FHA Home Loans - Santa Rosa, CA - FHA Mortgage Insurance Premiums are going up!
If you are using an FHA loan to buy a house, you may have to recalculate your loan program's parameters starting April 5th. FHA has announced they are going to raise the FHA mortgage insurance premiums from 1.75% to 2.25%. On a $200,000 loan, that's an increase of $1,000 for the mortgage insurance premium! FHA will still allow the increased premium to be financed.
If you are preapproved or prequalified, you should check with your lender to see if this new increase in the FHA Mortgage Insurance Premuim affects your current FHA Home loan application. It's not a huge change, but the increase of the FHA mortgage insurance Premium is significant enough to take notice.
You can find more information about the latest changes of the FHA Home Loans guidelines on the HUD website at www.hud.gov. Look for the logo above to make sure you are on the official site.
Just in case you didn't read my other postings on FHA Home Loans, here's a short list:
- FHA and VA Home Loans- Santa Rosa, CA - Inspection reports
- FHA Home Loans - Santa Rosa, CA - Top 10 FHA Loan Benefits for home buyers
- FHA Home Loans - Santa Rosa, CA - New FHA Loan Limits and Proposals for 2010
Thanks for stopping by and reading my post title,"FHA Home Loans - Santa Rosa, CA - FHA Mortgage Insurance Premiums are going up!" I hope it was informative and helpful. Happy Selling!
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