Earlier this month, President Obama announced HUD will lower its FHA mortgage insurance premiums by 50 basis points, from 1.35 percent to .85 percent. This went into effect on January 26th.
The lowering of the FHA mortgage insurance premium will make it easier for hundreds of thousands of home buyers to get a mortgage and provide greater access to homeownership. On a $300,000 loan, that could mean a savings of $1,500 a year.
If you have comments, questions, or would like to discuss a purchase or refinance please give me a call at (916) 203-9319.