Can you believe it? HUD announced today that starting April 18th the mortgage insurance on FHA loans will go from .9 to 1.15% for it's monthly mortgage insurance. They recently bumped it up from .55 to .9 monthly and now they are raising it again. This will make the monthly payments for this great first time homebuyer program go up and less will quallify. This makes no sense at all!
If they want to do something that actually helps the market why not have a program that allows people who make their payments on time and have income to support those payment, to refinance even though they owe more than their houses are worth?
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