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FHA to Lower Mortgage Insurance Fees

Effective Monday, January 26

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By:
Stamford, CT | Added on January 24, 2015 At 07:36 PM

Buying a home can be a challenge.  But it may be getting a little easier, for first time homebuyers especially, with lower mortgage insurance fees on the way. President Barack Obama announced this month that the Federal Housing Administration will reduce mortgage insurance premiums by .5%. This means significant savings for homebuyers. 

Typically homebuyers can avoid mortgage insurance fees if they're able to make a 20% down payment on the home. And those who fall short are usually first time buyers, according to Stamford-based realtor Patricia Rattray. But now, lower insurance rates will give more people a shot at home ownership. On a total mortgage of $400,000 the lower insurance could amount to a savings of $2,000 per year.  And this will have a positive impact on communities, Rattray says. 

Whether you're a first time home buyer or more experienced, Rattray says it's always important to be properly informed. You can find out more about Keller Williams Realty and Patricia Rattray at PatriciaRattrayRealtyGroup.com

 

 

 


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