Pacific Union Financial, LLC's Statement on FHA Mortgage Insurance Premium Reduction

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Pacific Union Financial, LLC's Distributed Retail branches are ready for FHA Mortgage Insurance Premium Reduction

Pacific Union Financial, LLC released the following statement in response to President Obama’s recent announcement to lower FHA Mortgage Insurance Premiums.

“Lowering FHA mortgage insurance premiums presents tremendous opportunity for our Realtor partners who work with our Distributed Retail branches across the country. This reduction will open the door to more first-time home buyers and could mean additional savings for millions of Americans when they refinance,” said Rick Skogg, Pacific Union Financial President and CEO. “As the #4 FHA sponsored lender in the country*, Pacific Union has proven to be extremely capable in this very important segment of the market and we are ready to assist Realtors and their home buyers.”

The new change reduces the required annual FHA mortgage insurance premium from 1.35% to 0.85%, which, according to the U.S. Department of Housing and Urban Development (HUD), could entice 250,000 new home buyers to purchase their first home over the next three years. HUD estimates the new premium could save more than two million FHA homeowners an average of $900 annually and will allow qualifying first-time home buyers to enjoy the benefits of a more affordable FHA loan with lower costs.

Pacific Union Financial, LLC is a full service mortgage company, located in Irving, TX, with operations and sales centers located across the county. Pacific Union Financial originates residential mortgage loans through Wholesale, Retail and Correspondent origination channels and also services a portfolio of over $16 billion.

*Source: #4 FHA Sponsored Lender, excluding streamlines, per U.S. Department of Housing and Urban Development’s Neighborhood Watch reporting for the time period January 1, 2014 – December 31, 2014.

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Ron Fountain