FHA has cut their typical mortgage insurance premium (MIP) to 0.85%, which is down from 1.35%. What does this mean? A new FHA loan of $300,000 would enjoy a savings of $125 per month, or $1,500 per year! Looking at it another way, this would also mean the same person who before qualified for a $300,000 home would not quality for a home with a purchase price of approximately $325,000. On top of this, rates are now near historic lows so if you are thinking of buying, now is most definitely the time.
*If you are thinking of selling and would like to know how much your home is worth, Bernie Alvey will be happy to give you a FREE, NO OBLIGATION market analysis of your home. Bernie Alvey, Senior Listing Agent with Exit Landmark Realty, specializes in listing fine homes in Huntingtown, MD, Dunkirk, MD, Owings, MD, Chesapeake Beach, MD and surrounding areas. If you are in the market to sell your home in Huntingtown, MD, Dunkirk, MD or the surrounding areas, contact Bernie Alvey today and he will sell your home quickly and for top dollar! Visit www.Alveyproperties.com and to see why he is the clear choice to sell your home in Huntingtown, MD and surrounding areas.*