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3 Things You Need to Know About the New FHA Premium Reduction

by Lisa Bray

3 Things You Need to Know About the New FHA Premium Reduction

Good news for potential buyers interested in purchasing an Arizona home this year. As of January 26th the Federal Housing Administration (FHA) has reduced the annual mortgage insurance premiums that new borrowers will pay from 1.3 percent to .85 percent. Here are 3 things you need to know about the new FHA premium reduction.

1.) Improving Economic Conditions

U.S. Housing and Urban Development Secretary Julián Castro announced in December of last year about the FHA’s plan to reduce the annual Mortgage Insurance Premiums (MIP) new borrowers would need to pay by half of a percent. The FHA’s recent annual report to Congress demonstrates the economic condition of the agency’s single-family insurance fund continues to improve, adding $21 billion in value over the past two years. 

2.)  Saving Homeowners Millions

The FHA’s new premium reduction is estimated to save more than two million FHA homeowners an average of $900 annual and spur 250,000 new homebuyers to purchase their first home over the next three years. The reduction will also significantly expand access to mortgage credit for these families and is expected to lower the cost of housing for the approximately 800,000 households who use FHA annually.

3.) New Loan Limits

FHA loans with balances above the loan limits in effect in most areas and with current MIP of 1.50 to 1.55 percent will see new premiums of 1.00 or 1.05 percent respectively. The upfront premium for all loans will remain unchanged at 1.75 percent. Borrowers with FHA Case Numbers issued on or after January 26 will be eligible for the new premium rates. Borrowers that were already in the process of getting their FHA loan will temporarily be allowed to cancel Case Numbers issued before that date through their lenders.

If you are looking to purchase an Arizona home this year and would like more information about qualifying for a home loan in the West Valley, please contact Lisa Bray today!

www.LisaBray.com

602-762-3691
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More Than Just A Home

 

Dave and Buster’s Coming to WestGate

by Lisa Bray

Dave and Buster’s Coming to WestGate

The Phoenix West Valley is certainly abuzz with exciting new developments.  West Valley residents are already ecstatic about Super Bowl XLIX coming to the University of Phoenix Stadium next month, and the new Harkins Estrella Falls 16 megaplex movie theater opens next year. Now the Westgate Entertainment District in Glendale will add another dining and entertainment option this fall with the planned opening of Dave & Buster's.

For those of you who don’t know, Dave & Buster’s is an American full-service restaurant, sports bar, and entertainment business that includes a video arcade designed for all ages. Arizona currently has two locations, one at Desert Ridge Marketplace and the other at the Tempe Marketplace, and now the establishment whose motto is “eat, drink, play” is coming to Glendale. Westgate's owner, iStar Financial, plans to break ground in February 2015 on a 41,000 square-foot building for the entertainment venue and have it open by November. It will be the first new building in the Westgate Entertainment District since iStar Financial acquired the property in 2011. The new Dave & Buster's will be built just west of the 20-screen AMC Theatres at Westgate which is located southeast of Loop 101 and Glendale Avenue.

No doubt residents valley-wide are excited for this fun new entertainment venue which not only offers a something fun to do but also employment opportunities and revenue for the thriving city of Glendale.

For more details about west valley news and local Glendale AZ events, please contact Lisa Bray.

www.LisaBray.com

602-762-3691
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Search the MLS Now!

More Than Just A Home

 

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