There is a major change about to take place regarding FHA mortgage insurance premiums.
Beginning April 1, the agency, which is the largest insurer of low-down payment mortgages, will raise the up-front insurance premium it charges borrowers by 75 basis points to 1.75% of the base loan amount. In addition, annual insurance premiums will go up 0.1 percentage point for loans under $625,500 and 0.35 points for loans that exceed that amount.
Home buyers be aware, while rates should remain low through 2014, other lending changes such as the one above for FHA financing will increase you mortgage payment and the loan amount you qualify for. Contact a lending/real estate professional to stay on top of these changes if you are in the market to buy a home.
On a more positive note...
Employment nationwide is expected to rise about 14 percent by 2020, according to Bureau of Labor Statistics. Some metro areas are expected to see bigger growths in the job market than others, which could prove well for growing their housing markets too. The DC/VA/MD area is expected to see highest increase in job growth!
How goes the real estate market is how goes the economy, how goes the economy is how goes the world! Hopefully, look like the positive outlook on the real estate market is pointing things in the right direction.
Comments (0)Subscribe to CommentsComment