The FHA is raising one of it's fee rates and could affect the price of a home and more importantly will raise themonthly payment enough to put some homes ot of reach for some buyers. If you are close to finalizing your home contract or feel you could be in the next few weeks it is probably a good thing to consider tied up and not be tagged this extra monthly fee if at all possible...Good luck and let us know if we can help.
Below is an email our lender just sent me on some changes on financing a home. Karl,
I wanted to let you know that as of April 18th 2011, FHA will be raising its monthly mortgage insurance by .25%, from .90% to 1.15%. This will add an additional $40 per month to the payment on a $200,000 mortgage. If you have any buyers that are currently thinking that they would like to apply for an FHA mortgage, I would encourage them to act now not later. They do not need to close before April 18th but we need to identify a property and pull an FHA case number.
If you have any questions, please feel free to call me 801-644-2323.
Sincerely,
Rick Carter
Sincerely,
Rick Carter
Graystone Mortgage
You can also get questions answered by submitting them here.
No comments:
Post a Comment