Feet-draggers now have a pressing reason to make a move on that home they’ve been eyeing for months. As of next month, anyone who obtains a Federal Housing Authority-insured mortgage to buy the home of their dreams will have a higher monthly payment. The FHA is raising its mortgage insurance premium fees by a quarter of one percentage point on 15- and 30-year mortgages. That financial talk means the average mortgage for an FHA home buyer could increase by $30. Now, that may not sound like much, but it can mean a lot for the typical FHA home buyer. See, the reason why FHA mortgages are popular is because of their low down payment requirement. These are home buyers who don’t have 20 percent down typically needed to get a conventional mortgage. Instead, banks offer loans that are insured by the government in order to open up the lending market to these home buyers. Besides paying 3.5 percent down, FHA buyers also have to pay an upfront mortgage insurance premium paid at the time of settlement and an additional MIP fee tacked onto the mortgage each month. There is also talk that the down payment that is required for an FHA loan is going to go up too, from 3.5 percent to 5 percent. There is no definite plan for this increase but many experts say it’s only a matter of time. What does this mean for home buyers who are debating whether it’s a good time to buy a home? Well, if you’re someone who doesn’t have 20 percent to put down on a home and you’re looking to get an FHA mortgage, you should take your house search up a notch. Delaying can put your dream home just out of reach or, at the very least, will only cost you money in the long. The MIP increase is only one more reason for home buyers to get off the fence. There’s a great selection, low interest rates that aren’t going to stay low forever, and limitless possibilities. All you have to do is make your move.