federal housing administration: FHA’s New Mortgage Fees Increase
- 03/19/13 12:58 PM
If you want to buy a house with minimal cash by using an FHA-insured mortgage, here's some sobering news: Thanks to an ongoing series of fee increases and underwriting tweaks — the most recent of which were announced Jan. 31 — FHA is getting steadily more expensive, and may not work for you. FHA is the Federal Housing Administration, the largest source of low-down-payment mortgage money in the country. Its minimum down payment is just 3.5 percent, compared with anywhere from 5 percent to 20 percent or higher from conventional, nongovernment sources. For decades, FHA's affordable financing has made homeownership possible (0 comments)