Effective July 14, 2008, HUD has approved an increase in FHA mortgage insurance premium rates. The increases are "Risk Based" and will vary based on loan to value and credit score.

FHA still requires a minimum 3% down payment, but for those that put down more, the premiums will be lower. The better the credit score is, the lower the premiums will be.

For those on the lower end of credit with minimal down, they will see the most significant increases in FHA mortgage insurance premium costs.

So how much are the increases, and how much will it affect FHA mortgages? I have put together an example of these changes and the impact they will have on one's mortgage qualifications. Read Changes to FHA Mortgage Loans

_____________________________________________________________

As a HUD approved FHA mortgage lender, we can provide FHA loans, including FHA Secure and FHA Rehab loans, for home owners and home buyers in the Charlotte NC area (including Concord, Gastonia, Matthews, Monroe, Huntersville and Ft. Mill as well as all of North and South Carolina.)

Apply online for your Charlotte area FHA mortgage loan
or call 704-651-8704 for your free mortgage consultation.

Ed Nailor, Charlotte FHA Mortgage Loans

704-651-8704 Phone or visit EdNailor.com