Move My Realty - Real Estate News

A bill was approved this week by the US House of Representatives that would cut the cost of upfront mortgage insurance fees on FHA loans for first-time home buyers who take part in housing counseling.  The new bill requires new home buyers to complete a housing counseling program about maintaining homeownership to be eligible for a 25-basis-point discount on their FHA mortgage insurance loan.  While the bill still needs Senate approval and the president's signature, it could be improve financial literacy for first-time-buyers while providing an incentive discount.

Source: “New Bill Slashes FHA Mortgage Insurance for First-Time Homebuyers,” HousingWire (July 10, 2019)
Posted by Ron Mastrodonato on July 15th, 2019 1:33 PM
The Pending Home Sales index of contracts signed on existing homes rose 1.1% in May. This suggests closed Existing Home Sales, which rebounded nicely in May, should continue their upward move in June.
But New Home Sales took a 7.8% dip in May, to a 626,000 annual rate, 3.7% down from a year ago. However, total new home sales from January to May this year are UP 3.7% over the same period in 2018.
Last week, the President signed a bill lifting the cap on no-down-payment VA loans for service members and veterans, and created a White House Council charged with "eliminating regulatory barriers to affordable housing."

Posted by Ron Mastrodonato on July 1st, 2019 2:36 PM


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