The LA Times reports that sales are hot and prices have cooled, “the latest sign that the region’s housing recovery might finally be reaching more people.”
It certainly helps that interest rates remain extremely low, as reported here by the LAT…
A third piece of good news comes to us courtesy of President Obama and the Federal Housing Administration. Many first-time borrowers rely on “FHA backed” home loans which require less of a down payment for qualified buyers. The tradeoff has been the requirement of PMI (Private Mortgage Insurance), which costs hundreds of dollars monthly and can be a deal-breaker for folks on a budget. Recently the Obama Administration applied pressure on the FHA to lower the amount of PMI premium that borrowers must pay. It isn’t a huge savings, but as the AP reports, “the move is estimated to save the average homebuyer $900 a year, as well as help save money for homeowners looking to refinance their mortgage.”
We like good news, and are here to help you find your dream home. We can help find you a mortgage loan, too, in fact we’ll advise you through every phase of this important process.
Contact us anytime at Tracy Do Real Estate.