March 2018

Found 5 blog entries for March 2018.

FHA Advantages

The Federal Housing Authority, operating under HUD, offers affordable mortgages for tens of thousands of buyers who may not qualify for other types of programs. They are popular with both first-time and repeat buyers.

The 3.5% down payment is an attractive feature but there are other advantages:

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  • More tolerant for credit challenges than conventional mortgages.
  • Lower down payments than most conventional loans.
  • Broader qualifying ratios - total house payment with MIP can be up to 31% of borrower's monthly gross income and total house payment with all recurring debt can be up to 43%. There is a stretch provision taking it to 33/45 for qualifying energy efficient homes.
  • Seller can contribute up to 6%
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We LOVE looking at new homes and checking out the decor and layouts. We'll be bringing you a weekly series on model home trends and tips over the next few weeks. We'll do our best to give you helpful advise about what you can do to bring some of these ideas into your home as well as what you can have done after market for less when buying a new build. Enjoy and please know that we always welcome your questions! You can reach us at 480-726-7000 anytime.

 

Ryan Whyte Team at REMAX Infinity Chandler

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Taxpayers can decide each year whether to take the standard deduction or their itemized deductions when filing their personal income tax returns. Roughly, 75% of households with more than $75,000 income and most homeowners itemize their deductions.

Beginning in 2018, the standard deduction, available to all taxpayers, regardless of whether they own a home, is $24,000 for married filing jointly and $12,000 for single taxpayers.

Let's look at an example of a couple purchasing a $300,000 home with 3.5% down at 5% interest. The first year's interest would be $14,630 and property taxes are estimated at 1.5% of sales price would be $4,500.

The interest and property taxes would provide a combined total of $19,130 which is less than the $24,000

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Inventory Continues to be a Challenge

In any given market, inventories fluctuate based on supply and demand considering area and price range. The National Association of REALTORS considers a balanced market to be a six-month supply of homes.

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If it takes longer than six months to sell, it is thought to be a buyer's market and less than six months, a seller's market. Most buyers and sellers probably feel a balanced inventory is more like three months' supply of homes.

The inventory of existing homes has been reduced to approximately 1.5 million houses which is 10.3% lower than a year ago. According to the Federal Reserve Bank of St. Louis there are 5.7 months' supply of new homes currently on the market in the U.S.

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Featured Image

Gorgeous home in highly sought-after Morrison Ranch. Tree lined streets, ample parks and walking paths, curbside mailboxes and basketball, volleyball and kids park steps away from this beautiful home. Split 3 car garage, extended driveway and balcony off upstairs loft create perfect curb appeal. Gourmet kitchen w tons of space, SS appliances, granite, and breakfast bar. Downstairs is one bedroom, the rest are up. Huge master features double sinks, separate bath and step-in shower, and an enormous walk-in closet. Backyard oasis is an entertainers delight including covered patio, mature vegetation, sparkling pool, and paved seating area.

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