by Nate Ward
on Monday, January 26th, 2015 at 3:25pm.
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.
Compass is a licensed real estate brokerage that abides by Equal Housing Opportunity laws. Information is compiled from sources deemed reliable but is not guaranteed. All measurements and square footages are approximate. This is not intended to solicit property already listed. Compass is licensed as Compass Real Estate in DC and as Compass in Virginia and Maryland. 1313 14th Street NW, Washington, DC 20005 | 202.386.6330