Great news, for my buyers. FHA made TWO major enhancements this year. 1. Loan limits raised from $281,500 to $310,500 (Tarrant County) and 2. Reduced the monthly MI premium, i.e. on a $300,000 loan this equates to a $120 a month in savings! HUGE!
GET READY…. IT’S COMING!
GREAT NEWS!!!
FHA PREMIUM CHANGE
“Highlights”
Ø Annual premium is being reduced 50 bps from 1.35% to .85%
Ø There is no change to the upfront premium (1.75%) or the life of loan requirement
Ø Applies to all FHA loans
Ø Both purchases and refinance transactions will benefit from the premium reduction
Ø The Administration estimates:
· 800,000 homeowners will be able to refinance this year
· 250,000 new homebuyers over the next three years
And the big question is…….
When will the premium reduction be implemented?
The White House/HUD understand that homebuyers and borrowers wanting to purchase or refinance will wait until it is implemented…
HUD has indicated they will provide UPDATES…SOON! So we are expecting it will be implemented very quickly.
So Stay Tuned… It’s COMING……
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