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Government Makes Buying Homes Expensive
Government Makes Buying Homes Expensive
Guest Opportunity: Stuart Vener, National Real Estate and Mortgage Expert as seen on FOX News
The Housing Market is already in shambles thanks to a poor economy and job status as well as banks tightened their belts on lending practices but now the Government steps in to add salt to the wound, making it more expensive to buy homes in this country. On April 1, the Federal Housing Administration raised its mortgage insurance premiums, both for the upfront payments-which will rise from 1 percent to 1.75 percent-and annual premiums by 0.10 percent for all single-family homes under $625,500. This is the second rate increase in the span of 6 months.
It may not sound like much but the increase will cause a $5.00 increase to $25.00 per month. That doesn't sound like much but over a year that's $60.00 or $300.00 per year. That adds up!
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By applecapitalgroup
4.7
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Government Makes Buying Homes Expensive
Guest Opportunity: Stuart Vener, National Real Estate and Mortgage Expert as seen on FOX News
The Housing Market is already in shambles thanks to a poor economy and job status as well as banks tightened their belts on lending practices but now the Government steps in to add salt to the wound, making it more expensive to buy homes in this country. On April 1, the Federal Housing Administration raised its mortgage insurance premiums, both for the upfront payments-which will rise from 1 percent to 1.75 percent-and annual premiums by 0.10 percent for all single-family homes under $625,500. This is the second rate increase in the span of 6 months.
It may not sound like much but the increase will cause a $5.00 increase to $25.00 per month. That doesn't sound like much but over a year that's $60.00 or $300.00 per year. That adds up!