Big news! The Federal Housing Administration (FHA), has announced a 30-basis-point reduction to the annual mortgage insurance premiums charged to homebuyers who obtain an FHA-insured mortgage.
The MIP will be reduced from 0.85% to 0.55%, which means more savings for homebuyers!
FHA loans are designed for low and middle income buyers. More than 85% of FHA borrowers are first time home buyers, and 25% are homebuyers of color. This is a huge win!
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