Do you believe that more first time home buyers will come out to purchase their home because of new FHA guidelines of lower mortgage insurance?

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Praful Thakkar, Metro Boston Homes For Sale (LAER Realty Partners)

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Rainer
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Dipti Thakkar

LAER Realty Partners - Andover, MA

On a team with Praful Thakkar

Maybe.

May 22, 2018 09:27 PM

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Praful Thakkar

Burlington, MA

Rainmaker
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Praful Thakkar

LAER Realty Partners - Burlington, MA

Metro Boston Homes For Sale

Gabe Sanders if buyers find the opportunity in new FHA, they surely will enter the market. We had only 31% share of first time home buyers in 2014, as per one report.

Jan 12, 2015 01:33 PM

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Rainmaker
1,153,799

Kevin J. May

Florida Supreme Realty - Hobe Sound, FL

Serving the Treasure & Paradise Coasts of Florida

Help me if I'm wrong but the MIP, even though it's less, never goes away as it did previously. When the original principal amount reached 79% the MIP would disappear automatically or you could apply to have it removed when 80% of the original loan was met. You need to analyze your purchase looking ahead for 5, 10 or even 20 years.

Jan 11, 2015 11:25 PM

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Katie Law

Milpitas, CA

Rainmaker
630,351

Ajay Pandya

e-Merge Real Estate Unlimited - Columbus, OH

Realtor Ajay Pandya

This is always the case, Praful.

Jan 13, 2018 09:42 PM

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Ambassador
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Bob Crane

Woodland Management Service / Woodland Real Estate, KW Diversified - Stevens Point, WI

Forestland Experts! 715-204-9671

I doubt that this ever makes a difference.

Oct 06, 2017 11:06 PM

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Rainmaker
4,322,295

Praful Thakkar

LAER Realty Partners - Burlington, MA

Metro Boston Homes For Sale

And no one can deny that when buyers see the benefit, they will come forward.

Jan 12, 2015 01:35 PM

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Rainmaker
4,322,295

Praful Thakkar

LAER Realty Partners - Burlington, MA

Metro Boston Homes For Sale

Connie Wildasinn now that's a nice way to put it - bottom line is....bottom line!

Jan 12, 2015 01:34 PM

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Rainmaker
4,322,295

Praful Thakkar

LAER Realty Partners - Burlington, MA

Metro Boston Homes For Sale

Evelyn Johnston thanks - I hope and I believe in the same, too.

Jan 12, 2015 01:33 PM

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Rainer
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Connie Wildasinn

WGroup Realtors - Long Beach, CA

25+ years at your Service

yes it will most definately help... bottom line is still the bottom line

Jan 11, 2015 04:33 PM

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Rainmaker
2,443,346

Evelyn Johnston

Friends & Neighbors Real Estate - Elkhart, IN

The People You Know, Like and Trust!

Yes I do, home ownership is a privilege and a way of life. Most responsible people value owning a home.

Jan 11, 2015 10:35 AM

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Rainmaker
4,322,295

Praful Thakkar

LAER Realty Partners - Burlington, MA

Metro Boston Homes For Sale

Scott Godzyk - at least one benefit , some of them may qualify because of lower MI.

Jan 11, 2015 08:08 AM

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Rainmaker
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Praful Thakkar

LAER Realty Partners - Burlington, MA

Metro Boston Homes For Sale

Joan Cox yes, low-end buyers will be benefited by this.

Jan 11, 2015 08:07 AM

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Rainmaker
4,322,295

Praful Thakkar

LAER Realty Partners - Burlington, MA

Metro Boston Homes For Sale

Ron & Alexandra Seigel you are right. This may not make much difference on luxury market - your specialty.

Jan 11, 2015 08:06 AM

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3,417,356

Scott Godzyk

Godzyk Real Estate Services - Manchester, NH

One of the Manchester NH's area Leading Agents

Even if they do, the strict guidelines are still in place and many will not be able to qualify for the strict standards

Jan 11, 2015 07:23 AM

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Rainmaker
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Joan Cox

House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO

Denver Real Estate - Selling One Home at a Time

Praful, the lower MI will make FHA more attractive. I think some first time home buyers will go for it.

