Egelin Property Group is always making sure our clients are kept in the loop on the most up-to-date mortgage loan information and our go-to loan officer, Alex King, with King Financial Group has provided us with some pretty exciting news!
There will be a savings for FHA buyers that begins with FHA loans funded on and after Jan. 27, 2017.
- The FHA Annual MIP (Mortgage Insurance Premium) is being reduced.
- The Up Front MIP rate remains the same as the current (at 1.75% of the loan amt.)
- For a standard FHA purchase with 3.5% down pmt., the Annual MIP rate is being reduced from 0.85% of the loan amt. to 0.60% of the loan amt.
- The savings for an example of a Sales Price of $275,000 is about $55/m reduction in their house payment.
If you are thinking of purchasing a new home contact Egelin Property Group today at (214) 790-4400. We would be honored to help you achieve all of your real estate dreams! If you have any mortgage rate or loan related questions we encourage you to contact Alex King with King Financial Group at (972) 539-2500 x224. He is an expert in his field and will make sure you get the best deal possible!