FHA to Cut Mortgage Insurance Premiums

[Anthony Gayden]

To those of us who have FHA loans, this could mean a decrease in your monthly mortgage payment.

http://in.reuters.com/article/2015/01/07/usa-housing-fha-idINL1N0UM18T20150107

The Federal Housing Administration will reduce annual mortgage insurance premiums by 0.5 percentage point to 0.85 percent from 1.35 percent, the White House said on Wednesday.

President Barack Obama will discuss the action in a speech in Phoenix on Thursday.

[Mark F.]

This is really good news for people that have existing FHA loans. With rates having dropped recently, it might be time for them to call their lenders and see if they can streamline their FHA loan for a lower payment. FHA streamlines are awesome; they're easy to qualify for and lenders often cover all or most of the closing costs. And, streamlines don't require an appraisal.