FHA Lowers Monthly Mortgage Insurance Premiums!

  • Posted on February 27, 2023 by Price Mortgage

Exciting news, the Federal Housing Administration (FHA) just announced a significant 30 basis point reduction in monthly mortgage insurance premiums (MIPs) for borrowers who take out FHA loans.

What does that mean for you? If you’re already prequalified for an FHA loan, you’ll want to give us a call to get an updated approval and take advantage of the new rates. You could end up saving a lot on your monthly payment!

To put the savings into perspective, let’s say you’re purchasing a $300,000 home with an FHA loan. With the new MIP rates, you could potentially save around $70 each month on your monthly payment. That’s not only means more money back in your pocket, but it can also help for qualifying purposes!

This reduction in MIP rates is a welcome change, making FHA loans even more affordable for many homebuyers. It can level the playing field with conventional loans, which typically have lower mortgage insurance rates. Plus, it has the potential to stimulate more activity in the housing market, with more borrowers qualifying for FHA loans and purchasing homes.

As a local mortgage broker, we’re here to help you find the best deals and wholesale rates with no lender fees. And we’ll help you navigate the process to take advantage of this opportunity and get you one step closer to owning your dream home.

So if you’re prequalified for an FHA loan – or want to get started on your home buying journey, don’t wait any longer! Give us a call to get your pre-approval started. We’re here to help you make the most of this exciting change and achieve your homeownership goals.

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