Forbes - Home loans will get cheaper for some

Your Weekly Advisor Update

A Note From Natalie:

As we inch closer to spring, some folks are getting ready for homebuying season. And there are glimmers of hope for folks wishing to see some improvement in prices. According to the National Association of Realtors, the median sales price for homes in the U.S. is $359,000, down from $386,000 in 2022. That’s not all. More savings news came out of Washington last week that FHA borrowers will get a price break on their loans.

Starting March 20, homebuyers with an FHA-backed mortgage will get a discount on the insurance they must pay when they get an FHA loan. The savings will vary depending on the loan amount, so it can be anywhere from $60 monthly (or less) to a couple of hundred dollars.

While some folks are prepping mortgage applications, others are digging themselves out of a surprise winter storm. Southern California even got snow. For travelers, that might’ve meant canceled flights. This week, see which airports had the most cancellations.

We’ll also give you all the details on how to protect yourself from the norovirus outbreak, which has spread across multiple states.

Very best,

Natalie

Natalie Campisi

Senior Staff Writer

Consumer Finance

Editorial Note: We earn a commission from partner links on Forbes Advisor. Commissions do not affect our editors' opinions or evaluations.

FHA Home Loans Will Save Borrowers An Average $800 A Year Starting In March. Here’s Who Qualifies

Whether you’re a renter, buyer or just a spectator, the housing market has provided enough drama to rival any Shakespearean tragedy. But, there’s a glimmer of hope for low- to -mid-income borrowers: Loans backed by the Federal Housing Administration (FHA) will be cheaper starting March 20, 2023.

Last week, Vice President Kamala Harris and Housing Secretary Marcia Fudge announced a 30 basis point reduction to the annual mortgage insurance premiums (annual MIP) which all FHA homebuyers must pay—regardless of down payment.

According to the Biden administration, the savings will average $800 per year and will help an estimated 850,000 homebuyers and homeowners this year alone. Not everyone with FHA mortgages, however, will get this break. Find out who qualifies and what it means for your bottom line. 

Here’s what else you should know
this week:

Can You Afford An FHA Loan? You Can Use This Calculator To Find Out

The federal government is busy looking for ways to tackle the affordable housing crisis. While renters have gotten some relief over the past few months as rent prices have slowly retreated, most people are still rent burdened.

As Snowstorms Rage, The 10 Worst U.S. Airports For Flight Cancellations And Delays This Week

A surprise storm swept through the country last week, bringing flooding and even snow to usually sunny  cities, including Los Angeles. Thousands of flights were canceled as a result. Find out which airports got the brunt of storm-related problems—and how you can protect your future trips in the event of cancellations.

Norovirus: Preventing The Spread And How To Avoid It

Amid a multistate uptick in norovirus, the FDA put out an advisory to restaurants, retailers and consumers on Friday to stay away from eating raw oysters from Deep Bay, British Columbia, as they may be contaminated. Here’s how you can stay safe and prevent the spread of this virus.

Best Travel Credit Cards Of  2023

It’s easier than you think to leverage your credit card rewards to snag award flights and upgrades. That said, be sure to have your credit house in order before you start earning rewards because the interest rates and fees will outweigh what you earn in rewards on a monthly balance.

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