mortgage insurance: FHA Slashes Mortgage Insurance Rates
- 01/15/15 11:00 PM
HUD has cut the mortgage insurance rates for FHA loans. With 3.5% down, the current annual rate is 1.35%. As of January 26, 2015, that rate will go to .85%. What a great savings of .5% for home buyers! On the average $175,000 purchase, that is a savings of $71.60 PER MONTH! This bold move will make it possible for home buyers to qualify for a larger loan. What happens if you already have a loan in process at the higher mortgage insurance rate? It's even better news. FHA will allow lenders to cancel case numbers which were issued on or … (8 comments)
www.peggyloans.com Peggy Wilson, Michigan mortgage banker offers useful tips for daily living. She explains different loan programs, translates mortgage guidelines into understandable language and helps Realtors get their deals to the closing table with the least amount of hassle.
HUD has cut the mortgage insurance rates for FHA loans. With 3.5% down, the current annual rate is 1.35%. As of January 26, 2015, that rate will go to .85%. What a great savings of .5% for home buyers! On the average $175,000 purchase, that is a savings of $71.60 PER MONTH! This bold move will make it possible for home buyers to qualify for a larger loan.
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