Per Bob Silva, Loan Office with V.I.P. Mortgage, "FHA has lowered their monthly Mortgage Insurance premium to 60 (.60%) basis points of the loan amount. This is a reduction of 25 bps and if you compare with conventional financing the minimum down payment is 3.5% compared to 5% for Conventional. This really brings FHA back into the fray considering that you would end up with a better interest rate and a substantially lower payment compare to Conventional monthly Mortgage insurance (0 comments)
Related Links:
Jeff Masich-Scottsdale AZ Associate Broker,MBA,GRI