FHA announced that they will be reducing the annual mortgage insurance premiums charged to FHA borrowers by 30 basis points, or .3% of the loan amount.⁣
This could make a HUGE difference in your monthly payment if you get an FHA loan this year. If you were to buy a $450,000 house – which is the average price of homes in the country right now – and only put 3.5% down, this reduction would save you over $100 on your mortgage payment every month. It could also help you qualify for an FHA loan if you weren’t able to in the past because of a high debt-to-income ratio.⁣ This is just another reason why homeownership could be a possibility for you. ⁣