The changes center on the Federal Housing Administration and mortgage giants Fannie Mae andFreddie Mac.
Last week, the Obama administration announced that the premium that borrowers with an FHA-backed home loan must pay for mortgage insurance will be dropped to 0.85 percent from 1.35 percent by the end of this month.
The move is estimated to save the average homebuyer $900 a year, as well as help save money for homeowners looking to refinance their mortgage.
That followed an announcement last month that Fannie Mae and Freddie Mac, which buy home loans from lenders and then package them as securities to be sold to investors, would be adopting new guidelines on down payments.
Specifically, the change would enable some borrowers to buy a home with a down payment as low as 3 percent, down from a minimum of 5 percent
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The Groves, the latest planned community on the north side of town.
Crescent Communities is building the 993-acre development south of Kingwood off Lake Houston Parkway.
Builders: Highland Homes, David Weekley Homes, Darling Homes, Taylor Morrison, Trendmaker Homes and Village Builders — will offer the first 189 of an estimated 2,200 homes in the community.
Homes in Phase One: will range from 2,000 to more than 3,500 square feet on three different lot sizes. Prices will range from the mid $200,000s to the low $400,000s. Models should be open by the end of this year.
Amenities will include wooded trails, an outdoor plaza, fire pit and splash pad, in addition to a stocked fishing pond with a cabin and fishing dock. A “Village Center” is planned for a future phase, the company said.
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This Weslayan Condo is price to sell at $180,000, two bedroom, 922 sq ft. Upgraded Master Bath, Private Patio, Wood floors all on the first level. Located at 5210 Weslayan...
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Beautiful 4 BR home with over 3100 sq ft located inside a gated community. Fishing, Museums Community pools and shopping nearby Cabot Cove. Within a few miles of Space Houston/Downtown shopping. This home has new carpet upstairs, new tile and wood floors. Granite countertops/Island, large Game/Media rooms for your family entertainment. This is a must see Meritage home with a spacious First Fl Master suite with relaxing garden tub/tiled shower..
Houston's Housing Report for March 2014. Housing sales rose 22% this March compared to last March (2013)!! WOW!! Now, are you thinking of selling and buying? The rates are still low and it's a great time to take advantage of them!! Give me a call if you would like a FREE market analysis on your home.
Bernard Hill REALTOR®