Posts from January 21st, 2015
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21
FHA Reduces Annual Insurance Premiums
U.S. Housing and Urban Development Secretary, Julien Castro, announced that the Federal Housing Administration (FHA) will reduce the annual premiums new borrowers will pay by half (.5) a percent. "What this means, is that going forward their mortgage insurance will be roughly 35%- 40% percent cheaper, depending on down payment, than it is currently," said Chris Schneider, Ruhl Mortgage Loan Officer. The new premium is projected to save more than two million FHA homeowners an average of $900 annually. It will also motivate first-time homebuyers to purchase over the next three years. "Here is an example," Schneider said. "If someone was taking out a 200k FHA loan this new change would result in the payment difference being about $83/mo. If we translate that into...
