FHA Monthly MIP Lowered*
Tina Del Casale
NMLS#191852 Home Loan Lending in AL, AR, CO, CT, DC, DE, FL, GA, IA, IL, IN, KS, KY, MA, MD, ME, MI, MN, MO, MS, MT, NC, ND, NE, NH, NJ, OH, OK, PA, RI, SC, SD, TN, TX, VA, VT, WV, WY
Finally borrowers receive a break on government insured FHA loans. Home buyers and current homeowners alike will now not be overly insured. The upfront premium of 1.75% already eats up half of a buyers 3.5% down payment and then add a mortgage insurance premium of .85% when the average home cost in the DC is $560,000 ( https://www.realtor.com/realestateandhomes-search/Washington_DC/overview) that means with a minimum down payment of 3.5% the monthly premium would have been $380.22 now it will be $247.68. This $132.54 monthly savings puts $1590.48 a year back in your pocket or adds $22,000 to your home buying power.
*This change goes into effect March 20, 2023.
Tina Del Casale / Mortgage Banker / NMLS#191852
301-523-1893