Chateau Elan Braselton GA Homes Real Estate News

An Article From DaculaPatch: Beautiful Brick Home on the Market, Multiple Photos Available.

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A press release was just issued announcing lower monthly mortgage insurance premiums for new FHA loans. This will reduce the premium from 1.35% to .85% on a 30 year fixed FHA loan with 3.5% down. Here are answers to some of the most expected questions: 1. How much will this save my buyer?... On a loan amount of $200,000 this will save home buyers $84/month! 2. Will this increase my buyer’s price point? Yes, this reduction in monthly mortgage insurance will increase their buying power by about 8%. So their buying power increases from $200,000 to $216,000! 3. When will this go into effect? The press release indicates an effective date towards the end of January. FHA will publish a mortgagee letter detailing its new pricing structure shortly. 4. What if my buyer is closing now? FHA loans will continue closing with the current premium until HUD issues a new Mortgagee Letter announcing the specific details. Please Like and Share. We will continue to follow up with any new information!