anabel pollan
dariel hernandez
Realtors, we have great news!
The recent FHA mortgage insurance rate reduction will help increase affordability for new home buyers.
With the recent announcement from HUD of a decrease in the annual mortgage insurance premium (MIP) for FHA loans from 0.85% to 0.55%, more consumers will benefit from using an FHA loan to accomplish homeownership. This drop of 0.30% can make a big difference, particularly for borrowers with below-prime credit scores.
I have listed examples in this presentation to help you better understand the benefits. Please review the information below and let me know if you have any questions or would like me to help you create some content to send this information out to your database; I would be happy to help.
I've also attached HUD's official announcement with the details below ( PDF ).
➡️ Old MIP vs. New MIP
* This total cost analysis shows the differences between the old and new MI premiums.
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➡️ New FHA vs. Conventional Loan Comparison
*This total cost analysis highlights how FHA Loans could benefit buyers with a 720 FICO or lower.
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➡️ How The Reduction In MIP Increased Buying Power
*This total cost analysis shows how the decrease in mortgage insurance will increase buying power.
anabel pollan
dariel hernandez