New Buyers May Save An Average Of 500 Dollars This Year

New Buyers May Save An Average Of 500 Dollars This Year

Just announced........


Low- to moderate-income home buyers will get a boost in 2017, with the Federal Housing Administration (FHA) set to cut mortgage insurance premiums later this month.

The move “will mean a whole lot more responsible borrowers are suddenly eligible to purchase a home through FHA,” said National Association of Realtors President William E. Brown in a statement.

Annual premiums going down

The FHA will reduce the annual mortgage insurance premium most FHA borrowers pay by a quarter of a percentage point starting January 27. Annual premiums will drop to 0.6 percent from 0.85 percent, according to NAR.

“Every time we cut the cost of mortgage insurance it means more borrowers meet the debt-to-income ratio required to purchase a home,” said Brown, explaining why the move should lead more aspiring home buyers to pull the trigger.

The rate cut means new borrowers who take out mortgages insured by the FHA will save an average of $500 this year, according to HUD.

The action “comes at the right time for consumers who are facing higher credit costs as mortgage interest rates are increasing,” according to Julián Castro, the U.S. Housing and Urban Development (HUD)Secretary, which oversees the FHA.

To read the full article click here!                 (an article by Teke Wiggins)


Now is a good time to let me help you purchase a new home! 

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Phone: 727-403-4714
Dated: January 9th 2017
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