Home Ownership in Corvallis and Albany just got more affordable.
FHA announced this morning in mortgagee letter 2017-01 that they are dropping the monthly mortgage insurance premium. The annualized rate was .85% and it will now be .60%, a reduction of .25%. On a 250,000 FHA loan, that would mean a monthly savings of over $52 per month (That is over $18,700 for the life of the loan). That is a much needed savings for many Corvallis and Albany first time home buyers.
This is effective for loans FUNDED on or after January 27th.
(This news courtesy of Jason Moorfield, 1st Choice Mortgage)