President Barack Obama is in transit to Phoenix AZ right now. Tomorrow morning, here in phx, he will announce that FHA will reduce their monthly PMI factor from 1.35% to 0.85%. THIS IS A BIG DEAL!!!
· Currently, on a $200,000 loan amount the PMI for an FHA loan is $225 a month (boooo!)
· With this change PMI on a $200,000 for FHA would go to $142 a month (hooray!!!)
It is not yet known when this change will happen, but some say it will take place sometime this summer.
This along with the 3% down conventional loans is HUGE for housing. This will make things a lot more affordable for people. With minimal effort and budgeting almost anyone can save for down payment (only 3% down) and or afford a mortgage payment (PMI is lower and mortgage payments are WAY lower than rent).
Be sure to contact The Walker Team today to find your perfect home! Contact us at 480-823-5672!
Article information pulled from http://www.stewardaz.com/