What would you do with an extra $900 in your pocket each year? Redecorate? Enjoy a spur of the moment getaway? Thanks to the new FHA rules, your wallet may actually be a bit fatter come this time next year.
Obama and the U.S. Department of Housing and Urban Development announced some changes regarding Mortgage Insurance Premiums (MIPs) this past January. MIPs for FHA loans have been reduced by 50 basis points or half a percent. They are down for the first time since 2001 and FHA rates are at their lowest in nearly 2 years.
Things look pretty good for prospective home buyers and homeowners with FHA loans. Let