Richfield House Hunt: Mortgage Insurance Rates Set to Rise

While the prices of homes around Richfield have not started to rise, some costs associated with buying a home are going up, if only a little.

Monthly mortgage insurance, required with mortgages of less than 20 percent down, are rising a quarter percent on April 18 for low down payment FHA loans. That means for a $166,000 home, a monthly mortgage payment would rise about $30. However, buyers who already have a signed purchase agreement and an FHA case number ordered by April 7 are exempt.

Some buyers will use this as an excuse not to buy, but others will take this as a advisory; waiting for prices to go down is probably not the best strategy. The nature of the mortgage loan is changing and it probably won’t get easier to buy a home in the future.

Richfield Patch Tip of the Week: Check out Richfield homes in person; the open house season has begun.

House No. 1: 7400 1st Ave. S.

Listed by Re/Max Advantage Plus

Price: $193,900

Description: One and a half stories, three bedrooms, two baths and 1,400 finished square feet. This cute home is on a corned lot and is well maintained with large, fenced backyard with shade trees. The house features hardwood floors, a three-season porch, walk-in closets and a large upper bedroom.

House No. 2: 7119 Augsburg Ave.

Listed by Bridge Realty

Price: $139,900

Description: One story, three bedrooms, two baths and 1,777 finished square feet. This is a potential short sale near Wood Lake Nature Center and Augsburg Park. There’s a large fenced backyard, hardwood floors, a porch, patio, attached garage, finished basement and a wood-burning fireplace.

House No. 3: 6327 3rd Ave. S.

Listed by Edina Realty

Price: $209,900

Description: One and one half stories, four bedrooms, three baths and 2,067 finished square feet. This is a bungalow with an upper level expansions and also has large eat-in kitchen with stainless appliances. There is a formal dining room, loft, upper-level fireplace, main floor family room, lower level bedroom and amusement room.  

House No. 4: 6733 Humboldt Ave. S.

Listed by Re/Max Results

Price: $199,900

Description: One story, three bedrooms, two baths and 2,148 finished square feet. This is a charming ranch style home with beautiful hardwood floors and lots of light. The eat-in kitchen has stainless appliances, lots of counter space and corner windows. There is a large back yard with a fence, an attached garage and a finished lower-level family room has built-in bar area and fireplace. 

House No. 5: 1616 W. 70th St.

Listed by Edina Realty

Price: $400,000

Description: One and a half stories, three bedrooms, three baths and 2,882 finished square feet. This large brick and stone bungalow has natural woodwork, a formal dining room and an eat-in kitchen on a corner lot. There is a three-car garage and has a newer roof and windows. There are also beautiful, no-effort perennials along the chain-link fence in back.

Stephanie Fox is a licensed real estate agent with Coldwell Banker Burnet.