Last week the Federal Housing Administration announced a significant reduction toannual mortgage insurance premiums by 50 basis points, from 1.35% to 0.85%.
“This move absolutely opens up the market some more and gives further opportunities to many first-time homebuyers,” said Lou Gatto, managing broker of RE/MAX Metro's Tierra Verde and Treasure Island Offices. “We’ll look to see some of those that were perhaps on the sidelines becoming more proactive and aggressive in their home searches.”
Gatto notes, “This reduction could save an average American homebuyer nearly a thousand dollars a year.”
Contact an agent if you’d like further information about this important news for potential homebuyers, and sellers.