SOURCE: Mortgage News Feed
In an effort to make owning a home more affordable, the Federal Housing Administration has dramatically cut the costs associated with the mortgages it backs, from 1.35 percent of a loan’s value to 0.85 percent. A typical first-time homebuyer will save hundreds each year on mortgage payments, and even homeowners who already have a loan may be able to save. The White House estimated that these new premiums will enable 250,000 new buyers to purchase a home.
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