FHA Gives Home Buyers One-Month Window - West Palm Beach, FL
The Federal Housing Administration (FHA) is giving homeowners and buyers until October 4th 2010 to lock in a low monthly insurance premium, according to the CMPS Institute. After October 4th, the monthly insurance premiums on FHA loans will increase by approximately 60%.
What does this mean for Home buyers? A home buyer purchasing a $200,000 home using a $193,000 FHA mortgage before October 4th would pay an insurance premium of $88.46 per month. If the same home buyer waits after October 4th, the insurance premium would increase to 4148.01
Ironically, home buyers who plan to be in the mortgage for less than three (3) years and decide to pay the upfront fee themselves (instead of having the seller pay), may actually save money by waiting until after October 4th to apply for an FHA loan.
Home buyers considering an FHA loan should find and contact a Mortgage Broker/FHA Lending Officer in their area to discuss their options and what it may mean for your personal situation.
For all of your Palm Beach Gardens to West Palm Beach real estate needs, call Stephen Panczak, Realtor (561) 254-8098 at the winning team of Keller Williams Realty of the Palm Beaches. Or visit our website at www.palmbeachsteve.com for more information.
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