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.
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