Why Is FHA Financing a Great Choice Right Now?

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Hey everyone, today we wanted to send you a quick update about some changes in the mortgage world you need to know about. We have invited mortgage professional Jeff Williamson here today to take us through all the news.

Recently, there have been some changes to FHA mortgage insurance premiums. Over the last few years, those premiums have been on the rise, and a lot of people have deferred from FHA financing because of the high premiums. However, FHA recently announced a 50-point reduction for new loans. To give you an idea of the kinds of savings people are seeing, imagine you bought a house last year at $160,000. Your monthly mortgage insurance premium payment with this home is right around $175. 

Now, if you were to buy the same house this year, your premium payment would be lowered significantly, down to about $115 a month. You're looking at a $60 per month savings each month with these lower premiums.

In addition to this, FHA mortgage rates are down to around 3.5%, making homes even more affordable.

 Right now is a perfect time for first-time home buyers to enter the market because the low premiums, low rates, and low down payments are working together to make home ownership more affordable than ever.

If you have any questions about mortgages, feel free to give us or Jeff a call. We would be more than happy to help.