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!

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This is not an offer to enter into an agreement. Not all customers will qualify. Information, rates and programs are subject to change without notice. All products are subject to credit and property approval. Other restrictions and limitations may apply. Equal Housing Opportunity.