February 24, 2023

FHA Discounts Mortgage Insurance 30%

Super exciting news! 🤗 FHA just announced they are lowering their mortgage insurance premium. They haven’t been this low since before the 2008 housing crisis. 

So, if you’re purchasing a home for $500,000 if you did an FHA loan and put the 3.5% required down payment, that puts your loan at about $482,500. 

So this is where it’s big for you as a buyer: that means your monthly mortgage insurance premium WOULD HAVE been $342 a month, you would have paid $4,101 annually. 

With the discount, you’ll be paying $221 a month, or $2,654 annually. 

So it’s a savings of over $120 per month on average, if you purchased a $500,000 house. 

Reach out if you want more info!