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FHA Mortgage Insurance Premium Cut Suspended

Last week, the Department of Housing Urban Development announced a reduction in Mortgage Insurance Premium (MIP).  This reduction has just been suspended by the Trump Administration resulting in the affordability to many first time home buyers.

 

For more information about how much home you can qualify, contact your local loan officer.

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City of San Antonio Increases HIP Limits!

For a first time home buyer, there are many down payment assistance programs that are available. It is important for a buyer to select a loan officer and a REALTOR® who are knowledgeable in these programs so that a buyer can participate if eligible.  Most of these programs do have income, credit and family size criteria and you usually will have to take a home buyer education course (either online or in person). The City of San Antonio’s Department of Planning & Community Development has a great Housing Incentive Program (HIP). They have just announced the maximum sales price for a pre-existing home has been increased to $150,000 and a new construction’s sales price has been increased up to $200,000! The home must be located in the City of San Antonio and meet some condition requirements.  A buyer can get up to $12,000 in assistance!

Be sure to check with your lender or REALTOR® about qualification guidelines as program requirements and/or sales prices may change. For more info on HIP and other city funded programs, check out the City of San Antonio’s Affordable Housing Policy