Home > Blogs > Lanise Warrior-Johnson > Your Real Estate Dreams Can Come True

So you're ready to buy your first home.

By Lanise Warrior-Johnson

Real Estate Agent with Real Estate Brokers Services, Inc. DRE# 01909433

January 31, 2013 11:21 AM

So you're ready to buy your first home.

So you're ready to buy your first home. Are you thinking of getting an FHA loan? FHA has made some recent changes that you should consider before obtaining an FHA loan.

In a press release yesterday, the FHA have confirmed that all new FHA buyers will pay Mortgage Insurance for the Life of their Loan starting April 1, 2013. What this means is that new buyers will pay FHA Mortgage Insurance Premiums or “MIP” for the life of the loan.

The current rules allow an FHA borrower who reaches 22% equity, and has been had their loan for approximately 5 years to remove the MIP.

The FHA made 3 new changes to their current rules:

1. The FHA is eliminating MIP removal on loans. This means new buyers will pay FHA “MIP” for the life of the loan now.

2. THA is increasing monthly mortgage insurance payments again, this time by .10 basis points. So if you are getting an FHA Loan for a $400k mortgage that is an increase of $40 a month.

3. FHA will propose an increase in the minimum down payments for jumbo loans from 3.5% to 5% down payment. A jumbo loan is defined as a home loan for more than $625,000.

For more information regarding the new changes to FHA please click here to visit the FHA website.

The infographic is a quick look at home much are first time buyer homes in some of California's metropolitan areas. Please keep in mind that these home prices are the median value.

Re-Blog

Comments (5)
Subscribe to Comments Comment

Show All Comments

Sort:

John McCormack, CRS

Albuquerque Homes Realty - Albuquerque, NM

Honesty, Integrity, Results, Experienced. HIRE Me!

Are you a first time home buyer? Be wise and contact area REALTOR Lanise Warrior. Lanise is prepared to make your home dreams become a reality.

Jan 31, 2013 11:23 AM

Tammy Lankford,

Lane Realty Eatonton, GA Lake Sinclair, Milledgeville, 706-485-9668 - Eatonton, GA

Broker GA Lake Sinclair/Eatonton/Milledgeville

Over the life of the loan? Guess they are trying to make money off the backs of people who do continue to pay their mortgages after all the money they lost the last 5 years on the ones that defaulted and they had to pay off on. I think it's criminal.

Of course I have always thought a larger down payment was a good idea.

Jan 31, 2013 11:26 AM

Lanise Warrior-Johnson

Real Estate Brokers Services, Inc. - Compton, CA

Real Estate Specialist

Thanks John!

Tammy- I agree, but in So. Cal...in my market a nice starter home is around $350K, so most buyers don't have 20% down payments. I have a couple of Lenders that I work with with 5% Conventional programs that may be a better deal for my clients that would typically assume an FHA loan.

Jan 31, 2013 11:34 AM

Charles Stallions Property Manager

Charles Stallions Real Estate Services - Pace, FL

Pensacola, Pace & Gulf Breeze Property Management

Hope you rake it in Lanise with this marketing piece good luck and Happy Selling

Jan 31, 2013 12:52 PM

Mike Warren

Real Estate - Colorado Springs, CO

Good post, Lanise. Thanks for sharing. Good luck and more success!

Feb 07, 2013 04:50 PM

So you're ready to buy your first home.

So you're ready to buy your first home.

So you're ready to buy your first home. Are you thinking of getting an FHA loan? FHA has made some recent changes that you should consider before obtaining an FHA loan.

In a press release yesterday, the FHA have confirmed that all new FHA buyers will pay Mortgage Insurance for the Life of their Loan starting April 1, 2013. What this means is that new buyers will pay FHA Mortgage Insurance Premiums or “MIP” for the life of the loan.

The current rules allow an FHA borrower who reaches 22% equity, and has been had their loan for approximately 5 years to remove the MIP.

The FHA made 3 new changes to their current rules:

For more information regarding the new changes to FHA please click here to visit the FHA website.

The infographic is a quick look at home much are first time buyer homes in some of California's metropolitan areas. Please keep in mind that these home prices are the median value.

Comments (5)
Subscribe to Comments Comment

Lanise Warrior-Johnson

Service Areas

Recent Posts

Additional Information

So you're ready to buy your first home.

So you're ready to buy your first home. Are you thinking of getting an FHA loan? FHA has made some recent changes that you should consider before obtaining an FHA loan.

In a press release yesterday, the FHA have confirmed that all new FHA buyers will pay Mortgage Insurance for the Life of their Loan starting April 1, 2013. What this means is that new buyers will pay FHA Mortgage Insurance Premiums or “MIP” for the life of the loan.

The current rules allow an FHA borrower who reaches 22% equity, and has been had their loan for approximately 5 years to remove the MIP. The FHA made 3 new changes to their current rules:

For more information regarding the new changes to FHA please click here to visit the FHA website.

The infographic is a quick look at home much are first time buyer homes in some of California's metropolitan areas. Please keep in mind that these home prices are the median value.

Comments (5) Subscribe to CommentsComment

Lanise Warrior-Johnson

Service Areas

Recent Posts

Additional Information

The current rules allow an FHA borrower who reaches 22% equity, and has been had their loan for approximately 5 years to remove the MIP.

The FHA made 3 new changes to their current rules:

Comments (5)
Subscribe to Comments Comment