saveliberty
Diamond Member
- Oct 12, 2009
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Elizabeth Warren @SenWarren
.@POTUS suspended a planned cut in FHA mortgage insurance premiums, which @nardotrealtor says will cost 40k families a shot at a new home.
".@POTUS suspended a planned cut in FHA mortgage insurance premiums, which @nardotrealtor says will cost 40k families a shot at a new home." - @SenWarren (Elizabeth Warren)
Business News - Los Angeles Times
For most borrowers getting an FHA-backed loan that means that after paying an upfront insurance fee, you will pay 0.85% of your loan amount for premiums each year. The Obama administration had planned to drop that rate to 0.60%. In 2014, the rate was 1.35%, after several increases to shore up FHA finances after the housing crash.
If the recent cut had gone into effect as expected Jan. 27, the California Assn. of Realtors estimates borrowers in the state using FHA loans would have saved an average of $860 a year.
Note: $860 per year saved? It is a difference of .25% in the rate 860 divided by .0025 is an annual mortgage of $344,000 or $28,666 a month. Somebody has problems with decimals. It amounts to an additional $2.50 per month on a $1,000 mortgage.
40,000 families can't get a home because of less than $7.50 a month?
Warren is definitely Democrat presidential material.
.@POTUS suspended a planned cut in FHA mortgage insurance premiums, which @nardotrealtor says will cost 40k families a shot at a new home.
".@POTUS suspended a planned cut in FHA mortgage insurance premiums, which @nardotrealtor says will cost 40k families a shot at a new home." - @SenWarren (Elizabeth Warren)
Business News - Los Angeles Times
For most borrowers getting an FHA-backed loan that means that after paying an upfront insurance fee, you will pay 0.85% of your loan amount for premiums each year. The Obama administration had planned to drop that rate to 0.60%. In 2014, the rate was 1.35%, after several increases to shore up FHA finances after the housing crash.
If the recent cut had gone into effect as expected Jan. 27, the California Assn. of Realtors estimates borrowers in the state using FHA loans would have saved an average of $860 a year.
Note: $860 per year saved? It is a difference of .25% in the rate 860 divided by .0025 is an annual mortgage of $344,000 or $28,666 a month. Somebody has problems with decimals. It amounts to an additional $2.50 per month on a $1,000 mortgage.
40,000 families can't get a home because of less than $7.50 a month?
Warren is definitely Democrat presidential material.
