lower fha mortgage premium: FHA Monthly MI Being Reduced
- 01/09/15 09:16 AM
Monthly premiums for FHA mortgage insurance will be cut from 1.35% of a loan's value to 0.85% starting Jan 26, 2015. As a result, a typical first time homebuyer in Florida will save $900 a year on their monthly mortgage payments. FHA mortgage insurance is designed to protect the agency in case a borrower defaults on a loan. This is one reason why lenders like writing FHA mortgages so much, as they are protected in some ways. In the wake of the financial meltdown and ensuing foreclosure crisis, FHA raised its mortgage insurance premiums to free up its finances. But now home values are on the … (0 comments)
Monthly premiums for FHA mortgage insurance will be cut from 1.35% of a loan's value to 0.85% starting Jan 26, 2015. As a result, a typical first time homebuyer in Florida will save $900 a year on their monthly mortgage payments. FHA mortgage insurance is designed to protect the agency in case a borrower defaults on a loan. This is one reason why lenders like writing FHA mortgages so much, as they are protected in some ways. In the wake of the financial meltdown and ensuing foreclosure crisis, FHA raised its mortgage insurance premiums to free up its finances. But now home values are on the … (0 comments)
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