There was a lot of chatter about what President Trump would do during his first days in office, and one of the very first thing he did was sign a legislative order that halted a fee rate cut for homebuyers utilitizing the governments FHA mortgage program. This is a program that offers a 3.5% down payment, lower interest rates, but a steep monthly mortgage insurance premium.
Statistics provided by mortgage data firm, Ellie Mae show that 37% of all millennial buyers use this program to buy their first home. The fee rate cut will cost homeowners on average $37 per month in additional mortgage insurance premiums, according to Attom Data solutions.
The good news is there are often times much better programs to utilize than FHA financing. Contact me today to discuss your future financing options.