The 40 percent reduction in annual mortgage premiums backed by the Federal Housing Administration will help owners and buyers save thousands of dollars throughout the lifetime of their loans, according to Zillow Real Estate Research.
The new program will allow borrowers to put down 3.5 percent when taking out their loan and save more than $14,700 after 30 years. Monthly insurance payments will gradually decrease as the loan progresses, going from an average of about $180 to $5.
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