Following President Obama’s trip to Arizona, The Federal Housing Administration (FHA) has reduced its annual mortgage insurance premium (MIP) from 1.35% to 0.85%!
According to the White House Fact Sheet on this announcement, for typical first-time homebuyers, this reduction will translate into an average savings of $900 annually on their mortgage payment. Existing homeowners who refinance into an FHA mortgage will see similar reductions to their mortgage payments as well.
This action is projected to open up homeownership thousands of aspiring homeowners who have been hoping or waiting to be able to buy a new home.
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