HUD recently announced a quarter-percent reduction in mortgage insurance premiums (MIPs) on certain FHA loans. According to HUD, home buyers can save an average of $500 per year on mortgage insurance. The agency expects a million first-time buyers to benefit from the cost reduction in 2017.
This change in MIP may offset recent rate increases and make it easier for prospective buyers to qualify for the home they really want.
Most 1st time buyers will get approved for a FHA loan. FHA loans are government back loans. This loan is great for folks with little credit history or buyers that are re-establishing their credit again after a divorce, loss of job or other life events.
So call me today and we can get started on that home search for you! Please text 770-307-8751 for a free list of foreclosure homes for sale.