FHA Changes Coming Soon

East Dallas, Real Estate Finance, Resources

I recently received an update from one of my preferred lenders.   FHA has made some changes and the first change will begin on April 1, 2013.  There are several changes but there are two primary changes home buyers need to be aware of:

Changes coming soon to FHA Loans1.Beginning on April 1 the monthly mortgage insurance premium will go up to 1.35% (from 1.25%) for 30 year and 15 year loans with a loan to value of more than 95%.

2.  Effective June 3, 2013, FHA will collect this monthly mortgage insurance premium for the life of the loan, yes even when the balance falls below 78%.

What does this mean for you?  If you plan on purchasing a home using FHA financing, you will save a lot of money if you get a contract soon.

Feel free to forward or share this with anyone you think it will help and as always, if you have questions be sure to contact me.

If you have any financing questions, give Les a call.

 

Les Tuttle #313115
Cendera Funding #179242
214-221-4008
www.lestuttle.com

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