Nathan Gesner, Broker / Property Manager (American West Realty and Management)

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Fred Griffin Florida Real Estate
Fred Griffin Real Estate - Tallahassee, FL
Licensed Florida Real Estate Broker

     With respect, this is about MIP, not interest rates.

    Trump did not sign it, an Obama holdover (Genger Charles, General Deputy Assistant Secretary for Housing) signed the mortgage letter.

     This was done after Senator Pat Toomey (Republican) and others were concerned that FHA reserves are already dangerously low ("It was as recently as 2013 that FHA needed a bailout," said Toomey).

      Here is the Mortgage Letter, dated today, January 20

    

Jan 20, 2017 08:12 PM
Rainmaker
5,096,166
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

I do not believe that President Trump signed an executive order to this effect as yet. He signed four of them yesterday and this is not one of them. Where did you get this information?

Jan 21, 2017 03:51 AM
Rainmaker
1,619,091
Inna Ivchenko
Barcode Properties - Encino, CA
Realtor® • GRI • HAFA • PSC Calabasas CA

My question is why Mr. O. waited for 8 years till now to make any changes in it? 

Jan 21, 2017 12:10 AM
Rainmaker
206,670
Chuck Mixon
The Keyes Company - Cutler Bay, FL
Cutler Bay Specialist, GRI, CDPE, BPOR

The law calls for a 2% reserve to keep the program healthily funded.  That surplus has dropped to on 2.23%  dangerously low to ensure it's safety. I think  the new administration will take a closer look before moving forward. As to it will hurt the markets my feeling is no.  Buyer are told what their payments will be and the say yes or no, I feel interest rate will heart more and be more visible to the general public.

Jan 20, 2017 07:17 PM
Rainmaker
5,190,916
Wayne Martin
Wayne M Martin - Chicago, IL
Real Estate Broker - Retired

If $500 dollars on average derails a purchase, a purchase may be a stretch that should not be taken!

Jan 21, 2017 06:48 AM
Rainmaker
1,529,338
Thomas J. Nelson, REALTOR ® e-Pro CRS RCS-D Vets
Big Block Realty 858.232.8722 - La Jolla, CA
CEO of Vision Drive Realty - Coastal San Diego

Rates are still historically low.

My first house 1989 was double digits and my last purchase in 2007 was 7%.

Jan 20, 2017 08:27 PM
Rainmaker
1,712,551
Joe Pryor
The Virtual Real Estate Team - Oklahoma City, OK
REALTOR® - Oklahoma Investment Properties

Negative and expect more of this.

Jan 20, 2017 07:20 PM
Rainmaker
823,379
Susan Laxson CRS
Palm Properties - La Quinta, CA
Realtor in San Diego, CA & Naples, FL

I agree with Fred Griffin 

Jan 21, 2017 01:54 PM
Ambassador
5,032,496
Jeff Dowler, CRS
eXp Realty of California, Inc. - Carlsbad, CA
The Southern California Relocation Dude

I think Fred Griffin 's got it. TIme will tell

Jan 21, 2017 08:43 AM
Rainmaker
1,466,207
Michael Setunsky
Woodbridge, VA
Your Commercial Real Estate Link to Northern VA

Nathan Gesner Fred Griffin has this one.

Jan 21, 2017 07:37 AM
Ambassador
2,160,819
Carol Williams
Although I'm retired, I love sharing my knowledge and learning from other real estate industry professionals. - Wenatchee, WA
Retired Agent / Broker / Prop. Mgr, Wenatchee, WA

Thanks Fred Griffin for clarifying that!  Isn't the knowledge base on AR awesome?

Jan 21, 2017 07:06 AM
Rainmaker
3,415,644
Scott Godzyk
Godzyk Real Estate Services - Manchester, NH
One of the Manchester NH's area Leading Agents

It did not come from Trump. I read it and studied it. I feel after reading all the pros and cons that there was no need for a reduction. For what you get, it is already low. FHA needs to bolster itself not cut itself. They still do not know how to handle foreclosures and should put their effort on that

Jan 21, 2017 06:23 AM
Rainmaker
3,071,489
Tony and Suzanne Marriott, Associate Brokers
Serving the Greater Phoenix and Scottsdale Metropolitan Area - Scottsdale, AZ
Haven Express @ Keller Williams Arizona Realty

Fred Griffin nailed this one!

Jan 21, 2017 05:23 AM
Ambassador
6,352,545
Bob Crane
Woodland Management Service / Woodland Real Estate, KW Diversified - Stevens Point, WI
Forestland Experts! 715-204-9671

I think that .25% is not enough for anyone to get excited about.

Jan 21, 2017 04:39 AM
Rainmaker
908,508
Jeff Pearl
RE/MAX Distinctive / LIC in VA - Lovettsville, VA
Full Service Full Time Realtor

It will have a negative effect on a small % of buyers. There are other programs available that help many first time buyers. If a buyer of a $400,000.00 home using FHA can't afford the additional $100.00 per month, maybe they should not buy, or buy a lower priced property. I'm not going to worry about it.

