First-time home buyers can save hundreds of dollars on FHA loans by undergoing housing counseling, according to Source One Mortgage Services Corporation. Source One offers its own counseling program, called FirstHome.
Under a Housing and Urban Development provision which went into effect last September, first-time home buyers who attend housing counseling can reduce their up-front mortgage insurance premium, which is required for all FHA loans, from 2.25 percent to 1.75 percent.
For example, on a $100,000 FHA mortgage, the required insurance premium would be $2,250.
But after attending a housing counseling session and receiving a borrower's certification of counseling, the insurance premium would be reduced to $1,750 a savings of $500, provided the application for the FHA mortgage is made within 12 months of attending the seminar, Source One states.
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