Beginning in April, the FHA will increase the cost of up-front mortgage insurance premiums. The increase will apply to new single-family 30-year loans. The new, higher rate is part of an effort to replenish the agency's insurance fund. Read the full story here. 
Many first-time home buyers utilize FHA financing. If you're one of them, or if you're considering purchasing a home (which is a great idea considering the historically low interest rates and overall low housing prices), you may want to find a lender and complete your application before the end of March. That way, you will beat the deadline and avoid the new, higher mortgage insurance premiums.
Just a friendly heads-up!
Comments(1)