REDUCTION IN FHA MONTHLY MORTGAGE INSURANCE!
I hope all is well! I wanted to let you know that FHA has recently announced that as of January 26, 2015, the monthly mortgage insurance on FHA loans is being decreased from 1.35% to .85% on loan to values between 95.01% – 96.50% and from 1.30% to .80% on loan to values at 95% or less.
On a $100,000 loan, for example, this reduction in monthly mortgage insurance will reduce the monthly mortgage insurance payment from $135/mo to only $85/mo.
On a $400,000 loan, for example, this reduction in monthly mortgage insurance will reduce the monthly mortgage insurance payment from $450/mo to $283.33/mo.
Not only will buyer that need to use FHA loans be able to save more money monthly but they will also be able to afford a much higher purchase price due to monthly MI reduction!
Please let us know if you have any current FHA mortgages that you would considering refinancing and we can connect you with our mortgage specialist! Of course if you’re considering making a home purchase, give us a call and we can make the connection. The FHA 30 Year Fixed rates are as low as 3.125%. Other than FHA he also has access to conventional & mass housing loans with as little as 3% down with NO PMI!.
Here’s to a prosperous 2015!