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 [...]
FHA mortgages are very popular in the Baltimore real estate market. For not much money down, Baltimore homebuyers can get into the home of their dreams, and use any reserves they have to decorate or buy furniture. The amount that may be in reserves is going to lessen by a significant amount on April 1, [...]
The FHA annual mortgage insurance premium is set to rise by .25% for any loan case numbers assigned after April 18, 2011. Bob Mowrey, from Corridor Mortgage Group, let me know just what this could mean to FHA buyers. On average, he says, this would mean that buyers will pay an extra $30/month. For a [...]