HUD Reduces FHA Mortgage Insurance Premiums
The Federal Housing Administration Announced today that it will reduce annual premiums by 500 basis points (half a percent). This means real savings for buyers using an FHA loan to finance their home. On a $500k home purchase using an FHA loan, the drop in mortgage insurance rates work out to about $2412.50/year in insurance savings. That's over $300/month! This is great news for first time buyers in particular. The FHA loan is a great program for any buyer with less than perfect credit or a high debt-to-income ratio. Find more information for buyers, including a list of VA approved buildings, or contact us directly through the website.