The mortgage insurance premiums on FHA loans has now been reduced .85%. This represent more borrowing ability for mortgage consumers looking to purchase or refinance their homes. On a loan of $300,000 that’s an annual reduction of $1350, or $112.50 per month respectively.
Thinking about refinancing your current FHA loan from a few years ago? The mortgage insurance premiums reached as high as 1.3% of the loan amount now reduced to .85-the savings can really add up given your size of financing. If you’re thinking about reducing the mortgage payment on your FHA loan or buying a home with a lower monthly payment, you owe it to yourself to at least explore the options.
The premiums are effective January 26, 2015. If you are currently working with the lender for an FHA loan agent very easily be able to reduce your premium on January 26 and effectively wrap up your loan.
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[…] home value/purchase price back then was $275,000 and you put down $9,625 at closing, the minimum FHA contribution […]