On the way out of office President Obama attempted to cut the rate that many first time homebuyers and low money down people pay for private mortgage insurance (PMI). On his first day in office President Trump’s administration rescinded this action stating that the Obama Administration never checked with them to see if they thought it would be something they could support going forward. Trump’s team states that by cutting this rate there is less funds available for the FHA to deal with mortgage defaults. Owners of a home with a $200,000 mortgage loan could have saved up to $500 in the first year according to Bloomberg.com.
Does this affect you? Did you know there are dozens of mortgage programs that this can potentially affect? Can I avoid PMI all together? What if I want to finance the PMI in a lump sum as part of the loan? We have experts that we work with in the mortgage arena. Movement Mortgage our financing partners are here to find the right product for you. http://davebitter.scarlettrealestate.com/finance/