The big news of the day is that FHA is reducing the MIP by 30bps for all case numbers endorsed on or after 3/20/23. Instead of .85 monthly it will now be .55. This will lower your monthly payment.
Why is this so important?...because by then, everyone will be pricing the new FHFA LLPA’s for conventional loans (price increase on Conventional loans coming from Fannie / Freddie)…which means that FHA will become a much more attractive option for a lot of consumers.
We also have many down payment assistance programs for FHA. So, if you or someone you know needs a low interest loan with a low down payment - give our offices a call!
That's it for today!
Have a great day!
Brett
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