The US Department of Housing and Urban Development (HUD) recently released their report of the Federal Housing Association's (FHA) financial situation. Here is the rundown:
-As it stands, the FHA is projected to lose money in the upcoming year.
-The housing market recovery is on the rise, but not as quickly as had originally been projected.
-It is possible that buyers will see an increase in mortgage rates in the near future.
-Borrowers can expect a life-time tax increase on their mortgage rate making it more important than ever to borrow now.
-Without being careful, minorities and first-time buyers stand to lose the most in a purchase because of the high rate of loan application.
While the report may seem dismal at first look, there are things you can do to get your dream home without a lifetime of high payments. Contact Lang Premier Properties today to find out more about HUD's report and speak to a trustworthy agent who will help you through the buying process.
Lang Premier Properties is home to a leading Oakland County Short Sale Realtor. Specializing in all aspects of real estate including Clinton Township, MI short sales, foreclosures and working with home buyers and sellers with Macomb County Luxury homes. 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.