FHA Home Mortgages - What buyers need to know about changes in 9/2010 - 08/09/10 09:15 AM
 

 Congress has passed H.R. 5981 which means some changes are on the way to FHA loans very soon!  This bill allows FHA to lower the "upfront" or "financed" Mortgage Insurance (MI) and raise the monthly MI.  Originally this was touted as a way to save consumers money, but does anyone else become wary when the government wants to save us money?  Let's take a look at what WILL take place for loans originated after September 7th, 2010...
 A homebuyer taking out  a $200,000 home mortgage today at a 5% 30 year fixedinterest rate would take out an adjusted loan amount of … (0 comments)