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Categories: Brett's Mortgage Blog

FHA Is Proposing These Two Changes (Not Good News)…

Good Morning!
In a recent press release HUD is proposing two changes to the FHA mortgage program…1) They are proposing the monthly mortgage insurance on a 30 year FHA mortgage will last for the life of the loan.

Right now if 5 years have passed and your LTV is 78% or lower you can eliminate monthly MI payments to FHA. …this may very well go away.

2) They are proposing a 10 basis point increase to the annual insurance premium.

Currently these are just proposals, but I would expect them both to happen at some point in the not too distant future.

Suggested action: If you were considering getting an FHA mortgage do it now – not later.

Have a good day today!  …and thanks for reading.

Brett

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Brett Sampson

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Published by
Brett Sampson
12 years ago

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