FHA Montly Mortgage Insurance Premium is Dropping!

Finally, some good news from our friends in Washington.

We expect to hear from POTUS tomorrow announcing the drop in FHA's MIP.

Currently the Monthly Mortgage insurance premium is 1.35%, it will be dropping to .85%.

To put that into perspective for a $200,000 loan:

Currently the monthly MIP cost- $225.00/month

After the change: $141.67/month

That is a savings of $83/month, or in this case $1,000 per year.  Great news for our low down payment buyers.

Have a great week

Rob
 
Robert Rauf
Mortgage Loan Originator NMLS ID# 248937
 
http://www.homebridge.com/RobertRauf

or my blog: http://activerain.com/blogs/rrauf
Office: (732)908-4868

RRauf@HomeBridge.com
 
www.RobertRauf.com

 
 
 
Since 1987 I have been helping my clients fulfill their dream of home ownership! HomeBridge Financial Services, Formerly REMN, HomeBridge Financial Services is located at 16 Madison Avenue, Building 2 Suite 2D Toms River, NJ 08753. NMLS #6521. New Jersey Licensed Lender and Mortgage Banker #L041053. Visit www.Homebridge.com for more information. NJ Mortgages, New Jersey Mortgages, Mortgages in NJ, mortgage in New Jersey, Mortgages in New Jersey, Toms River NJ 08753, Toms River NJ 08755, Brick NJ 08723, Brick NJ 08724 Mortgage in Ocean County NJ, Mortgage in Monmouth County NJ, Jackson NJ 08527, Howell NJ 07731, Lacey 08731 08734, Beachwood Bayville 08722 08721, Manchester 08757 08733, Manahawkin 08050, Robert Rauf is a Licensed Mortgage Loan Originator in New Jersey.