Real Estate
Will an FHA Shortfall Affect Snellville Home Sales?
Borrowers will likely see higher premiums on mortgage insurance, among other things, as the FHA could soon request a government bail-out.
For the first time in its 78 year history, FHA may be facing the spector of a taxpayer bail out. The agency faces a 16.3 billion dollar deficit in a report issued to Congress.
How FHA will counteract this is by increasing insurance premiums by .01 percent, increasing the average payment for a mortgage holder by around $13 a month. They will also sell 1000 delinquent loans a quarter and increase short sales.
For buyers and our recovery (existing home prices placed another annual gain in October for the eighth month in a row), losing FHA financing would be detrimental. FHA financing allows buyers to purchase a home with 3.5% percent down, allowing more folks to take advantage of the low interest rates. I had a couple just purchase a home for $158k and their payment is under $1100 a month with an FHA loan, way cheaper than renting an equivalent home.
By the Numbers in Snellville:
288 Active Listings
107 Average Days on the Market
$185,867 average list price
These are listings on the market
Featured Homes:
Brookwood: Luxury foreclosure..won't last long.
South Gwinnett: Golf course lot, check it out!
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