Monthly Mortgage Insurance Premiums (MIP) will increase effective April 18, 2011 and so if you are on the verge of buying a house with a FHA mortgage, consider pulling the trigger and applying for a mortgage by April 17th! The upfront premium remains unchanged at 1.0% of the base mortgage. In addition, down payment minimum remains at 3.5% and maximum seller concessions is still allowed at 6% of the purchase price.For personal advice about buying and selling real estate in the Rochester area, don't hesitate to give me a call at 756-7457.
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FHA may spin this as having reduced the Upfront MIP to the consumer to help promote home ownership. However, the only result that matters is it will now become harder for people to qualify, and the monthly payment will increase. It’s true that the FHA has just gotten a little more expensive, but it may still have the total package you need to do the deal. Homes in Ladera Ranch
Securing an FHA loan is the most important piece of the home buying puzzle. If you follow some simple steps, you can make sure that the process runs smoothly. While some tightening is inevitable, but most everyone agrees that requirements like minimum 20% down payments will largely freeze out first time buyers and those of more modest income. Find Homes in Ladera Ranch
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