Has anyone done an FHA loan for a customer since 7/14?
We just did our first customer offer since the FHA changes just over a week ago. Since they are putting less than 20% down on a 30 year loan, there MI was a lot higher than it would have been under the old guidelines. There credit score was good enough so that they did not have pay any extra points.
Do very many Realtors out there do many FHA loans, or are most of them conventional? I think I am going to begin showing my customers a 2.0 front add-on MI, instead of the old 1.75 upfront figure. I believe the new FHA limit in the Oklahoma area is $242k.
I would be interested to hear how Realtors in other areas of the country are handling the changes. Thanks
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