Here's some good news, especially if you plan to buy with a mortgage insured by the Federal Housing Administration (FHA). Beginning March 20, Mortgage insurance premiums, MIP payments will be cheaper as the premium will be reduced from 0.85% to 0.55% of the loan amount. This is estimated to benefit up to 850,000 potential and current FHA borrowers.

Borrowers can save anywhere up to $1,500 per year, depending on their location and loan amount. Here are a few examples of FHA mortgages and reduced MIP payments.

* $300,000 mortgage will save $900 per year.

* $400,000 mortgage will save $1,200 per year.

* $500,000 mortgage will save $1,500 per year.

Combined with other buyer-friendly features, including the allowance of gift funds and lower down payments, an FHA mortgage could be your key to home ownership in 2023.

Need answers to any questions about home financing? We will assist you and coordinate working with a local lender.