As a response to Fannie Mae and Freddie Mac’s recent new 3% down loan program, that allowed buyers (mortgagee’s) to stop paying mortgage insurance (PMI) once the home value to loan ration is at 80%/20%. This will save (tens of) thousands of dollars over the course of standard 30 year loan.
In order to be able to compete with Fannie-Freddie, the Federal Housing Administration (FHA) announced yesterday their plan to lower the cost of its annual mortgage insurance premiums from 1.35% to 0.85%. Based on CoreLogic (MLS Systems) Chief Economist Sam Khater, this reduction means a savings of about $80 on their monthly payment for the typical FHA applicant (mortgagee).
“This action will make home ownership more affordable for over 2 million Americans over the next three years”, said Julian Castro, US Department of Housing and Urban Development (HUD) Secretary.
Once more our government is taking steps to help our current economy to recover. From keeping the interest rates low to promoting lending programs like these.
Undoubtedly, right now is a great time to buy a home! Anyone who is even considering of doing so, please contact me directly so that I can help you to get connected with one of my approved lenders and find you a suitable home. The FED has said to keep the interest rates still low till the end of April of 2015. Do not loose out and regret it later!!
Margus Mahar, Realtor®
– Certified 203K Renovation Specialist
– Advanced Construction Expert (ACE)
– Investment Properties Pro
– Relocation to Florida Specialist
– Vacation Rental Home Specialist
– www.MargusMahar.Realtor – (search homes)
– www.FLHomeDeal.com – (info about investing and local area)
JC Penny Realty LLC
8701 W Irlo Bronson Memorial Hwy, Suite 200
Kissimmee, FL 34747