Median home prices rank by city - salary, home price

How does your city rank?

• Rank
• City▼
• Salary Needed
• Median Home Price
• Monthly payment

• 1
  Pittsburgh
  $31,716
  $135,000
  $740
• 2
  Cleveland
  $32,010
  $121,200
  $747
• 3
  St. Louis
  $33,323
  $138,400
  $778
• 4
  Cincinnati
  $33,485
  $138,100
  $781
• 5
  Detroit
  $35,521
  $135,800
  $829
• 6
  Atlanta
  $35,800
  $157,700
  $835
• 7
  Tampa
  $37,732
  $160,000
  $880
• 8
  Phoenix
  $40,658
  $200,300
  $949
• 9
  Orlando
  $42,143
  $180,000
  $983
• 10
  San Antonio
  $45,374
  $185,500
  $1,059
• 11
  Minneapolis
  $47,627
  $210,000
  $1,111
• 12
  Dallas
  $48,787
  $189,600
  $1,138
• 13
  Houston
  $49,983
  $199,300
  $1,166
• 14
  Philadelphia
  $50,914
  $213,300
  $1,188
• 15
  Baltimore
  $52,662
  $233,200
  $1,229
• 16
  Chicago
  $54,347
  $195,100
  $1,268
• 17
  Sacramento
  $58,412
  $268,700
  $1,363
• 18
  Miami
  $58,431
  $265,000
  $1,363
• 19
  Portland
  $60,604
  $288,900
  $1,414
• 20
  Denver
  $61,642
  $314,800
  $1,438
• 21
  Seattle
  $72,844
  $352,000
  $1,700
• 22
  Washington
  $77,395
  $372,800
  $1,806
• 23
  Boston
  $80,050
  $383,200
  $1,868
• 24
  New York
  $87,536
  $390,000
  $2,043
• 25
  Los Angeles
  $89,665
  $450,900
  $2,092
• 26
  San Diego
  $95,433
  $493,100
  $2,227
• 27
  San Francisco
  $142,448
  $742,900
  $3,324

http://money.cnn.com/infographic/real_estate/what-you-need-to-earn-to-afford-a-home/index.html

Do you know your mortgage interest rate?

1/3 Don't Know Their Rate

Ask any American how much money they make for a living, and they'll tell you down to the weekly penny. Ask what interest rate governs their single-largest monthly expense, and more than a third don't know.

"Your mortgage rate is one of the most important numbers in your financial life, and there's a good chance that one of your neighbors has no idea regarding how much he or she is paying," said Holden Lewis, a senior mortgage analyst at Bankrate.com.

Bankrate.com surveyed a national sample of 1,000 adults and found that 35 percent did not know their mortgage interest rate. One in 7 mortgage holders were either "not too confident," "not at all confident" or had no idea about their rate.

Lenders say the finding is not at all surprising. Home buying is stressful, and most borrowers are honed in on what their monthly payment will be, not how they get to that payment. What does this mean for home purchases? It means that setting up the borrower with the right loan and payment and making the process smooth and stress-free is more important than the interest rate to the borrower as part of the experience.

Mark Walker NMLS#: Phone: 314-862-0123

Email: everyonebigbend@mimutual.com

National Homebuyer Grant

The income limits are only based on the borrowers on the loan, NOT the total household income! Take a look at the features of the grant below. 

National Homebuyers Fund (NHF) Platinum Grant:

·         No first time homebuyer requirement

·         Income limits based on borrower and co-borrower only (does not apply to entire household - see attached county income limits)

·         Offers up to 5% down payment and closing cost assistance

·         No forgiveness period or repayment required - a true grant!

·         Must be primary residence only

·         30-year mortgage only

·         Minimum 640 credit score required

Amy Neier Senior Mortgage Banker 16150 Main Circle Dr. Chesterfield, MO. 63017 Work: 314-872-0998 | Mobile: 573-291-2704 | Fax: 314-219-8575 NMLS ID: 58000 | Company NMLS: 224149 aneier@flat-branch.com |flatbranchhomeloans.com

Big Housing Demand for first time home buyers

According to US News: One reason that single-family construction will grow in 2015 is the expected unlocking of housing demand among prospective first-time home buyers. The market share of first-timers for both new and existing home sales has been weak in the past few years. While first-time purchases typically make up about 30 percent of newly built home sales, industry surveys suggest that this share was less than 20 percent in 2014.  The signs suggest 2015 will be positive for housing, which in turn will generate benefits for the overall economy.

http://www.usnews.com/opinion/economic-intelligence/2015/01/14/housing-market-showing-signs-of-a-good-2015

FHA reduces annual insurance premiums

As the nation’s housing market continues to improve, the Federal Housing Administration (FHA) recently moved to reduce the annual premiums new borrowers will pay by half of a percent.

While that may not sound like a lot, the impact and savings are considerable: More than two million FHA homeowners are projected to save an average of $900 each year. Meanwhile, the reduction could spur 250,000 new homebuyers to purchase their first home in the next three years.

What does this mean for your clients? The impact of lower premiums will not only result in lower annual housing costs for those who use FHA, it will also significantly expand qualified customers' access to mortgage credit.

"By bringing our premiums down, we're helping folks lift themselves up so they can open new doors of opportunity and strengthen their financial futures," said U.S. Department of Housing and Urban Development Secretary Julián Castro.

Jason R HardinSr. Mortgage Loan Officer
NMLS ID: NMLS ID: 559028
314.656.3254 Visit the Agent Resource Center