02/24/2023
Some great news!
📢📢THIS JUST IN!📢📢
Great News! FHA will be reducing its Annual Mortgage Insurance Premiums by 30 Basis Points to Support Affordable Homeownership. This implementation will be effective on or after March 20th, 2023 for mortgages endorsed for FHA Insurance.
Just for fun, check out these estimates on how this can help homebuyers:
- This reduction will benefit approximately 850,000 borrowers over the coming year, saving them $678 million in aggregate in the first year of their FHA-insured mortgage.
- For the average borrower purchasing a one-unit single family home with a down payment of 3.5 percent and a mortgage amount of $467,700 - the national median home price as of December 2022 - FHA’s annual MIP reduction will save them more than $1,400 in the first year of their mortgage