Universal Lending Mortgage News

FHA to cut fees, lowering rates for first-time homebuyers

January 10th, 2017 9:43 AM by Dawn m. Holmes

The FHA has announced it will cut mortgage insurance premiums, a move that may ease the burden of rising interest rates.

The Obama administration cut mortgage-insurance premiums charged under a government program that’s popular with first-time home buyers with little money for a down payment, a move that may ease the burden of rising interest rates.

The annual fees the Federal Housing Administration charges to guarantee mortgages it backs are being cut by a quarter of a percentage point, the Department of Housing and Urban Development said in a statement on Monday. With the reduction, the annual cost for most borrowers will be 0.60 percent of the loan balance.
Posted in:General
Posted by Dawn m. Holmes on January 10th, 2017 9:43 AM