Okay, so that's more than one word, but today, I'm going to let Nick Fratini, Branch Manager at Advisors Mortgage Group, L.L.C. do the talking. He is not only a terrific mortgage person, but he's also a very nice person. Highly responsive and every client he's ever worked with for me has loved him.
Here's what Nick has to say about the FHA MIP Reduction:
In a recent announcement the Federal Housing Administration stated they would be cutting Mortgage Insurance Premium (MIP) rates by .5%; from 1.35% down to .85%, saving the average home buyer about $900 per year. This mortgage insurance premium reduction is available to all FHA home buyers. Also homeowners who currently have a FHA loan may be eligible for a streamline refinance to lower their payments. The change goes into effect beginning on January 26, 2015.
Nick can be reached at the contact numbers below.
ph: 610-344-9988
cell: 484-557-3794
So today's word is really reduction! This is great news for first time buyers especially.
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