Are you currently paying FHA mortgage insurance? If the answer is yes, combined with low rates to start the year, the time could be now to evaluate a refinance of your current FHA mortgage. Contact me now to consider your options.
(Excerpt from MPA)
U.S. President Barack Obama is set to announce a 50 basis point reduction of Federal Housing Administration (FHA) mortgage insurance premiums to 0.85% in a speech to be delivered Thursday in suburban Phoenix, according toBloomberg.
Since the crisis, FHA fees have skyrocketed. The annual insurance premium paid by most FHA borrowers has risen to 1.35%, up from 0.55% in 2010 — or more than $300 a month on a $300,000 mortgage. The higher premiums helped beef up the agency’s cash cushion when its finances took a hit after the housing bust.
Until Next Time,
Craig Turley
NMLS 80912
