FHA reduces mortgage insurance premiums!

Mortgage RatesWhen was the last time you heard of prices going down?  That is what happened today when the FHA announced they are cutting their annual mortgage insurance premium from .85 percent to .60 percent for less than 5% down payment option and from .80 percent to .55 percent for 5% or more down payment. This will help offset current higher interest rates and help make housing more affordable in 2017! Don’t forget that the conforming loan limit has also increased to $636,100 which applies to FHA financing as well.

Let me know if you have any questions! Happy New Year!

Ray Kozak