Are you planning to sell a home in Minnetonka? You have to check this out: FHA changes are expected to happen on June 3, 2013. Private mortgage insurance premiums are going to stay on the life of for the life of the loan. FHA changes also included increasing the fees in April of 2013 and this is the final change in their 2013 proposal.
What FHA Changes?
Consistent with FHA’s ongoing efforts to strengthen the Mutual Mortgage Insurance Fund, FHA is:
- revising the period for assessing the annual MIP;
- removing the exemption from the annual MIP for loans with terms of 15 years or less and Loan to Value (LTV) ratios of less than or equal to 78 percent at origination; and
- increasing the annual MIP on all forward mortgages except single family forward streamline refinance transactions that refinance existing FHA loans that were endorsed on or before May 31, 2009 (see ML 2012-4).
How do I stop it?
Sorry to say, but you can't stop it. You can purchase a home and get an FHA case number assigned on or before June 2, 2013.
What is this doing to the market?
That is causing a lot of activity in the market right now. Inventory has taken a drastic drop. FHA buyers are creating a spike in activity that is trickling up into all price ranges and cities in the Lake Minnetonka Area. Homes that have been sitting on the market for months are selling with multiple offers. Inventory is VERY low. These changes are a catalyst for a spike in the Minnetonka area home sales. Minnetonka is no different than the surround cities. Sellers are selling their homes quicker than they thought and struggling to find a place to move to.
Sell A Home in Minnetonka Now!
The pace is thrilling and exciting. Those are two adjectives I have been looking forward to using to describe the Minnetonka Area housing market for the last 8 years! We are ECSTATIC that day is finally here. It's a wonderful time to sell your home. If you could ever get more for your home, now is the time.
June 12, 2013 4:01PM
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