At 55,000 square feet, the White House isn’t just any old McMansion. But recent reports on a project that broke ground last year indicate that it’s originally ambitious goals were actually understated. The home is currently planned to have a 74,000 square foot main residence, with total square footage for all buildings in the compound coming in at 100,000 sq. ft. And of course, what would a house like that be without a 30-car garage, and your own, private casino. The master bedroom is bigger than most homes at 5,000 sq. ft. The developer plans to list it for $500 million.
Conventional mortgages are those not insured by a government agency — and to get one, you usually need to put 20% down, and they’re usually only 30-year, fixed rate. If those terms don’t fit your needs, then you can consider an FHA guaranteed loan, and if you do, you need to know a few things. Philly.com wrote a nice introductory article covering five points about FHA backed mortgages. It covers everything from current down-payment requirements to some more surprising items, like FHA mortgages may be easier to re-finance.
Apparently, there’s confusion. The Federal Home Loan Banks (a collection of 12 regional banks that help finance mortgages made by their member banks) have been holding back on purchasing mortgages from their members, because they’re unsure how they would have to meet Federal Housing Finance Agency (FHFA) targets for affordable housing. The FHFA has declared this an undesirable outcome. As a result, they’re looking into new ways that they might encourage home loans for people in the very-low to moderate income ranges.