MARKET UPDATEFROM THE DESK OF KELVIN VERRETT, YOUR EXPERT ADVISOR7th Edition: January 6th, 20202021. Whew. We finally made it. Thank goodness! I don't know about you, but I'm ready
Holidays Market Update for December 9th
Dated: December 10 2020
FROM THE DESK OF KELVIN VERRETT YOUR EXPERT ADVISOR
3rd Edition: December 9th, 2020
I hope you are doing well and enjoying this beautiful weather. The housing market continues to grow as we're appreciating more than ever that our homes are a good place to stay safe and have fun at the same time.
This market update is to give you some information on changes that will take place on January 1st in Los Angeles County regarding FHA loans. This is good news to those buying a home using FHA financing as the loan limits will be increased.
When buying a home using FHA financing, something you should be aware of when shopping for a loan with Private Mortgage Insurance (PMI).
Good news the FHA will be changing their Loan limit in LA County on January 1, 2021 to $822,375.00
- PMI on 30 year FHA Loans with 3.5% down and up to $625,500.00 is .85% on the monthly. That is about $70.83 per month for every $100,000.00 borrowed.
- When your FHA loan go above $625,500.00 and below $822,375.00, the PMI with 3.5% down for an FHA loan increases to 1.05% on a 30 year loan.
Feel free to ask me about these changes and how they can benefit you.
In addition, interest rates are still in a strong place for home buyers! For those of you looking to buy in now or in the new year (only a few weeks away), its a great time to make a move.
Interest rates are still in a great area! Rates are still below 3.50%
- Please understand that interest rates are subject to change without notice.
If there is anything I can do for you, don't hesitate to reach out to my team of real estate experts. Ask the Broker!
Your Expert Advisor,
Kelvin Verrett, Expert Advisor, After 20 years in Real Estate industry and over 15 years as a Broker Owner, I returned to the Real Estate industry after an pleasant eight sabbatical where during that ....
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