FHA Cuts Mortgage Insurance Premium, Good News to Home Buyers


For many homebuyers looking to buy a home, the last several years has been a mixture of both blessings and curses. On the one hand, interest rates have been at an all time low, yet on the other, the newly enacted Dodd-Frank lending practices have made lending money far more stringent. Yesterday though, the FHA cut mortgage insurance premiums for the first time since 2015 and this is good news.

The FHA announced it was cutting their annual mortgage insurance from .85 percent to .60 percent. What does that mean for the average buyer? It is a key step in helping low, moderate and first time homebuyers get into homes.

Recently, though, the high cost of mortgage insurance has put home ownership out of reach to many. While FHA mortgages represent a low down payment option for buyers, the additional insurance requirements priced many young and first-time homebuyers out of the market.

It really becomes a simple question of math. Every time mortgage insurance rates are cut means the borrower meets the debt-to-income ratios or (DTI) required by Dodd-Frank laws.

The FHA and Department of Housing and Urban Development took an important step in making home ownership the American dream again. The FHA is being asked by many in the real estate industry to next eliminate “life of loan” mortgage insurance.

This means borrowers are required to maintain mortgage insurance on an FHA-insured property regardless of their equity position, while borrowers with traditional mortgage insurance can typically extinguish their mortgage insurance once they reach 20 percent equity in the property.

Here in the greater Phoenix area, a market that’s been named #1 in the nation for homeownership in 2017, this is great news and a program we will be utilizing for our buyers and borrowers moving forward.

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Scottsdale Arizona Ranks As One Of The Best Cities To Live In.

Everyone has long known that Scottsdale, Arizona, is a place full of golf courses and where snowbirds from the north come to live during the cold winter months. But did you know there’s a lot more to this great and vibrant city that’s a part of the greater Phoenix Area?

scottsdale-homesAccording to Livability a recent survey ranked Scottsdale 40th out of 600 cities across the US, but did you know there are a variety of fortune companies that are based right here in Scottsdale? Tourism supports 39% of the Scottsdale workforce, however, the largest single business employers are in healthcare, technology, education and government:

There are more than 200 golf courses, which offers a variety of real estate and homes nestled on some of the most scenic fairways and mountain backdrops. The sunsets and sunrises in and around Phoenix are some of the most gorgeous you’ll likely ever see.

Scottsdale has some of the hottest nightclubs and some world-class spas and resorts if you want to get away from it all. 5 quick points to consider if you’re going to purchase or sell a home in Scottsdale:

  1. The luxury market was sluggish in 2016
  2. Luxury-home prices are up this year
  3. South Scottsdale is heating up
  4. Scottsdale’s 85255 zip code ranks first in all sales
  5. The highest price home in Scottsdale is $32 million

So regardless if you’re purchasing, selling or even renting, Scottsdale Arizona is one of the best cities in the US to live in and there’s a good reason why.

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Phoenix VA gets 6th Director in last 2.5 years.

I recently wrote a blog on my other site that discusses the newly appointed VA director of the Phoenix VA hospital.  RimaAnn Nelson was the former director of the St. Louis VA facility that was mired in scandal after scandal.  It is a travesty that she’s been allowed to keep her job much less run a facility that cares for over 85,000 veterans.

va-home-loan-semper-find-my-homeIt is a travesty that she’s been allowed to keep her job much less run a facility that cares for over 85,000 veterans.  Veterans here in Phoenix, and the surrounding areas, such as Scottsdale, Peoria, Mesa, Buckeye, Glendale and pretty much the entire Phoenix Metropolitan area, rely on the Phoneix VA for a variety of reasons.

At Semper Find My Home, we work with veterans at the VA facility here in Phoenix, by helping them with all their real estate needs and by educating them about their benefits and how to maximize their usage.  The VA loan is the best loan by far out there and every vet needs to utilize it for all their real estate transactions.

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Phoenix Veterans Hospital gets VA’s Worst Rating…….1 Star

As a realtor here in Phoenix and someone who calls it home, I primarily deal with Veterans and VA loans as my “niche” market.  Personally, I believe there is no better loan out there than a VA loan for many reasons, one of which is zero money down.

One of the things I do on a regular basis is set up a small table at the Phoenix VA every couple of weeks and advertise my company, Semper Find My Home.  It’s a quick and easy way to get as much exposure for our services to fellow veterans, particularly when it comes to buying or selling a home in Phoenix.


Photo courtesy of Realtor.com

On a daily basis there are thousands of veterans who walk the halls and I get to see vets from WWII till the present and everything in between.  A recent report though from the VA’s own internal rating system (based on 1-5 stars) ranked the Phoenix VA at one star.

This is troublesome on many levels, particularly as a service connected disabled veteran myself, I get treated at this facility.  You can read the entire report on my other blog at AlexPopovic.com

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