02/22/2023
TL'DR - Essentially, this means that FHA loans might be "cheaper-ish" in that they will require a lower amount in mortgage insurance than previously. (Going from 0.85% to 0.55% for you math nerds out there).
Generally speaking, FHA interest rates usually trend lower than conventional loan rates - now combined with lower mortgage insurance rates, FHA loans just got a whole lot more appealing (and affordable) to folks looking to buy a home.
850,000 homebuyers and homeowners with new FHA-insured mortgages expected to benefit in 2023 Today, the Biden-Harris Administration announced an action that will save homebuyers and homeowners with new FHA-insured mortgages an average of $800 per year, lowering housing costs for an estimated 850,000...