Big Mortgage News as FHA Drops Their Insurance Premium MIP

More Affordability on The Way

From Housing and Urban Developments press release on Wednesday February 23, 2023

The premium will be reduced from 0.85 percent to 0.55 percent for most homebuyers seeking an FHA-insured mortgage, which could mean an estimated savings of $678 million for American families in aggregate by the end of 2023 alone. The reduction will benefit an estimated 850,000 borrowers over the coming year, saving these families an average of $800 annually.

This cut will help overall FHA borrowers with lower monthly payments but a big take away for me is that it will also help more buyer qualify for a loan and enter the housing market.

The average number HUD release is based on a $265,000 purchase where the savings will be about $800 per year which lowers the qualification burden as well. From the press release:

For the same borrower with a mortgage of $467,700 – the national median home price as of December 2022 – FHA’s annual MIP reduction will save them more than $1,400 in the first year of their mortgage.

Typically FHA loans have a bit higher closing costs as there is a upfront Mortgage Insurance Premium, MIP, payment. The upfront MIP is typically 1.75% of the loan amount. For example of a $200,000 home with an FHA loan the MIP would be $3,500 which is added to the costs due at closing (closing costs) or additionally can be wrapped in to the loan.

Types of Homes That Will Qualify

Another piece of good news in this is the wide variety of homes that will qualify for the reduction. This includes site built homes, townhomes, condo’s, and manufactured homes.

Manufactured homes will still need the foundation engineering certificate to qualify for an FHA loan. We can help you with any questions on the process for manufactured homes.

Other FHA Changes

HUD has made other changes to the FHA program recently to help more people get in to homes as well as insure discrimination is not occurring in the process.

  1. In a move to make it easier for first time homebuyers to qualify HUD revamped the underwriting guidelines for FHA loans to allow positive rental history to count for the buyer, where it did not before. This happened in September of 2022 and makes entering the home ownership market from the rental market easier.
  2. Guidelines changed in the summer of 2021 to allow the actual student loan payment monthly amount to count as part of the debt to income ratio instead of what had been 1% of the total amount owed. This change had significate impact for buyers with student loan debt.

All Things Considered

The recent moves by HUD in relation to FHA loans stand to make entry into the home ownership market easier and less expensive. Please reach out to our team at Rankin Realty if you have any questions or would like help finding your new home.

Heather Rankin is a Realtor and Owner/Broker of Rankin Realty at Lake Powell specializing in the Lake Powell areas of Page, AZ and Greenehaven, AZ as well as Big Water and Kanab Utah, and Colorado City Arizona.

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2022 Lake Powell Hot Air Balloon Regatta Set For November 3-6

The 19th annual Page Lake Powell Hot Air Balloon Regatta is set to take off the weekend of November 3rd, 2022. This premier event draws balloonists and tourists from all over the county and is one not to be missed.

Photo of a morning balloon launch

From the early morning launches against the stunning back drop of Lake Powell and the surrounding cliffs, mesas and buttes, to the Chamber of Commerce hosted street fair there is something for everyone at this event. The Saturday night balloon glow down Lake Powell Blvd is a crowd favorite as the balloons light (and glow) to synchronized music. There are plenty of vendors on tap including food, jewelry, and famous popcorn! Kids will be entertained with bouncy houses, climbing walls and plenty of balloon education.

Here is the schedule of events

Thursday, November 3, 2022

All Day | Education Day at Page Schools

Pilots check-in

Pilot and Sponsor Meet and Greet


Friday, November 4, 2022

Media Flight Day

7:00am | Morning Briefing and Launch at Lake Powell National Golf Course

3:00pm – 10:00pm | Regatta Street Fair – Elm Street – Beer Garden, live music, games and rides! Official Page Lake Powell Balloon Regatta™ merchandise will be sold

Saturday, November 5, 2022

Sponsor Day

7:00am | Morning Briefing and Launch at Lake Powell National Golf Course

11:00am – 10:00pm | Regatta Street Fair – Elm Street  – Beer Garden, live music, games and rides!

4:00pm  | Life’s A Ball – Ball Roll – 6th Avenue between Elm & North Navajo

6:30pm – 8:00pm | Balloon Glow on Lake Powell Blvd. from Vista Ave. to South Navajo. Official Page Lake Powell Balloon Regatta™ will be sold


Sunday, November 6, 2022
Balloons heading up into Page

Crew Appreciation Day

7:00am | Morning Briefing and Launch at Lake Powell National Golf Course

Brunch after flying for much appreciated Crew!

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Canyons Edge New Homes in Big Water Kick Off

Come see us Saturday September 17th at Canyon’s Edge on Canyon Drive in Big Water! Six new construction homes starting at $353,000 in this fantastic community in an intimate setting on half acre + lots. Granite and quartz countertops, 12mm luxury vinyl plank flooring and 9 foot ceilings are standard in each home.



We’ll have football and refreshments from 3 PM to 5 PM with guided tours! This is an opportunity not to miss!

