As the nation’s housing market continues to improve, U.S. Housing and Urban Development Secretary Julián Castro announced today the Federal Housing Administration (FHA) will reduce the annual premiums most borrowers will pay by a quarter of a percent.  FHA’s new premium rates are projected to save new FHA-insured homeowners an average of $500 this year.

FHA is reducing its annual mortgage insurance premium (MIP) by 25 basis points for most new mortgages with a closing/disbursement date on or after January 27, 2017. Click here for a full schedule of the new premium rates as found in FHA’s mortgagee letter.

This premium cut “will significantly expand” access to mortgage credit and lower the cost of housing for the approximately 1 million households who are expected to purchase a home or refinance their mortgages using FHA-insured financing in 2017.

As always, if you’d like to learn more about what reduced premiums mean for your clients, give your HomeBridge Mortgage Loan Originator a call today. We’re proud to be your Partner for the Path Ahead.

Source: www.hud.gov

Related Articles

Marketing to the modern homebuyer means constantly evolving your strategy and method of communications. With a 30-year history of industry leadership, Homebridge has always thrived by staying ahead of this dynamic communications. On September 2, Homebridge is once again taking the lead on homebuyer marketing by hosting the Socially Savvy…
Read More of the post Helping Housing Professionals Grow Their Business

Making the move from living with others to renting your own home is the first step many of us take in establishing our independence. As time goes on, however, you may begin to debate whether you should continue renting or make the big move to homeownership. Although every situation is…
Read More of the post 5 Reasons to Buy A Home

Buying your first home is an exciting process. But as one of the most significant purchases you'll ever make, it can also be a little intimidating. To ensure a fun and straightforward experience, you'll want to avoid these five mistakes that may turn into roadblocks on your path to homeownership.…
Read More of the post 5 Actions to Avoid Before Homebuying

Buying a home can seem overwhelming. As possibly the largest purchase you’ll ever make, you may even convince yourself that homeownership is financially beyond your reach. However, there are several factors you can turn to your advantage in order to make your dream of homeownership a reality. UNDERSTAND YOUR LOAN…
Read More of the post 5 Factors In Making Buying a Home More Affordable

We recognize this is a difficult time for many people. Click here or call 866-913-2951 for more information and to learn about current options available to our borrowers.