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Jessie B
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Jessie B

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21% of All Home Sales Last Year (1.13 million)....

Vacation Home Sales up 57% from Prior Year.

Looks like baby boomers prepping for retirement in next 3 -5 years.

Will it continue? What happens to their primary homes when they decide to sell in the future... will there be a flood of inventory?
Vacation home sales surged in 2014, up 57% from the year before, according to the National Association of Realtors.
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Jessie B

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Good news for home buyers using a 3.5% FHA loan... you will be able to afford a higher priced home now!

FHA may lower the monthly mortgage insurance by .5% from 1.35% to .85%.  

The difference in the monthly premium will allow home buyers with the FHA required 3.5% down payment to qualify for a slightly mortgage amount.  

This is because the .5% of monthly mortgage insurance can go directly towards the principal & interest payment portion of the FHA mortgage payment.

For most individuals that will mean an increase of $20K - $40K in home price that they will be able to purchase.

Here's a calculator to help buyers figure out how much they can afford to buy which provides FHA options.
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Jessie B

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Real Estate Prices to Increase?

Maybe with mortgage rates hitting new lows & cheap gas…

Homebuyers will feel confident going into the new year & will now be able to afford a little more home than just a few months ago.

This should lead to a good start in 2015…
 
A veteran making $5K a month w/ rates down by .25% can qualify for a $10,000 higher loan than before up to $338K according to this calculator: http://www.va-home-loans.com/how-much-house-can-i-afford-calculator.htm
Amid falling gas prices and investor nervousness, the average rate for a 30-year fixed-rate loan fell to 3.8%, a rate not seen since May 2013.
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Jessie B

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This will get ugly. Mostly in Florida.

In California you don't have to worry w/ exception of possibly some HELOC debt that may come back around.
Thousands of former homeowners have gotten blindsided by debt collectors coming after them for old foreclosure debt on homes that they haven't lived in for years.
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Jessie B

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Got kids?

Have them start learning a 2nd language...  Computer Language!

Make it fun for them to understand the concepts.

MIT Scratch or Google Blockly: https://developers.google.com/blockly/
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Jessie B

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"first-time homebuyers dropped to 33% this year, the lowest percentage in almost three decades"...

Due to student loan debt, rising prices, stagnant income & slow family formation.

Surprisingly, based on some surveys, stated 83% would like to buy a home one day.
Young American are not buying homes like they used to.
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Jessie B

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Mortgage News...  announced Jan 8th. 2015, HUD has lowered FHA mortgage insurance rates by .5% a year.

This is estimated to save an average of $800 a year for those using FHA loan.


Lenders will be mailing out lots of information regarding this opportunity to refinance.

For you #Realtors and consumers here's is an updated mortgage insurance calculator that shows your savings based on the new FHA mortgage insurance premiums.

HUD news release: http://portal.hud.gov/hudportal/documents/huddoc?id=SFH_FHA_INFO_15-03.pdf
  #mortgagenews   #fhamortgageinsurance   
FHA Mortgage Insurance, updated 2015. Calculate your mortgage payment with current FHA mortgage insurance premium (FHA MIP) and new lower monthly FHA mortgage insurance with this online calculator.
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Jessie B

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Rents increasing at faster pace than property values due to tight inventory and higher demand.

For many,  buying a home will start making sense going into the new year.
U.S. renters paid $441 billion for apartments and houses this year, a $20.6 billion increase, as fewer Americans owned their homes and landlords with tight inventories raised leasing charges, Zillow Inc. said today.
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Jessie B

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10 Hottest Housing Markets

Texas takes a few top spots... not surprising.

LA on the list but affordability still an issue... again, not surprising.

Article indicates that first time buyers may finally start coming back into the market.

Surely, a large part of the first time home buyers are Veterans using VA loans to get into the market with 0 down payment / 100% financing. For Veterans, here's a good mortgage calculator: http://www.va-home-loans.com/va-loan-calculator.htm
As the jobs picture improves, Millennials are finally going to be buying homes in 2015 -- and these 10 cities are poised to benefit the most, according to Realtor.com.
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Jessie B

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Home affordability dropping even with lower mortgage rates.

Continued increase in home prices around the bay area & So. California causing decrease.

Veterans have it a little easier since the debt to income guidelines are more flexible than conventional or FHA home loans.

If your a Veteran, here's a VA loan calculator to help you: http://www.va-home-loans.com/va-loan-calculator.htm
Across the nation, fewer homes could be afforded by a family earning the national median income.
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Jessie B

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Winery in Beverly Hills - $195 Million.
A massive Beverly Hills, Calif., estate with its own entertainment complex, 27-car garage and vineyard has hit the market with a record breaking listing price. Question is: Will it fetch that hefty price tag?
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Jessie B

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Fannie Mae may start doing 3% doing loans again to complete against FHA Home Loans.

I'm fairly certain that the credit score requirements will be higher than those of the FHA loan and the private mortgage insurance companies will need to price PMI.

Do you think it will be 97% conventional loan will be as competitive as the FHA 96.6%?
The nation's largest mortgage firms plan to once again buy loans where the borrowers put as little as 3% down.
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