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FHA Mortgage Insurance Is Going Down
 

FHA Annual Mortgage Insurance is Going Down!  Can you believe it? On January 26th, 2015 HUD will be reducing the FHA Annual Mortgage Insurance Premium (MIP) by 0.50% on 30-year loans!
The announcement on January 7th was unexpected, appreciated and much needed. Finally FHA will be more affordable, helping new home buyers qualify and helping other home buyers qualify for a higher purchase price.
 
How Much is FHA Annual Mortgage Insurance?
Even though it’s called Annual Mortgage Insurance you pay for the annual policy in 12 equal monthly payments. The payments are included in your monthly mortgage payment.
 
How Much Will I Save With the New MIP?  With MIP being reduced by .50% you will save around $20.833 for every $50,000.
This may not seem like much, but figure the average sales price in Colorado Springs according toGreatColoradoHomes.com is currently $255,652.
Savings Example: Colorado Springs Average Sales Price
Current MIP: Purchase price $255,652 – 3.5% down payment = $246,704 x 1.35% MIP = $3,330.50 / 12 = $277.54 per month. New MIP: Purchase price $255,652 – 3.5% down payment = $246,704 x 0.85% MIP = $2,096.98 / 12 = $174.75 per month. A savings of $102.79 per month, $1,233.48 per year or $6,167.40 over 5 years. 
 
The average sales price in Denver Metro according to LiveUrbanDenver.com is currently $339,636.
Savings Example: Denver Metro Average Sales ... more

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