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Will the Recent FHA Changes Impact Realtors?

Hey, Realtors! If you have clients on the fence about buying, recent news from the Department of Housing and Urban Development (HUD) may encourage them to take the leap!

The Annual Mortgage Insurance Premium (MIP) on FHA loans will be reduced on all eligible FHA loans through Churchill Mortgage. This premium went from 0.85% to 0.55% for most borrowers with an FHA loan. This will allow borrowers to save an average of $800 each year!

In 2023 alone, this change could help almost 850,000 borrowers. Here’s the details:

  • Applies to single-family homes, condos, and manufactured homes.
  • All eligible loan-to-value ratios (LTV) will receive the reduction.
  • The reduction also works with all eligible base loan amounts.

Here’s a look at the base loan amounts for an FHA loan in 2023:

FHA-MIP-Table-png

This reduction in MIP is just another reason to buy in 2023. The savings can add up and go right toward their new mortgage payments!

Owning a home is considered a secure way to build lasting wealth, even in an uncertain economy. This change gives you the opportunity to help more people build equity through homeownership, which ultimately helps you expand your business!

FHA Mortgage facts to share with buyers:

  • Requires a down payment of at least 3.5%.
  • The minimum credit score for an FHA loan is 580 to qualify for the 3.5% down payment.
  • With a down payment of 10% or more, MIP can be canceled after 11 years.
  • A down payment of less than 10% will require MIP for the lifetime of the loan.
  • A positive rental history of 12 months of on-time payments can be used as part of your mortgage assessment when applying.

The Churchill Mortgage team is here to make sure your buyers have a mortgage that provides for their future, instead of stealing from their present.

We’re also committed to making sure Realtors have every opportunity to grow their business. We work to provide value through education, updates, and partnerships that allow you to get to the next level. If you’re ready to make big moves in 2023, let’s talk!

 

 

 

 

 
 
 
 
 
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