Category: Buy a House.
Tags: agent for Milford ohio, agent in milford ohio, buy a home in milford, buy today, buying in milford, clermonty county real estate, community, FHA loans, home sales in milford, milford real estate agents, new FHA changes, real estate, selling in Milford
FHA is changing how they structure their loans. So what? Well, that could mean more money out of your pocket every month! FHA is the loan where you are able to purchase a home with as little as 3.5% down as opposed to the traditional 20% down.
See what the scoop is below:
“According to the housing administration, the new rate structure would raise the cost of a $157,000 mortgage, a typical F.H.A. loan amount, by about $33 a month, or $396 a year. The agency requires that all borrowers of loans it insures pay the premium. Consumers with non-F.H.A. loans who put down less than 20 percent are typically required by their lenders to take out private mortgage insurance, to insure the lender against the risk of default.”
So, if you have been waiting for the right time to go ahead and purchase and you are pre-approved…now may be the time to save that money.
Call or E-mail if you have any questions.