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FHA Mortgage Insurance Premiums Lowered
FHA has reduced the insurance premiums for our FHA buyers, and buyers will enjoy a lower house payment.   GREAT NEWS, and hopefully because the regulations have tough to get a loan, and we are seeing less and less mortgages going into foreclosure.      Great news for our first time home buyers and just in time for our early buyers!  

HUD, the agency that oversees the FHA Home Loan program recently announced a reduction to the annual mortgage insurance premiums associated with most FHA loans.
            The changes reduce the annual mortgage insurance premium, which is paid on a monthly basis as part of one’s FHA loan by .25% for most 30 year fixed FHA loans and .20% for most 15 year fixed FHA loans.
            Previously, if you were obtaining a 30-year fixed FHA loan with a 5% or less down payment, the annual MIP was .85% annually and that premium will now me .60% annually. With greater than a 5% down payment on a 30-year fixed FHA loan, the annual premium drops from .80% previously to .55%.
            On 15 year, fixed FHA loans, with 10% or less down payments, the previous annual MIP was .70% ... more

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