If you have been in the market to purchase a new home the last few years good news may have been few and far between. Prospective home buyers who had been faced with rapidly rising prices and heavy competition for available homes then got hit with equally rising mortgage interest rates. For many there was not much positive news.
That is changing for those home buyers financing their purchases with FHA loans.
The Federal Housing Administration (FHA) has recently announced that the charge for mandated mortgage insurance will decreasing. This will result in all borrowers who have FHA loans paying less per year. The new premium amount will be 0.55% of the total mortgage amount.
While this change will benefit all borrowers of FHA loans first time home buyers, a group that makes up approximately 80% of the FHA loans, will be effected the most.
If you are interested in purchasing or selling a home on Long Island you no doubt have questions. Attorney Joseph Beige has been representing Long Islanders in their real estate transactions for over 25 years and is ready to answer your questions. Call or email today.