The government(HUD) just made a huge announcement on FHA loans, the monthly mortgage insurance is going down. This is great news as this allows more buying power to those looking to purchasing a home. Here are the specifics:
For those loans with a loan to value of over 95% the monthly MI goes from .85% to .60% on a 30yr mortgage. This would benefit any home buyers who use the usual min down payment of 3.5%. On a home purchase of $250k this would save the buyer $50 a month off their … (1 comments)
HUD HAS SUSPENDED THIS CHANGE! Here is the link from HUD
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