• Home
  • Apply
  • LOG IN
  • Careers
  • Community
  • Corporate
  • Customer Service & Payments
  • Loan Officers
  • Loan Options
  • Locations
  • News and Media
  • Resources
  • Reviews
  • Search

  • Careers
  • Community
  • Corporate
  • Customer Service & Payments
  • Locations
  • News & Media
  • LOG IN
Search
Generic filters
Exact matches only
Filter by Custom Post Type
Menu

800-970-4637

  • Apply
  • Loan Options
  • Loan Officers
  • Resources
  • Reviews

Lower Mortgage Insurance Premiums for FHA Loans

Lower Mortgage Insurance Premiums for FHA Loans

CategoriesFHA / Financial Education

Rebecca Squyres

March 2, 2023

Great news in 2023 – Mortgage Insurance will cost less on new FHA home loans

Financing a home just became more affordable for hundreds of thousands of buyers!

Beginning March 20, most FHA loans will carry lower mortgage insurance premiums. The average FHA borrower will save $800 per year.* Costs are based on loan amount, so the actual savings may be more or less than the average.

With lower costs, you’ll save on your monthly payment which will decrease your debt-to-income ratio!

Here’s a little background:

  • FHA loans can often accommodate borrowers with lower credit scores, income and cash-to-close than conventional loans.
  • FHA loans carry mortgage insurance (MI) as an added monthly cost for the life of the loan. With this change, MI premiums will fall by 30 basis points, or 0.3% the value of the loan.
  • The reduction applies to all eligible property types, including single family homes, condominiums, as well as to all acceptable down payment levels and maximum loan amounts.

If you or someone you know has been unable to qualify for a mortgage due to income or has hesitated because of higher rates, it’s a good time to take another look.

Reach out to our award winning team today to discuss your unique situation!

Get Started with GMFS Mortgage

*Savings are based on the average FHA borrower purchasing a one-unit single family home with a $265,000 mortgage, according to HUD.

Search
Generic filters
Exact matches only
Filter by Custom Post Type

Categories

  • Facebook
  • LinkedIn
  • Twitter
  • YouTube

 

GMFS Mortgage is a BBB Accredited Mortgage Lender in Baton Rouge, LA

 

Equal Housing Lender. ©2017 GMFS LLC. Loan programs not available in all states, or to all consumers. All loans are subject to availability at the time of application and for terms that meet each individual consumer’s needs and qualification information. Loan applications are subject to credit and property approval. GMFS LLC encourages all consumers to consult with a tax advisor concerning the tax implications for the type of mortgage sought. All mortgages are originated by GMFS LLC, NMLS ID #64997, at 7389 Florida Blvd. Suite 200A Baton Rouge, LA 70806. The retail division of GMFS LLC is Doing Business As “GMFS Mortgage”.

  • Home
  • Apply
  • Customer Service & Payments
  • Corporate
  • Locations
  • State Licenses
  • California & Texas Disclosure
  • Privacy Policy & Security
  • GMFS Terms of Use
  • Sitemap