Optimism that a sustainable economic recovery is underway is driving increases in home prices across many U.S. metro areas according to an analysis of fourth quarter 2009 prices in 384 metro markets by Fiserv, the leading global provider of financial services technology solutions, and data from the Federal Housing Finance Agency (FHFA).
via Growing Confidence Fuels Single Family Home Price Increases.
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Posted by idahomortgage
The Idaho Housing and Finance Association (IHFA) have launched a new program to make homeownership a reality through its IdaMortgage program. The new Affordable Advantage Loan offers a down payment as low as $1,000, and has no mortgage insurance requirement, saving qualified borrowers money on the mortgage payment every month.
“This IHFA exclusive financing option is a great tool for homebuyers as the housing market in Idaho continues its recovery,” said Gerald Hunter, IHFA president and executive director. “It offers another affordable lending option for low- to moderate-income homebuyers across the state.”
Affordable Advantage Loan
Features of the Affordable Advantage Loan include:
• As little as $1,000 needed from borrower to close
• A low-cost, 30-year fixed interest rate
• No mortgage insurance required, reducing a borrower’s monthly payment
• Financing to first-time homebuyers (including those who have not owned a home in the past three years) with good credit histories, requires a 680.
• Income limits apply
• Loans are serviced in Idaho by IHFA
Home buyers should call me today at (208) 287-1717 to check their eligibility, or visit IdaMortgage www.IdaMortgage.com
Leave a Comment » | FHA Loans, First Time Home Buyer, Mortgage Banking | Tagged: Boise Idaho, Dean Tucker, FHA, First Time Home Buyer, Prime Equity Group, Waterstone mortgage | Permalink
Posted by idahomortgage
In 1934, the Federal Housing Administration (FHA) was created by the National Housing Act for the primary purpose of insuring long-term residential mortgage loans and, thereby, promoting home ownership in the United States. Today, the FHA is the largest government insurer of mortgages in the world.
FHA loans have surged in popularity. In 2005, government-backed FHA loans represented about 2.8% of total loans originated. Today, the number is closer to 30%. Over the past couple of years, as credit standards tightened, FHA loans have become the loan of choice for many homebuyers.
Contributing to the popularity of FHA loans is that the maximum loan amount limit has increased from $303,750 in Ada County to as much as $729,750 in Blaine County, maximum loan amounts depend on the county in which the home is located. (see http://fhaboise.com/fha-limits/)
Also, if you qualify for a loan, the loan-to-value (LTV) ratios are potentially higher than those for conventional mortgage loans. With FHA loans, a buyer can borrow up to 96.5% of the value of a home. The potential for a higher LTV also makes FHA loans an attractive option for homeowners wanting to refinance. And FHA loans come with fixed mortgage rates providing stable payments over the life of the loan. Also, FHA closing costs can be financed into the total amount of the mortgage.
Traditionally, FHA mortgages were used to assist first-time homebuyers who may not have otherwise qualified for a loan. But FHA loans are no longer just for first-time homebuyers. They are increasingly used by move-up buyers.
If you would like to learn more about the FHA loan process – and how it might help your clients move into a new home – please call me today. 208-287-1717
Leave a Comment » | FHA Loans, First Time Home Buyer | Tagged: Dean Tucker, FHA First Time Homebuyer Tax Credit, First Time Home Buyer, Mortgage Home Loans Boise Idaho Prime Equity, Waterstone mortgage | Permalink
Posted by idahomortgage
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