Derek McGowanLoan Officer / Owner, McGowan Mortgages · Branch Manager & Top-Ranked Mortgage Advisor

FHA just got More Affordable! #homeloans #homebuyer #fhaloan #interestrates #firsttimehomebuyer

25 Feb 2023

Watch on YouTube

This is a YouTube video titled "FHA just got More Affordable! #homeloans #homebuyer #fhaloan #interestrates #firsttimehomebuyer" created on February 25, 2023. It features Derek McGowan explaining recent reductions in FHA mortgage insurance premiums, detailing the savings for homebuyers and the effective date of the change, aimed at informing potential FHA loan applicants about more affordable home financing options.

Good news for upcoming FHA homebuyers FHA is cutting back on their mortgage insurance premiums. It used to be 0.85%. Now it's 0.55%. And what you do with the percentage is you take that times the loan amount divided by 12 months to get your monthly mortgage insurance. Let's break it down. $300,000 loan amount, let's call it that used to be 212amonth mortgage insurance. On an FHA loan. It's now down to 137per month. That's a $75 a month savings. This goes into effect on March 20th, so you pretty much have to go under contract for March 20 and beyond. Then you can order the FHA case number and take advantage of the savings. But big news for homebuyers FH getting that much more affordable.