GREAT NEWS! FHA monthly mortgage insurance has dropped .5% !

Great news from HUD.

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Beginning on January 26, 2015, FHA Monthly Mortgage Insurance premium is being lowered by .5%.

This will result in lower Mortgage Insurance payments for the consumer, in turn, resulting in lower Monthly Mortgage Payments.

Here are two examples:

1.

$300,000 Loan Amount
3.5% – 4.99% down payment
FHA mortgage insurance Factor: OLD– MI factor = 1.35%
                                                                           Monthly MI payment = $337.50
                                                           
NEW– MI factor = .85%
                                                                           Monthly MI payment = $212.50

2.

$300,000 Loan Amount
min 5% down payment
FHA Mortgage insurance factor: OLD– MI factor = 1.30%
                                                                           Monthly MI Payment = $325
                                                           
NEW– MI factor = .80%
                                                                           Monthly MI payment = $200

As you can see, per this example, the borrower could now save $125/mo on FHA monthly mortgage insurance!

Should you have any questions or have any potential buyers that need assistance in being pre- approved, please do not hesitate to contact me.


Thank You!


Dominic DiGrazio
| Branch Manager
Residential Home Funding Corp.

60 Route 46 East, 2nd floor | Fairfield, NJ 07004
Main: (973) 575-1550 ext. 10 | Toll Free:
(844)-524-1026
Cell: (973) 356-5333 |
Fax: (888) 760-1943
NMLS # 204838 |
Company NMLS # 34973
[email protected]
www.rhfunding.com






NJ- Licensed by the NJ Department of Banking and Insurance – License # 9964632
NY- Licensed by the New York State Banking Department- License # B500689
PA- Licensed by the Pennsylvania Department of Banking – License # 20875
FL- Licensed by the Florida Office of Financial Regulation #MLD388.