The Trump Administration has rescinded this FHA reduction in MIP
This is good news for many home buyers because it helps lower their debt to income ratio, so that FHA Buyers can qualify for a higher loan amount.
FHA loans require a 3.5% downpayment while conventional loans typically require higher down payments ranging from 5% to 20%. FHA loan products were originally created to provide creditworthy homebuyers with a solution if they didn’t have as much to put down as conventional loans require.
The higher Mortgage Insurance premium that FHA implemented a few years ago made it difficult for many young, first-time and lower-income borrowers to qualify or to qualify for enough to compete with other buyers in this frenzied real estate market.
Guest Contributor: Tamlyn Grant
The number of Active (available) homes for sale(single family + condo) in the Denver Metro area in July was 10,025 which is the highest amount of inventory we have had in 2013 and is about the same number of homes we had for sale in July 2012. This increase in inventory has helped to ease buyer’s frustrations. Homes are still selling very fast with most homes going under contract in less than 20 days. The average days on market (DOM) for all home sales is down to 37, it was 65 DOM in July 2012 and 101 DOM in July 2011. July and August are typically the peak months for home sales in the Denver area. There were 7,406 homes put under contract in July, up 43 % from the 5,236 put under contract in July 2012.
|July Active Listings (Single Family + Condos)
Single Family Home Statistics
(May, Jun, Jul 2013)
||Median Sold Price
||Avg. Sold Price
Guest contributor: Tamlyn Grant
The number of Active homes for sale (both single family and condo) in the Denver Metro area was 7094. According to the Denver Metrolist that is a 23 year low for number of available homes on the market in January. Here’s a chart for comparison of January available listings for the last 3 Years plus 2006 which recorded the highest number of homes for sale in Denver’s history .
|January Active Listings (Single Family + Condos)