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URGENT: FHA Home Loan Changes Are Coming!
March 17, 2010
From the desk of Rob Weber:
The FHA market is changing - fast! Effective April 5th 2010, the mortgage insurance premium (MIP) is increasing from 1.75% to 2.25%. This means that FHA financing is becoming more expensive. Thankfully, the down payment percentage of 3.5% is remaining unchanged. However, the closing cost concessions that a seller can pay is decreasing from 6% to 3%. This means that the buyer will have to bring more money to the closing table.
Between now and April 5th we have a window of opportunity to get in on lower rates AND less cash at the closing. If you call us now we can get the process started. If you are in the market for a home loan refinance or purchase it makes sense to act now.
Call me (or any of our local professional loan officers) today to get started at (423) 928-5626!
Call for immediate assistance or fill out the form below for us to call you back.
Equal Housing Lender