FHA lending changes will effect your mortgage long term.
Beginning June 3, 2013, many FHA-insured homeowners will be forced to pay 30 years of MIP. Beat the change.
Data from Inside FHA Lending shows that mortgage bankers funded $233 billion in FHA-insured loans last year, marking a 22 percent increase from the year prior. Recently announced changes, however, may derail that success.
For all FHA borrowers, the Federal Housing Administration has set deadlines for a new mortgage insurance premium schedule; an increase in downpayment minimums; and, new underwriting standards for loans with low credit scores.
All FHA mortgages will be affected.
For more information or how this will effect you purchasing a home or when you get an accpeted offer before June 1st please give me a call or email.
Happy house hunting, Bob
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