Big Claim: Private Mortgage Insurance Saves Homeowners Up to $12,000

Julie C. Nichols General

HousingWire – Trey Garrison

New mortgage guidelines from Fannie Mae and Freddie Mac went into effect on Dec. 1, lower the minimum down payment from 5% to 3% in what lenders hope will kickstart a sluggish housing market.

Now the brain trust at WalletHub has released its 2014 Mortgage Insurance Report to help low-down-payment home buyers save up to $12,000 on their decision between a Federal Housing Administration loan and private mortgage insurance.

Wallethub’s report shows that FHA mortgage insurance premiums have nearly doubled since 2008.

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