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FHA To Lower Cost Of Mortgage Insurance
In order to bring more first-time homebuyers into the housing market the Federal Housing Administration also known as FHA, has decided to lower the mortgage insurance premium from an annual rate of 1.35% 2.85%. on it's loans that only require a 3.5% downpayment.
HUD Secretary Julian Castro said "This action will make homeownership more affordable for over 2 million Americans in the next three years." This will no doubt stimulate the economy as well, as more homeowners are able to come into the market with a little lower payment.. For the typical FHA borrower this premium reduction means a savings of about $80 per month. This is especially helpful for first-time home buyers, which are the majority of FHA's business.
In a recent speech Pres. Obama said "Now that we've made it harder for reckless buyers to buy homes that they can't afford, let's make it a little easier for qualified buyers to buy homes they can't afford."
Michael was born and raised in Brooklyn NY. He graduated from Brooklyn College with a degree in Mathematics. His first job out of college was as an engineer tracking satellites. His last career before....