News Alert: Fee Cut by FHA Set to Benefit First-Time Buyers
January 10, 2017
The Federal Housing Administration made an announcement on Monday, January 9th to cut fees, effectively lowering the financing cost for first-time home buyers. Set to take effect January 27th, the fee cut may alleviate the burden of rising interest rates for entry level buyers. Mortgage insurance premium fees would be reduced by a quarter of one percent, or 25 basis points, providing first-time home buyers who lack down payment capital with a little relief in their loan cost. The change is projected to save first-time home buyers an average of $500 in 2017.
According to National Association of REALTORS® President William Brown, “Dropping mortgage insurance premiums today will mean a whole lot more responsible borrowers are suddenly eligible to purchase a home through FHA.”
Read more on this recent news here.
NOTE: researched and written by Britni Clark, Virginia REALTORS® Marketing and Communications Coordinator.
You might also like…
Top Paint Color Trends for 2025
By Stephanie Flynn - January 29, 2025
We know you’re busy helping your clients get their homes ready for the market. Check out the latest paint trends for this new year, how to make the… Read More
Heat Up Your Business with Virginia REALTORS® Member Benefits
By Stephanie Flynn - January 23, 2025
It may be a dark and frigid time of year, but don’t let that stop your business from moving right along! If the winter temperatures are keeping you… Read More
Winter Curb Appeal: From Frosty to Fabulous
By Stephanie Flynn - December 10, 2024
The market doesn’t stop for the weather! This winter season, your clients may be hosting everything from open houses to holiday gatherings. Provide them with some tips on… Read More