Jan 11, 2015 06:05 AM

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Rainmaker
5,774,106

Ron and Alexandra Seigel

Napa Consultants - Carpinteria, CA

Luxury Real Estate Branding, Marketing & Strategy

Praful, that is possible and it depends on the market. We were talking on Friday to an agent who just sold a "starter home" for $900,000, to a first time home buyer. Given the $$$amount, you have to have the income to pay for it, and I don't think it would make a big difference in this case.

Jan 11, 2015 05:00 AM

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Rainmaker
4,322,295

Praful Thakkar

LAER Realty Partners - Burlington, MA

Metro Boston Homes For Sale

Cindy Davis I am not sure what will be the mortgage insurance for such conventional loans with 3% down. However, as long as they come forward to purchase their home, any incentive is a good incentive!

Jan 11, 2015 02:07 AM

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Rainmaker
4,322,295

Praful Thakkar

LAER Realty Partners - Burlington, MA

Metro Boston Homes For Sale

Roy Kelley well said - the onus is on us! We should educate buyers the benefits of buying when they have such advantages.

Jan 11, 2015 02:06 AM

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Rainmaker
8,205,000

Roy Kelley

Retired - Gaithersburg, MD

Most first time buyers have little appreciation of this news. They need to be educated by their real estate agent and their loan officer. The end result is that many will benefit from the lower MIP.

Jan 11, 2015 02:04 AM

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Rainmaker
443,270

Cindy Davis

SD Home Source Realty - San Diego, CA

I'm not sure. There is a new conventional loan from Fannie and Freddie for a 3% down conventional loan which seems more promising right now.

But sure, lowering mortage insurance won't hurt anything!

Jan 11, 2015 01:57 AM

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Rainmaker
4,322,295

Praful Thakkar

LAER Realty Partners - Burlington, MA

Metro Boston Homes For Sale

I do believe that this new guidelines - lower MIP - will help the first time home buyers a lot.

Jan 11, 2015 01:16 AM

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Gabe Sanders if buyers find the opportunity in new FHA, they surely will enter the market. We had only 31% share of first time home buyers in 2014, as per one report.
Help me if I'm wrong but the MIP, even though it's less, never goes away as it did previously. When the original principal amount reached 79% the MIP would disappear automatically or you could apply to have it removed when 80% of the original loan was met. You need to analyze your purchase looking ahead for 5, 10 or even 20 years.
And no one can deny that when buyers see the benefit, they will come forward.
Connie Wildasinn now that's a nice way to put it - bottom line is....bottom line!
Evelyn Johnston thanks - I hope and I believe in the same, too.
yes it will most definately help... bottom line is still the bottom line
Yes I do, home ownership is a privilege and a way of life. Most responsible people value owning a home.
Scott Godzyk - at least one benefit , some of them may qualify because of lower MI.
Ron & Alexandra Seigel you are right. This may not make much difference on luxury market - your specialty.
Even if they do, the strict guidelines are still in place and many will not be able to qualify for the strict standards
Praful, the lower MI will make FHA more attractive. I think some first time home buyers will go for it.
Praful, that is possible and it depends on the market. We were talking on Friday to an agent who just sold a "starter home" for $900,000, to a first time home buyer. Given the $$$amount, you have to have the income to pay for it, and I don't think it would make a big difference in this case.
Cindy Davis I am not sure what will be the mortgage insurance for such conventional loans with 3% down. However, as long as they come forward to purchase their home, any incentive is a good incentive!
Roy Kelley well said - the onus is on us! We should educate buyers the benefits of buying when they have such advantages.
Most first time buyers have little appreciation of this news. They need to be educated by their real estate agent and their loan officer. The end result is that many will benefit from the lower MIP.
I'm not sure. There is a new conventional loan from Fannie and Freddie for a 3% down conventional loan which seems more promising right now.

But sure, lowering mortage insurance won't hurt anything!
I do believe that this new guidelines - lower MIP - will help the first time home buyers a lot.