January 13, 2017 By Chris Graves, Mortgage Broker
The beginning of the new year comes with some BIG news for first time home buyers. FHA announced reduced monthly mortgage insurance rates for FHA loans starting January 27, 2017. This will reduce monthly payments for FHA buyers or allow them to qualify for a higher priced home. Here’s what you need to know about this change.
New Reduced Monthly Mortgage Insurance Rates for FHA Loans
The mortgage insurance rate on FHA loans is based on a the purchase price, down payment amount, and term. Most FHA buyers obtain a 30 year loan for under $625,500 and make a down payment of less than 5%. In this case, the monthly MI rate drops from 0.085% to 0.06% per month. On a $400,000 loan, this results in a $100 per month savings. Buyers making a down payment of 5% or more will see rates drop from 0.08% to 0.055%.
For loan amounts above $625,500, the savings is even greater. Loans with 5% down payment will drop from 0.1% to 0.06%. Lower down payment loans will change from 0.105% to 0.06%. On a $700,000 loan, this results in a $315-$420 per month savings.
Effective Date of Reduced Monthly MI Rates
In the past, FHA home loan changes were dependent upon the date that a case number was issued. This is not the case with the reduced monthly mortgage insurance rates for FHA loans starting January 27, 2017. All loans disbursed on or after that date will receive the new lower rate. The date that funds are disbursed is not always the same as the closing date. Contact your lender for details. If you have a loan scheduled to close this month, it may be worthwhile to look into altering the closing date in order to receive the new reduced monthly mortgage insurance rates.
Want to learn more? Need to get pre-approved? Learn more about Chris Graves Mortgage Services @ http://chrisgravesmortgageexpert.comRead more
How do I sell a home if it needs significant repair? If by significant you mean you have foundation issues, there’s water damage, the roof is bad, you have bad tenants, it would be a bad situation. In that case what you’re looking for is you don’t want your typical realtor, you don’t want your typical buyer. Typical realtor, typical buyer is probably going to present you with a sign in the yard, open house, a lot of people doing showings, coming through your property. That’s probably not what you want. It’s probably not a safe environment, it’s probably not an environment that you want to have a realtor coming in and taking photos of and posting them all online.
What you are looking for in your situation if it’s a home with significant repair needed is a renovation specialist. You’re looking for someone to come in who understands how to buy homes that need repair, that have their own money, that don’t need a bank appraisal. These renovation specialists are also not going to do home inspections. They can close quickly if that’s what you’re looking to do. They are professionals at renovating homes that need a lot of work. At the Mandrell Company we have a long list of these professionals, professionals that we’re working with and contacting on a regular basis.
If you are in need to sell a home or if you are in possession of a home that needs significant repair, you are looking to sell, we would love to connect you with these professionals. They are looking to create a win/win situation. They want to make sure that everyone involved, as well as the Mandrell Company, we want to make sure everyone involved comes out on the other end satisfied, happy with the solution that was achieved. These renovations specialists can make you an offer on your property within 48 hours. The offer would be cash. Again, they can close quickly if that’s what you need.
If you do have an interest please give us a call. You can reach us at 617-297-8641 or you can contact us through email at firstname.lastname@example.org. You can also visit our website at mandrellco.com or the easiest way would be to click on the link below in the video description or the learn more button to your lower right hand side. Again, we’d love to work with you. Hopefully we can come up with a win/win solution for your home if it needs significant repair. Please reach out to us and we’ll see what we can do. Thanks.
Thanks for watching our video. Did you find this information useful? If so, please remember to like the video and also subscribe to our channel for more useful information. I would also encourage you to share this video with your friends and family. Thanks again and we’ll talk to you soon.Read more
Are you a current or aspiring landlord in Massachusetts? No matter how many years you have in the rental business, fully understanding your local market is one the most important thing you can do to ensure your long-term success. Receiving regular market updates will help you determine when’s it time to buy and when it’s time to sell. It will also allow you to see what your apartments rent for in comparison to your neighbors. Should you be increasing rents?
Here are Woburn’s multifamily sales and rental market statistics over the last 6 months of 2016.
Total Multi-Family Listings SOLD: 9
Average Living Area by Square Feet: 2,594.00
Average Listing Price: $521,735
Average DOM (Days on Market): 37.87 Days
Average Sales Price: $515,880
Average Rent for 1 Bedroom Units: $1,238
Average Rent for 2 Bedroom Units: $1,879
Average Rent for 3 Bedroom Units: $2,274
Average Rent for 4 Bedroom Units: $2,422
Want to get a FREE Sales and Rental Market Report for your specific area(s)? Just send a quick email to Contact@MandrellCo.com to receive your monthly report. In the title put the words “FREE Boston Sales Statistics” and in the body, add the up to 3 areas you’d like to receive data for. Your name and email will be added to the next monthly reporting cycle. It’s that simple to stay up to date and ahead of the curve!
Please call us directly at 617-297-8641, for custom reports or questions above the data provided.Read more