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HUD suspends FHA mortgage insurance rate cut after Trump takes office

By Marcus Rice

Real Estate Broker/Owner with Equity First Realty VA BKR# 0225058489

January 20, 2017 07:34 PM

HUD, Ben Carson and the Donald Trump Administration today indefinitely suspended a pending rate cut from mortgage insurance required FHA backed loans. These loans are popular for first-time home buyers and those with poor credit. These rate cuts would have saved homeowners hundreds of dollars each year.

The suspension of the rate cut is to start on January 27th. For most future borrows the rate will now remain at .85% rather than .60%. In Fairfax County the limit on an FHA mortgage is $636,150. In Henrico County the loan limit on an FHA mortgage is $535,900.

If the planned reductions went to effect, borrowers who put down less than 5% on a $600,000. 30 year mortgage would have saved almost $1,500 a year. From our estimates it looks like the average home buyer would of saved $600 a year.

Hopefully after the Trump Administration gets settled they will lift the suspension of mortgage rate insurance or create a better program.

But have no fear, Equity First Realty has two great programs to help to solve this rate cut suspension issue when buying your next home so we can "Make America Great":

If you're looking to sell and buy your next home we have a program where you can sell your house for free when you buy your next house with us. Save your equity when selling and buy down your mortgage loan rates when buying. O% List For Free Program
If you're buying only receive a 1.5% cash back rebate at closing which can be used towards your closing costs or you can receive a check at closing. Equity First Realty Cashback Rebate Program

These two programs will help dramatically when buying your next home so you don't have to feel the pressure of higher interest rates and mortgage insurance premiums.

Get a cash back real estate rebate when buying your next home with Equity First Realty®. Receive thousands of dollars at closing with our award winning program!

Want more money in your pocket for closing? How about being able to afford a bigger/nicer Virginia home? Well, you can with Equity First Realty®! Equity First Realty Now Gives YOU Cash Back Buyer Rebates at Closing!

Buyer rebates that give you cash back at closing?! If you have ever wondered how cash back rebates work for real estate, here is the inside scoop…

When real estate agents sell a property, they usually collect a commission between 2.5% and 3% of the property's gross sales price. So, on a $500,000 house, that would mean a commission of $15,000.00 to the selling broker. Out of that $15,000 commission, the buyer would receive $7,500 at closing (rebate check). Equity First Realty offers rebates of 1.5% on new construction and 1.5% for pre-owned homes for sale in Virginia. In other words, we can give half of our 3% commission to you for new construction and half of our 3% commission for resale properties. Yes, we'll pay you to be our customer!

Many of today's home buyers are clearly willing and (with the Internet) able to search for and locate their own properties without relying on an agent to find houses for sale for them. For doing some of the work, Equity First Realty® thinks you are entitled to a portion of that commission. So, we're willing to give 1.5% of the sales price back to you, just for letting us help you purchase your next home.

Get a cash back real estate rebate when buying your home. If you are looking to buy a home in Northern Virginia area, then why not get a cash back home rebate? Just like retail product promotions for rebates where you get money back after you purchase a product, you too can get cash back on your home purchase! Equity First Realty® offers 1.5% of our real estate commission to buyers that use us as their representative in their real estate transactions. We are your premier Northern Virginia Discount Real Estate Broker!

The Internet has changed the way real estate is bought and sold. Today's consumers have information at their fingertips. That saves us time and money and we pass those savings along to you with a Home Buyer Real Estate Rebate. 1.5% of the commission we earn goes back to our clients. The typical Virginia real estate buyer gets back between $9,000 to $14,000. Sometimes Much More!

Most Realtors won’t offer to give you a real estate rebate and will keep the whole commission to themselves, but Equity First Realty® wants to PAY YOU for the work we know you have put into your own real estate search. The average Virginia commission can on average bring in a real estate commission of $21,000, and if you work with us, $10,500 of that can be cash in your pocket or even go towards your home purchase closing costs! Find out how you can take advantage of a home rebate today!

Contact me today if you're thinking about buying or building your next home, I look forward to servicing your needs. Real estate rebates are legal in the state of Virginia. Commission rebates are 100% permitted in Virginia and promoted by the U.S. Department of Justice: Click here for more U.S. Department of Justice information.

We are your premier Virginia Discount Real Estate Broker! *certain conditions apply

The Marcus Rice Team specializes in residential and commercial real estate in the whole state of Virginia. We are tech savvy realtors with over 20 year’s experience. Please join us on our social networking network to stay up to date on Virginia real estate news and more...