Just announced by acting FHA Commissioner Carol Galante:
Effective with FHA case numbers assigned on or after April 1, 2012, the Upfront Mortgage Insurance Premium (UFMIP) will increase from 1.00% to 1.75%. Annual MIP, paid monthly, will also increase by 0.10 percent for loans under $625,500. Loan amounts greater than $625,500 will increase by 0.25 percent, effective June 1, 2012.
This change will consequently lower purchase prices. When a buyer's monthly cost goes up their max purchase price will go down.
Search for a house and enter into contract so you can get your FHA case number before April 1st.
If you wait it will cost you more to buy the same house!
Zorik Dadoyan
Keller Williams Realty
Comments(2)