The Department of Housing and Urban Development (HUD) just announced that the FHA Annual Mortgage Insurance Premiums will be reduced by 30 basis points. Basis points are charged to homebuyers who procure an FHA-insured mortgage. The Federal Housing Administration (FHA) states that this reduction, which goes into place on March 20, 2023, could possibly save [...]
FHA mortgages allow for the full downpayment to be a gift. Currently, FHA mortgages require a 3.5% downpayment from a buyer, in addition to local closing costs, including transfer taxes, mortgage costs, title company and local charges, and possibly other closing costs. What many FHA homebuyers may not know is that the 3.5% downpayment can be [...]
FHA cut the annual mortgage insurance premium from .85% down to .60%, it was announced yesterday. **UPDATE 1/20/17 PRESIDENT TRUMP'S ADMINISTRATION SUSPENDED THIS CUT INDEFINITELY, SO THIS WILL NOT TAKE EFFECT ON 1/27/17 AS WAS PLANNED.** The current U.S Housing and Urban Development Secretary Julian Castro said that this could save those getting FHA-insured loans closing [...]