If you want to buy a house but don't have 20% to put down you are required to pay mortgage insurance
(MPI or PMI) to cover the lender in the case of default.  The added mortgage expense
to the buyer was 1.35% of the loan amount but the FHA has recently decided to lower that
rate by .5% making the rate .85%.  The FHA believes the lower rate will enable many first
time buyers, who were priced out of the market, an opportunity now to qualify for a mortgage.

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Contact Marilee Murphy today for all of your home buying, or selling, luxury homes or new construction needs.  I am dedicated to making sure you have a smooth transition from start to finish. Use my website to search available properties in Loudoun County located, in Northern Virginia, specifically the towns of Sterling/Potomac Falls, Ashburn, Leesburg, Chantilly, and Aldie as well as properties in Fairfax County, and Prince William County areas. You can also sign up to receive free listing updates by email