Getting Back Into the Housing Market: What you should know after being away.

Posted by Steph Kaye on Tuesday, July 16th, 2013 at 1:35pm.

If you're just getting back into the housing market after some time away, there are some changes you should be aware of.

Image credit: texelart / 123RF Stock Photo

First of all, the FED is no longer buying bonds or mortgage backed securities because the economy is getting better. Read more about this development and how it will affect the market by viewing our article here.

Additionally, there has been a revision of the FHA policies regarding the annual Mortgage Insurance Premium resulting in an increase to the annual MIP. Reported from HUD, this means:

  • revising the period for assessing the annual MIP;
  • removing the exemption from the annual MIP for loans with terms of 15 years or less and Loan to Value (LTV) ratios of less than or equal to 78 percent at origination; and
  • increasing the annual MIP on all forward mortgages except single family forward streamline refinance transactions that refinance existing FHA loans that were endorsed on or before May 31, 2009 (see ML 2012-4).
This is already in effect as of April 1, 2013 (with some exceptions extended to June 1, 2013).
 
For more information, check out HUD's letter found here.
 
Lang Premier Properties is home to a leading Oakland County Short Sale Realtor. We specialize in all aspects of real estate including short sales, foreclosures and working with home buyers and sellers in the Troy, Birmingham, Rochester Hills and Bloomfield Hills luxury market. When you hire Lang Premier Properties, whether you are purchasing or selling Metro Detroit Real Estate, you can rest assured that you are in good hands.

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