Thursday, January 8, 2015
FHA to lower Mortgage Insurance Premiums! Great news for home buyers and owners!
This is great news for all home buyers and for the Real Estate Market in General! In an effort to make owning a home more affordable, the Federal Housing Administration has decided to cut the cost of Mortgage Insurance from 1.35% to 0.85%. A typical first time home buyer will save about $900 per year on their mortgage payments, or $75 per month! As a result of the lower premiums, it is estimated an additional 250,000 fist time home buyers may be eligible to purchase a new home!
Existing homeowners who refinance to a new FHA loan will also be able to take advantage of the new reduced mortgage insurance premiums as well!
In order to take advantage of this reduction in mortgage premium, please contact us or our preferred lender, Richard Lytle of On Q Financial at richard.lytle@onqfinancial.com or by phone at 910-297-1494.
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