FHA PMI Going Down By .25%

FHA PMI Going Down By .25%

Waterstone Mortgage – Barry Botwin BBotwin@WaterstoneMortgage.com (407) 645-6315   Great news!!!  On Monday, HUD Secretary Julian Castro announced that FHA PMI premiums will be reduced .25%, effective with closings on or after January 27th.  This will save the average FHA home buyer $500 per year.

Below is the Article from HUD:

 

HUD No. 17-003 Brian Sullivan (202) 708-0685

FOR RELEASE Monday January 9, 2016

 

FHA TO REDUCE ANNUAL INSURANCE PREMIUMS ON MOST MORTGAGES

Modest reduction expands credit access and reflects improved economic health of FHA

WASHINGTON – As the nation’s housing market continues to improve, U.S. Housing and Urban Development Secretary Julián Castro today announced the Federal Housing Administration (FHA) will reduce the annual premiums most borrowers will pay by a quarter of a percent.  FHA’s new premium rates are projected to save new FHA-insured homeowners an average of $500 this year.

FHA is reducing its annual mortgage insurance premium (MIP) by 25 basis points for most new mortgages with a closing/disbursement date on or after January 27, 2017.  For a full schedule of the new premium rates announced today, read FHA’s mortgagee letter.

Today’s action reflects the fourth straight year of improved economic health of FHA’s Mutual Mortgage Insurance Fund (MMIF), which gained $44 billion in value since 2012.  Last year alone, an independent actuarial analysis found the MMI Fund’s capital ratio grew by $3.8 billion and now stands at 2.32 percent of all insurance in force—the second consecutive year since 2008 that FHA’s reserve ratio exceeded the statutorily required two percent threshold.

Secretary Castro said FHA’s action reflects today’s risk environment and comes at the right time for consumers who are facing higher credit costs as mortgage interest rates are increasing.

“After four straight years of growth and with sufficient reserves on hand to meet future claims, it’s time for FHA to pass along some modest savings to working families,” said Secretary Castro.  “This is a fiscally responsible measure to price our mortgage insurance in a way that protects our insurance fund while preserving the dream of homeownership for credit-qualified borrowers.”

Ed Golding, Principal Deputy Assistant Secretary for HUD’s Office of Housing added, “We’ve carefully weighed the risks associated with lower premiums with our historic mission to provide safe and sustainable mortgage financing to responsible homebuyers.  Homeownership is the way most middle class Americans build wealth and achieve financial security for themselves and their families.  This conservative reduction in our premium rates is an appropriate measure to support them on their path to the American dream.”

Since 2009, the Obama Administration took bold steps to reduce risks in the mortgage market and to protect consumers.   In the wake of the nation’s housing crisis, FHA increased its premium prices numerous times to help stabilize the health of its MMI Fund.  Since 2010, FHA had raised annual premiums 150 percent which helped to restore capital reserves but significantly increased the cost of credit to qualified borrowers.  Today’s step restores the annual premium to close to its pre-housing-crisis level.

In addition, the Obama Administration took dramatic steps to safeguard consumers in the mortgage market to ensure responsible borrowers continued to have access to mortgage capital as many private lending sources tightened their lending standards.   Today’s reduction will significantly expand access to mortgage credit for these families and is expected to lower the cost of housing for the approximately 1 million households who are expected to purchase a home or refinance their mortgages using FHA-insured financing in the coming year.

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source http://www.orlandoflhomesandland.com/fha-pmi-going-25/

 Find out what happens to rates in 2017 in this week’s Markets in a Minute!

