There is a possibility FHA’s up front mortgage insurance may be going down for first time home buyers. The current up front MI for FHA is 1.75% of the loan amount.
Representative Karen Bass from California has introduced a bill (H.R. 5884). This bill is meant to help make FHA mortgages more affordable for first time home buyers.
Her bill would provide a reduced up front MI for first time home buyers who complete a home ownership counseling program.
This would be a welcome change considering FHA’s MI rates have been creeping up recently!
…I’ll keep you posted!
That’s it for today!
Have a good day today! …and thanks for reading.
Brett
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