FHA INCREASING MIP
Effective April 18, 2001, the cost of obtaining an FHA loan will be increasing. Mortgage Insurance premiums will increase 25 basis points. Buyers must have have a FHA case ID number before this day. They are not required to close the transaction before this day.
How much will this cost? On a $200,000 mortgage, this will result in a monthly payment increase of $41 per month. The FHA loan limit for the Columbus GA area is $271,050. Many buyers choose FHA loans because they only require a 3.5% down payment. Also with FHA loans, the seller can contribute up to 6% in closing costs.
Keller Williams Realty River Cities