NEWS ALERT: VA Funding Fee and FHA MIP has decreased!!
Updated: Feb 25
Y'all, great news! This week our government announced that the mortgage insurance premium (MIP) for FHA loans will be reduced 0.85 percent to 0.55 percent for most homebuyers! This will help lower cost of FHA mortgage and monthly payments!
Additionally, the VA funding fee, which every Veteran is required to pay in to (unless they are 10% or more disabled), will also be reduced! It use to be 2.3% for first time use and now it will be 2.15%. Subsequent use will be reduced from 3.6% to 3.3%. This is all more money in your pocket and a slightly smaller payment (since the funding fee is typically wrapped into your mortgage!
Look for this to take effect for closing on or after April 7, 2023.
If you want to see how this directly applies to you, reach out today, and I'll connect you with a lender!