Update on FHA Changes for Homebuyers
FHA Changes for Homebuyers
FHA Changes . .Effective date April 5, 2010 – . . .
Waiting a few extra days or weeks to purchase a home this spring could
cost buyers thousands of extra dollars as the Office of Housing and Urban
Development (HUD) implements several changes for loans guaranteed by
the Federal Housing Authority (FHA). Coming just weeks before the April 30
deadline for the home buyer tax credit, these FHA changes make it even more
important to act now to save big!
The following revision will take place April 5.
Mortgage insurance premiums will increase from 1.75 to 2.25 percent.
Example: For a borrower purchasing a $200,000 home with a $7,000 down
payment, the up-front mortgage insurance will increase by $965,
so the impact to a monthly payment will be minimal—but overall,
the increase is still borne by the borrower both up front and monthly.
Let me help you find your new home now before the FHA
rules change and the home buyer tax credit expires.
Call me today 440-477-1841 and we’ll find just the right home for you, while saving money under the current guidelines.
Thank you, Liz Schneider, for clarification on this date.
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