How Do Lower Rates and Premiums Affect You?

There are many North Central, WA area homes for sale. Click here to perform a full home search in Wenatchee Valley or Leavenworth area,click here to perform a full home search in the Lake Chelan area, or if you're thinking of selling your home, click here for a free property valuation so you know what buyers will pay for your home in today's market. You may also call me at (509) 494-8100 for a FREE home buying or selling consultation to answer any of your real estate questions.

Hello, and welcome back to the blog! We have some great news for you today.

As you might have heard, President Obama recently lowered the cost of mortgage insurance on FHA loans. Early last year, FHA increased it's mortgage insurance rates, which had the negative effect of decreasing the number of home sales. FHA loans simply costed too much, and many agents, myself included, advised people to stay away from them. 

This year, FHA has announced that they will be reducing rates from 1.35% to .85%. That change might look small, but it could save you up to $80 a month! This will make over three million Americans eligible to purchase homes over the next few years. It's really a win-win situation - the increased demand is great news for sellers, and the lower rates are ideal for buyers. 

If you're on the fence about buying, we encourage you to take a look at what FHA has to offer. The lower insurance premium, combined with only 3.5% down, makes getting a loan incredibly affordable. Or, if you're interested in paying a lower down payment, Fannie and Freddie recently announced a loan program for only 3% down!

If you have any questions about the many available opportunities, or would like real estate assistance of any kind, don't hesitate to give me a call or shoot me an email. I would love to hear from you

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