Competitors shoot holes in FHA coverage

SOURCE: Mortgage News Feed

Federal Housing Administration (FHA) loans have made home ownership possible for tens of thousands across the country, but private market competitors are exploiting one weakness that could benefit clients. “The total cost of MI (mortgage default insurance) over the life of a loan on a $200,000 home with 3% down would be $36,379 with FHA and $18,480 with United Guaranty,” says Bryon Jones, senior vice president in charge of strategic accounts for the latter. “The home buyer would save $17,899 with us.”

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