Jan 21, 2017 04:26 AM
Rainmaker
4,552,903
Michael Jacobs
Pasadena, CA
Pasadena And Southern California 818.516.4393

There is no shortage of "talking heads" and "self-proclaimed experts" out there....time will tell...which I will likely repeat often in the next four years.  

Unfortunately, FHA is not a large segment of our buyer pool in most of the areas I cover because of the affordability factor.  It's difficult for them to be competitive when there are multiple offers with conventional financing or all cash transactions.  

Jan 21, 2017 12:13 AM
Rainmaker
4,423,519
Endre Barath, Jr.
Berkshire Hathaway HomeServices California Properties - Beverly Hills, CA
Realtor - Los Angeles Home Sales 310.486.1002

My first reaction is we were doing fine without the decrease... then we got all excited about the decrease we will adjust... I suspect it will be reevaluated again after all this is the 7th change if I am not mistaken in the past year or so...Endre

Jan 20, 2017 10:00 PM
Rainmaker
577,750
Gloria Valvasori, Accredited Senior Agent
BETTER HOMES AND GARDENS REAL ESTATE SIGNATURE SERVICE - Mississauga, ON
REAL Experience | REAL Commitment | REAL Results!

If the changes are such that it now prevents home ownership to those who otherwise may have purhcased a home, it is negative in my view.

Jan 20, 2017 07:49 PM
Rainmaker
2,224,473
Debbie Laity
Cedaredge Land Company - Cedaredge, CO
Your Real Estate Resource for Delta County, CO

What Fred Griffin said. 

Jan 22, 2017 08:44 PM
Rainer
321,564
Melissa Jackson REALTOR
Trinity Premier Properties - Azle, TX
Helping You Make The Right Move

This is all over my social media news feed!   I'm not familiar with all the information. Fred Griffin explains this very well.  I believe it's just fuel for people to keep negativity flowing.   So many people don't know what they are talking about. If a buyer is that close to losing a purchase over MIP, maybe they should not put themselves in this situation.  

Jan 22, 2017 07:54 PM
Rainmaker
864,658
Les & Sarah Oswald
Realty One Group - Eastvale, CA
Broker, Realtor and Investor

Fred Griffin nailed this one.

Jan 22, 2017 11:36 AM
Rainmaker
1,498,148
Ryan Huggins - Thousand Oaks, CA
https://HugginsHomes.com - Thousand Oaks, CA
Residential Real Estate and Investment Properties

Looks like Fred Griffin has detailed info.

Jan 22, 2017 10:16 AM
Rainmaker
4,973,088
Dorie Dillard Austin TX
Coldwell Banker Realty ~ 512.750.6899 - Austin, TX
NW Austin ~ Canyon Creek and Spicewood/Balcones

Thanks Fred Griffin for setting the record straight.

Jan 21, 2017 06:11 PM
Ambassador
3,339,049
Kathleen Daniels, Probate & Trust Specialist
KD Realty - 408.972.1822 - San Jose, CA
Probate Real Estate Services

Fred Griffin has covered the facts and clarification on this. 

Jan 21, 2017 02:09 PM
Rainmaker
5,583,167
Barbara Todaro
RE/MAX Executive Realty - Happily Retired - Franklin, MA
Previously Affiliated with The Todaro Team

Fake news????

Jan 21, 2017 09:49 AM
Rainmaker
2,168,165
Michael J. Perry
KW Elite - Lancaster, PA
Lancaster, PA Relo Specialist

Trump is very Pro-Real Estate , it could be just temporary 

Jan 21, 2017 09:46 AM
Rainmaker
151,633
Julie Larson Realtor® Sarasota FL 941-284-9826
White Sands Realty Group FL | 941-284-9826 | Serving Sarasota, Manatee & Charlotte Counties - Sarasota, FL
When you're thinking of moving...ThinkSuncoast.com

It seemed like a hasty decision on President Obama's part to do that right before leaving office. I'm glad that President Trump rescinded it in order to have time to further evaluate. Some will see it as negative on President Trump's part, but I believe it to be prudent.

Jan 21, 2017 06:46 AM
Rainmaker
142,796
Diana White-Pettis
Bennett Realty Solutions - Upper Marlboro, MD
GRI, CDPE, CNE, WHC Upper Marlboro Homes for Sale

It will all work out in the end.

Jan 21, 2017 05:53 AM
Rainmaker
4,800,082
Gabe Sanders
Real Estate of Florida specializing in Martin County Residential Homes, Condos and Land Sales - Stuart, FL
Stuart Florida Real Estate

It will have a negative effect on affordability for these products.

