New Changes with FHA
Information You May Need to Know:
There are actually 2 changes pending:
The 1st will happen 4/1/13 and it will only increase the monthly MIP premium..
The 2nd will take place on 6/3/13 which will make the monthly MIP mandatory on the loan until it is paid off. This is for anyFHA loan that is greater the 90% LTV.
This will affect both Purchase and Refinance loans. It may be a great time to look into other options with your loan if you originally used a FHA loan. Current rates are as low as 3.25%.
Feel free to pass this information to your friends and family who may be considering making a home purchase or refinancing a mortgage loan.
Please call or email me if you have questions or concerns regarding the new changes. Our team of professionals are happy to assist you with any of your real estate needs.
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