{"id":12261,"date":"2010-06-14T18:00:25","date_gmt":"2010-06-15T01:00:25","guid":{"rendered":"http:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/?p=12261"},"modified":"2010-06-14T14:32:32","modified_gmt":"2010-06-14T21:32:32","slug":"the-nar-backs-the-fha-watch-your-back","status":"publish","type":"post","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/12261\/the-nar-backs-the-fha-watch-your-back\/","title":{"rendered":"The NAR Backs the FHA… Who’s Backing You?"},"content":{"rendered":"
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Late last week the House of Representatives passed H.R. 5072, the so-called FHA Reform Bill.\u00a0 One of the major components of that bill (you can read the text of the bill here<\/a>), raises the monthly insurance premium for all FHA buyers.\u00a0 What does that mean to your bottom line?<\/div>\n
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Currently, the FHA monthly premium is .55% and the new legislation Congress is looking at will raise the premium a wopping 272% to 1.5%.\u00a0 What does this mean to your buyer?\u00a0 If they are at the limit of their eligibility on\u00a0a $300,000 purchase price now,\u00a0they would have to lower their interest rate by over 1.25% to still qualify for that house.\u00a0 In other words, if the current market rate is 5.00%,\u00a0it\u00a0would have to drop to 3.75%!\u00a0 If you think you might have trouble locating a lender who will do 30 year fixed loans at 3.75%, don’t worry; you can also lower their purchase price to bring them back into eligibility.\u00a0 Their new price would only have to drop\u00a010%!\u00a0 A buyer looking at $300,000 today will be looking at $265,000 to $270.000 as soon as this bill passes.\u00a0Does that change your market opportunities for the better… or the worse?<\/div>\n
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I understand why the NAR supports this, it keeps FHA alive and well, doing sub-prime loans for people who can’t afford to buy a home, which in turn keeps dues paying agents busy and coughing up their fair share.\u00a0 But why do agents support it?\u00a0 It’s going to have a devestating affect on your clients, and therefore on you.\u00a0 Do you support it?\u00a0 Have you let anybody know?<\/div>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Late last week the House of Representatives passed H.R. 5072, the so-called FHA Reform Bill.\u00a0 One of the major components of that bill (you can read the text of the bill here), raises the monthly insurance premium for all FHA buyers.\u00a0 What does that mean to your bottom line? \u00a0 Currently, the FHA monthly premium […]<\/p>\n","protected":false},"author":36,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_crdt_document":"","jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[26,5,30],"tags":[354,190],"class_list":{"0":"post-12261","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"hentry","6":"category-lending","7":"category-real-estate","8":"category-supplanting-the-nar","9":"tag-fha","10":"tag-mortgage-market","12":"no-featured-image"},"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"jetpack-related-posts":[{"id":10960,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/10960\/my-jim-casey-take-on-the-fhas-policy-to-address-risk-and-strengthen-finances\/","url_meta":{"origin":12261,"position":0},"title":"My “Jim Casey” take on the FHA’s Policy to Address Risk and Strengthen Finances","author":"Scott Schang","date":"January 22, 2010","format":false,"excerpt":"\"Before I knowed it, I was sayin' out loud, 'The hell with it! There ain't no sin and there ain't no virtue. There's just stuff people do. It's all part of the same thing.\" - (Preacher) Jim Casey \/ Grapes of Wrath Here's my take on the FHA 1\/20\/10 press\u2026","rel":"","context":"In "Lending"","block_context":{"text":"Lending","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/lending\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.californiateachersandemployeeshomeloanprograms.com\/wp-content\/uploads\/2010\/01\/Read-all-about-it.gif?resize=350%2C200","width":350,"height":200},"classes":[]},{"id":10081,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/10081\/pent-up-demand-seen-in-purchase-ready-renters\/","url_meta":{"origin":12261,"position":1},"title":"Some Updates from the Marble Tower","author":"Dave Phillips","date":"October 14, 2009","format":false,"excerpt":"Here are a few pieces of kibble from NAR that I thought the Pound might want to chew on... \u00a0 