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hi in this short video on a talking about the benefit the values of the
0:03homeowners
0:04armed with knowledge program I’m also gonna talk about FHA and how to save
0:08some money and mortgage insurance premiums
0:10now when you look at half AJ which is an insurer of mortgages that require that
0:15they have in cash reserves
0:172 percent of the total loans at Dave insured now that it that money said
0:21Turner
0:22a fund called the mutual mortgage insurance fine
0:26now I’m because the housing market crashed in 2008
0:29that bonsai negative balance to as a result FHA’s increase their mortgage
0:34insurance premiums for five consecutive years now
0:37currently in at the gym bar would pay with up bro what’s called
0:41mortgage insurance premium a 1.75 percent
0:46as well as the annual premium which is a 1.35 percent
0:50if you’re paying less than five percent down and its 1.3 percent if you pay more
0:55than 5 percent down
0:56on a 30-year fixed that number goes to .7 percent on a 15-year mortgage now
1:02ok with historically low interest rates are we’re seeing right now low down
1:06payment options an aggressive credit score guidelines
1:09FHA still been outstanding solution for so many people
1:13but they also found that educating borrowers borrowers
1:16that are properly counseled it had a 30 percent lesser chance
1:21going into foreclosure people that were not educated
1:25so they created a program called hawk homeowners
1:28armed with knowledge in this program which provides update a bar or
1:33borrowers with an incentive to have their mortgage insurance premiums
1:37reduced
1:37both the up-front fee and the annual fee
1:41up another reduction two years down the road
1:44as long as you have good payment history very simple this is how home ownership
1:48are but now its program works
1:49you go through counseling benefit number one as you get a point 50 percent point
1:54reduction the upfront mortgage insurance premium
1:56you also we are entitled to appoint 10 percent
1:59I mean annual premium
2:01and if there’s no delinquency within 90 days in the first 18 months beginning
2:05with the star the long-term third-year
2:08the annual mortgage insurance premium will be reduced point our point 15
2:12percentage points
2:13the hot programs designed to make homework homes more affordable for
2:17average a home borrowers
2:19and to improve the overall loan quality of the up up at BJ’s portfolio
2:23the end result is lower APR for all homeowners
2:27it would lower monthly payment for its power borrowers deputy expects fewer
2:31loan defaults which means the agency can build it reserves quicker
2:35I hope that makes sense please feel free to contact us if you have any question
2:40the weekend roll down to provide you are supporting documentation
2:43as always you can contact me our information is below
2:46thank you very much for watching this video have a great day