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Massachusetts Home Buyer Guide

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FHA Reduces Mortgage Insurance Premiums

Jan 12, 2017 6:18:33 PM

(UPDATE: The Trump Administration on January 20, 2017 indefinitely suspended the recently announced FHA mortgage insurance premium reduction.)

Homebuyers will pay less for mortgage insurance when purchasing a home with an FHA loan starting later this month, the Federal Housing Administration (FHA) announced January 9, 2017; however, most Massachusetts homebuyers with credit scores 680 or higher still will have more appealing low down payment financing options.

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Topics: Mortgages 101, Loan Programs, Mortgage Rates & News, FHA

MA First-time Home Buyers Using a FHA Loan Should Move Quickly

Mar 13, 2013 7:30:00 PM

First-time home buyers in Massachusetts and around the country will want to speed up their home search, if they plan to finance the purchase of a home with a Federal Housing Administration (FHA) loan. 

FHA announced recently that fee increases and underwriting rules for FHA loans will increase the cost of homeownership for first-time and other borrowers. FHA loans are especially popular with first-time home buyers because the minimum down payment required is 3.5 percent, as opposed to 5 percent to 20 percent or more for conventional loans. In addition, FHA will lend to home buyers with credit scores a little lower than scores acceptable to lenders of conventional loans. 

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Topics: Mortgages 101, Loan Programs, Mortgage Rates & News, FHA

Low Mortgage Interest Rates Still Available for MA Home Buyers

Mar 7, 2013 1:57:00 PM

Massachusetts home buyers and home buyers around the United States still have the opportunity to take advantage of historically low mortgage interest rates. In fact, interest rates are a bit lower than they were a few weeks ago.  

The average rate for a 30-year, fixed rate mortgage loan in the U.S. declined .07 points last week to 3.70 percent, the lowest level in more than a month, the Mortgage Bankers Association (MBA) reported March 6, 2013. 

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Topics: Mortgage Rates & News, FHA

FHA to Increase Mortgage Loan Insurance Premium in 2013

Nov 29, 2012 9:30:00 AM

A federal fund used to support the Federal Housing Administration's (FHA) single-family mortgage and reverse mortgage insurance programs ended fiscal year 2012 with a $16.3 billion deficit, according to an annual report submitted to the United States Congress this month, Inman News reported November 16, 2012.

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Topics: Mortgage Rates & News, FHA

   

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