This does a great job of showing how mortgage rate increases reduce the amount you can qualify for. If you can buy a $200,000 home now--but don't, and rates go up 1%, you can then only buy a $180,000 home.
It sounds like rents will continue to climb upwards. Below is a quote from an industry expert. He sees the climb continuing for the next few years.
This does a great job of capturing the benefits of Home Ownership! It is from an independent Harvard study. Bottom line: If you don't own your home, you should really look into buying one if you can. Also may view this chart by visiting my Facebook page https://www.facebook.com/GoNWCapitalMortgage.
IMPORTANT FHA UPDATE!!!
FHA loan limits for the Portland Metro Area (including Clark County, WA) for a single family home will be reduced to $362,250 as of January 1, 2014. With 3.5% down payment, this corresponds to a purchase price of $375,388.
If you have any clients that are planning to use FHA financing and may want to buy a home for more than $375,388, it is important that they have a signed around PSA and their lender get the FHA case number before the end of 2013.
The current loan limit (until the end of 2013) for these areas is $418,500. This corresponds to a purchase price of $433,678.
As of November 19, 2011 , the VA Funding Fee reductions that were previously
anticipated have been indefinitely delayed by President Obama.
The VA funding fees were to be reduced on October 1, 2011.
Then the reductions were delayed until November 18th.
President Obama delayed them indefinitely on Saturday, November 19, 2011.
At this time, VA funding fees remain the same as they were before October 1, 2011
The most important thing most people can do to make sure they get a great home loan is select a great Mortgage Loan Officer. Loan Officers are like most anything else: There are some really great ones. There are some really bad ones. Most are somewhere in the middle.
Here are some ways to find a great Loan Officer: