JOPLIN, Mo. — As of Monday, there’s some good news for potential first-time homebuyers.

The federal government cut the mortgage insurance premium for FHA loans by thirty points.
Slashing it from .85 to .55.

Generally speaking, this would make a monthly house payment less. Kristen Sweet with Arvest said now would be a good time not just for first time buyers, but anyone.

“The FHA product is a great product, FHA allows a higher debt to income and lower credit scores sometimes and so we love this product. Sometimes it works great for first time homebuyers and it also works great for people that already own homes. The mortgage insurance premium that I speak of, like I mentioned, they did lower that recently and it is going to help people with monthly payments,” said Sweet.

Sweet did add that if you already own a home under a FHA loan, it might not be beneficial to go out and refinance that loan.