An important reminder that the monthly Mortgage Insurance Premiums on FHA loans rises from .90% to 1.15% next Monday, April 18th. On a purchase price for a $125,000 home this will result in an increase in mortgage payments of about $25 per month. In some cases, this could put a home buyer in a position where they may no longer qualify. If you are thinking about buying a home and using an FHA mortgage, you need to be under contract to purchase a home and have an FHA case number assigned in order to guarantee that you get the lower mortgage insurance rates.
Do not wait until it is too late!
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