FHA is Changing

Posted: January 22, 2010 in Uncategorized
Tags: , ,

Beginning April 15, 2010, FHA loans will have a completely different complexion.  The Up Front Mortgage Insurance Premium is rising from 1.75% to 2.25%.  So, on a $150,000 loan, the borrower will need to qualify and finance another $750 into their loan amount.  Also, FHA loans will now only allow 3% seller paid closing costs and not 6%. 

I don’t like it and neither should you.  In an effort to provide a better option to the future homeowner, we are going to make an FHA loan less attractive and at the same time, the only option.


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