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The cost of an FHA loan will be increasing very soon!

Categories: Uncategorized | Posted: March 28, 2011

FHA is increasing their monthly mortgage insurance again on April 18, 2011. The monthly MI factor will increase from .9% to 1.15% on April 18th. So for an average $150,000 home at 4.75% interest, the payment will change from $998 per month to $1028 resulting in a $30 increase per month. FHA effective dates are always determined by the FHA case # date which is created by the lender once a borrower has an accepted purchase contract. That means that buyers have roughly 3 weeks to make a buying decision or face having to pay more per month for the same home. In order to avoid these fees, buyers need to act quickly.

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