable to attend, you may contact Clint Fultz, PTRA’s Vice President for this area, clint@ptra.net or Susan Blair, President, susan@ptra.net .

Happy New Year to all,

I can’t believe another year has come and gone. Before the year ends, I wanted to take a moment to wish you all a happy holiday season and all the best for 2010. A lot has happened in 2009 in the city and in our neighborhoods. While not exhaustive and in no order, here are some of highlights.

Recycle your Christmas tree, gift boxes, electronics, including TVs under 27”, cardboard boxes, and Styrofoam Saturday, January 9, 2010, at Broad Ripple Park (1550 Broad Ripple Ave), Ellenberger Park (5301 E St Clair St), Garfield Park (2345 Pagoda Dr), and Krannert Park (605 S. High School Rd).

W 46th St from Raceway to Lafayette Rd was resurfaced and new signage was put up at Lafayette Rd to identify turn lanes.

Zionsville Rd was resurfaced north of 86th St, and, between 71st & 86th Sts, is being resurfaced along with adding curbs including green infrastructure cut outs to facilitate drainage.

The bridge on Lafayette Rd between 71st and 79th has been completely rebuilt with a bike lane to Eagle Creek Park.

Tree Plantings:
Parks, Pike Youth Soccer, Neighbors and other Community Volunteers planted trees and shrubs along the Greenways Trail at Geisse Soccer Complex in May, and another 96 trees and shrubs were planted throughout the property this fall.

Normandy Farms did a second planting of trees around the INDOT salt/transportation property on Lafayette Rd.

Traders Point received designation as a federal Historic Rural District.

Potholes and High Weeds and Grass processes underwent a Six Sigma evaluation to identify and implement efficiencies to provide decreased call to fill/cut times and provide better service. The number of steps to fill potholes was significantly reduced and now potholes are being repaired much more quickly than in the past, often within a day or two. High Weeds and Grass cut time decreased from 42 days in 2008 to 16 days in 2009. Over 9000 properties were mowed compared to less than 2200 in 2008. When city contractors mowed a property, the property was automatically reinspected and mowed if needed, resulting in over 2700 re-mows (2337 in 2008).

The Lafayette Square Area Coalition has been working to revitalize the Lafayette Square Area. A revised Area Land Use Plan will be submitted to the city for adoption in 2010. They also hosted their second annual International Parade and third annual Taste the Difference event, both of which highlight the many cultures of people living in the area. If you are interested in participating or volunteering, please visit www.lafayettesquareareacoalition.org.

Eagledale Neighborhood Association worked with Indianapolis Motor Speedway to clean up a section of Falcon Creek from Fredonia to Philips Ct. A couple transmissions, tires, shopping carts and more were pulled out, as well as much of the overgrowth cut back.

The Eagledale/Lafayette Square Area Weed & Seed is completing its second year, with funding scheduled for three more years. New chairs have been elected for the Steering, Weed, and Seed Committees, with a renewed commitment to engaging the community and encouraging participation in order to “weed” out negative activities and “seed” in positive alternatives. The first annual Peace Walk had over 100 participants with plans to grow it next year. There will be a bike safety rally and much more in 2010. Please come out and participate and support these efforts. Interested? Contact 979-3053.

Steering Committee Mtgs – 2nd Tuesdays at 6pm at the Eagle Branch Library, 3325 Lowry, just south of W 34th and east of Georgetown Rd.

Weed Mtgs – 3rd Thursdays at 6pm at the Eagle Branch Library

Seed Mtgs – 4th Wednesdays at 6pm at the Covenant Baptist Church, 3301 W 30th St., between Georgetown and Lafayette Rd.

In 2010,

W 38th St will be resurfaced and new sidewalks will be added on both sides of the street from I-465 to I-65. A public meeting will be held probably some time in March to share details.

Bike lanes will be added, for the most part on existing road surface, to Lafayette Rd from County Line in the North to the White River closer to downtown. The lanes should be in place late 2010 or early 2011.

The Eagledale Northwest Community Center will begin offering Golden Eagles activities for seniors (including tutoring students) at the Imagine Life Sciences West charter school a couple afternoons a week in 2010.

A new pedestrian trail will be added to Michigan Rd between W 86th and Township Line Rd.

As the Mayor notes, citizens are proud of their city, but they live in their neighborhoods. Thank you to all that you do to make your neighborhoods better places to live. I look forward to working with you in 2010!

I will be out of the office now until January 4th. I will respond to any questions or concerns when I return.

Mary E. Chalmers
Northwest Outer Region
Mayor’s Office of Neighborhood Services
Gregory A. Ballard, Mayor
2135 City-County Building
200 East Washington Street
Indianapolis, Indiana 46204
Office: (317) 327-5157
Fax: (317) 327-5424
mchalmer@indy.gov