Major Savings for Homebuyers Effective January 26, 2015admin / 0 Comments /
FHA loans, with their already low down-payments, relaxed credit-standards and affordable interest rates, have just become even more attractive. Effective January 26, the FHA is offering an increased incentive by slashing mortgage insurance payments. This will, in effect, lower mortgage premiums the same as would a 0.5% reduction in interest rates. That translates into an average annual savings of $900 for borrowers!
To qualify, homebuyers must have an active loan application for a mortgage with a term greater than 15 years and with an FHA case assignment made for the subject property on or after January 26, 2015.
This reduction in mortgage insurance premiums is just one of several ways the Department of Housing and Urban Development is looking to make purchasing a home even more affordable for borrowers, particularly first-time homebuyers.
Attorney Harry J. Fournier is ready to help you work on a loan scenario for your buyers. He can show them exactly how much the change in mortgage insurance rates could help them save each month.Contact Fournier Law Firm, Ltd. today for more information.
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