FHA Cuts Mortgage Insurance Premium, Good News to Home Buyers

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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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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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Another Scandal and Blow To VA HealthCare, Left Deceased Veteran in Shower For Hours

In what is becoming a reoccuring problem with the Veterans Affairs and the VA treatment of veterans, another report has come out that desribes whatt the VA staff did at a Veteran’s Hospital in Florida.

From Fox News the following “An internal report blames staffers at a Veterans Affairs hospital in Florida for leaving the body of a deceased veteran to decompose in a shower for nine hours and then trying to cover it up.

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Dept of Veteran Affairs Bay Pines FL.  Photo courtesy of Fox News

The 24-page report concluded that hospice staffers at the Bay Pines VA hospital failed to provide appropriate post-mortem care to the veteran’s body, Fox 13 Tampa reports.

The report found hospice staff put the veteran’s body in a hallway and left it there for an unspecified time, the station reported. Staff then put the veteran’s body in the shower room and did not “check on the status of the decedent…for over nine hours.”

This needs to stop and be rooted out, as this phenomenom is occuring too often at the expense of veterans and their families.

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75th Anniversary of the Attack on Pearl Harbor

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Alex Popovic (white coveralls) diving right of the USS Arizona in Pearl Harbor Hawaii as a Force Reconnaissance Marine

Alex Popovic, the founder and owner of Semper Find My Home, recently wrote a blog on his personal website AlexPopovic.com.  Please take a moment to read some amazing statistics regarding the attack on Pearl Harbor.  And never forget those who perished on that fateful morning.

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