Obama to reduce PMI on FHA loans

By
Real Estate Agent with Sonoran Premier Properties. The Walker Team. SA646448000

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/ 

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Re-Blogged 1 time:

Re-Blogged By Re-Blogged At
  1. Mike Tizzano 01/07/2015 04:30 AM
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Rainer
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Mike Tizzano
Amerifirst Financial, Inc Equal Housing Oppurtinity Lender AZ BK0013635 NMLS 145368 LO:1015837 - Mesa, AZ
Protect Your Transaction Certified Lender

It makes sense.  With 97% conventional loans FHA's MI prices had to be adjusted.  I wonder if they're going to visit changing the rule that the MI stays on for the life of the loan.

Jan 07, 2015 04:06 AM #1
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Rainer
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Templeton and Denise Walker ValleyRealtyExperts.com #TheWalkerTeam

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