Hope to catch you there!

Heather Rankin is a Realtor and Owner/Broker of Rankin Realty at Lake Powell specializing in the Lake Powell areas of Page, AZ and Greenehaven, AZ as well as Big Water and Kanab Utah. We have a great team of agents to handle your real estate needs along the south shores of Lake Powell. Our office is next to the Ranch House Grille in Page AZ,

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Large Colorado City AZ Home For Sale

OFF MARKET ~ BUT WE HAVE OTHERS

Listed at $825,000 ~ Agent Emily Maynard (801) 712-0853  

265 N Homestead St , Colorado City, AZ

This mansion in the heart of Colorado City’s beautiful views is an investor’s dream! The 1991 home boasts 16 bedrooms, 10.75 bathrooms, a sun room, 3 fireplaces in massive gathering areas, 2 kitchens (with room for a commercial grade oven), wheelchair accessible areas, multiple laundry rooms, and plenty of storage. With 11 entrances from the outside and almost every room having their own bathroom, this home could easily be turned into a vacation rental with a bit of work.

 Sitting on .96 acres, it also includes rooftop solar water heaters, an industrial grade chicken coop, hay storage, two barn structures, a storage shed, corral space, an orchard (which has almond, peach, cherry, pear trees, and grape vines), and a plot for gardening. This home has some unfinished spaces and cosmetic issues, but has great potential to be an investment property or a dream come true for an aspiring farmer. 

Mountain Veiw From Deck
Back of home

County records list this home as 9379 square feet, but that doesn’t include the unfinished great room, laundry, or canary. Call listing agent today for specifications, and to set an appointment to view. You won’t want to miss this!

Living Room
Sample Bath
Kitchen
Great Room
Bedroom with Kitchenette
Bedroom with Patio Access

For More information Call Emily Maynard at (801) 712-0853  

EMILY MAYNARD AGENT IN UTAH AND ARIZONA

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Lake Powell View Home in Greenehaven with 2 Extra Lots

This one has sold but we have others!

LISTED AT $460,000

This home with beautiful views comes with two extra building lots which can be used for a garage, a pool, or just left to protect the lovely views. Home features three bedrooms, 2. 5 baths, including a Master En-Suite, new appliances, and several accesses to the outdoor living space. The floorplan, with wide open rooms and plenty of windows, provides views of Lake Powell and the Kapairowits Plateau and lots of natural light in the home.

3D Matterport Tour

The wrap around Trex deck is another plus and will provide a perfect spot to watch Lake Powell sunrises. There is a very large laundry with a half bath as well as a double car garage. The desert landscaping allows you more LAKE TIME. This home is being sold with two attached lots (52 Lake View)(72 Lake View) so you can have a BIG back yard or build another garage, pool, or another home, the choice is yours..

BACK DECK VIEW
FRONT OF HOME

Beautiful views, extra lots, opens spaces and a move in ready home. Give us a call to schedule a showing.

Heather Rankin is a Realtor and Owner/Broker of Rankin Realty at Lake Powell specializing in the Lake Powell areas of Page, AZ and Greenehaven, AZ as well as Big Water and Kanab Utah. We have a great team of agents to handle your real estate needs along the south shores of Lake Powell. Our office is next to the Ranch House Grille in Page AZ,

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Celebrating 10 years in Excellence

The Rankin Realty at Lake Powell team held their first-annual Brokerage Dinner on September 18th, 2020 at The Jadi To’Oh floating restaurant, Antelope Point Marina, Lake Powell. Jadi To’Oh translates to “Antelope Springs” in the Diné language, and it is the world’s largest floating restaurant.
Owner/Broker Heather Rankin, Associate Broker Pushpa Caldwell, and the Realtors of Rankin Realty enjoyed fantastic dishes and unparalleled views of the Lake together with their loved ones. Throughout the evening, Heather announced Seven Guiding Principles for Rankin Realty, reviewed the numbers regarding the Brokerage’s impressive performance in the market, and raised a glass to a bright future ahead with an intelligent team of professionals. Photographer Mark Gordon, from Monumental Arizona Weddings, documented the event in phenomenal photos.

Rankin Realty is dedicated to bringing thorough knowledge of the region, skill, patience, and passion for the Real Estate process to anyone embarking on this journey. We take pride in knowing that our clients still feel like they can call us now and then with questions long after the paperwork is done and the keys handed over. Our focus has always been to stay up-to-speed on the latest and greatest tools that the internet and technology have to offer: from search engine optimization, listing services, and our digital paperwork system to high quality listing photography… We cover as many bases as possible. Whether you’re selling a home, or moving into our priceless community: Real Estate transactions often present unforeseeable challenges.
You can rely on Rankin Realty to overcome them.

