In a move designed to bring more first-time homebuyers into the housing market, President Barack Obama said Wednesday the Federal Housing Administration (FHA), the government insurer of home loans, will lower its annual insurance premiums from 1.35 percent to 0.85 percent. Fantastic News for First Time Homebuyers or any other buyers with lower credit score & lower downpayment requirements. For the typical FHA applicant, the reduction in premiums means a savings of about $80 on their monthly payment, according to CoreLogic.
It couldn’t be a better time, as we heading toward February which is the beginning of the spring market. I think it will have a positive impact particularly in the first-time homebuyer market, especially in Las Vegas. The current FHA loan limit for Clark County is $287,500 for a Single Family Residence. In that price range, it is easy to find a great Property in Las Vegas valley at a low affordable price, due to large Inventory of Homes available on the Market, and it’s possible that even more homes will become available by spring.
The FHA had been the only low down payment product available, with a minimum 3.5% down, and recently Fannie Mae and Freddie Mac announced a new even lower – 3% down payment product that would require private mortgage insurance. There is so many advantages to use FHA loan programs: the low downpayment & credit score requirement, low Interest rates, and low FHA mortgage insurance. And it is more beneficial to own a home than renting…
For more information, please contact Tatiana Moody of realty Executives, an experienced Realtor in Las Vegas, specializing in working with First Time Buyers.
Tatiana Moody: 702.460.4702 or email: firstname.lastname@example.org