Jan 21, 2017 05:30 AM
Rainmaker
4,434,127
Gita Bantwal
RE/MAX Centre Realtors - Warwick, PA
REALTOR,ABR,CRS,SRES,GRI - Bucks County & Philadel

No idea.

Jan 21, 2017 04:39 AM
Rainmaker
1,617,866
Harry F. D'Elia III
WEDO Real Estate and Beyond, LLC - Phoenix, AZ
Investor , Mentor, GRI, Radio, CIPS, REOs, ABR

It will all work out

Jan 21, 2017 03:52 AM
Rainmaker
1,157,785
FN LN
Toronto, ON

Not in our great country.

Jan 21, 2017 12:07 AM
Rainmaker
4,319,419
Praful Thakkar
LAER Realty Partners - Andover, MA
Andover, MA: Andover Luxury Homes For Sale

William Piotrowski - I think it will have positive effect.

Jan 20, 2017 10:38 PM
Rainmaker
5,772,353
Ron and Alexandra Seigel
Napa Consultants - Carpinteria, CA
Luxury Real Estate Branding, Marketing & Strategy

Nathan,

I have no idea, will wait and see.  A

Jan 20, 2017 09:24 PM
Rainmaker
5,848,364
Joan Cox
House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

I have a buyer that was excited to have a reduction, which changed one hour after Trump was inaugurated.

Jan 23, 2017 10:37 AM
Rainmaker
1,722,626
Sandy Padula & Norm Padula, JD, GRI
HomeSmart Realty West & Florida Realty Investments - , CA
Presence, Persistence & Perseverance

Positive in the long run. People need to put more 'skin in the game' to insure we do not experience another real estate meltdown.

Jan 23, 2017 06:36 AM
Rainmaker
760,253
Tony Lewis
Summit Real Estate Group - Valencia, CA
Summit Real Estate Group Valencia & Aliso Viejo

No affect except for those that have their payments changed after receiving an estimate in the gap.

Jan 22, 2017 04:58 PM
Rainmaker
3,986,196
William Feela
WHISPERING PINES REALTY - North Branch, MN
Realtor, Whispering Pines Realty 651-674-5999 No.

Most buyers had no idea so the real impact will be minor

Jan 21, 2017 07:11 PM
Rainmaker
4,898,962
Will Hamm
Hamm Homes - Aurora, CO
"Where There's a Will, There's a Way!"

Not a fan of it but it is what it is.  Most snd time buyers are conventional loans, 

Jan 21, 2017 11:52 AM
Rainmaker
1,683,762
Larry Johnston
Broker, Friends & Neighbors Real Estate and Elkhart County Subdivisions, LLC - Elkhart, IN
Broker,Friends & Neighbors Real Estate, Elkhart,IN

We will see if this actually will come to pass.

Jan 21, 2017 10:00 AM
Rainmaker
3,988,007
Debbie Reynolds, C21 Platinum Properties
Platinum Properties- (931)771-9070 - Clarksville, TN
The Dedicated Clarksville TN Realtor-(931)320-6730

I think it is smart to hold up and do an thorough evaluation of the funds before making changes. There will be lots of changes coming in the future.

Jan 21, 2017 09:05 AM
Rainmaker
2,775,511
Richie Alan Naggar
people first...then business Ran Right Realty - Riverside, CA
agent & author

Don't know for sure but anything he touches will move for the better

Jan 21, 2017 08:04 AM
Rainmaker
1,237,270
Sam Shueh
(408) 425-1601 - San Jose, CA
mba, cdpe, reopro, pe

In our area sellers prefer conventional high down as homes may not appraise to the overpaid value.  Condition is another issue.

For home owner accept a FHA loan in SFBA can be risky because of its limitations.

 

Jan 21, 2017 08:00 AM
Rainmaker
599,124
Nathan Gesner
American West Realty and Management - Cody, WY
Broker / Property Manager

All major media reported on this yesterday. It is not fake news. The Assistant Deputy Secretary of Housing (or something like that) announced it but the order was clearly given by President Trump, the only person capable of reversing an existing executive order.

My thoughts. First, Obama signed his executive order on January 9th so there hasn't been time for it to benefit anyone. Second, the order reduced FHA mortgage interest by 0.25% which means a reduction of less than $30 a month on a $200,000 purchase. Is that really significant enough to prevent anyone from buying a home?Third, FHA is not in a position to be making cuts when they had to be bailed out just three years ago. I think it was a prudent decision.

Jan 21, 2017 07:41 AM
Rainmaker
536,943
Rose Mary Justice
Synergy Realty Pros - Dandridge, TN
Synergy Realty Pros

Let's wait and see what happens this year.

Jan 21, 2017 07:03 AM
Rainmaker
7,788,039
Roy Kelley
Retired - Gaithersburg, MD

A very negative impact on those who use FHA financing.

Jan 21, 2017 06:21 AM