FHA released an announcement which is a major new step that the government is taking to make mortgages more affordable and accessible for creditworthy families.
The Federal Housing Administration (FHA) will reduce annual mortgage insurance premiums by 0.5 percentage point from 1.35 percent to 0.85 percent.
For the typical first-time home buyer borrowing a $250,000 mortgage could see lower monthly payment of approximately $75-100.00 per month!
Current homeowners who refinance into an FHA mortgage may see similar reductions to their mortgage payments as well. This change may help millions of families save billions of dollars in mortgage payments in the coming years.
The PerfectHouse Team is proud to share this news hot off the press. we are committed to stay up to date on trends with Home Loans. Our knowledge and relationships with Experienced, Local Lenders helps us deliver more value and save our clients thousands of dollars. Thanks to Steve Rockefeller and George Mason Mortgage of Virginia Beach for providing the facts and the payment variation estimates for this article.
The PerfectHouse Team and Rose and Womble Realty are not Mortgage Lenders. Every borrowers circumstances may differ. For more information about any Mortgage Program we recommend you consult a licensed lender. The PerfectHouse Team and Rose & Womble Realty support Equal Housing Opportunities. Steve Rockefeller & George Mason Mortgage is an Equal opportunity lender.