Industry News: Reducing FHA Premiums to Help Make Mortgages More Affordable – Stay Tuned

Industry News: Reducing FHA Premiums to Help Make Mortgages More Affordable 

Thanks Sandy for the latest information. Stay tuned. — Garry

—–

January 7, 2015
Reducing FHA Premiums to Help Make Mortgages More Affordable
The FHA is reducing annual FHA mortgage insurance premiums by 0.5 percentage points from 1.35 percent to 0.85 percent. This reduction in premiums will produce an average savings of $900 annually for all new FHA borrowers.

From the Office of the Press Secretary…

“When President Obama took office, our housing market was in free-fall, and rising unemployment and plunging house prices posed numerous challenges for families and the broader economy. The President took immediate action to stabilize the housing market and protect the middle class. These steps helped millions of middle class families stay in their homes, save money on their mortgages, and turn their communities around.

Today, the housing market is on firmer footing. Rising home values have brought millions of families out from being underwater, new foreclosures are at the lowest levels since 2006, and home sales have substantially increased. The President’s push for tough enforcement against past abuses and strong new consumer protections have helped curb irresponsible lending and have given responsible Americans more confidence and security in their most substantial investment. And the Consumer Financial Protection Bureau has pioneered new, streamlined mortgage forms to make simpler and easier for families to buy a house.

Still, there’s more work to do: too many creditworthy families who can afford—and want to purchase—a home are shut out of homeownership opportunities due to today’s tight lending market.”

Continue Reading »<http://www.whitehouse.gov/the-press-office/2015/01/07/fact-sheet-making-homeownership-more-accessible-and-sustainable&gt;

—–

Reducing FHA Premiums to Help Make Mortgages More Affordable

The FHA is reducing annual FHA mortgage insurance premiums by 0.5 percentage points from 1.35 percent to 0.85 percent. This reduction in premiums will produce an average savings of $900 annually for all new FHA borrowers.

From the Office of the Press Secretary…

“When President Obama took office, our housing market was in free-fall, and rising unemployment and plunging house prices posed numerous challenges for families and the broader economy.  The President took immediate action to stabilize the housing market and protect the middle class.  These steps helped millions of middle class families stay in their homes, save money on their mortgages, and turn their communities around.

Today, the housing market is on firmer footing. Rising home values have brought millions of families out from being underwater, new foreclosures are at the lowest levels since 2006, and home sales have substantially increased.  The President’s push for tough enforcement against past abuses and strong new consumer protections have helped curb irresponsible lending and have given responsible Americans more confidence and security in their most substantial investment. And the Consumer Financial Protection Bureau has pioneered new, streamlined mortgage forms to make simpler and easier for families to buy a house.

Still, there’s more work to do: too many creditworthy families who can afford—and want to purchase—a home are shut out of homeownership opportunities due to today’s tight lending market.”

Continue Reading »<http://www.whitehouse.gov/the-press-office/2015/01/07/fact-sheet-making-homeownership-more-accessible-and-sustainable>

 

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About Garry Callis - Legacy Real Estate Group - Colorado

Awesome Colorado Realtor! Check me out at www.legacyrealtor.net

Posted on January 9, 2015, in Market Conditions, Mortgage News. Bookmark the permalink. Leave a comment.

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