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HUD Is Proposing Another New Fee On FHA Mortgages
Just a few years ago, FHA loans began making a comeback as one of the most affordable options for many cash-strapped home buyers.
Today, not so much as tweeks to their pricing models have put FHA loans out of reach for many buyers, including first time buyers and buyers recovering from the recent housing market debacle.
Its time to tell your senators and congressman to stand up for affordable housing, buy making sure that reasonably priced loan products continue to be available for credit-worthy borrowers.
As if the current 1.75% FHA Upfront Fee and 1.35 Mortgage Insurance Premium (MIP) factor were not already pricing prospective Home Buyers out of purchasing homes, HUD Is Proposing Another New Fee On FHA Mortgages which will further make home ownership more difficult. While the new fee is only 4 more basis points, which is about $40 per every $100,000 borrowed, it can make enough of a difference in a Borrowers Debt-To-Income (DTI) Ratios to prevent them from qualifying for a mortgage.
Furthermore, FHA is back in the black again, and should be able to absorb this amount into their budget without further gouging both past and future Homeowners.  I say both past and future Homeowners, because ... more

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