GREAT NEWS! FHA monthly mortgage insurance has dropped .5% !
January 17, 2015
Great news from HUD.
Beginning on January 26, 2015, FHA Monthly Mortgage Insurance premium is being lowered by .5%.
This will result in lower Mortgage Insurance payments for the consumer, in turn, resulting in lower Monthly Mortgage Payments.
Here are two examples:
1.
$300,000 Loan Amount
3.5% - 4.99% down payment
FHA mortgage insurance Factor: OLD- MI factor = 1.35%
Monthly MI payment = $337.50
NEW- MI factor = .85%
Monthly MI payment = $212.50
2.
$300,000 Loan Amount
min 5% down payment
FHA Mortgage insurance factor: OLD- MI factor = 1.30%
Monthly MI Payment = $325
NEW- MI factor = .80%
Monthly MI payment = $200
As you can see, per this example, the borrower could now save $125/mo on FHA monthly mortgage insurance!
Should you have any questions or have any potential buyers that need assistance in being pre- approved, please do not hesitate to contact me.
Thank You!
Dominic DiGrazio
| Branch Manager
Residential Home Funding Corp.
60 Route 46 East, 2nd floor | Fairfield, NJ 07004
Main: (973) 575-1550 ext. 10 | Toll Free:
(844)-524-1026
Cell: (973) 356-5333 |
Fax: (888) 760-1943
NMLS # 204838 |
Company NMLS # 34973
[email protected]
www.rhfunding.com
NJ- Licensed by the NJ Department of Banking and Insurance – License # 9964632
NY- Licensed by the New York State Banking Department- License # B500689
PA- Licensed by the Pennsylvania Department of Banking – License # 20875
FL- Licensed by the Florida Office of Financial Regulation #MLD388.