Lowering mortgage insurnance (MI) on FHA loans is a big step forward toward making FHA loans practical in today's market.
Fannie Mae has over $40Billion in cash reserves to back the FHA guaranteed loans.
Lower FHA MI on FHA loans could save the typical American home buyer just under $1,000 per year in MI premiums. That's a big deal.
The high FHA 3.5% down loans with the higher MI has made FHA loans irrelavent in the face of conventional 3% down loans with no MI.
Now if FHA would lower the down payment back to 3% from 3.5%, FHA loans would give the market a viable loan program that could open the door to home ownership for hundreds of thousands of home buyers.
Text or call Erick Blackwelder now at 703-677-1120 to find out how you can get qualified for an FHA home loan with a low down payment.