For the Week Ending January 6, 2017 Despite the worst start to a year ever, U.S. stocks posted healthy gains in all three major indexes in 2016. Strong stock markets can pressure mortgage rates. Markets forecast the Fed will raise policy rates twice in 2017. However, the Fed expects to increase policy rates 3 times. Either way, looks like rates will rise. Minutes released from last month’s Fed meeting show members are uncertain about how the Trump administration policies will affect economic growth. Freddie Mac released information showing that more than 80% of the top 100 housing markets improved in 2016. The trend is expected to continue in 2017. Home prices nationwide rose 7.1% year-over-year in November, according to CoreLogic. Prices are forecast to rise 4.7% from November 2016 to November 2017. Smart-home tech continues to become mainstream, with 72% of households having some kind of smart product. Voice control is gaining popularity as well.     My goal for 2017 is to accomplish the goals of 2016, which I should have done in 2015 because I made a resolution in 2014 and planned them out in 2013. Happy New Year. Rate movements and volatility are based on published, aggregate national averages and measured from the previous to the most recent midweek daily reporting period. These rate trends can differ from our own and are subject to change at any time. Sincerely, Barry Botwin Waterstone Mortgage Senior Mortgage Advisor NMLS # 216724 (407) 645-6315

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source http://www.orlandoflhomesandland.com/find-happens-rates-2017-weeks-markets-minute/

Relocating to New Area? Try Before You Buy Your Next Home

Lease with a Right to Purchase Program

home-and-key

Lease-Purchase option is available for anyone that is not able to obtain a mortgage and purchse a home.  Do You need a great place to live, in a good neighborhood, but yor’re not quite ready to make the commitment to buy. That’s where the Lease with the Right to Purchase program comes in. Rent with an option to buy or purchase the home. Reason to do this?

 

• Low credit scores, Minimum is 525
• Combined Income minimum is $50,000,
• Stable employment,
• no recent eviction and
• no pending bankruptcy
• Self Employed – 1 yr tax return
• Income varication
• 2 months of rent in savings account

Residents financial obligation is 1 year of rent.  Approved residents can move out after each 1-year lease term without penalty.  Prospect can elect to rent up to 5 years and they can elect to purchase the home any time during the tenancy(lease) of the 5 years.

Easy application to get approved.  Once approved, I will help you find a Single Family residents/home

Investment firm will buy the home, and you will be able to lease home.

List price of home and restrictions of home:

• Single Family or Townhome $100,000 to $500,000
• Minimum of two bedrooms, lot of three acres or less
• Maximum of 3 pets and up to 180 lbs combined weight
• Property type Single Family Home or Townhome
• Traditional Sale or FSBO
• No major deficiencies(major structural issues

 

Once approved, Start property search:

• The Right to Purchase
• Submit the property for approval
• Home Partners will analyze the value of the home
• If approved, we will send the applicant an email outling the Estimated Total Acqusition Cost and what they will offer
• Outline the rent and purchase price for each lease term
• Rent 1 year lease with only increase by 3.75% each year
• Purchase price increase 5% each year

Reasons to Lease-Purchase:

• One time life event affecting credit and ability to obtain mortgage
• Medical, Loss of Job, Divorce, Bankruptcy, Short Sale, Foreclosure
  Can not get a mortgage
• Moving to a new area and do not want to purchase fhe first year
• Have a home to sell
• Short Sale of Home
• Discharged Bankruptcy

Call Peter Petridis to get all the detail information and get ready to Lease-Purchase your next home!  My direct line is 407-756-3303.

 

 

The post Relocating to New Area? Try Before You Buy Your Next Home appeared first on Orlando Florida.

source http://www.orlandoflhomesandland.com/relocating-new-area-try-before-you-buy-your-next-home/

