Here's a quick look at the Bellingham Real Estate Market Report for September 2017 for residential home sales.The number of residential sales for the month was 69 that is 58 less than September 2016
FHA To Lower Cost Of Mortgage Insurance
In order to bring more first-time homebuyers into the housing market the Federal Housing Administration also known as FHA, has decided to lower the mortgage insurance premium from an annual rate of 1.35% 2.85%. on it's loans that only require a 3.5% downpayment.
HUD Secretary Julian Castro said "This action will make homeownership more affordable for over 2 million Americans in the next three years." This will no doubt stimulate the economy as well, as more homeowners are able to come into the market with a little lower payment.. For the typical FHA borrower this premium reduction means a savings of about $80 per month. This is especially helpful for first-time home buyers, which are the majority of FHA's business.
In a recent speech Pres. Obama said "Now that we've made it harder for reckless buyers to buy homes that they can't afford, let's make it a little easier for qualified buyers to buy homes they can't afford."
Michael was born and raised in Brooklyn NY. He graduated from Brooklyn College with a degree in Mathematics. His first job out of college was as an engineer tracking satellites. His last career before....