FHA MIP Reduction Means More Savings For Homebuyers

GREAT NEWS, for savvy homebuyers!

FHA Mortgage Insurance Premiums have just been reduced by .30% (30 basis points). Why is this such great news, you ask? Well, for starters, a lower MIP means more money for homebuyers!

For the median FHA borrower purchasing a one-unit single-family home with a $467,700 mortgage, this will save approximately $1400 in the first year due to FHA’s premium reduction.

This is a great opportunity for homebuyers, increases buying power, and can be the difference when it comes to qualifying for a loan. Contact us to learn more!

Source: www.hud.com

* Specific loan program availability and requirements may vary. Please get in touch with your mortgage advisor for more information.