Lower Mortgage Insurance Premiums for Ohio FHA Loans: What This Means for Cincinnati Homebuyers

February 24, 2023 By T.C. Strait / Loan Officer

Ohio FHA MIP Reduced, Savings Cincinnati Homebuyers Money. — Photo by CafeCredit under CC 2.0

If you are planning to buy a home in Ohio, you’ll be pleased to know that the Federal Housing Administrations (FHA) has announced lower mortgage insurance premiums for FHA loans beginning as soon as next week. You can read the full announcement from the White House . This is great news for both potential homebuyers in the Cincinnati area as well as homeowners who may benefit from an FHA Streamline Refinance.

FHA loans are a popular choice for homebuyers in Ohio because they offer lower down payments, more flexible FHA credit requirements, and attractive interest rates. And now, with the lower mortgage insurance premiums, they’ve become even more affordable. FHA has reduced the annual mortgage insurance premium by 0.30% for most new FHA mortgages. This means that you could potentially save thousands of dollars over the life of your loan.

A family buying a $300,000 home in Cincinnati will save more than $850 per year.

To take advantage of these lower premiums and the other benefits for FHA loans, it’s important to work with a local mortgage industry expert in Ohio who can guide you through the mortgage process from application to closing. If you are considering purchasing a home in the Cincinnati area, be sure to contact an FHA expert, such as T.C. Strait.

Overall, the announcement of lower mortgage insurance premiums for FHA loans is great news for potential homebuyers in Ohio. Now is the perfect time to explore your options and take advantage of this program.

David & Bethany S.
I have done 3 different loans with TC and have never had one issue from start to finish on all of them. He was and is always on top of what I ll need to provide and lets me know what underwriting needs the minute he gets their request. He is very professional and knowledgeable. If he does not have a product to offer that I am looking for he has been able to successfully send me to the appropriate people. Highly recommend TC.
Mike & Nikki C.
I have never taken the time to write a review before, but I felt like I needed to take the time to write this one. My experience with T.C. was nothing but outstanding. He made the loan process from beginning to end as painless as obtaining a mortgage can be. T.C. offered multiple loan options for my wife and I, and helped lead us to a mortgage that worked for us. T.C. responded immediately nearly every time I had a question, and I couldn't have asked for a better home buying experience. Thank you T.C.
Troy & Jill E.
T.C. made what is sometime a hectic experience, go very very smooth. His education and guidance through this process made buying a house easy! He explained line item by line item on the closing documents and the close happened in a timely manner.
Richard & Dorothy K.
T.C. Strait is such a pleasure to work with. He has done several loans for myself and my friends. T.C. always goes above and beyond his job, he's always honest and upfront, above all he knows how to do his job! Highly recommend this guy!
Dave & Lisa H.
T.C. was great to work with! T.C. is very knowledgeable and always kept me up to date and was easy to get in contact with. I could count on him to answer all my questions and return any calls in a very timely manner. I have come to know T.C. as trustworthy and a man of integrity. I have been so pleased with his customer service in the past that I will undoubtedly continue to use T.C. in the future! I recommend him highly!
Michael A.
TC helped me with my home loan Feb 2015. This guy was remarkable!! I would never allow a friend or family member to deal with someone else. He stays on top of everything, stays in contact, and always answered my calls and questions, and best of all will get you the best rate out there. I can do nothing but brag about this guy.
Dane W.
Without T.C. and his experience and help I would not have been able to own the home that I do today. I am truly thankful I found him and he represented me in my purchase. I highly recommend anyone trying to by a home to have T.C. on their side he will go to the fullest extent to ensure you will become a home owner.
Krista L.
TC was extremely knowledgeable and professional. He made our first time home buying experience a breeze! We secured a great low interest rate and he was instrumental in making the process seamless with our lender and the builder. Would highly recommend his services!