Two Money-Saving Changes Coming Soon!

If you use FHA or VA loans, your payments may soon be dropping.

There has been a lot of volatility in the mortgage industry lately, but today I am excited to share that I have some good news in the midst of all that! Some changes have just occurred with two types of financing that will save buyers lots of money. To present this important information, I am joined by David Ratti, with Envoy Mortgage. In an environment where prices are rising, we have two exciting money saving reductions to talk about.

The first one is with the Federal Housing Administration (FHA). They’ve announced that they’re reducing the monthly mortgage insurance premium that homeowners pay by 0.3%. To show the gravity of this, here is one example: If someone is buying a $450,000 house with the minimum down payment, the monthly premium went from $307 to less than $200, a savings of over $100 per month. This savings really adds up over time. The change is effective on March 20, but buyers can still buy today and then just wait to register until then.

“In a time where prices are rising, two exciting money saving reductions recently occurred.”

The second one is with the Department of Veteran Affairs (VA). They call it their “VA Funding Fee”, but it works like mortgage insurance. They don’t charge a monthly payment, but they do have an upfront fee. Depending on who you are, whether it’s your first time buying or if you’ve purchased a home before, your fee will be reduced.

Like the FHA’s reduction, the VA has reduced its upfront fee by 0.3%. In the same example as before, that person would have to pay $16,000 upfront, but now they would only have to pay just over $14,000. These two changes show that there’s good news all around.

If you’re a buyer who has already been preapproved, you may want to update your preapproval to compare programs. If you want help with that or need more help understanding these changes, you can call David at 410-707-5825 or send an email to If you need any help with real estate, don’t hesitate to reach out to me and my team. You can call or email us as well, and we are always happy to help!

Seller Intake Form



Recent Posts

The data relating to real estate for sale on this web site comes from MRIS. Listing information comes from various brokers who participate in the MRIS IDX. Properties listed with brokerage firms other than The Donnelly Group of Keller Williams Integrity are marked with the MRIS Logo and detailed information about them includes the name of the listing brokers. The properties displayed may not be all the properties available. All information provided is deemed reliable but is not guaranteed and should be independently verified.