If you are thinking about buying your first home and are worried about the recent rise in interest rates, there is some relief. The Federal Housing Administration (FHA) just announced that they will be making their private mortgage insurance (PMI) cheaper. If you are closing on a house after January 26th, 2017, you will have .25% less PMI. This may not seem like a huge number but it can really add up over time. In fact, this reduction saves the average home buyer $500 per year.
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