The U.S. Department of Housing and Urban Development (HUD) recently announced a half-percent reduction in mortgage insurance premiums (MIPs) on certain FHA loans.
According to HUD, the average FHA homeowner can save $900 per year on mortgage insurance.
What can you do if you currently have an FHA loan?
- For your current FHA Loan, let’s talk about whether a refinance makes sense for you. This year’s interest rates started near historically low levels. If we can lower your rate and reduce MIP, you could save even more.
What can you do if you are looking to purchase a home?
- HUD expects more than 250,000 first-time home buyers to benefit from the cost reductions over the next three years. If you know someone who wants to buy or has been prevented from doing so, we’ll be happy to talk with them about the newly enhanced benefits of FHA loans.
Thank you for trusting Noble to help you manage your mortgage. If you have questions about your FHA loan or any other aspect of mortgage financing, we are always happy to help.
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