Do you plan to use an FHA loan to buy a home in 2017? If so, I have some good news. The Department of Housing and Urban Development (HUD) announced this week that it would reduce the FHA annual mortgage insurance premium (MIP) for 2017. This change will take effect later this month, and it could save homeowners an average of $500 this year according to officials.
If you need to use a mortgage loan to finance your home purchase, it would be wise to get pre-approved for a loan before entering the market. There are several reasons for this, and they are explained in detail below.