Things in Washington D.C. are definitely changing. Federal Housing Administration Commissioner Carol Galante announced recently, a series of changes that will allow the agency to better manage risk and strengthen the health of the Mutual Mortgage Insurance Fund. I wanted to make sure you knew how they could affect YOU.
If you are thinking of buying a home there are 3 new reasons to buy now:
1) Interest rates are still steady, but trending upward.
2) On June 1, 2013 FHA loans will still have MIP attached (that is mortgage insurance premium you will pay on the loan) but the huge difference is that beginning on this date, you will have to pay it on the life of the loan!
3) On April 1, 2013 FHA mortgage insurance will increase by 10 basis points (that equals % .10).
Of course, if you have 20% a down payment or are a veteran, you may not need an FHA loan, but if you want a loan with low down payment and less strict credit score requirements, FHA may be your best bet. If you were thinking you may want to buy this year, consider getting it done soon and you could save big bucks and keep that monthly payment lower!!!
If you would like to see what homes on the market could qualify for an FHA loan, email, text or call me and I will make sure you see everything available.
Thank you to Kathy Colkitt, a local mortgage professional that takes her time to make sure I stay in the loop on things that could affect my clients. Please call either myself or Kathy for more information. I hope you will consider her to be your mortgage professional if you haven’t already began working with another local lender!
Your Mortgage Professional for Life
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