279,878
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Gabe Sanders if buyers find the opportunity in new FHA, they surely will enter the market. We had only 31% share of first time home buyers in 2014, as per one report.
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Gabe Sanders
Stuart, FL
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Help me if I'm wrong but the MIP, even though it's less, never goes away as it did previously. When the original principal amount reached 79% the MIP would disappear automatically or you could apply to have it removed when 80% of the original loan was met. You need to analyze your purchase looking ahead for 5, 10 or even 20 years.
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Katie Law
Milpitas, CA
630,251
6,418,899
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And no one can deny that when buyers see the benefit, they will come forward.
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Connie Wildasinn now that's a nice way to put it - bottom line is....bottom line!
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28,483
yes it will most definately help... bottom line is still the bottom line
2,443,250
Yes I do, home ownership is a privilege and a way of life. Most responsible people value owning a home.
4,800,132
I believe that more will now use the FHA loan, though not sure if more overall buyers will enter the market because of it.
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Scott Godzyk - at least one benefit , some of them may qualify because of lower MI.
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Ron & Alexandra Seigel you are right. This may not make much difference on luxury market - your specialty.
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Even if they do, the strict guidelines are still in place and many will not be able to qualify for the strict standards
5,877,915
Praful, the lower MI will make FHA more attractive. I think some first time home buyers will go for it.
5,772,587
Praful, that is possible and it depends on the market. We were talking on Friday to an agent who just sold a "starter home" for $900,000, to a first time home buyer. Given the $$$amount, you have to have the income to pay for it, and I don't think it would make a big difference in this case.
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Cindy Davis I am not sure what will be the mortgage insurance for such conventional loans with 3% down. However, as long as they come forward to purchase their home, any incentive is a good incentive!
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Roy Kelley well said - the onus is on us! We should educate buyers the benefits of buying when they have such advantages.
7,864,157
Most first time buyers have little appreciation of this news. They need to be educated by their real estate agent and their loan officer. The end result is that many will benefit from the lower MIP.
443,220
I'm not sure. There is a new conventional loan from Fannie and Freddie for a 3% down conventional loan which seems more promising right now.
But sure, lowering mortage insurance won't hurt anything!
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I do believe that this new guidelines - lower MIP - will help the first time home buyers a lot.