The FHA made an outstanding decision for Jacksonville FL Spring homebuyers on Thursday, and here it is. They cut their Mortgage Insurance Premium by fifty percent - 50% - from .135 to .80. Now this might not sound like much, or anything at all, but it is significant in both having a lower monthly payment or qualifying for a higher price, which may just help you buy the home you really want.
The chart below shows the difference in what a buyer can qualify for and have the same payment on a $200,000 home purchase under the old FHA MIP, which is about the average home purchase in Jacksonville FL right now.
If you look at the chart, you can see that for the same $1420 payment, a buyer now qualifies for $11,000 more home price. The difference in mortgage insurance from $219 to $147 equals a $72 savings in the FHA Mortgage Insurance alone. Notice that the payment is a little less even though the Principal and Interest, Taxes and Insuance have risen by about $30.
This is great news for first time homebuyers especially, as it will bring more of them back into the market to purchase homes this Spring in Jacksonville FL. It is good news for other buyers as well and we look forward to helping first time home buyers and those who have purchased a home before take advantage of this relaxed guideline from the FHA. It is all great news for Sellers, who can take advantage of the larger buyer pool.
Call or text us at 904-673-2308 to see how the FHA Helps Jacksonville FL Spring Homebuyers.
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