Mesa homes
FHA loan costs to buy Phoenix Homes for Sale Rise
Homes for sale in Chandler, Gilbert and Mesa AZ are popular
FHA Loan Costs Increase – But best loan for many Phoenix Home Buyers
As of 4/18/2011 FHA loan costs are going to be higher because FHA has increased the monthly Mortgage Insurance Premium .25% to 1.15% of the outstanding loan balance divided by 12. The Up Front Mortgage Insurance Premium(UFMIP) had been reduced to 1% 0f the loan amount to help “cash strapped” buyers qualify and remains unchanged. Since many home buyers finance the UFMIP, the initial loan balance can be computed by increasing the principal loan amount 1% after deducting the 3.5% minimum down payment for the examples below.
February 2011 Average Sales Price by City:
Chandler Homes for sale AZ sold for $197,993 and the FHA monthly MIP cost will increase $40.16 to $184.75.
Gilbert Homes for sale AZ sold for $189,113 and the FHA monthly MIP cost will increase $38.02 to $176.64
Mesa Homes for sale AZ sold for$139,072 and the FHA monthly MIP cost will increase $28.24 to $129.90
Phoenix homes for sale sold 125,313 and the FHA monthly MIP cost will increase $25.20 to $117.05.
Tempe homes for sale sold for $164,821 and the FHA monthly MIP cost will increase $33.47 to $153.95.
Scottsdale homes for sale AZ sold for $459,695 and that is well above the maximum FHA loan amount. Therefore a conventional loan would be more appropriate.
As the loan is paid down, the MMIP will continue to decrease until the remaining loan balance is 78% of the original loan balance. At that time you may request the MMIP payments be terminated, providing you have owned the home at least 5 years.
While everyone would prefer not pay more to own a home, FHA MMIP is tax deductible.
Contact Sam Elam (480.213.1799) to help you purchase one of the homes for sale in Chandler, Gilbert, Mesa, East Phoenix, Scottsdale or Queen Creek. Rates remain low, but there is a lot of competition for the best homes. Don’t miss out. I am an Associate Broker with 21 years of buyer representation experience and I look forward to working with you soon.
Sam Elam - Associate Broker specializing in Chandler, Gilbert, Mesa and Phoenix real estate and homes for sale AZ.
Arizona School Achievement Results Posted
TOUGHER AIMS TEST STANDARDS CAUSE DROP IN ARIZONA SCHOOL ACHIEVEMENT LEVELS
All Arizona school districts are seeing lower school achievement levels as a result of tougher test standards for the 2010 – 2011 school year. Chandler, Gilbert and Mesa school districts are among the most successful and even they have seen schools achievement levels downgraded. But Chandler, Gilbert and Mesa schools were are to increase the total number of Excelling and Highly Performing schools – albeit with fewer Excelling (with a Grade of A) and more Highly Performing (with a Grade of B as the letter grade for Above Average Schools).
Check out the achievement level of your local Arizona schools in Maricopa and Pinal Counties with “Excelling” as the highest school achievement level followed by “Highly Performing”, “Performing Plus”, “Performing”, “Under Performing” down to the lowest level of “Failed to Meet Academic Standards”.
Chandler homes, Gilbert homes and Mesa homes located in excelling Chandler, Gilbert and Mesa school districts are in high demand and buyers with school age children are willing to pay more to send them to top rated schools. They know a good education is extremely important to the future success of their children and the well being of our communities. Everyone needs to support our local Arizona schools!
CHANDLER, ARIZONA
Chandler School District 2008 – 2009 School Year – 27 Excelling and 5 Highly Performing schools.
Chandler School District 2009 – 2010 School Year – 23 Excelling and 8 Highly Performing schools.
Chandler School District 2010 – 2011 School Year – 19 Excelling and 10 Highly Performing schools
GILBERT, ARIZONA
Gilbert School District 2008 – 2009 School Year – 33 Excelling and 6 Highly Performing schools.
Gilbert School District 2009 – 2010 School Year – 17 Excelling and 12 Highly Performing schools.
Gilbert School District 2010 – 2011 School Year – 7 Excelling and 27 Highly Performing schools.
MESA, ARIZONA
Mesa School District 2008 – 2009 School Year – 28 Excelling and 18 Highly Performing schools.
Mesa School District 2009 – 2010 School Year – 21 Excelling and 21 Highly Performing schools.
Mesa School District 2010 – 2011 School Year – 18 Excelling and 34 Highly Performing schools.
Support our Chandler Schools, Gilbert Schools and Mesa Schools
Sam Elam, Associate Broker with Prudential Arizona Properties, (480) 213-1799 has 20 years of experience and in-depth Phoenix real estate market knowledge to help buyers find Chandler homes, Gilbert homes AZ and Mesa homes for sale AZ served by top rated schools!
Sam Elam - Associate Broker specializing in Chandler, Gilbert, Mesa and Phoenix real estate and homes for sale AZ.Categories
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