Is Now Still a Good Time to Buy a Home? The number one question I…
Last week President Obama moved to lower the monthly mortgage insurance fees for FHA borrowers. The changes are supposed to take place this month. The FHA mortgage insurance premium cut Mr. Obama announced drops the FHA mortgage insurance premium from 1.35% to 0.85%.
This is significant! On a $400,000 loan amount, the drop in monthly mortgage insurance will save a borrower $167 a month. Homes just became more affordable!
Combined with the low interest rates available today, home affordability for borrowers with small down payments are the highest they have been in two years.
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