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FHA Reduces MIP Rate

by Linnea Lavell

**Update to this blog entry.  White House Chief of Staff Reince Priebus issued a memorandum Friday night, January 20, 2017 to all executive departments and agencies to freeze new or impending regulations giving the new administration time to review them.  This includes the reduction of MIP rates that were set to take place January 27, 2017.  According to a report from CNN, this is fairly standard for a new administration taking over from the other party.  To see the full article click here.  

 

The Federal Housing Administration (FHA) which is part of the Department Housing and Urban Development (HUD) announced on January 9 a reduction in Mortgage Insurance Premium of one quarter percent for most borrowers on closings/disbursements happening on or after January 27, 2017. This is great news for home buyers using a FHA loan.  For the average homeowner, this is expected to be a $500 savings annually in insurance costs.

To see the full news from HUD, click here.

FHA has been helping people become homeowners since 1934. FHA insures the loan so your lender can offer you a better deal.  With a FHA loan, your down payment can be as little as 3.5%.  If you have questions about FHA loans or what loan type is best for you, contact our office for a free loan analysis.

Buyer Representation When Purcahsing a Home

by Linnea Lavell

Buying a home is one of the largest financial decisions you will ever make so doesn't it make sense to have an experienced representative to work with you during the transaction?   

Not all real estate agents are created equal so here is a further explanation of types of buyer representation.

A Buyer's Representative (or simply Buyer's Rep) is a licensed real estate agent that represents a prospective home buyer during their transaction.   You can expect a Buyer Rep to assist you with how much you house you can afford to buy, understand your wants/needs, locate appropriate properties, view the homes with you, provide information on homes, advise you in formulating an offer, help with a negotiation strategy and keep track of the details throughout the transaction.  A Buyer Rep should make the home buying experience go as smoothly and successfully as possible.

An Accredited Buyer's Representative (ABR) is a buyer's agent who has taken advanced training and  who has proven experience in servicing the special needs of the buyer client.  In addition to knowing the dynamics of the local market, an ABR designated buyer's rep can help you make informed decisions throughout the entire home buying process.  

A Buyer Rep and an ABR can also assist you with new construction.  It is important to remember that the builder representatives are just that - representatives of the builder.  When making such a large financial decision, it is important to have someone that represents you the buyer and can help you throughout the home buying process.

Many buyer's are concerned about the commission for a buyer's rep.  In the vast majority of cases, the seller's contract outlines the commission for the buyer's rep.  

If you are considering purchasing a home in the North Texas area and need an ABR, I would be happy to assist you.  To schedule an appointment visit my website.

 

 

 

 

Displaying blog entries 1-2 of 2

Contact Information

Photo of Linnea Lavell Real Estate
Linnea Lavell
Lavell Realty, LLC
P.O. Box 1243
Little Elm TX 75068
214-280-5900
214-810-5906
Fax: 877-488-1740