January 26th is the official date for lower mortgage insurance premiums!!
This drop of .5% will help more homebuyers into their first homes. FHA offers lower interest rates, 3.5% down payment and now the lower monthly mortgage insurance makes an FHA loan a more competitive option for home buyers.
If you are looking to purchase or even refinance an existing FHA loan, now is the time to call or email me for estimates to make sure this is right for you! firstname.lastname@example.org or 503 581 8100
January 8, 2015
FHA TO REDUCE ANNUAL INSURANCE PREMIUMS
Reduction to increase credit affordability and reflects improved economic health of FHA
WASHINGTON – As the nation’s housing market continues to improve, U.S. Housing and Urban Development Secretary Julián Castro today announced the Federal Housing Administration (FHA) will reduce the annual premiums new borrowers will pay by half of a percent. This action is projected to save more than two million FHA homeowners an average of $900 annually and spur 250,000 new homebuyers to purchase their first home over the next three years.
Today’s action also reflects the improved economic health of FHA’s Mutual Mortgage Insurance Fund (MMIF). FHA’s recent annual report to Congress demonstrates the economic condition of the agency’s single-family insurance fund continues to improve, adding $21 billion in value over the past two years.
“This action will make homeownership more affordable for over two million Americans in the next three years,” said U.S. Department of Housing and Urban Development Secretary Julián Castro. “Since 2009, the Obama Administration has taken bold steps to reduce risks in the mortgage market and to protect consumers. These efforts have made it possible to take this prudent measure while also ensuring FHA remains on a positive financial trajectory. By bringing our premiums down, we’re helping folks lift themselves up so they can open new doors of opportunity and strengthen their financial futures.”
In the wake of the nation’s housing crisis, FHA increased its premium prices to stabilize the health of its MMI Fund. In addition, the Obama Administration took dramatic steps to safeguard consumers in the mortgage market to ensure responsible borrowers continued to have access to mortgage capital as many private lending sources tightened their lending standards.
Today’s reduction will significantly expand access to mortgage credit for these families and is expected to lower the cost of housing for the approximately 800,000 households who use FHA annually.
FHA’s new annual premium prices are expected to take effect towards the end of the month. FHA will publish a mortgagee letter detailing its new pricing structure shortly.
Check out this link for some great information and call me today at 503 581 8100!
Beginning June 11th, FHA is lowering their mortgage insurance premiums significantly for refinances. This could mean a much lower payment if you currently have an FHA mortgage.
How it works:
You simply do a FHA Streamline Refinance. This will allow you to take advantage of the super low interest rates and the lower mortgage insurance premium. With a FHA Streamline there is NO APPRAISAL and NO INCOME VERIFICATION and the costs are very minimal.
Your current FHA mortgage must have closed before May, 2009.
You must be current on your mortgage.
If you know anyone who has a FHA mortgage have them call me.
It is an opportunity not to be missed! Call or email me to see if you qualify.
Karen 503 581-8100 or email@example.com
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