FHA Mortgage Market changes in Louisville KY

By
Real Estate Agent with RE/MAX Champions 71477

 

Louisville KY real estate agents are always looking for a way to inspire their clients to buy now. The latest round of increases in upfront mortgage insurance costs and yearly premium are just the latest incentive to get our Louisville home buyers to make a purchase before April first. That is when the increase in the yearly premium goes up to as high as 1.25%.  The upfront cost of an FHA loan will increase from 1.0% to 1.75%.  This will strengthen the capital reserves at FHA and at the same time increase our client’s cost.

FHA mortgages in Louisville KY

 

This is important to The Dobbs Team as a good many of our Louisville home buyers procure there home with an FHA loan. We find that first time home-buyers are often using FHA mortgages.  This is due primarily to the low down payment needed.

 

As our home-buyers are learning about the total cost of home ownership, they often want to revolt when they hear that they have to pay Mortgage Insurance (MI).  We tell them it hard to complain about paying Mortgage Insurance when they look at the alternative of needing 20% down with a conventional loan.  The 3.5% down payment required from FHA looks pretty sweet. Regardless, this latest changes by FHA will make a difference in the monthly payments of our Louisville real estate clients.

 

Feel free to contact Steve Dobbs with The Dobbs Team if you have any questions about this or the Louisville KY Real Estate Market.

 

close

This entry hasn't been re-blogged:

Re-Blogged By Re-Blogged At
Tags:
fha mortgage increase

Anonymous
Post a Comment
Spam prevention

Accessibility option: listen to a question and answer it!

To submit the form,
drag the magnifying-glass to the circle on the side.

Type below the answer to what you hear. Numbers or words, lowercase:

Spam prevention

Accessibility option: listen to a question and answer it!

To submit the form,
drag the truck to the circle on the side.

Type below the answer to what you hear. Numbers or words, lowercase:

Anonymous
Post a Comment
Spam prevention

Accessibility option: listen to a question and answer it!

To submit the form,
drag the magnifying-glass to the circle on the side.

Type below the answer to what you hear. Numbers or words, lowercase:

Rainmaker
75,025

Steve Dobbs

Serving the Greater Louisville area
Ask me a question
*
*
*
Spam prevention

Accessibility option: listen to a question and answer it!

To submit the form,
drag the flag to the circle on the side.

Type below the answer to what you hear. Numbers or words, lowercase: