It was announced that effective January 26, 2015 the FHA required mortgage insurance premiums will be reduced by about a half percent on all new FHA loans. This change will open home ownership to an estimated 2 million American’s that currently cannot qualify for a home loan. This rate change is only available on FHA loans with a case number issued on or after January 26th. If you are currently purchasing a home through an FHA loan and are scheduled to close after January 26th, ask your lender to restart your case number and you may be eligible to take advantage of the new lower MIP rates as well.
According to the chart above all new FHA loans, with a term longer than 15 years, will be reduced by a half (.05%) percent. For example: a home owner with a $200,000 mortgage with a loan to value (LTV) higher than 95% is currently paying a 1.35% premium equal to approximately $2,700 annually. With the new FHA premiums this same homeowner will pay a 0.80% rate dropping their annual premium to a mere $1,000.
Tatyana Sturm and The Storck Team have specialized in relocation real estate for the last 10 years in Southeast Aurora, Centennial, and Parker. We live, work, and raise our families here and our community is our true passion. Whether you are buying your first home, upgrading to make more room, or downsizing now that the kids have grown up The Storck Team would love to give you a tour of Aurora’s top homes for sale in your price range. Call or text (720) 350-5909 to schedule your private showing.