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FHA Makes HUGE Cuts to Mortgage Insurance! 2023 FHA Loan Guidelines
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- čas přidán 15. 08. 2024
- FHA Mortgage Insurance just got a whole lot cheaper! The Biden-Harris Adminstration along with FHA and HUD announced huge changes to the FHA Loan that take effect March 20, 2023 that will save homeowners a ton of money on their mortgages.
The FHA is reducing mortgage insurance premiums on all FHA loans by at least 30 basis points in order to make housing more affordable.
In this video you'll see exactly how these changes can help you save more money on your FHA mortgage this year when buying your first home OR help you buy an even bigger home for a lot less.
Link to Press Release from HUD and FHA: www.hud.gov/pr...
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Licensed by the California Department of Business Oversight NMLS 1410686, a Licensed Representative of American Mortgage Network NMLS 1833427 Equal Opportunity Lender. All thoughts and opinions are my own, not of my company. Any rates, terms, programs, etc. mentioned in these videos are hypothetical and are not an advertisement or promise to lend. Your actual mortgage terms might vary based on qualifications. Always consult a licensed mortgage professional in your area.
I forgot to note that this also means FHA streamline refinances for those who bought before these changes will be even cheaper too! Huge win once rates swing lower finally!
Awesome video! We're closing on our home In a few weeks. Our lender got us in a 2-1 buy-down program. 1st year: 4.625%, 2nd year 5.625%, and 3rd year 6.625% (Locked Rate). Can PMI be removed with a refinance later down the road? I imagine Interest rates should come down In the future. Thanks again!
That’s incredible! Absolutely can or it can be removed automatically when you hit the appropriate loan to value
Called my bank I purchased house with a FHA loan August 2022 450 K 3.5% down , she said they are not honoring the new guidelines of 2023 and the MIP insurance is for the lifetime of the loan .
Yes they’re correct unfortunately it is not retroactive on any old FHA loans, but for one’s moving forward
Why don't they have help homeowners already with Mortgage insurance
He left out the whole part where if you don’t put down at least 10% then the PMI stays on the loan for the life of the loan, and doesn’t fall off once you get down to 80%.
I’ve got a whole separate video covering a bunch of FHA facts and how to remove PMI depending on the loan you have!
Great content!
So if I bought a house before the date (2020), I am stuck? I have a loan at 2.7 interest and paying about 195 in PMI, is there a way to lower that since the value of my home has gone up? Do i have to refinance at a higher rate? If that is the case, that sucks!!!
It’s likely you won’t get a better rate than that ever if I’m being honest. If it’s an FHA loan, depending on how much you put down it’s either 11 years if you put 5% down or more, or for the life of the mortgage if you put less.
If it’s conventional you might have the option to call your mortgage company and request a new appraisal to see if you can remove it
Hi very good information. Can you go over the cons of a FHA loan vs conventional.
I was reading a blog about stigmas associated with FHA loan offers and sometimes that can derail sellers when it comes to a multiple offer situation. Can you comment on this?
Yes, absolutely. I think during the peak of the buying spree in 2020-2021 that was definitely a factor. right now depending on your market, it's slow and a lot more people are switching from conventional to FHA. Right now it's a virtual non-issue at least in my busy market in San Diego.
Personally, I take the extra time to talk to the seller and the listing agent and explain why the FHA loan really isn't as "restrictive" as the conventional ones and why it saves our buyer more money.
Do you think this development will cause private mortgage insurers to reduce their rates as well?
it's funny you mention that because that was my first thought. the market loves competition, i imagine this will pivot a LOT of people from conventional to FHA, so i would not be shocked to see that.
We are supposed to close our FHA loan on or around 3/20/23, do we still get the discount or do we lose our because we started the process before 3/20/23?
As long as you CLOSE on or after 3/20/23 you should be good! The FHA letter says the case # should be endorsed on or after 3/20 which typically happens at close, so despite starting before then your lender should be able to honor it!
But it never hurts to ask them to be sure the case # is endorsed on 3/20 to save you some extra cash!