ReCasa Financial Blog
President Barack Obama announced January 7, 2015 that the Federal Housing Administration (FHA) will lower annual insurance premiums from 1.35% to 0.85% to make homeownership more affordable for over 2 million Americans in the next 3 years. Real estate professionals believe this will help many first-time homebuyers , a vast majority of FHA borrowers , as well as homebuyers looking to refinance . Even with this decrease, FHA will remain on a positive financial path. This program will only pertain to active FHA case numbers appointed on or after January 26, 2015.
CNBC’s article, FHA to lower cost of mortgage insurance , reported:
For the typical FHA applicant, the reduction in premiums means a savings of about $80 on their monthly payment, according to CoreLogic’s chief economist, Sam Khater.
A little more about FHA loans …
- FHA loans can be used for purchases and refinances. Can choose between fixed and adjustable-rate mortgages . There are also FHA 203(k) loans for renovations to help with home updates to lower utility bills.
- Homebuyers can purchase and renovate a home with FHA with as little as a 3.5% down payment.
- Homebuyers qualify for a FHA loan with as little as a 580 credit score (550 with 10% down).
- The seller, home builder, or lender is allowed to pay some or all of the closing costs on your behalf through an FHA loan.
If you are interested in purchasing a home with a lower annual insurance premium, call ReCasa Financial Group ’s Graham Montigny or Michael Wolf today at 614-221-6770.
ReCasa Financial Group 614-221-6770
NMLS #9722 OH: MB.803923.000 IN: 08-0038 LB PA: Licensed by the PA Department of Banking
130 E. Chestnut Street, Suite 200 Columbus, OH 43215
Graham Montigny NMLS # 195412 OH LO 002049.000 IN LO 195412 PA LO 35011
Michael Wolf NMLS # 85452 OH LO 001440.001
Michael Troutman NMLS # 319798 OH LO 037303.000
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