Great News! Affordable Homeownership Just Got Even More Affordable
A Big Break for Home Buyers
In light of current real estate market conditions and FHA’s recent announcement, this is one of those rare occasions when the question is “do you want the good news… or the great news?”
I’ll make your choice really easy, the great news first- if you’re considering applying for an FHA mortgage loan to buy your next home, the FHA required MIP (Annual Mortgage Insurance Premium) has been reduced resulting in lower upfront costs and more affordable monthly mortgage payments for FHA home buyers. Katie at Fairway Mortgage, a Loan Officer that I trust and work with frequently, posted these details: For the average borrower purchasing a one-unit single family home with a down payment of 3.5 percent and a mortgage amount of $467,700 – the national median home price as of December 2022 – FHA’s annual MIP reduction will save them more than $1,400 in the first year of their mortgage.
All home buyers utilizing an FHA mortgage loan are responsible for an upfront charge of MIP equal to a percentage of the loan amount, as well as an amount calculated into monthly mortgage payments on an FHA loan. FHA loans are typically obtained by first time, lower income or higher risk home buyers although they are available to any qualified buyer. The MIP or Mortgage Insurance Premium is the government’s safeguard for the lender ensuring that the mortgage will be repaid.
And there’s even more good news for home buyers- home prices here in the Valley have been falling in most Phoenix Metro Area zip codes since the last quarter of 2022. According to a recent post by AZ Central new outlet, the Queen Creek/San Tan area saw the biggest drop in its median home price at 27%, followed by zip codes in Phoenix, Sun City, Mesa and many other Phoenix suburbs.
Home buyers are also seeing more willingness on the part of sellers to negotiate concessions and repairs, bringing me to the outstanding news- all things considered, this is a far more buyer-friendly real estate climate than we have experienced in several years.
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Bill Salvatore / Arizona Elite Properties
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