Good news for home buyers utilizing FHA loans!
The monthly premium for the Federal Housing Association loans mortgage insurance will be lowered to 60 basis points starting on January 27 from the current rate 85 basis points. If you are not a mortgage professional and have no idea what you just read, that means that if you were to borrow $150k, the monthly mortgage insurance premium under the old pricing would be $106.25/month. With the new lower premiums, it will be $75.00/month resulting in a savings of over $31/month. That may not seem like a lot but when you add it up over the years, it can be a HUGE savings!
If you’d like more details, check out National Mortgage News!