According to The Seattle Condo Blog over at Seattle Post-Intelligencer, the FHA (Federal Housing Administration) has announced that beginning on January 26, 2015 they will be reducing annual mortgage insurance premiums. However, this is only applicable to all new FHA loans where the loan period is more than 15 years. For a majority of FHA applicants, this will result in the insurance premium dropping from 1.35% to .85%.
Click here to read the full article, along with an example of the potential monthly savings and effect it could have on one’s buying power.
**As always, please consult your real estate professional or lender, to see what financing options are best for you and your unique situation.**