FHA has cut their typical mortgage insurance premium (MIP) to 0.85%, which is down from 1.35%. What does this mean? A new FHA loan of $300,000 would enjoy a savings of $125 per month, or $1,500 per year! Looking at it another way, this would also mean the same person who before qualified for a $300,000 home would not quality for a home with a purchase price of approximately $325,000. On top of this, rates are now near historic lows so if you are thinking of buying, now is most definitely the time.

A more detailed article was just published about this topic on Forbes.com. To find out more about how this can benefit you, click here to read the entire article.

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