The recent announcement that mortgage insurance premiums for Federal Housing Administrationmortgages will decrease from 1.35% to 0.85% is welcome news for the mortgage industry, according to a new postfrom the Urban Institute.

“Existing homeowners who refinance into an FHA mortgage will see similar reductions to their mortgage payments as well,” said a statement from the White House at the time of the announcement. “In total, this action will help millions of families save billions of dollars in mortgage payments in the coming years, helping to support the housing market recovery.”

The FHA’s premium cut impacts the mortgage market in four ways in 2015:

1. Saving for borrowers

The Administration expects these lower premiums to save more than 2 million FHA borrowers an average of $900 annually. By other estimates, more than 3 million current FHA borrowers stand to benefit from reduced premiums upon refinancing. 

2. Increases in low-income and first-time FHA borrowers

Low-income and first time borrowers, who seek homeownership but could not afford higher premiums under old FHA pricing, may now find the math more favorable.

3. Borrowers with high credit scores

Lower premiums will also make FHA loans more attractive for certain high-FICO borrowers who previously would have found GSE loans more cost effective. 

4. Increase in competition between FHA and PMIs

Perhaps most significantly for the mortgage market, this premium reduction alters the current industry dynamic by making FHA pricing more competitive relative to PMI. 

The original article can be seen at http://www.housingwire.com/articles/32678-urban-institute-4-positive-ways-fha-cuts-will-impact-mortgages

Re-Cap: Houston Small Business Exchange

#CommunityPitch #EconomicDevelopment #JobCreation

On behalf of our President & CEO, Mr. Judson Robinson, we would like to take another opportunity to say thank you to those that participated in the 2014 Houston Small Business Exchange and to everyone that continually supports our economic development endeavors at The Entrepreneurship Center, in helping to grow minority owned businesses in the Greater Houston Community.

We look forward to networking and growing your business with you in 2015!

Our Proud Community Sponsors/Collaborators

2014 Houston Small Business Exchange

The National Urban League; Port of Houston; Wells Fargo;United Way of Greater Houston; UPS; the breakfast klub; Houston Area Urban League;Houston Area Urban League Young Professionals; Houston Area Urban League Guild; Twice Media Productions, LLC; The Office of Business Opportunity; Accion Texas Inc.; Houston Minority Supplier Development Council; University of Houston-Small Business Development Center; Greater Houston Black Chamber; Lamik Beauty.

 

Houston Small Business Panelist: Eric Goodie, Glenn Smith, Judson Robinson, Cary Yates, Kim Roxie, Seble Woubshet, Phillip J. Yates, John Whaley, Josh Bowie

 

 
Eric Goodie, HAUL Director

 

Twice Media Productions

 
Banden Morris, HAUL Business Consultant and J.K. Waldie & Associates

 

Vernita Harris, Chairman of GHBC

 

HAUL President & CEO Judson W. Robinson III

 
HAUL Recognizes Board Chair, Cary P. Yates, Senior VP of Wells Fargo Bank

 
Robert Allen, 2014 Houston Small Business Exchange
"Community Pitch Winner" 

 
Michelle Levi, 2014 Houston Small Business Exchange
"Community Pitch Winner" 

 

 

See You at the 2015 Houston Small Business Exchange

As we continue our quest to help the families in Houston ISD understand differentiated instruction, to support their children and HISD with students becoming strategic, independent readers, HAUL engaged 229 parents, guardians, grandparents and children last night at Pleasantville Elementary with engaging, appropriate text for successful and rapid growth to help their children become independent reader.

110 Adults

119 Children

See photos of the workshop that included the students performing, parent workshop, parent/student engaging around the strategies the parents received in the workshop, just right Scholastic books for families to take home and continue practicing, Frnchy's Chicken dinner for all and door prizes.

Two schools in November, which means we have space for more schools. United Way is funding the four schools for two sessions each. We need to provide this service for all the elementary schools in Houston ISD. When our families understand what we are doing with their children in the classroom, they can support that effort at home. When the home is doing the same thing our teachers are doing in the classroom, our KIDS are CORNERED and learning is inevitable. If you would like to support this work, come see first hand how it works.

 Next workshop November 20, 2014 at HISD Kashmere Gardens Elementary School at 5pm. We are missing 13 days in November we could be working with other schools and there families.