Market Snapshot | Winter Garden FL Jan 2016 to Dec 2016

Market Snapshot | Winter Garden FL

January 2016 to December 2016

Pete Petridis Sales Associate http://www.orlandoflhomesandland.com/ 407-756-3303 petepetridis@gmail.com City: Winter Garden December 2016 Property Type: Single Family Home, Townhome, Condo | Price $0 to $999,999,000 Trending Versus*: Trending Versus*: Market Profile & Trends Overview Month LM L3M PYM LY YTD PriorYTD PriorYear Median List Price of all Current Listings $374,900 1% 11% Average List Price of all Current Listings $440,471 2% 11% December Median Sales Price $290,000 -5% -2% -2% 4% $295,000 5% 5% December Average Sales Price $322,697 7% 3% -3% 9% $314,564 6% 6% Total Properties Currently for Sale (Inventory) 393 -4% 2% December Number of Properties Sold 101 -16% -31% 1488 7% December Average Days on Market (Solds) 67 5% 6% 5% -6% 69 -1% -3% Asking Price per Square Foot (based on New Listings) $146 7% 4% 11% 15% $136 8% 7% December Sold Price per Square Foot $126 -1% -2% -2% 7% $126 7% 7% December Month’s Supply of Inventory 3.9 14% 9% 48% 7% 3.5 -5% -5% December Sale Price vs List Price Ratio 97.1% -0.4% 0% -1% -0.5% 97.5% 0.0% 0.0% * LM=Last Month / L3M=Last 3 Months / PYM=Same Month Prior Year / LY=Last Year / YTD = Year-to-date | Arrows indicate if values are higher (up), lower (down) or unchanged (flat) To View Additional Information, Click Here. Property Sales December property sales were 101, down from 146 in December of 2015 and -15.8% lower than the 120 sales last month. December 2016 sales were at their lowest level compared to December of 2015 and 2014. December YTD sales of 1,488 are running 6.8% ahead of last year’s year-to-date sales of 1,393. Prices The median sales price in December was $290,000, down -2.2% from $296,450 in December of 2015 and down -5.0% from $305,388 last month. The average sales price in December was $322,697, down -3.0% from $332,621 in December of 2015 and up 6.6% from $302,836 last month. December 2016 ASP was at a mid range compared to December of 2015 and 2014. Inventory & MSI The total inventory of properties available for sale as of December was 393, down -3.9% from 409 last month and up 2.1% from 385 in December of last year. December 2016 Inventory was at a mid range compared to December of 2015 and 2014. A comparatively lower MSI is more beneficial for sellers while a higher MSI is better for buyers. The December 2016 MSI of 3.9 months was at its highest level compared with December of 2015 and 2014. Market Time The average Days On Market (DOM) shows how many days the average property is on the market before it sells. An upward trend in DOM tends to indicate a move towards more of a buyer’s market, a downward trend a move towards more of a seller’s market. The DOM for December was 67, up from 64 days last month and up from 64 days in December of last year. The December 2016 DOM was at a mid range compared with December of 2015 and 2014. Selling Price Per Square Foot The selling price per square foot is a great indicator for the direction of property values. Since median sales price and average sales price can be impacted by the ‘mix’ of high or low end properties in the market, the selling price per square foot is a more normalized indicator on the direction of property values. The December 2016 selling price per square foot of $126 was down -0.8% from $127 last month and down -1.6% from $128 in December of last year. Selling Price vs Listing Price The selling price vs listing price reveals the average amount that sellers are agreeing to come down from their list price. The lower the ratio is below 100% the more of a buyer’s market exists, a ratio at or above 100% indicates more of a seller’s market. The December 2016 selling price vs list price of 97.1% was down from 97.5% last month and down from 98.0% in December of last year. Inventory / New Listings / Sales This last view of the market combines monthly inventory of properties for sale along with new listings and sales. The graph shows the basic annual seasonality of the market as well as the relationship between these items. The number of new listings in December 2016 was 123, down -20.6% from 155 last month and up 6.0% from 116 in December of last year. Inventory / New Listings / Sales This view of the market combines monthly inventory of properties for sale along with new listings and sales. The graph shows the basic annual seasonality of the market as well as the relationship between these items. The number of new listings in December 2016 was 123, down -20.6% from 155 last month and up 6.0% from 116 in December of last year.

