By Duane Duggan and Clare O’Callahan
On ROB Radio, host and RE/MAX of Boulder Broker Associate Duane Duggan interviews Ariel Solomon and Jessica Shanahan of Premier Lending regarding mortgage updates.
The FHA, or Federal Housing Administration, provides mortgage insurance on loans made by FHA-approved lenders. FHA insures these loans on single family and multi-family homes in the U.S. and it is the largest insurer of residential mortgages in the world, insuring tens of millions of properties since 1934 when it was created (fha.com).
On January 1 of this year, revisions were implemented to the FHA, lowering the cost of mortgage insurance on a monthly basis from 1.35% down to .85% in most cases. This significant half of a percent decrease off their…