FHA home loans are now less expensive

Fantastic news! FHA home loans are now less expensive and this has been a long time coming!

Effective immediately, FHA Mortgagee Letter 2023-05, “Reduction of Federal Housing Administration (FHA) Annual Mortgage Insurance Premium (MIP) Rates,” announces a reduction of 30 basis points (bps) to the annual mortgage insurance premium (MIP) rates.

How does this affect you? On an average $400,000 FHA loan the savings is $1,200 a year or $100 per month.

What can you do with this savings:

1. Increase your loan by $15,821 to buy more of a home.

2. Reduce the long-term interest rate by .125% for the life of the loan and save even more.

3. Put the savings towards the mortgage every month and pay off the loan fast!

Whether you are or would like to become a homeowner, we can help in Nevada County, Grass Valley and surrounding areas, Reno, Nevada.  Contact us to let us help you find the right fit mortgage for your future.

* Specific loan program availability and requirements may vary. Please get in touch with your mortgage advisor for more information.