The estimated start date for the start of the pilot program is October 1, 2014.
To be eligible the borrower will have to complete a counselling course to be eligible for the program.
The benefit will be lower mortgage insurance.
FHA proposes that Homeowners who complete housing counseling before signing a contract to purchase a home, and who complete additional pre-closing housing counseling will receive a 50 basis point reduction in the upfront FHA mortgage insurance premium (MIP) and a 10 basis point reduction in the annual FHA MIP.
This would be significant, because right now FHA’s MI has priced themselves out of many loan scenarios.
I’ll let you know when you will be eligible to begin the counselling.
That’s it for today!
Have a good day today! …and thanks for reading.
Brett
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