With the announcement of Obama’s plan to reduce the annual mortgage insurance premium on FHA loans, borrowers will save over $100/month on a $250,000 loan amount. This is a step in the right direction for FHA loans! They are predicting this should go into effect at the end of the month. Borrowers can still apply for FHA financing, we as lenders, need to hold off on ordering the FHA Case numbers for appraisals if at all possible until this goes into effect.
Here’s the actual White House Fact Sheet: http://wh.gov/igU14