Government-insured mortgages are about to get more expensive.
The Federal Housing Administration, which is the largest insurer of low-down payment mortgages, announced Wednesday that it will raise premiums by 10 basis points, or 0.1%, on most of the new mortgages it insures.
Translation: A borrower opting for a 30-year, fixed-rate mortgage who puts 5% or more down will now pay an annual insurance premium of 1.3% of their outstanding balance. And someone who puts less than 5% down will pay a premium of 1.35%.
The agency said it will also raise premiums for borrowers with jumbo loans — or loans of $625,000 or more — by 5 basis points, or 0.05%, and increase the minimum down payment requirement on these loans to 5% from 3.5%.
[via CNN Money]
The real estate market is in the midst of a major comeback. Sales are greater than any time since 2007. Consumer confidence is increasing. Economists are now saying housing is the major tailwind to our nation’s overall economic recovery.
Last year was strong for South Florida’s luxury market and now more brokers are saying that the ultra-prime market is officially back on track to reach pre-recession levels, the Sun Sentinel reported. During the recession “it was awful,” David Serle, broker for RE/MAX Services in Boca Raton, said. “Sellers really had to change their mindset.” But today buyers believe the bottom has passed, John Poletto, principal at Nestler Poletto Sotheby’s International Realty in Boca, added, after selling nine units in nine weeks for $7 million at the 200 East project.
Misha’s Black Bottom Mini Cupcake
As a mother of 3 young children, my heart aches for the parents, families and teachers of the young victims on the Sandy Hook Elementary School shooting. Tragedies like this remind me of the importance of investing into our children’s physical, emotional, and mental safety and health. Every child deserves to find sanctuary in school and be surrounded by the support that encourages them to ask questions, learn and grow. 
My greatest gifts, my amazing children.
Unfortunately, many young people feel misunderstood at school–a lack of acceptance that all too often triggers acts of violence. We, as a community, have an obligation to look after our children, the next generation of leaders, and remind them that acceptance and love begins within ourselves.
I enjoyed the chicken parmigiana, the tiramisu and of course, the art!
Visit Cara Mia for brunch, lunch or dinner at 1040 Alton Road on South Beach,
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