That is a $3000.00 increase on a $400,000 loan and an annual $400 increase in total mortgage insurance premiums paid! The new changes in PIM are really going to cost you more money for your new home! First time home buyers won’t be rejoicing in this news as they are going to be the ones to shoulder these changes. Mortgage insurance premiums will not rise for loans already made.
And since FHA loans are traditionally used by first-time home buyers and low income borrowers because they offer low down payments, the increases might make it financially difficult for them to buy homes.
With the mortgage fraud, the big bank’s robo-signing debacle, and bailouts happening, the housing market is far from recovering. FHA loans have kept this market moving along, now, with these changes, recovery is a small light at the end of a long tunnel.
J Michael Manley Team
Gilder Creek Farms subdivision is located in the popular section of Simpsonville, SC know as Five Forks. The neighborhood is situated up against the beautiful 64 acres of green space along the Gilder Creek River. The river is home to Rainbow Trout, Small Mouth Bass, and Pumpkinseed fish.
Once you are in the Gilder Creek Farms Subdivision you will notice the traditional construction of the homes featuring vinyl, brick and stone exteriors. All homes feature at least a 2 car garage with several homes offering a 3 car garage option. The neighborhood is divided into 3 sections with each section varying in size, price and built by a different builders. The three builders that originally constructed the neighborhood were Poinsett Homes, McCar Homes, and DR Horton. This allowed for a wide variety of floor plans and styles, giving anyone looking to buy a home in the area a lot of options to choose from.
The amenities in Gilder Creek Farms are of a level normally only reserved for neighborhoods of a much higher price. They included a junior Olympic swimming pool, clubhouse, playground, sidewalks, and walking trails. You and your family will never be without something to do as a family.
The schools for Gilder Creek Farms are located in the Greenville County School system. Greenville County schools system is the 50th largest in the nation and includes 9 of Newsweek’s Best High Schools. The schools for the neighborhood are Bells Crossing elementary school, Riverside Middle Schools, and Mauldin High School. This isn’t schedule to change in the 2012-2013 rezoning proposal. You can click here to get the latest updates on school assignments for this neighborhood or any other Greenville County neighborhood.
If you are looking for a neighborhood to move to this is definitely want to look at Gilder Creek Farms in Simpsonville, SC. For more detailed information on this neighborhood or any other neighborhood in Greenville County feel free to contact us at 864-881-1258.
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