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!
Down Payment Assistance of 5% Available
The program offers eligible borrowers 5% of the home purchase price to be used towards the down payment, closing costs and prepaids.
Homebuyers Tip: Do's and Don'ts After Mortgage Application
In order to make sure that during the loan processing your credit and qualification information does not change and affect your ability to be approved, be sure to follow these Do's and Don’ts.