Upcoming FHA Changes will reduce the amount of money that a borrower will qualify for. The table below Compliments of Vangie Villamil of VanDyk Mortgage, lays out the cost factors of what monies will cost you now and later when the changes take place.
On a $275,000 loan the difference will be $22.12 a month and a .061% increase. Not many live in a home for 30 years these days, but if you did, the difference in Mortgage Insurance premiums would be $73,200.68 over the life of the loan.
Never a better time like the present to buy your next home!