Pent-up Demand Seen in Purchase-Ready Renters There are more than 16 million renter households in the U.S. with enough income to buy a home at the national median price, far\u2026","rel":"","context":"In "Big Mother"","block_context":{"text":"Big Mother","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/big-mother\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/activerain.com\/image_store\/uploads\/7\/5\/9\/6\/8\/ar124076527886957.jpg?resize=350%2C200","width":350,"height":200},"classes":[]},{"id":7903,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/7903\/fha-and-va-assumable-loans-offer-an-exit-strategy-for-todays-buyers\/","url_meta":{"origin":12261,"position":2},"title":"FHA and VA Assumable Loans Offer an Exit Strategy For Today’s Buyers","author":"Brian Brady","date":"April 16, 2009","format":false,"excerpt":"How can an FHA mortgage or VA home loan sell a home faster?\u00a0\u00a0 When mortgage rates are 10% and the 5% government loan is assumable. I've taken a few pokes at the contributors on Active Rain; John MacArthur isn't one of them.\u00a0 John is a Branch Manager with Long and\u2026","rel":"","context":"In "Lending"","block_context":{"text":"Lending","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/lending\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":7404,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/7404\/why-fha-loans-wont-be-getting-cheaper-or-easier\/","url_meta":{"origin":12261,"position":3},"title":"Why FHA Loans won’t be getting cheaper or easier…..","author":"Tom Vanderwell","date":"March 9, 2009","format":false,"excerpt":"When the subprime market imploded and people starting rushing to FHA, the \"chant\" was that FHA is the new \"subprime.\"\u00a0\u00a0 FHA originations skyrocketed and anyone who didn't have a 700 credit score and a downpayment of 5 to 10% was quickly led into FHA.\u00a0\u00a0 I remember reading statistics of different\u2026","rel":"","context":"In "Lending"","block_context":{"text":"Lending","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/lending\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":11070,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/11070\/what-will-the-fha-90-day-flip-rule-suspension-mean\/","url_meta":{"origin":12261,"position":4},"title":"What Will The FHA 90-Day Flip Rule Suspension Mean ?","author":"Brian Brady","date":"January 29, 2010","format":false,"excerpt":"The FHA\u00a0 suspended the 90-day flip rule as of February 1, 2010, for a period of up to one year.\u00a0 I'm not so sure lenders are going to play ball, though.\u00a0 I've found that lenders are implementing the 90-day seasoning rule for all loans, not just FHA, these past six\u2026","rel":"","context":"In "Real Estate"","block_context":{"text":"Real Estate","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/real-estate\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":9921,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/9921\/bloodhoundblog-radio-fhava-in-2010-with-tony-gallegos\/","url_meta":{"origin":12261,"position":5},"title":"BloodhoundBlog Radio: FHA\/VA in 2010 (with Tony Gallegos)","author":"Brian Brady","date":"October 1, 2009","format":false,"excerpt":"Wondering about the future of VA home loans and FHA mortgages?\u00a0 Listen to my interview with Bloodhound Blog contributor, Tony Gallegos.\u00a0 We discuss: San Diego County VA\u00a0mortgage statistics (the market share number is going to astound you)\u00a0 Why VA loans have the lowest default rate among all four major loan\u2026","rel":"","context":"In "Lending"","block_context":{"text":"Lending","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/lending\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"_links":{"self":[{"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/posts\/12261","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/users\/36"}],"replies":[{"embeddable":true,"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/comments?post=12261"}],"version-history":[{"count":6,"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/posts\/12261\/revisions"}],"predecessor-version":[{"id":12263,"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/posts\/12261\/revisions\/12263"}],"wp:attachment":[{"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/media?parent=12261"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/categories?post=12261"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/tags?post=12261"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}