Our good friend Scott Fournier, of Integrity Home Mortgage Corporation, sent over some news that I thought you might find helpful for your home shopping this spring:
The U.S. Department of Housing and Urban Development put out a report detailing upcoming changes to FHA mortgage interest premiums (click here to see the pdf from HUD). Annual Mortgage Insurance Premiums for most FHA loans will increase by 10 basis points effective April 1, 2013. The changes also state that the length of time the borrower is required to pay mortgage insurance will be extended if the loan is applied for on or after June 3, 2013. At that time, borrowers with an LTV that begins above 90% will pay mortgage insurance for the life of the loan. Borrowers that have already been pre-approved for FHA financing that file their case numbers prior to these changes will not be impacted. If you or anyone you know has questions regarding the FHA changes or would like mortgage advice, please contact Scott at 540-504-7022 or firstname.lastname@example.org.
If you are planning on using FHA financing on a home purchase or refinance in the near future, you might want to do so before June 3. If you are thinking of buying a home this spring, did you know buyer’s agent commissions are paid by the seller? That’s right, no cost for you to put my expertise to work. Contact me and we can get started finding your next home.