Ashley Rankin (Marketing Director), Angeline Novotny (Realtor), Darryl Novotny (Realtor), Michael Maynard, Emily Maynard (Realtor), Heather Rankin (Owner/Broker), Raymond Rankin, Heather Curtsinger (Realtor), Theresa Knight (Realtor)

Seven Guiding Principles
1) Integrity is above all else
2) We offer quality without compromise
3) We lead by example in our home, work, and community
4) We only get to make a first impression once
5) We are creative in our problem solving
6) We are ethical in our business decisions
7) We are generous with our talents

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Creekside ~ The Premier New Development in Beautiful Kanab, Utah

Another agent and myself decided to venture over to the wide open spaces of Kanab, Utah and check out the newest offering of homes, and we were not disappointed. The two of us took the afternoon to go visit this new space which sits next to the scenic Kanab Creek and wander around. All we can say is…. Welcome to Creekside!
HomesCreekside Homes

One of my first thoughts is how this neighborhood is so … walkable. The flow created by Creeekside Drive being a long circle means it won’t be far for that evening walk to your friends home, or for your kids, or your parents.. by it’s nature the layout is creating a community.
CreekKanab Creek

Creekside is the new livable neighborhood to call home in the heart of Kanab, Utah. With stunning new homes, great floor plans to chose from, nestled in the heart of the famous Kanab red rocks this is not one to miss.
lots3Creekside Lots

Any direction you look from the street is breathtaking. We also found out there is a new Kane County Elementary school in the works and this neighborhood is within walking distance. With a total of 76 lots there are 65 buildable lots left. Jacob, at H&C Development, states it takes roughly 12 to 15 weeks to get you in your new home and prices start in the mid $200’s.
houses4houses1Creekside HomesCreekside Homes

Creekside Details

Vacation Rentals are allowed, there is no HOA, and several floor plans have a separate casita for that extra income boost. Homes feature open floor plans, private master en-suites, quartz counter tops, different finish packages, several have large walk in pantries, good sized garages, and well… views.
Lots in CreeksideCreekside Lots

Kanab Area Information

Kanab boasts a wonderful community feel, a great library, lots of community activities throughout the year including festivals and conferences. Jacob Hamblin Park with a splash pad, water park, skate park, public pool, large covered picnic area, and up to date playground equipment will serve the community for years to come.

Within an hour drive is Zion National Park, Bryce National Park, Lake Powell, Grand Canyon North Rim, the Coral Pink Sand Dunes, Best Friends Animal Sanctuary and so much more. This is the Southern Utah homebase you’ve been looking for.
Bryce National ParkZion National Park

Give us a call to get more information on Creekside, Kanab, or other Southern Utah and Northern Arizona areas.

Heather Rankin is a Realtor and Owner/Broker of Rankin Realty at Lake Powell specializing in the Lake Powell areas of Page, AZ and Greenehaven, AZ as well as Big Water and Kanab Utah. We have a great team of agents to handle your real estate needs along the south shores of Lake Powell. Our office is next to the Ranch House Grille in Page AZ
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Unique 24 Acre Southern Utah Paria River Ranch For Sale

This Ranch Has Sold. Call us for other available properties!

Listed at $750,000

If you have dreamed of owning a piece of Southern Utah this stunning commercial property is for sale in the heart of the Paria River Valley very well may be your answer. Located 30 minutes from the popular Kanab, Utah area and also about 30 minutes from the blue waters of Lake Powell and Page, AZ, this prime location has stunning views and access.

Old West Paria Buildings

With 2 acres of commercial frontage on Highway 89 and 84 acre feet of certificated Utah Water Rights the possibilities are endless. Featuring accommodations like “the Bunkhouse” “the Hut” “the Barn” as well as the managers quarters, guests have been doing nightly rentals here for years.

Paria RanchParia Cliffs

The Ranch is next to the Paria River at the bottom of the Grand Staircase Escalante National Monument in Southern Utah. From here you can visit areas like The Wave, Grand Staircase Escalante, The Toad Stools, White House campsite and trailhead, Buckskin Gulch, Wire Pass, Wahweap Hoodoos, The Paria Box, The Narrows and Lake Powell.

View EastEast

The C-1 zoning means the possibilities are endless. With 84 acre feet of water in two water rights, numerous out buildings including current nightly rentals on booking.com in the bunkhouse, a shower facility with laundry, large barn decked out for gatherings, a main living quarters plus several smaller accommodations on 24 acres of the most scenic land anywhere, this can’t be beat.

RanchRiding

The private well on property has recently been tested both for flow and water quality, further information available upon request. The Paria Ranch is currently set up for horse camping and is a popular destination retreat.

This is a unique offering in one of the most beautiful places on earth. Give me a call at 928-691-6444 for more information or to schedule a tour.

Check out the MLS listing Paria River Ranch MLS Listing

Heather Rankin is a Realtor and Owner/Broker of Rankin Realty at Lake Powell specializing in the Lake Powell areas of Page, AZ and Greenehaven, AZ as well as Big Water, UT and Paria. We have a great team of agents to handle your real estate needs along the south shores of Lake Powell. Our office is next to the Ranch House Grille in Page AZ
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Posted in Featured Listings, Grand Staircase Escalante National Monument