 

Pete Petridis Sales Associate http://www.orlandoflhomesandland.com/ 407-756-3303 petepetridis@gmail.com City: Winter Garden December 2016 Property Type: Single Family Home, Townhome, Condo | Price $0 to $999,999,000 Quick Note Here is a Market Action Report for Casselberry for the last 12 months. This will show you what is going on in the entire city for single family homes. Thanks. Trending Versus*: Trending Versus*: Market Profile & Trends Overview Month LM L3M PYM LY YTD PriorYTD PriorYear Median List Price of all Current Listings $374,900 1% 11% Average List Price of all Current Listings $440,471 2% 11% December Median Sales Price $290,000 -5% -2% -2% 4% $295,000 5% 5% December Average Sales Price $322,697 7% 3% -3% 9% $314,564 6% 6% Total Properties Currently for Sale (Inventory) 393 -4% 2% December Number of Properties Sold 101 -16% -31% 1488 7% December Average Days on Market (Solds) 67 5% 6% 5% -6% 69 -1% -3% Asking Price per Square Foot (based on New Listings) $146 7% 4% 11% 15% $136 8% 7% December Sold Price per Square Foot $126 -1% -2% -2% 7% $126 7% 7% December Month’s Supply of Inventory 3.9 14% 9% 48% 7% 3.5 -5% -5% December Sale Price vs List Price Ratio 97.1% -0.4% 0% -1% -0.5% 97.5% 0.0% 0.0% * LM=Last Month / L3M=Last 3 Months / PYM=Same Month Prior Year / LY=Last Year / YTD = Year-to-date | Arrows indicate if values are higher (up), lower (down) or unchanged (flat) To View Additional Information, Click Here. Property Sales December property sales were 101, down from 146 in December of 2015 and -15.8% lower than the 120 sales last month. December 2016 sales were at their lowest level compared to December of 2015 and 2014. December YTD sales of 1,488 are running 6.8% ahead of last year’s year-to-date sales of 1,393. Prices The median sales price in December was $290,000, down -2.2% from $296,450 in December of 2015 and down -5.0% from $305,388 last month. The average sales price in December was $322,697, down -3.0% from $332,621 in December of 2015 and up 6.6% from $302,836 last month. December 2016 ASP was at a mid range compared to December of 2015 and 2014. Inventory & MSI The total inventory of properties available for sale as of December was 393, down -3.9% from 409 last month and up 2.1% from 385 in December of last year. December 2016 Inventory was at a mid range compared to December of 2015 and 2014. A comparatively lower MSI is more beneficial for sellers while a higher MSI is better for buyers. The December 2016 MSI of 3.9 months was at its highest level compared with December of 2015 and 2014. Market Time The average Days On Market (DOM) shows how many days the average property is on the market before it sells. An upward trend in DOM tends to indicate a move towards more of a buyer’s market, a downward trend a move towards more of a seller’s market. The DOM for December was 67, up from 64 days last month and up from 64 days in December of last year. The December 2016 DOM was at a mid range compared with December of 2015 and 2014. Selling Price Per Square Foot The selling price per square foot is a great indicator for the direction of property values. Since median sales price and average sales price can be impacted by the ‘mix’ of high or low end properties in the market, the selling price per square foot is a more normalized indicator on the direction of property values. The December 2016 selling price per square foot of $126 was down -0.8% from $127 last month and down -1.6% from $128 in December of last year. Selling Price vs Listing Price The selling price vs listing price reveals the average amount that sellers are agreeing to come down from their list price. The lower the ratio is below 100% the more of a buyer’s market exists, a ratio at or above 100% indicates more of a seller’s market. The December 2016 selling price vs list price of 97.1% was down from 97.5% last month and down from 98.0% in December of last year. Inventory / New Listings / Sales This last view of the market combines monthly inventory of properties for sale along with new listings and sales. The graph shows the basic annual seasonality of the market as well as the relationship between these items. The number of new listings in December 2016 was 123, down -20.6% from 155 last month and up 6.0% from 116 in December of last year. Inventory / New Listings / Sales This view of the market combines monthly inventory of properties for sale along with new listings and sales. The graph shows the basic annual seasonality of the market as well as the relationship between these items. The number of new listings in December 2016 was 123, down -20.6% from 155 last month and up 6.0% from 116 in December of last year.

The post Market Snapshot | Winter Garden FL Jan 2016 to Dec 2016 appeared first on Orlando Florida.

source http://www.orlandoflhomesandland.com/market-snapshot-winter-garden-fl-jan-2016-dec-2016/