News from Tim Garton -- FHA Premiums go down in Vallejo California
By TIM GARTON, "Highly Skilled Pro"
(RE/MAX Gold)
Tim Garton Vallejo CA Remax Realtor has great news you can use, premiums for FHA mortgage insurance which is designed to protect the agency in case a borrower defaults on a loan, will be cut from 1.35% of a loan’s value to about 0.85%, the White House said. As a result, a typical first-time homebuyer will save $900 a year on their mortgage payments. Existing homeowners who refinance into an FHA loan will see similar savings. “Too many creditworthy families who can afford — and want to purchase — a home are shut out of homeownership opportunities due to today’s tight lending market,” The White House estimates that the lower premiums will enable up to 250,000 new buyers to purchase a home. FHA loans have been an important lifeline for low-income and higher risk borrowers in the wake of t...
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