Well it has been about 3 weeks since FHA lowered it’s mortgage insurance premiums on new FHA mortgages. How is this helping? We have already been able to refinance a handful of past client families into lower payments. On average they have been saving about $200/ month in payment. Imagine? $200/ month in your budget , what could you do? I showed one of my loan officers how to grow his clients monthly savings to $600/month within 18 months of closing. The premise is built off taking the savings, paying off other debts. Then taking that and so on. You get my drift.
For those buying homes in Denver, the lower FHA mortgage insurance has given them options. How? Well for those who were putting down around 5% and doing a conventional mortgage, this change opened the door to thinking about an FHA loan. It affords them lower interest rates, and less money due at closing. The payment compared to a conventional with 5% down on average is almost the same (with higher credit scores. Now if you have scores under 700, FHA really is something to think about with the new lower mortgage insurance.
FHA made a smart move here with the lowering of their mortgage insurance premiums. Take advantage of it, when buying or refinancing your home in Denver this year’s real estate market. To read move about it, or some of the F.A.Q’s HUD posted on this topic, check out this link here. Be well
If you have questions, send me an email or give a call
Ray Williams
Branch Manager
Summit Mortgage Denver
303-779-0591
