An FHA loan can often be an attractive
option, especially for first time home buyers. However, there are some changes
coming in April and June 2013 that will have a huge effect on the affordability
of this program. These changes include (but are not limited to):
· An INCREASE in the annual mortgage insurance premium (MIP)· Revisions to the annual assessment periods for MIP
· Removing certain exemptions from the annual MIP
What does this mean for potential home buyers and those thinking
about a refinance? If you are looking at an FHA loan the best thing to do is to
get your loan application completed AS SOON AS POSSIBLE to avoid paying a
higher amount for MIP.
THIS IS HUGE! If you have any questions,
please let me know – I am here to help!
Chris
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