Great News For FHA Home Buyers
We received some great info for FHA Home Buyers from Mortgage Banker TimMittl:
“Effective with FHA Case Numbers ordered on or after January 26th, the new monthly MIP (Mortgage Insurance Premium) on FHA loans with terms greater than 15 ears will be reduced by .50% basis points.”
According to the Wall Street Journal Blog:
“The FHA on Jan. 26 will reduce the annual premiums it charges many borrowers. For those who make a down payment of less than 5% and take out a loan of $625,500 or less, the premium will be reduced to 0.85% from 1.35%. On a $200,000 loan, that would save a borrower about $1,000 in the first year.”
Tim Mittle has a great example in this PDF which shows the monthly savings on a $250,000 loan in this FHA reduces Monthly MIP PDF
Be sure to give a mortgage professional like Tim Mittl a call a 484-373-4008 and view the HUD Mortgage Insurance Premium (MIP) rates document here.
If you’re looking for a home in Bucks or Montgomery County PA that qualifies for this program call Carle Robbins at 215-534-1639.
Always be sure to check with a Licensed Mortgage Professional for the latest Home Mortgage Information.
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