New mortgage rules help millennial home buyers

First-time home buyers, many of them millennials, will receive some long-awaited mortgage assistance this year thanks to recent moves in Washington.

The administration earlier this month cut the premium that borrowers with a Federal Housing Administration loan must pay for mortgage insurance to 0.85% from 1.35%. The half a percentage point reduction will reduce the cost of the average FHA loan by about $1,000 per year.

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Marketing to millennials requires empathy

The average age of a Realtor is currently 57, and members of the millennial generation are between 18 and 34 years old. Working with these people (and they are people, not kids) requires understanding and interacting in ways you might not understand.

My advice to you is to spend some time with a millennial so you get beyond the hype and into their heads.

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FHA mortgage insurance rate cut to take effect Jan. 26

The Federal Housing Administration on Friday spelled out details of its plan to lower mortgage insurance premiums, a day after President Barack Obama unveiled the effort to jump-start first-time home purchases.

Read more...  http://www.chicagotribune.com/business/ct-fha-premium-changes-0110-biz-20150109-story.html