Don’t look now, but FHA mortgage insurance rates could be going up again soon.
The house recently passed the Federal Housing Administration Fiscal Solvency Act of 2012. Now the bill makes it’s way to the Senate.
The bill gives FHA the authority to raise it’s mortgage insurance premiums to as high as 2.05% annually. …That’s almost twice the 1.20% rate FHA charges today.
If this bill becomes law – (and it probably will) it will reduce the pool of borrowers that can qualify for an FHA mortgage.
This is unfortunate because these likely changes will hurt the very people that need the FHA program to purchase a home.
That’s it for today!
Brett
To sign up for my weekly mortgage quick tips – CLICK HERE.
USDA is a 100% government insured loan. Low rates, and no down payment. However, there…
The bad news is that according to Redfin, 38% of U.S. renters don’t believe they’ll…
In Texas we have some unusual rules when it comes to getting cash out of…
If you pay your property taxes apart from your mortgage payment, and you didn’t get…
If you purchased a home using your own cash, and now would like to pull…
Did you realize that when buying a house from an immediate family member – the…