My loan officer just got the charts that will be used for FHA starting July 14, however most lenders will probably implement it starting the beginning of July. Currently FHA has a 1.5% funding fee and the monthly mi factor is .5.  As agents you now need to know the upfront FHA premiums and they are all based on credit scores. They are as follows;

Credit scores of 559-500 (2.25/.55)

560-599 (2.00/.55)

600-639 (1.75/.55)

640-679 (1.50/.55)

680-higher (1.25/.55)

no credit score or using non traditional credit (2.0/.55)

Hello everyone.  According to my loan officer and to keep you informed on changes in the industry: he just got the charts that will be used for FHA starting July 14, however most lenders will probably implement it starting the beginning of July. Currently FHA has a 1.5% funding fee and the monthly mi factor is .5.  As agents you now need to know the upfront FHA premiums and they are all based on credit scores. They are as follows;

Credit scores of 559-500 (2.25/.55)

560-599 (2.00/.55)

600-639 (1.75/.55)

640-679 (1.50/.55)

680-higher (1.25/.55)

no credit score or using non traditional credit (2.0/.55)

I need to get clearification, but I believe all first time homebuyers will pay 2.0 upfront. I will get clearification on this. 

I hope this helps!

According to my morgage broker, today's interest rate is 6%. Hopefully by next week we should be under 6%.

TGIF TO ALL!!!!  Today's rate is 6.0%, however we are very close to 5.875% maybe next week. I hope everyone has a great and safe weekend.

Today's rate is 6.0%. We are sneaking back down to the 5's. Keep your fingers crossed. Have a great day and night.

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