Home buyers Las Vegas first time, President Obama mortgage news announced on Wednesday to make it cheaper for first time home buyers Las Vegas and younger buyers to take out a mortgage.
- Exclusive Obama Mortgage News Information
- “A lot of people are sitting on the fence…They don’t know if they can move up.”
- Taxpayers had to Bail out the FHA to the Tune of $1.7 Billion!
- “Mortgage underwriting standards have been overly stringent,” said Lawrence Yun, chief economist for the National Association of REALTORS.
- First Time Home Buyers Las Vegas – Mortgage Las Vegas
- “Hopefully We See No Change to the Tax Incentives”
Exclusive Obama Mortgage News Information
Obama lowered the mortgage Las Vegas insurance premium for borrowers who have a down payment of just 3.5 percent of the home’s purchase price and finance the rest of the purchase with a loan backed by the Federal Housing Administration.
“A lot of people are sitting on the fence…They don’t know if they can move up.”
The reduction is expected to save the typical first time home buyers Las Vegas an average of $900 a year on the insurance, the White House said.
The insurance is required because they’re financing so much of the purchase and the loans are riskier.
Existing homeowners who refinance into an FHA mortgage Las Vegas will see similar reductions, the White House said.
The White House estimated that the change will help 800,000 homeowners save on their mortgages and 250,000 new buyers save on mortgage payments over the next three years.
One top Republican in Congress called it a risky mistake.
Such an action by the president would possibly be a grave mistake that could end up hurting hard working taxpayers?
Taxpayers had to Bail out the FHA to the Tune of $1.7 Billion!
It was just two years ago that taxpayers had to bail out the FHA to the tune of $1.7 billion, and just two months ago an audit revealed that FHA is still in violation of federal law because it does not maintain sufficient capital reserves.
Lowering premiums now would only put the FHA further behind.
Obama mortgage news, expected to highlight the lower cost mortgages Thursday during a visit to Arizona, has been under pressure from the housing sector to help lower costs for borrowers seeking to buy with a low down payment.
Younger buyers and first time home buyers Las Vegas, both a crucial link in home sales.
While mortgage Las Vegas lending rates have been near record lows for several years, that has benefited the most creditworthy borrowers, who are often the wealthiest of home buyers. The middle income segment of the market, with higher debt loads, has faced tougher lending standards. Stagnant income has crimped its ability to put more down toward a home purchase.
“Mortgage underwriting standards have been overly stringent,” said Lawrence Yun, chief economist for the National Association of REALTORS.
The premiums rose sharply after the financial collapse and have not come down even as the economy and the housing market have improved.
One consequence is the shrinking number of new homeowners. Over the past four years, first time home buyers Las Vegas shrank as a percentage of all FHA loans-from 56 percent down to 39 percent, he said.
First time home buyers Las Vegas are a key part of the real estate chain, needed so existing homeowners can sell and purchase nicer, perhaps newly built homes.
Future home buyers Las Vegas are paying a higher expense than is necessary and that is having an effect on housing.
First Time Home Buyers Las Vegas – Mortgage Las Vegas
Federal Housing Finance Agency the regulator of mortgage giants Fannie Mae and Freddie Mac, took steps in late December to make it possible for Fannie and Freddie to purchase loans that had down payments as low as 3 percent instead of the prior limit of 5 percent.
The move, similar to lowering FHA premiums, was designed to spur more first time home buying, boost the economy and compete with FHA loans.
This sluggish recovery in housing has to change course for the economy to continue its growth, Ratliff Realty Group with RE/MAX would view Las Vegas home insurance premium reduction as a positive for the economy.”
House Financial Services Committee and Senate Banking Committee Chairman have in the past opposed lowering the premiums. They want to see less government involvement in housing finance and fear lower premiums mean taxpayers are still on the hook if a large number of loans go sour, as they did from 2007 to 2009.
The Obama mortgage news administration has the power to lower premiums on its own and wouldn’t need legislation or congressional approval to act alone.
Another concern for would be buyers and sellers is whether the long standing mortgage Las Vegas interest tax deduction might be removed or scaled back for the wealthy. Both of these ideas have been floated in discussions about how to fix the nation’s long-term fiscal imbalances.
“Hopefully We See No Change to the Tax Incentives”
Economic conditions are increasingly favorable for a return to normalcy in Clark County Nevada housing. The economy is growing, falling gasoline prices leave people with more spending power and hiring picked up sharply in 2014. A tight rental market also may soon push more people into considering Clark County Nevada home ownership.
Apartment rents are rising at the highest pace in seven years, which means some of the Clark County Nevada renters, will seriously consider buying.
Obama Mortgage News
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Home Buyers Las Vegas
Home Buyers Las Vegas