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Sheila Smith Real Estate Group

Sheila Smith Real Estate Group

Homes in Boise, Meridian, Eagle, Nampa, Caldwell, and greater Idaho areas.

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FHA to lower cost of mortgage insurance

January 20, 2015

Source: money.cnn.com By Chris Isidore

In an effort to make owning a home more affordable, the Federal Housing Administration will dramatically cut the costs associated with the mortgages it backs.

Premiums for FHA mortgage insurance, which is designed to protect the agency in case a borrower defaults on a loan, will be cut from 1.35% of a loan’s value to about 0.85%, the White House said in a statement Thursday.

As a result, a typical first-time homebuyer will save $900 a year on their mortgage payments. Existing homeowners who refinance into an FHA loan will see similar savings.

“Too many creditworthy families who can afford — and want to purchase — a home are shut out of homeownership opportunities due to today’s tight lending market,” the White House said.

The White House estimates that the lower premiums will enable up to 250,000 new buyers to purchase a home.

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    Boise, ID 83702
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Find A Home

12975 Silversage Dr $1,120,000

12975 Silversage Dr Nampa, Idaho

4 Beds 4 Baths 2,938 SqFt 2.13 Acres

3205 N 24th Way $1,050,000

3205 N 24th Way Boise, Idaho

4 Beds 3 Baths 3,104 SqFt 0.22 Acres

TBD S Roosevelt St $725,000

TBD S Roosevelt St Boise, Idaho

4 Beds 3 Baths 1,942 SqFt 0.153 Acres

999 N Kimball St $694,800

999 N Kimball St Boise, Idaho

4 Beds 3 Baths 2,088 SqFt 0.2 Acres

12743 N 12th Ave $549,900

12743 N 12th Ave Boise, Idaho

3 Beds 2 Baths 1,702 SqFt 0.128 Acres

512 S Pelican Way $425,000

512 S Pelican Way Meridian, Idaho

3 Beds 2 Baths 1,362 SqFt 0.19 Acres

2324 E Spicewood Ave $360,000

2324 E Spicewood Ave Nampa, Idaho

3 Beds 2 Baths 1,208 SqFt 0.14 Acres

8862 W Candleston Ln $317,000

8862 W Candleston Ln Boise, Idaho

2 Beds 2 Baths 935 SqFt

218 & 222 E Owyhee Ave $250,000

218 & 222 E Owyhee Ave Homedale, Idaho

1 Beds 1 Baths 1,056 SqFt 0.29 Acres

TBD N Kimball St

TBD N Kimball St Boise, Idaho

3 Beds 3 Baths 1,569 SqFt 0.12 Acres

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1420 W Washington St.
Boise, ID 83702

(208) 254-2090

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