Good News for Home Buyers – MIP
You or someone you know may be buying a home in 2015. I’d Like to bring you a piece of good news. Low down payment loans are available, yet the Mortgage Insurance Premium MIP has been quite high the last few years, at 1.35% of the loan amount. It is being reduced to .85% this is Very ImPortant “VIP”.
“FHA change could save borrowers almost $1K a year
The latest important factor was announced this week: The Federal Housing Administration intends to lower the annual mortgage insurance premium rate that applies to FHA-insured loans from 1.35% to 0.85%.
That may not seem like a lot, but it can make a tremendous difference to the very people that FHA mortgages are intended to help.
For example, the median price on an existing home sold in November was $205,300, according to the National Association of Realtors. Assuming a 3.5% down payment, the higher fee amounted to $222.88 a month on top of the mortgage payment. The new monthly fee would be $82.55 lower, or just shy of $1,000 a year. For a median household in the U.S., that difference is almost 2% of its annual income.
That 2% could make a critical difference to falling within the income qualification ratios required for a loan.”
Additionally, I have just been authorized to teach a home buyers course sponsored by the Washington State Finance Commission. There is help with down payment assistance programs. These classes are great for anybody considering a home purchase and additionally inform home buyers of numerous downpayment assistance programs. The income limits and amounts available would suprise you!!
Call Gloria Matthews at 360-600-3042 or write to firstname.lastname@example.org for class dates and times. The home buyers course is 5 hours, currently on tuesday and thursday evenings, 6 to 8:30 pm.