$1,500 Extra Boost For Homebuyers and Owners
The Biden administration recently introduced a change that could benefit first-time homebuyers and FHA-insured mortgage borrowers. This change could save borrowers up to $1,500 per year on their mortgage insurance premiums. According to The U.S Sun, the policy is set to take effect starting March 20, 2023.
To be eligible for the $1,500 extra boost, borrowers must be first-time homebuyers or have an FHA-insured mortgage and be current on their payments. Borrowers also need to have a credit score of at least 580. If you meet these requirements, it’s worth checking if you qualify for the savings.
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Current Changes In the Housing Market
With the current housing market, this change comes at a critical time. Low inventory and high demand have driven home prices, making it harder for some to afford a home. By reducing mortgage insurance premiums, the government hopes to make homeownership more accessible and affordable for more Americans, especially those who may have struggled to save up for a down payment or have lower credit scores.
It’s important to note that the savings don’t come from the loan amount but rather from the mortgage insurance provided by the FHA. If you believe you may be eligible for the $1,500 extra boost, you should talk to your lender or a housing counselor. They can help you navigate the process and determine if you qualify for the savings. The $1,500 extra boost can make a big difference in your monthly mortgage payments and could save you thousands of dollars over the life of your loan.
The $1,500 extra boost for homebuyers and owners is an excellent opportunity for those looking to purchase a home or those struggling to make their mortgage payments. It’s important to take advantage of this opportunity and reach out to your lender or a housing counselor to learn more.
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