Friday, February 8, 2013

Bad News for New FHA Loan Homeowners Futures

On April 1, 2013... FHA's ongoing efforts to strengthen the Mutual Mortgage Insurance Fund, (MIP) will now last the entire term of the mortgage loan. 

The MIP amount WAS, (prior to 4-1-13), financed into a buyers monthly mortgage payment until the buyer paid in 20% on the principal, or 78% of the loan.  NOW, the MIP stays on the entire length of the mortgage.

This equates to higher MI payment, which means less house to qualify for.  Make your purchase close before April 1, 2013.




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