Miami Condo Market and Lifestyle Updates
Home Buyers in South Florida Can Save Under New Government Proposal

Home Buyers in South Florida Can Save Under New Government Proposal

by Sep Niakan | January 27, 2015

Home buyers in South Florida could save hundreds of dollars under the federal government’s move to decrease the cost of insurance on loans insured by the Federal Housing Administration (FHA), according to RealtyTrac.

The U.S. Department of Housing and Urban Development (HUD) has mentioned a possible lowering of FHA mortgage costs by half a percent, from 1.35% to .85%. HUD said that this change would benefit 800,000 home buyers, saving them almost $1,000 every year. It could potentially encourage 250,000 new home buyers to get their first home in the next three years.

Monroe County homeowners could save almost $1,900; the greatest savings in South Florida. Miami-Dade homeowners could save about $1,000, Broward Homeowners could save well over $800, and Palm Beach homeowners could save almost $800.

The FHA is a great asset for first-time home buyers, because they accept lower credit scores than other lenders, and offer mortgages with lower down payments.

 

Source: therealdeal.com

Photo credit: Aerial hamalimos.com

Recent posts

Lifestyle

5 February Events in Miami You’ll Regret Not Planning For

by Sep Niakan | January 22, 2017

Welcome to the month of love! February’s here, and it’s time to get into celebration mode once again. With Valentine’s being the highlight of the month, Miami’s got a mixed bag of events that will help singles and couples...

Real Estate News

Could Cite in Edgewater Have New Hotel Neighbor?

by Sep Niakan | January 12, 2017

According to thenextmiami, a petition involving a 15 by 75 feet alley has sparked speculations that a brand new hotel could be coming to Edgewater. Why? Simply because this alley comes attached to a 7,875 sq. ft. plot located at 348 Northeast 20...

Real Estate News

Brickell Avenue Bridge Schedule, Traffic and Solutions -- All You Need To Know

by Sep Niakan | January 09, 2017

Ever tried driving from Brickell to Downtown Miami for lunch? Most Miamians dread the thought of catching the dreaded drawbridge, which opens every hour or half-hour during non-curfew hours to allow river traffic to pass under. So what’s...

Real Estate News

9 Positive Signs for the Miami Real Estate Market in 2017

by Sep Niakan | January 08, 2017

Last year’s headlines weren’t too kind to Miami with hurricanes, Zika warnings and falling sales painting a dark picture. However, with the elections finally done with, there are plenty of reasons to be optimistic about 2017: 1. ...