The new FHA policy was announced not long ago, which will reduce annual mortgage insurance premiums or MIP on FHA Loans. This news was announced by President Obama and the National Association of REALTORS believes the annual MIP will see a reduction of 0.5% to 0.85%.
This reduction will help first-time borrowers and many other borrowers obtain home loans they would not be able to get any other way. This can help renters go from renting to buying and help others get into the home they really want.
Tips for Buying a Home Under this New Policy
As you start home shopping, it's important to understand what this new FHA policy may do for you. Here are a few tips to help you navigate the new policy.