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Categories: Brett's Mortgage Blog

FHA Mortgage Insurance Rates Could Be Going Down…

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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Brett Sampson

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