All First Time Homeowners in New York to Get $800 Off Insurance
If you are a first-time home buyer, you are getting a nice 40% discount starting March 20. ANY new homebuyer, who needs a typical FHA loan to close on their first home, will get nearly a 40% reduction in their mortgage insurance payment.
FHA Loans in New York State
There were millions of New Yorkers who used FHA loans to purchase their first homes. The FHA loan was designed for people who couldn't shell out a ton of money for a down payment to buy a home. In return, they pay an extra fee for mortgage insurance in case you default.
Officials say that this will save homeowners about $800 a year.
Vice President Kamala Harris spoke yesterday about some of the financial programs and benefits that have, and are soon to be rolling out:
On average, homeowners will pay at least $800 a year less on their mortgage, and that’s 800 more dollars in your pocket for household expenses.
We expect that with this new approach, more than 850,000 Americans a year will benefit from this discount. Many will be first-time homebuyer', according to the White House briefing earlier this week and on the White House site.
The relief from the White House on mortgage insurance will certainly help a little bit with interest rates being on a high right now. The interest rates are the highest that they have been since 2007. The interest rates are expected to plateau, at least, in 2023.
The Fed raised the target range for the fed funds rate by 25bps to 4.5%-4.75% in its February 2023 meeting, dialing back the size of the increase for a second straight meeting but still pushing borrowing costs to the highest since 2007", accoring to Trading Economics.
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