MI Tax Deductibility is back!

On December 19, 2014, legislation was passed once again allowing for the taxdeductibility of mortgage insurance (MI) premiums for qualified borrowers.

The deductibility is effective for purchase and refinance transactions closed after December 31, 2013. MI premiums paid or accrued after December 31, 2013 and through December 31, 2014 may qualify for tax deductibility on borrowers’ subsequent federal tax returns* as follows:

 

   • Borrowers with adjusted gross incomes below $100,000 may deduct 100% of their MI premiums.

 

   • For borrowers with adjusted gross incomes from $100,000.01 to $110,000, deductions are phased out at 10% increments for each additional $1,000 of adjusted gross household income.

 

Plus, Radian offers lower monthly payments for borrowers with FICOs of 720+, 3% downpayments, and cancellable premiums.  Now add in tax deductibility of MI premiums and it's clear - a conventional loan with Radian MI is the better alternative to the FHA!

 

To learn more about Radian MI, please visit www.radian.biz or contact your Radian representative today!

 

 

*Borrowers should consult their tax advisor for additional information.

It's Official : FHA TO REDUCE ANNUAL INSURANCE PREMIUMS

FHA TO REDUCE ANNUAL INSURANCE PREMIUMS
Reduction to increase credit affordability and reflects improved economic health of FHA

As the nation’s housing market continues to improve, U.S. Housing and Urban Development Secretary Julián Castro today announced the Federal Housing Administration (FHA) will reduce the annual premiums new borrowers will pay by half of a percent.  This action is projected to save more than two million FHA homeowners an average of $900 annually and spur 250,000 new homebuyers to purchase their first home over the next three years. Read FHA’s Mortgagee Letter and a list of frequently asked questions.

This action also reflects the improved economic health of FHA’s Mutual Mortgage Insurance Fund (MMIF).  FHA’s recent annual report to Congress demonstrates the economic condition of the agency’s single-family insurance fund continues to improve, adding $21 billion in value over the past two years. 

“This action will make homeownership more affordable for over two million Americans in the next three years,” said U.S. Department of Housing and Urban Development Secretary Julián Castro.  “Since 2009, the Obama Administration has taken bold steps to reduce risks in the mortgage market and to protect consumers.  These efforts have made it possible to take this prudent measure while also ensuring FHA remains on a positive financial trajectory.  By bringing our premiums down, we’re helping folks lift themselves up so they can open new doors of opportunity and strengthen their financial futures.”

In the wake of the nation’s housing crisis, FHA increased its premium prices to stabilize the health of its MMI Fund.  In addition, the Obama Administration took dramatic steps to safeguard consumers in the mortgage market to ensure responsible borrowers continued to have access to mortgage capital as many private lending sources tightened their lending standards.  

Today’s reduction will significantly expand access to mortgage credit for these families and is expected to lower the cost of housing for the approximately 800,000 households who use FHA annually. 

FHA’s new annual premium prices are expected to take effect towards the end of the month. FHA will publish a mortgagee letter detailing its new pricing structure shortly.

Contact us if we can be of service 

Aundrea Beach-Greco

NMLS 333739

702-326-7866

www.iLendLasVegas.com

The White House announced today 1-7-15 and it has been confirmed by HUD that 

FHA will be lowering the annual Mortgage Insurance Premiums (MIP)  by .50%, from 1.35 to .85 on a max Loan to Value (LTV) and from 1.30 to .80 on LTV’s of 95% and less.

No dates or details have been sent out, but wanted everyone 

to be aware of this big change coming soon!! 

If we can help you please contact us.

Aundrea Beach-Greco 

NMLS 333739

702-326-7866

info@aundreabeach.com

www.iLendLasVegas.com

The 6 housing market archetypes you’ll see in 2015

California, DC has topped out; Chicago, Texas still growing

Redfin’s is unveiling an infographic depicting six 2015 housing market “personas” across the country.

In addition to the standard fare of prices and number of homes for sale, the personas include hot neighborhoods, notable neighbors, preferred transport and even some annoying stereotypes.

1. Stalwarts

Strong economies, lots of millennial buyers, yet still affordable.

2. Topping Out

Sky-high prices that will peak, and even dip into negative territory this year.

3. New Tech Magnets

Tech-driven economies, young wealth; getting more expensive, with growth limited by zoning or geography.

4. Comeback Kids

Markets hit hard by the financial crisis that will see a pickup in sales in 2015.

5. Sleepers

Not in the news much, but mid-priced cities with good economies and job opportunities.

6. Down but not Out

Hit hardest by housing crisis, fewer jobs, still working through foreclosures.

The whole chart lists major housing markets by their type. Take a look.

If you have questions or want to know how much you can buy, contact us.

www.iLendLasVegas.com

NMLS 333739