FHA Loans Just Got A Whole Lot Sweeter...

Could you use an extra $1,000 a year? Us, too. If you are looking to purchase* a home with an FHA loan we have good news.

On January 7, 2015 President Obama announced a much needed change to the FHA Mortgage Insurance Premiums (MIP) that will benefit many buyers and current homeowners looking to refinance. Currently, the annual Mortgage Insurance Premium that is paid in monthly installments is 1.35% of the loan amount. The announcement reduces this by 50 basis points (.5) to .85%. This is huge savings for homeowners needing FHA financing!

Specifically, here is the break down in real numbers.

Current FHA MIP (1.35%)

Loan Amount of $200,000

Monthly MIP $225

Proposed FHA MIP Change (0.85%)

Loan Amount of $200,000

Monthly MIP $141.67

That's a savings of $999.96, nearly $1,000 a year on a $200,000 mortgage!

This announcement does NOT mean that this will be in effect tomorrow but we hope to see this change adopted in the coming weeks. Stay tuned for the actual implementation date!

If you have any questions on the MIP change, or any mortgage related questions at all, give us a call at the number above or fill out this form. Popish Mortgage would be more than happy to help!

*The change in MIP is for NEW FHA loan ONLY. It will not change your existing FHA loan's MIP.

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