FHA just announced a change that not only lowers the payments for home buyers, but also allows them to qualify for a greater loan amount with the same income.
The monthly MIP (Mortgage Insurance Premiums) required on FHA loans will be decreasing for new loans that close on or after Jan. 27, 2017. Typically, the MIP for a $200,000 FHA loan with a minimum down payment would be $141.66 per month. Now, the exact same loan would only cost $100 per month (29% decrease) for monthly MIP.
Call us with with any of your questions (813-707-6200) about this, or click here for general information about FHA loans.
If you currently have an FHA loan, do yourself a favor and lower your interest rate and monthly mortgage insurance payment, ultimately saving a substantial amount of money. How does this sound for a streamlined refinance? No equity required! In fact, we don’t even need an appraisal!
You do not need to show income to qualify for this “streamline loan.” The only closing costs that are added to your balance is the FHA required funding fee (UFMIP). Remember, your interest rate and mortgage insurance rate will drop. This is a mathematical no-brainer, and your wallet will thank you. Call us at 813-707-6200 so we can give you the details.