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Friday, March 9, 2012

FHA costs are rising... effective 4/1/2012

For Home buyers... If you are financing a home with an FHA mortgage, the costs on the FHA mortgage insurances are going up, for all applications taken after April 1st. This is across the US, ALL FHA loans. The financed premium is going from 1% to 1.75% and that gets added to your mortgage. And, the monthly premium is being increased by an additional .10 basis points. What’s this mean? On a $160,000 home purchase, the monthly payment is going up about $20/month, even if interest rates stay the same. To avoid this increase, you must have your home under contract and make application (or have your FHA case number pulled) before April 1st, 2012. Call us if you have any questions on this or want to discuss in more detail on how this might affect you. 431-9299.

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